The Reserve Bank of India (RBI) has announced the creation of Central Bank Digital Currency (CBDC). The RBI has realized that cryptocurrencies could be the payments trend in the future and plans to adopt the innovation at the government level. Originally, the RBI prohibited any domestic entity from adopting cryptocurrencies. RBI aims to centralize the use of cryptocurrency to control it well. RBI believes that the need for techniques like Blochchain can prevent CBDC from being used for money laundering. RBI has created a team of professionals to investigate the potential problems and feasibility of CBDC. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essayMUFJ has started testing its own cryptocurrency: J coin, which is also supported by the Japanese central bank. The test involves some merchants and should be completed by next year. The J coin, pegged 1:1 to the Japanese yen, can be downloaded and used for P2P transactions and online purchases. The development of this plan is 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 Interactive Voice Response (IVR) system to completely change the way customers bank. People in Kuwait want to diversify their risk by sourcing solely from oil price volatility. Therefore, more innovative and convenient banking methods are needed. KIB offers centralized monitoring, queuing, routing and reporting solutions to allow customers to access its services through a visual interface. HSBC has invented $2.3 billion globally in Fintech and corporate startups for more sophisticated development in artificial intelligence and digital banking. By partnering with WeChat, which has more than one billion users worldwide, HSBC needs to provide more innovative solutions to customers as its demand and preference are becoming 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 have taken part in the Plug and Play innovation platform. The start-ups involved now have the opportunity to collaborate with these leading institutions in Europe. Through the Plug and Play competition, the best start-ups are selected to collaborate with them to integrate new technology with the existing banking system. Please note: this is just an example. Get a custom paper from our expert writers now. Customize EssayVPE WertpapierhandelsBank AG (VPE), a German securities trading bank, has become the first German bank to offer a cryptocurrency trading service for institutional investors. VPE partners with solarisBank, a technology company specializing in digital transaction platforms, and allows customers to access a wallet hosted by the bank.