• CBDC plans are moving forward in Nigeria, Chile, and Tajikistan

  • Nigeria, Chile, and Tajikistan have taken significant steps toward developing central bank digital currencies (CBDCs), while mainland China, Hong Kong, Thailand, and the United Arab Emirates are investigating the potential for CBDCs in cross-border payments.

    According to information technology director, Rakiya Mohammed, the Central Bank of Nigeria (CBN) has launched a website for eNaira, the country’s CBDC, which will go live in a week and make Nigeria the first African country to launch a CBDC. Nigeria banned cryptocurrency transactions in the banking sector in February, and sees CBDC as an effective means of improving financial inclusion in developing countries while combating crypto’s growing popularity.

    The Central Bank of Chile announced on Monday that it will decide on a strategy for the potential rollout of its own digital currency in early 2022, following the formation of a working group for a plan to mint a “digital peso.”

    On Monday, the Fantom Foundation announced that it will create a CBDC product for Tajikistan in collaboration with OJSC Orienbank, one of the country’s oldest banks, making Fantom one of the first blockchain projects to create a CBDC platform for a national government. The two will collaborate with Tajikistan’s National Bank to create commercial and retail payment networks for a digitized Tajikistani somoni (E-SOM).

    The central banks of China, Hong Kong, Thailand, and the United Arab Emirates published a report on the interim findings of the Multiple Central Bank Digital Currency Bridge (mBridge) project, which aims to develop a cross-border payment corridor network prototype, on Monday. According to the report, the prototype has the potential to provide participating central banks with the ability to manage the liquidity of their CBDC, monitor the flow and balances of their issued CBDC, improve transaction privacy, and automate certain compliance functions.

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