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BIS general manager Agustín Carstens stresses the importance of legal frameworks that protect CBDC user privacy and maintain monetary freedom of choice. Legal framework s that ensure that user privacy and the freedom to choose between central bank digital currencies and other forms of money will be key in driving CDBC adoption, according to the head of the Bank of International Settlements. Speaking at the BIS Innovation Hub conference in Switzerland on Sept. 27, BIS general manager Agustín Carstens stressed that legal frameworks remain a key consideration in the development and proliferation of CBDCs around the world: “Most fundamentally, the legitimacy of a CBDC will be derived from the legal authority of the central bank to issue it. That authority needs to be firmly grounded in the law.” He added that different countries' laws specify what types of money their central bank can issue, which typically includes physical cash as well as credit balances on current and reserve ac...

The e-CNY app now allows tourists to top-up their wallets using Mastercard and Visa payments with a “recharge first and use later” option. Tourists planning to visit the People’s Republic of China can now pre-charge their digital yuan wallets using Visa and Mastercard payment options as the nation continues to update the mobile app powering its central bank digital currency (CBDC) pilot. The e-CNY app, which is still in its pilot version, is available to iOS and China-based Google Play Store users. The application serves individual users, allowing them to open digital yuan wallets to use e-CNY. As per the latest iOS app update published on Sept. 22, version 1.1.1 supports its top-up service with international card options. The latest version of e-CNY app on the Apple App Store introduces the top-up service for international cards. Source: e-CNY app According to a number of local Chinese news outlets, the latest version of the e-CNY app coincides with the start of the Asian Games. A tu...

As we stand on the threshold of an epochal shift in finance and technology, the emergence of central bank digital currencies (CBDCs) and the rise of artificial intelligence (AI) stand as the two most defining factors. Yet, it’s when these forces intertwine that the real intrigue begins. We’re at a turning point, and the road we’re traveling is one of no return. Money, as we knew it, is vanishing. In Sweden, a mere 9% of transactions in 2020 involved physical cash. Finland is on a fast track towards a cashless future, predicted to embrace it entirely by 2030. In The Netherlands, digital payments have become the norm, and Norway stands at the pinnacle of this revolution with a staggering 98% adoption rate of debit and credit cards. Yet Germany remains the last frontier of cash, with many still clinging to physical currency. However, even in Germany, the tide is turning, accelerated by the COVID-19 pandemic, which has made contactless payments not just a matter of...