Global Central Bank Digital Currency and Stablecoin Monthly Monitor (June 2021 Edition)
According to my real-time tabulation, 55 central banks are exploring or have recently explored retail central bank digital currency (CBDC) and the pace of development is accelerating. The Monetary Authority of Singapore launched a Global CBDC Challenge, to seek innovative retail CBDC solutions to enhance payment efficiencies and promote financial inclusion, partnering with the International Monetary Fund and World Bank, among others. Stablecoin market capitalizations continue to increase although not at the torrid pace of recent months. Click here for more of the month’s news and details.
Crypto exchange Binance says sterling withdrawals reactivated after outage
Sterling withdrawals from Binance’s UK platform have been reactivated, with users also able to buy digital coins with debit and credit cards. Earlier in the week, the exchange’s customers unable to withdraw or deposit sterling via the Faster Payments network – which enables mobile, internet and other payments between British bank accounts – or bank cards. This was days after the Financial Conduct Authority had cracked down on some of its activities in the UK.
Distrust or speculation? the socioeconomic drivers of U.S. cryptocurrency investments
Employing representative data from the U.S. Survey of Consumer Payment Choice, this Bank for International Settlements (BIS) paper disproves the hypothesis that cryptocurrency investors are motivated by distrust in fiat currencies or regulated finance. Compared with the general population, investors show no differences in their level of security concerns with either cash or commercial banking services. The paper finds that cryptocurrency investors tend to be educated, young and digital natives. In recent years, a gap in ownership of cryptocurrencies across genders has emerged. The paper examines how investor characteristics vary across cryptocurrencies and show that owners of cryptocurrencies increasingly tend to hold their investment for longer periods.
Beijing and Suzhou Railways Now Accept Digital Yuan Payments for Ride Fares
Beijing subway now allows passengers to pay for rides with the eCNY central bank digital currency (CBDC). The subway system in East China’s Jiangsu province in the city of Suzhou also allows eCNY payments for subway fares. And thanks to the South China Morning Post (and hat tip to Juan Gutiérrez) here’s a nice summary of the eCNY pilot landscape:
House committee reviews cryptocurrency risks, regulations in hearing
The U.S. House Committee on Financial Services held a hearing for legislators and a panel of witnesses to discuss cryptocurrency regulation in the United States.
*For those interested in intra-day updates and news that didn’t make the Daily Digest cut, please check out my Diigo fintech bookmarks: https://www.diigo.com/user/kiffmeister/Fintech
