Kiffmeister’s #Fintech Daily Digest (07/23/2021)*

Nigeria’s Central Bank Targets October for CBDC Proof of Concept Launch

The Central Bank of Nigeria (CBN) is reportedly launching a central bank digital currency (CBDC) proof of concept (PoC) by October 1, 2021. The source is said to be the information technology director for the bank, Rakiya Mohammed, who disclosed that the CBN had been researching since 2017 to develop and adopt the digital currency. The project called ‘GIANT’ will run on the hyper-ledger fabric blockchain. The announcement was supposedly made at the 306th Banker’s Committee meeting, but I have found no mention of it on the CBN website. Also there’s some confusion about whether it’s a pilot or PoC, because the article says that a “pilot” will be launched by October 1, but a PoC wouldn’t happen until year end, which is obviously back assward. If anyone out there has more concrete information please pass it on! 

Chinese electricity bills to become payable using digital yuan

The People’s Bank of China digital yuan wallet app will reportedly include an electricity bill payment feature designed by the country’s State Grid. Users will be able to pay their electricity bills through the digital yuan app directly and do not need to link payment to a bank card. The new function will be tested in nine cities and regions, including Xiong’an New Area, Suzhou, Chengdu, Shanghai, Xi’an, Dalian, Changsha and Qingdao, and at the Winter Olympics in Beijing in 2022.

JPMorgan Extends Banking Services to Bitcoin Exchanges

JPMorgan Chase has reportedly taken on Coinbase and Gemini Trust as banking customers, the first time the bank has accepted clients from the cryptocurrency industry. The accounts were approved in April, and transactions are just starting to be processed. The bank is primarily providing cash-management services to the firms and handling dollar-based transactions for the exchanges’ U.S.-based customers. It will process wire transfers, and deposits and withdrawals through the Automated Clearing House network, an electronic funds-transfer system. 

Allianz launches blockchain claims solution in 23 countries

“Allianz, Europe’s largest insurer, went into production mid-May with a solution to streamline international motor insurance claims. The enterprise blockchain platform has been deployed across 23 European subsidiaries. By using blockchain, there is a single source record of the decision about each claim. That cuts time spent on administration and hence cost, and it means the claim is settled faster for the customer.”

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