The Russian central bank recently shared its business model for a central bank digital currency (CBDC). All digital ruble transactions will be free by the end of 2025, with the first banks and merchants expected to go live on July 1. The central bank plans to earn fees by operating the system. At the same time, at a hearing in the Russian State Duma last week, the Association of Russian Banks (ABR) said that banks are unhappy with this. They are concerned about the possible outflow of bank depos...
Brazil is preparing to deepen activities around its central bank digital currency (CBDC) pilot project drex. The Brazilian central bank announced that the pilot project will be open to more participants, aiming to expand testing of more complex use cases in the platform. The new consortium will be able to submit its proposals between October 14 and November 29 for review by the project's executive management board.
Mr. Akcay, deputy governor of Turkey's central bank, said the risks of early monetary easing outweighed a delay and could reignite inflation. A rate cut is not currently under consideration. Monetary easing also depends on the pace of improvement in inflation expectations and modest changes in domestic demand.