#cbdc

➤ Peru's central bank (BCRP) has extended its retail CBDC pilot until March 2027, driven by strong adoption with over 3.5 million users. ➤ The pilot, utilizing a wallet called BiPay via telecom operator Bitel, focuses on financially underserved regions and demonstrates significant growth in digital currency balances. ➤ The BCRP is differentiating its CBDC from cryptocurrencies, with results informing a potential permanent digital currency issuance after 2027.

➤ The IMF has proposed a roadmap for a wholesale CBDC in the Philippines, focusing on tokenized government bond settlement and cross-border payments. ➤ The Bank of Israel highlights a gap between the technical readiness of tokenized settlement infrastructure and the slower progress of necessary legal frameworks, particularly for cross-border enforceability. ➤ The Hong Kong Monetary Authority has established an expert group to scale tokenized bond issuance and trading, reviewing existing legal and regulatory frameworks.

➤ The US Senate failed to extend FISA Section 702 surveillance powers, which are set to expire on June 12. ➤ A provision to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) was attached to the FISA extension and is now stalled. ➤ The delay in anti-CBDC legislation maintains the current regulatory status quo for private stablecoins like USDT and USDC, which are seen as competitive threats to a potential digital dollar.

➤ The CLARITY Act, a significant digital asset regulation framework, has passed the Senate Banking Committee with bipartisan support, moving closer to a full Senate vote. ➤ The bill aims to provide regulatory clarity by assigning oversight of digital commodities to the CFTC and securities to the SEC, while also blocking a retail CBDC without explicit Congressional approval. ➤ Supporters believe the act will foster innovation, protect consumers, enhance national security, and aid law enforcement by establishing clear rules for the digital asset market in the U.S.

➤ Hedera had a significant month in May 2026, marked by HederaCon Miami announcements like CLPR (bridgeless cross-ledger protocol) and the general availability of HashSphere for regulated institutions. ➤ Key developments included Accenture joining the Hedera Council, the Reserve Bank of Australia naming Hedera in its wholesale CBDC report (Project Acacia), and positive inflows for the Canary HBAR ETF. ➤ The article highlights Hedera's shift from pitching infrastructure to shipping it, with advancements in tokenization tooling, enterprise partnerships, and builder ecosystem growth.

➤ Analysts highlight limitations of private won stablecoins, contrasting them with the Bank of Korea's 'Project Han River,' which integrates institutional CBDCs and deposit tokens. ➤ The article discusses the structural issues in current payment systems, particularly for cross-border transactions, and critiques stablecoins for lacking unity, elasticity, and integrity. ➤ 'Project Han River' aims to modernize the financial infrastructure by tokenizing commercial bank deposits and institutional CBDCs, while also considering e-money and special payment tokens for external asset linkage.

➤ ECB board member Isabel Schnabel advocates for strong regulation and a digital euro to counter risks posed by stablecoins, particularly their potential to reinforce U.S. dollar dominance. ➤ Schnabel highlighted concerns about stablecoin run risks, monetary policy transmission, and the need for Europe to develop its own CBDC for strategic autonomy. ➤ Coinbase, while praising the EU's MiCA framework, calls for adjustments to enhance euro stablecoin viability, clarify DeFi access, and reform reserve requirements.

➤ US Federal Reserve governor Christopher Waller views dollar-backed stablecoins as beneficial for US monetary policy influence, while Bank of England policymaker Megan Greene predicts their decline in favor of tokenized deposits. ➤ The debate over stablecoin yield provisions is hindering the progress of the US Digital Asset Market Clarity Act, with concerns that the US may lose its crypto leadership if legislation is not passed soon. ➤ The article highlights contrasting regulatory perspectives on stablecoins from major central banks and the ongoing legislative challenges in the US for digital asset regulation.