The Reserve Bank of India (RBI) has announced the creation of a Central Bank Digital Currency (CBDC). RBI realized that cryptocurrencies could be the trend of payments in future and should embrace the innovation at the government level. Originally, the RBI prohibited all domestic entities from adopting cryptocurrencies. RBI aims to centralize the use of cryptocurrency in order to properly control it. RBI believes that the need for techniques such as Blochchain can prevent the use of CBDC for money laundering. RBI has established a professional team to investigate the potential issues and feasibility of CBDC. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”?Get the original essay MUFJ has started testing its own cryptocurrency – Coin J, which is also backed by the Japanese central bank. The test involves some merchants and is expected to be completed by next year. Coin J, which is pegged 1:1 to the Japanese yen, can be downloaded and used for P2P transactions and online purchases. The development of this plan aims to compete with huge Chinese mobile payment companies such as Alibaba. In the future, customers will be able to easily transact via their mobile phone with J coin. Kuwait International Bank (KIB) has launched an Interactive Voice Response (IVR) system to completely change the way customers do their banking. The Kuwaitis want to diversify their risks by only sourcing according to the volatility of oil prices. Therefore, more innovative and convenient ways of banking are needed. KIB offers centralized monitoring, queuing, routing and reporting solutions allowing customers to access its services through a visual interface. HSBC has invested $2.3 billion globally in Fintech and enterprise start-ups for more sophisticated development of AI and digital banking. In cooperation with WeChat, which has more than 1 billion users worldwide, HSBC needs to provide more innovative solutions to its customers, as the corresponding demand and preferences become evident. HSBC is also one of the first foreign banks to allow retail customers to access services via WeChat. Five European financial institutions, including Aareal Bank, BNP Paribas, Deutsche Bank, DZ Bank and NETS Group, participated in the Plug and Play innovation platform. The start-ups involved now have the opportunity to cooperate with these leading institutions in Europe. Through the Plug and Play competition, the best start-ups are selected to partner with them to integrate new technology into the existing banking system. Keep in mind: this is just a sample. Get a personalized article from our expert writers now. Get a personalized essayVPE WertpapierhandelsBank AG (VPE), a German securities trading bank, has become the first German bank to offer a cryptocurrency trading service to institutional investors. VPE cooperates with solarisBank, a technology company specializing in digital transaction platforms, and allows customers to access a wallet hosted by the bank.