The Monetary Authority of Singapore (MAS) announced the results of the Global CBDC Challenge. The Challenge was aimed at identifying and developing retail central bank digital currency (CBDC) solutions that increase payment efficiencies, improve financial inclusion and support the broader digitalization drive in the economy [Read more]. The three winning entries from the 15 finalists were:
- CBDCgo (submitted by ConsenSys and Visa ) that provides integration and coexistence with existing systems, along with security and accessibility. Users can spend CBDCs without needing to change their payment or acceptance network.
- The Atomic CBDC (Criteo, Secretarium and Intel), a digital currency platform that is safeguarded by hardware-based security. It supports anonymity and privacy for small transactions and offers traceability for large transactions for anti-money laundering and countering the financing of terrorism purposes.
- G+D’s Filia that provides a means of payment that is inclusive and enables participation in the digital economy without a smartphone or a bank account. It enables the private sector to develop innovative solutions on an interoperable platform.
The MAS, Singapore’s Infocomm Media Development Authority (IMDA), and the Financial Services Regulatory Authority of Abu Dhabi Global Market, in collaboration with commercial partners DBS Bank, Emirates NBD and Standard Chartered, have successfully concluded the world’s first cross-border digital trade financing pilot of its kind. The pilot used IMDA’s TradeTrust framework to facilitate the transfer of electronic records between jurisdictions that have adopted the United Nations Commission on International Trade Law Model Law on Electronic Transferable Records. [Read more]
Bank Negara Malaysia and Payments Network Malaysia have joined the BIS Innovation Hub’s Project Nexus on a proof-of-concept to improve the cost and speed of cross-border payments. It will explore the feasibility of linking the real-time payment systems in Malaysia, Singapore and the euro area. This will enable customers to send and receive cross-border payments instantly and securely. The results, expected to be published by end-2022, will inform future development of a global network of real-time payment systems to enable fast and seamless cross-border payments. [Read more]
The use of crypto assets as a currency is reportedly forbidden for Muslims, according to Indonesia’s National Ulema Council. It deemed cryptocurrency as haram, or banned, as it has elements of uncertainty, wagering and harm. However, if cryptocurrency as a commodity or digital asset can abide by Shariah tenets and can show a clear benefit, then it can be traded. [Read more]
Upcoming Virtual Conferences at Which I’m Speaking:
The November 22-24 World Banknote Summit is a platform where the leaders of the global banknote community can meet and discuss current and future issues faced by banknotes as a form of payment. The summit plays host to various industry insiders and business experts who share their insights into banknotes, the dynamic and ever-changing face of the payments industry, the challenges on the horizon and potential solutions. The program is available here, and click here to register.
The January 25-27 DC³ Conference: From cryptocurrencies to CBDC, will highlight the work of the Digital Currency Global Initiative with a spotlight on emerging trends, innovations and initiatives shaping the future of digital currencies. The conference is organized jointly by the International Telecommunication Union (ITU) and the Stanford University Future of Digital Currency Initiative (FDCI). The program is available here, and click here to register (it’s free).
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