●In August, CBDC developments saw notable progress across various countries. Azerbaijan's central bank expressed concerns about launching a CBDC due to potential impacts on monetary policy. In contrast, the Bank of Russia anticipated widespread digital ruble adoption within the next 5-7 years, aiming to modernize its financial system. Indonesia moved forward with its CBDC trial, entering the second phase to test broader applications.
●Meanwhile, India’s CBDC initiative reached a milestone with 5 million users, highlighting rapid adoption. Meanwhile, Hong Kong launched a WCBDC sandbox, bringing it closer to a tokenized market. Lastly, Palau marked a historic CBDC transaction on the XRP Ledger, emphasizing the growing importance of blockchain-based digital payments globally.
