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The People’s Bank of China has officially said that it is “still in the process of research and testing” its digital yuan, but that news reports stating that the central bank has issued its digital currency are “fraudulent.” (http://www.pbc.gov.cn/rmyh/105208/3919880/index.html)
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This paper by a Reserve Bank of Australia (RBA) staffer sheds light on Australia’s fast real-time retail payments system, the New Payments Platform (NPP). It concludes that there is no strong case for the RBA to issue a retail central bank digital currency given that the NPP and the safer Next Generation Banknote series.
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The Turkish government government has confirmed that it is testing a new blockchain-based version of the lira to be issued by the country’s central bank. https://decrypt.co/11109/turkey-finalizing-plans-launch-state-backed-digital-currency
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The Monetary Authority of Singapore (MAS) and the Bank for International Settlements (BIS) today launched the BIS Innovation Hub Centre in Singapore. This is the BIS’s first expansion of its global footprint in 17 years.tags: Fintech
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Topics under consideration for the work agenda include central bank digital currencies, global stablecoins, payment innovations, the impact of big tech on financial intermediation, regtech and suptech, fast-paced electronic markets, and digitalisation of trade finance.tags: Fintech
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Payments innovation is moving at a dizzying pace. Some ideas may fail to get off the ground, while others may need to pivot to become commercially viable. Other issues, like market dominance or cyber-security risks, will undoubtedly become more prominent in policy debates. On balance, however, the economic and social benefits of a frictionless, fraud-free, and trusted global payments system will likely outweigh the risks.
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Google will offer checking accounts next year, according to a source familiar with the company’s plans, representing Big Tech’s boldest move yet into the consumer banking business.
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Data trends also show that blockchain’s been losing its fizz. In a big turnaround from years prior, the flow of cash into blockchain start-ups has dropped, according to data compiled by CB Insights. Businesses focusing on blockchain are on pace to draw $1.6 billion this year, down from a record $4.1 billion in 2018, the firm said recently.tags: Fintech Blockchain
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British-based digital banking app Revolut is in talks with investors to raise at least $500 million next year to fund a global hiring spree as it expands in markets including the United States and Japan.tags: Fintech VirtualBanking
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Debit cards linked to crypto wallets have been a useful payment tool for users who want to be able to spend their crypto-assets almost anywhere. Here’s a list of crypto cards that currently support at least 10 cryptocurrencies.
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In a filing to the district court of the Southern District of New York Telegram broke down and refuted all the allegations made by the SEC in its case, barring some fundamentals such as the nature of the company and its team and uncontested details of its fundraise.
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Bitcoin futures market Bakkt intends to expand from its current physically-settled offerings to cash-settled futures before 2020.
Kiffmeister’s Fintech Daily Digest 11/13/2019
