The tests, which took place over 12 weeks with some of the world's leading banks, including Citigroup Inc. and Wells Fargo & Co., sought to evaluate the potential of digital currencies to enhance both domestic and international payment systems.
The World Economic Forum’s Annual Meeting of the New Champions gathered in Tianjin, China, last week to discuss the latest ideas for supporting “the global transition to a green and renewable economy.”
"By tracking every financial transaction, they will have access to every detail of our spending, the recipient of our money, and how we allocate our resources. In essence, it replicates George Orwell’s dystopian society depicted in 1984," critics have argued.
Amazon and JPMorgan are part of an effort to push Central Bank Digital Currency (CBDC) in Singapore, according to a paper released by the Monetary Association of Singapore (MAS).
Kristalina Georgieva, the Managing Director of the IMF, recently confirmed at a conference in Rabat, Morocco, that the fund is working diligently on a global infrastructure to ensure interoperability between CBDCs issued by national central banks.
