Kiffmeister’s #Fintech Daily Digest (10/26/2021)

I’ve updated my tabulation of *retail* central bank digital currency (CBDC) to update Nigeria’s status to “launched” and to include Hungary (see below). I also recently updated my tabulation of recent *wholesale* CBDC experiments.  

At the dawn of a new age – Money in the 21st century

The Central Bank of Hungary (MNB) has published a book that summarizes the theoretical considerations, the most important practical issues, the motives behind the potential creation of this new instrument and the opportunities offered by central bank digital currency (CBDC). It also covers CBDC monetary policy, financial stability, and cash flow impacts, as well as the issues of infrastructural implementation. [Read more

Canada and the Digitalization of Money

An August 25, 2021 virtual workshop was convened with international and Canadian experts from the public and private sectors and from academia to discuss Canadian perspectives on the digitalization of money. It concluded that Canadian governments and service providers need to step up work on delivering a modernized payments system and secure data transfer to facilitate open banking. Secondly, Canada requires a thoroughly updated legislative framework for privacy and data management, and the adoption of industry standards for digital identification. And thirdly, existing regulatory frameworks are ill-suited to deal with new and emerging market structures. [Read more]

Update on Brazil’s Pix instant payments platform

The Central Bank of Brazil launched its instant payments platform Pix last November. Pix allows consumers and companies to make money transfers 24/7 without requiring debit or credit cards through a Pix alias or a QR Code. It is also free of charge for individuals. In March Facebook’s WhatsApp messaging service was cleared to let its users send each other funds using the Visa and Mastercard card networks. It now has over 100 million users – in September over half the adult population used it at least once and total transaction volume was $100 billion. [Read more]

To get these updates sent to your inbox, please sign up here. Also, for those interested in intra-day updates and news that didn’t make the Daily Digest cut, please check out my Diigo fintech bookmarks:

Jurisdictions Where Retail CBDC Is Being Explored (10/25/2021)

Jurisdictions Where Retail CBDC Is Being Explored (as of October 25, 2021)

Where central banks have launched or piloted (or soon will)

Bahamas (launched)

Jamaica (pilot launch imminent)

China (pilot launched)

Nigeria (pilot launched)

Eastern Caribbean (launched)

Uruguay (pilot completed)

Where central banks have done proofs of concepts (or soon will)

Bhutan (proof of concept planned)

Korea (proof of concept started)

Japan (proof of concept started)

Sweden (proof of concept underway)

Ghana (2021)(update; 2021)

Ukraine (proof of concept done)

Where central banks are in advanced stages of research and development

Canada (update)

Russia (latest report)

Euro Area


Mauritius (update)

United Kingdom


United States

Where central banks are still in the exploratory stages (with year of last update)

Australia (2021)

Kenya (2020)

Brazil (2021)(update, 2021)

Kuwait (2019)

Chile (2021)

Madagascar (2021)

Curaçao en Sint Maarten (2018)

Malaysia (2021)

Czech Republic (2021)

Morocco (2019)(update 2021)

Denmark (2017)

New Zealand (2021)

Eswatini (2020)

Pakistan (2021)

Georgia (2021)(update; 2021)

Peru (2019)

Haiti (Bitkòb)(2021)

Philippines (2020)

Hong Kong SAR (2021)

South Africa (2021)

Hungary (2021)

Switzerland (2019)

Iceland (2018)

Taiwan (2020)

India (2021)

Trinidad and Tobago (2021)

Indonesia (2020)(update; 2021)

Tunisia (2018)

Israel (2021)(update; 2021)

Turkey (2021)

Kazakhstan (2021)


Where central banks have explored or are exploring issuing retail CBDC

(according to reputable sources)

Bahrain (2018)

Lebanon (2020)

Egypt (2018)

Macau (2021)

Guatemala (2021)

Palestine (2021)

Honduras (2021)

Rwanda (2021)

Iran (2018)

United Arab Emirates (2021)

Laos (2021)

Viet Nam (2021)

Where central banks have launched and discontinued

Ecuador (2014-2018)

Finland (1992-2006)

Sources: Central banks or various news sources per hyperlinks above, the Bank for International Settlements CBDC database and

Note: Retail CBDC is a broadly available general purpose digital payment instrument, denominated in the jurisdiction’s unit of account, that is a direct liability of the jurisdiction’s monetary authority. This table does not cover wholesale CBDC, which is limited to a set of predefined user groups, typically financial institutions.

Recent papers that focus on the practical aspects of CBDC issuance:

Kiff, J., J. Alwazir, S. Davidovic, A. Farias, A. Khan, T. Khiaonarong, M. Malaika, H.K. Monroe, N. Sugimoto, H. Tourpe, and P. Zhou. 2020. “A Survey of Research on Retail Central Bank Digital Currency,” IMF Working Paper No. 20/104.

Adrian, T., and T. Mancini-Griffoli. 2019a. “The Rise of Digital Money,” IMF Fintech Note 19/01.

Auer, R. and R. Boehme. 2021. “Central Bank Digital Currency: The Quest for Minimally Invasive Technology,” Bank for International Settlements Working Paper No. 948, June.

Auer, R., G. Cornelliand J. Frost. 2020. “Rise of the Central Bank Digital Currencies: Drivers, Approaches and Technologies,” Bank for International Settlements Working Paper No. 880, August.

Bank for International Settlements. 2020. “Central Bank Digital Currencies: Foundational Principles and Core Features,” October.

Bank of England. 2020. “Central Bank Digital Currency: Opportunities, Challenges and Design,” Discussion Paper, March.

Bindseil, U. 2020. “Tiered CBDC and the Financial System,” European Central Bank Working Paper No. 2351, January.

Bossu, W., M. Itatani, C. Margulis, A. Rossi, H. Weeninkand A. Yoshinaga. 2020. “Legal Aspects of Central Bank Digital Currency: Central Bank and Monetary Law Considerations,” IMF Working Paper No. 20/254.

Brookings Institution. 2020. "Design Choices for Central Bank Digital Currency: Policy and Technical Considerations," Global Economy & Development Working Paper 140, July.

European Central Bank. 2019. “Exploring Anonymity in Central Bank Digital Currencies,” ECB In Focus, December.

—-. 2020. “Report on a Digital Euro,” October.

Shah, D., R. Arora, H. Du, S. Darbha, J. Miedema, and C. Minwalla. 2020. “Technology Approach for a CBDC,” Bank of Canada Staff Analytical Note 2020-6.

Sveriges Riksbank. 2020. Economic Review: Second Special Issue on the E-Krona.

World Economic Forum. 2020. Central Bank Digital Currency Policy-Maker Toolkit. And the WEF’s Ashley Lannquist maintains the ultimate CBDC reading list here!

DLT-Based Wholesale CBDC Experiments (10/23/2021)

Central Bank DLT-Based Wholesale CBDC Experiments (October 23, 2021)

Central Bank


Platform/Vendor Partner(s)

Reserve Bank of Australia (RBA)

Syndicated loan funding, settling and repaying


Securities delivery-versus-payment (DVP) settlement


Bank of Canada

Project Jasper Phase 1


Project Jasper Phase 2

R3 Corda

Project Jasper Phase 3

R3 Corda

Project Jasper-Ubin

R3 Corda & Quorum

Banque de France (BdF)

Securities settlement, cross border payments

Multiple platforms

European Central Bank (ECB) & Bank of Japan (BoJ)

Project Stella Phase 1

Hyperledger Fabric

Project Stella Phase 2

R3 Corda, Elements, Hyperledger Fabric

Project Stella Phase 3

Hyperledger Fabric

Hong Kong Monetary Authority (HKMA) & Bank of Thailand (BOT)

Project Inthanon-LionRock

R3 Corda

Project Inthanon-LionRock Phase 2


Saudi Arabian Monetary Authority (SAMA) and the United Arab Emirates Central Bank (CBUAE)

Project Aber

Hyperledger Fabric

Monetary Authority of Singapore (MAS)

Project Ubin Phase 1

R3 Corda

Project Ubin Phase 2

Hyperledger Fabric & Quorum

South Africa Reserve Bank (SARB)

Project Khokha


Project Khokha 2


Swiss National Bank (SNB)

Project Helvetia

R3 Corda

Bank of Thailand

Project Inthanon Phase 1

R3 Corda

Project Inthanon Phase 2

R3 Corda

Bank for International Settlements Innovation Hub (BISIH) and:



SNB and BdF

Project Jura

R3 Corda?


Project Nexus


RBA, Bank Negara Malaysia (BNM), MAS, and SARB

Project Dunbar


HKMA, BOT; the People’s Bank of China (PBOC), and CBUAE

Multiple CBDC (mCBDC) Bridge



Reserve Bank of Australia. 2020. “Reserve Bank partners with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys Software on Wholesale CBDC Research Project.”

—-. 2021. “Inquiry into Australia as a Technology and Financial Centre – Submission.”

Bank of Canada. 2017. “Project Jasper: A Canadian Experiment with Distributed Ledger Technology for Domestic Interbank Payments Settlement.”

—-. 2017. “Project Jasper: A Canadian Experiment with Distributed Ledger Technology for Domestic Interbank Payments Settlement.”

—-. 2018. “Jasper Phase III: Securities Settlement Using Distributed Ledger Technology.”

Bank of Canada and Monetary Authority of Singapore. 2019. “Jasper-Ubin Design Paper : Enabling Cross-Border High Value Transfer Using Distributed Ledger Technologies.”

Banque de France. 2020. “Central Bank Digital Currency Experiments with the Banque de France: Call for Applications.”

—. 2020. “Use of a central bank digital currency to settle a digital financial securities issue carried out by Société Générale Forge.”

—. 2021. “Successful experiment with IZNES on the use of central bank digital money for interbank settlement purposes.”

—. 2021.Experiment on the use of CBDC for settling digital bonds issued by the EIB on a blockchain.”

—. 2021. “Banque de France, Swiss National Bank and BIS Innovation Hub collaborate for experiment in cross-border wholesale CBDC.”

—. 2021. “Banque de France conducted with a group of participants formed around SEBA Bank a central bank digital currency experiment for settlement of listed securities.”

—. 2021. “Banque de France conducted a successful experiment on the use of CBDC to settle the issuance of a French Government Bond by Agence France Trésor with a consortium of actors driven by Euroclear.”

—. 2021. “The Banque de France and the Monetary Authority of Singapore completed a wholesale cross-border payment and settlement experiment using CBDC.”

—. 2021. “Banque de France and Banque Centrale de Tunisie, successfully conducts an experiment on the use of CBDC with a consortium driven by Prosperous.”

ECB-BoJ. 2017. "Payment Systems: Liquidity Saving Mechanisms in a Distributed Ledger Environment."

—. 2018. “Securities Settlement Systems: Delivery-versus-Payment in a Distributed Ledger Environment.”

—. 2019. “Synchronized Cross-Border Payment.”

HKMA-BoT. 2020. “Project Inthanon-LionRock: Leveraging Distributed Ledger Technology to Increase Efficiency in Cross-Border Payments.”

—. 2020. “Project Inthanon-LionRock has entered the second phase to explore business use cases in cross-border trade settlement and capital market transactions.”

—. 2021. The HKMA, BOT, CBUAE and People’s Bank of China joined the second phase of Project Inthanon-LionRock.

Saudi Arabian Monetary Authority. 2019. “A Statement on Launching “Aber” Project, the Common Digital Currency between Saudi Arabian Monetary Authority (SAMA) and United Arab Emirates Central Bank (CBUAE).”

—. 2020. “The SAMA and CBUAE issue report on results of joint digital currency project Aber.

Monetary Authority of Singapore. 2017. Project Ubin: SGD on Distributed Ledger.

South African Reserve Bank. 2018. “Project Khokha: Exploring the Use of Distributed Ledger Technology for Interbank Payments Settlement in South Africa.”

—. 2021. “Project Khokha 2 launched to explore the policy and regulatory implications of tokenization in financial markets.”

Swiss National Bank. 2020. “Project Helvetia: Settling tokenized assets in central bank money.”

Bank of Thailand. 2019. “Project Inthanon: An application of Distributed Ledger Technology for a Decentralised Real Time Gross Settlement system using Wholesale Central Bank Digital Currency.”

Bank of Thailand. 2019. “Project Inthanon: Enhancing Bond Lifecycle Functionalities & Programmable Compliance Using Distributed Ledger Technology.”

BISIH. 2021. “BISIH, SNB and BdF collaborate for experiment in cross-border wCBDC.”

—-. 2021. “BISIH and MAS proposal for enhancing global real-time retail payments network connectivity.”

—-. 2021. “BISIH, RBA, BNM, MAS and SARB will test CBDCs for international settlements.”

—-. 2021. “Inthanon-LionRock to mBridge: Building a multi CBDC platform for international payments.”