Kiffmeister’s FinTech Daily Digest (06/27/2020)

Is our money about to spout memories?
“Fears over privacy are a massive obstacle to switching to CBDCs. The problem is only amplified by suspicions that central banks will, despite claims to the contrary, use the switch to CBDCs to abandon what is by far the most reliable and private form of money available to the public right now – cash. After all, we all have memories we would rather were forgotten.”

Distributed Ledger Technology Experiments in Payments and Settlements
A new IMF Fintech Note discusses recent explorations into the use of distributed ledger technology (DLT) in payment and settlement systems. It is intended to help inform policymakers and the industry on DLT’s potential benefits and risks, which could have implications on international standards for financial infrastructures to ensure safety and efficiency in the public’s interest. The analysis points to key issues that could require further attention.

Compendium of Practices for Central Bank Digital Currencies for Multinational Financial Infrastructures
This paper surveys DLT-based wholesale CBDC experiments with completed proof-of-concept prototypes from across the world for which there is publicly-available information. It also seems to cover projects that go beyond CBDCs into private-sector projects. But it looks to provide a possibly useful classification framework for CBDCs and use cases in the financial services industry.

Toward a Cash-Lite Ghana: Building an Inclusive Digital Payments Ecosystem
The Government of Ghana is seeking to harness the benefits of a shift from cash to digital payments by developing a national inclusive digital payments ecosystem where everyone can make – and receive – payments digitally. A Digital Payments Roadmap has been drawn up by the Ministry of Finance with support from the Better Than Cash Alliance.

Signature Bank Blockchain Integration Increased Transaction Volume By 15%
New York-based Signature Bank announced a new client service – a blockchain-based digital payments platform called Signet, with Fireblocks. Fireblocks is an enterprise-grade platform that settles digital security transfers between members and exchanges. Fireblocks serves digital asset exchanges, custodians, banks, trading desks and hedge funds like SWIFT serves the currency markets. Signature Bank can now enable their commercial clients to access its blockchain-based, real-time payments platform through the Fireblocks network.

Blockchain Accounting Issues Could Be Preventing Mainstream Adoption
The financial reporting process and conversation is, by its very nature, a complicated process that involves inputs, reviews, and comments from an array of market actors. Blockchain based applications have the potential to streamline and improve financial reporting, but before that can occur there are several fundamental issues that must be resolved.

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