CBDCs can cut cross border remittance costs by half: BIS report
A prototype payment platform developed by the Bank for International Settlements Innovation Hub and the Hong Kong Monetary Authority, Bank of Thailand, People’s Bank of China, and Central Bank of the United Arab Emirates, demonstrated the potential of using multiple central bank digital currency (mCBDC) and distributed ledger technology (DLT) for delivering real-time, cheaper and safer cross-border payments and settlements. The mBridge project common prototype platform for mCBDC settlements, part of phase two of Project Inthanon-LionRock, was able to complete international transfers and foreign exchange operations in seconds, as opposed to the several days normally required for any transaction to be completed using the existing network of commercial banks and operate in a 24/7 basis. The cost of such operations to users can also be reduced by up to half. [Read more]
Nigeria’s eNaira website goes live days ahead of October 1 launch
Nigeria’s eNaira retail central bank digital currency (CBDC) will launch on October 1, 2021. Nigerians can now download the eNaira app from either the Google Play or Apple App stores, onboard themselves and fund their eNaira wallet using their bank account or with cash at a registered agent location. [Read more]
FAKE NEWS: Fantom to Help Develop Tajikistan CBDC Alongside Orienbank
CoinDesk incorrectly reported that Fantom Foundation will work with OJSC Orienbank on a CBDC for use in Tajikistan. The National Bank of Tajikistan immediately made it clear that it has not signed any cooperation agreement with Fantom Foundation to develop CBDC and has no intentions to do so. “The information… is incorrect and untrue, therefore the National Bank of Tajikistan has already sent a letter to the Fantom Foundation concerning the disclosure of false information.”
Peruvian stablecoin launches on Stellar blockchain
Latin American stablecoin issuer Anclap is expanding its Stellar-based stablecoin network by launching a new stablecoin in Peru. Pegged to the Peruvian sol (PEN), the new stablecoin is designed to enable instant transactions across Anclap’s network, including conversions in other fiat currencies as well as any other digital asset. Called the “digital sol,” the stablecoin is said to be 100% backed by local fiat currency and is available on the Stellar network to be integrated into any platform, and exchangeable against several foreign currencies, including Argentine peso, Brazilian real, US dollars and the euro. [Read more]
Coinbase Launches ‘Get Paid in Crypto’ Direct Deposit
In the next few weeks, Coinbase will roll out a feature that allows US customers to deposit their paycheck into Coinbase to more easily make regular crypto trades, spend on Coinbase Card, and earn crypto rewards. Coinbase users can select which cryptocurrency they would like their paycheck to be converted to, or keep the sum denominated in U.S. dollars. The crypto options include Bitcoin, Ethereum, the U.S.-dollar pegged USD Coin, or any of the more than 100 coins on the platform. [Read more]
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September 28-30 CordaCon Conference
At the September 28-30 CordaCon2021, on the 30th I’ll be providing an overview of recent retail CBDC developments. You can register for the event here: https://www.cordacon.com
On October 4 I’ll be providing an overview of international work on retail CBDC and evolving thinking on motivations, system design and safeguards at The CBDC Conference. You can register for this and the full three-day (October 4-6) event here: https://www.cbdc-conference.com/index.php
