● In September, global CBDC initiatives gained momentum as Hong Kong's CBDC pilot moved into Phase 2 as new firms explore use cases like tokenised deposits and cross-border payments.
● China's digital RMB continues to scale, with transaction volumes hitting an impressive $56bn in a single month, underscoring China's rapid progress in its digital currency rollout.
● Meanwhile, the Bank of Canada scaled down its CBDC efforts to focus on enhancing its national payments infrastructure, opting for a more cautious approach. Reserve Bank of Australia also announced their shift of focus to wholesale CBDCs over retail CBDC applications.
