Kiffmeister’s FinTech Daily Digest (07/19/2020)

The Bank of Jamaica Opens Door to Central Bank Digital Currency
The Bank of Jamaica is inviting interested central bank digital currency (CBDC) providers to develop and test potential CBDC solutions in its recently established Fintech Regulatory Sandbox. Households and businesses would be able to use the proposed CBDC to make payments and store value, as they do now with cash. However the Bank is assuring the public that it will continue to issue bank notes and coins. The CBDC would be  issued to licensed deposit taking institutions on a wholesale basis just as now being done with physical currency, which makes it sound like possibly a synthetic CBDC.

Digital Yuan CBDC Momentum Grows as More Chinese Firms Get to Testing
Meituan Dianping, the China’s largest wholesale and delivery platform, is the latest firm to to join the People’s Bank of China’s central bank digital currency (CBDC) pilot that launched in April. They join DiDi Chuxing, China’s Uber counterpart, and streaming platform Bilibili. The total number of customers of the three services combined is over 1 billion people within China. The CBDC pilot is reportedly being conducted in four cities: Shenzhen, Suzhou, Chengdu and Xiong’an. Other pilot participants include four state-owned banks, including the Agricultural Bank of China, and a number of large companies, including Huawei, China Telecom, China Mobile and China Unicom.

Posted from Diigo: