Month: November 2021

Kiffmeister’s #Fintech Daily Digest (11/18/2021)

~ kiffmeister

Peru’s central bank joins global push to develop a digital currency

The Banco Central de Reserva del Perú (BCRP) is reportedly working with the central banks of Singapore, India and Hong Kong in developing a central bank digital currency (CBDC). Earlier this month, the Monetary Authority of Singapore (MAS) announced that it was embarking on Project Orchid – to build the technology infrastructure and technical competencies necessary to issue a digital Singapore dollar should Singapore decide to do so in future. Plus the MAS is involved in several wholesale CBDC projects with other central banks, although not with the BCRP, unless I missed that memo. [Read more]

India’s central bank may launch digital currency pilot next year

Meanwhile…  the Reserve Bank of India (RBI) is reportedly going to pilot its CBDC in the first quarter of the next fiscal year. Previously, the central bank governor had said a pilot could be launched by December 2021 but there has been no official timeline committed to by the RBI. But again no mention of collaboration with the Banco Central de Reserva del Perú. [Read more]

The Future of Payments: Cryptocurrencies, Stablecoins or Central Bank Digital Currencies?

Tony Richards, Head of Payments Policy at the Reserve Bank of Australia (RBA) revealed that RBA staff are still not convinced that a strong policy case has emerged in Australia for a retail CBDC. Australia’s existing electronic payments system already provides households and businesses with a wide range of safe, convenient and low-cost payment services. Also, much (if not all) of the innovation and new functionality that could potentially be enabled by a CBDC could in principle also be enabled by innovation based around commercial bank deposit accounts, e-money or stablecoins. But given the possibility that the balance could shift towards a case for issuance of retail CBDCs, the RBA has been stepping up its CBDC research. [Read more]

The ECB’s case for central bank digital currencies

European Central Bank (ECB) Executive Board member Fabio Panetta pleaded the case for a digital euro in a Financial Times op-ed, arguing that, although Eurozone residents already have access to a vast supply of private digital means of payments that make a retail CBDC redundant. He views a digital euro as important to ensure that central bank money remains the trusted anchor of the payment system, to support financial stability and trust in the currency. This is crucial to preserving the transmission of monetary policy and thus protecting the value of money. [Read more]

Designing a digital euro for the retail payments landscape of tomorrow

Mr. Panetta also gave a speech that builds on the points made in the Financial Times op-ed, outlining how the ECB will structure its work in the investigation phase to ensure that it designs a digital euro that is attractive to consumers. [Read more]

MoneyGram Announces New Pilot with the Stellar Development Foundation

MoneyGram announced a new pilot in the Stellar blockchain whereby both parties will launch a live cash-in and cash-out pilot in the United States. Participants can deposit cash into their wallets at participating MoneyGram locations and also send payments internationally via Stellar’s USDC. Also, the pilot allows participants to exchange USDC for any fiat currency supported on the MoneyGram platform. [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: https://www.diigo.com/user/kiffmeister/Fintech.

Kiffmeister’s #Fintech Daily Digest (11/17/2021)

~ kiffmeister

Five Observations on Nigeria’s Central Bank Digital Currency

The IMF published five key observations on Nigeria’s eNaira central bank digital currency (CBDC) that launched on October 25. The article noted that the IMF was involved in the rollout process, including by providing reviews of the product design. The article also said that the IMF is ready to collaborate with the authorities on data analysis, cross-country studies, sharing the eNaira experience with other countries, and discussing further evolution of the eNaira including its design, regulatory framework, and other aspects. [Read more]

Salvation Army rings the bells for contactless giving

Visa has initiated a pilot program with The Salvation Army and tiptap to make donations contactless at the charity’s iconic Red Kettles this holiday season. The pilot is rolling out across the East and West Coasts, enabling tap to give at nearly 2,000 Salvation Army Red Kettle stations in places like Washington, Southern California, San Francisco, and Sacramento. The US roll out comes three years after the Salvation Army first trialed the technology in Canada. [Read more]

National payment switch to launch in Nepal

Nepal’s central bank has reportedly given approval to Nepal Clearing House to operate the national payment switch. The payment gateway will integrate multiple banks, digital payment vendors into one system enabling them to transfer funds. In the first phase, all non-card transactions that are done through mobile banking, e-banking, e-wallet or QR code will be routed through the switch. In the third phase, all domestic electronic transactions will be routed through the switch. [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: https://www.diigo.com/user/kiffmeister/Fintech.

Kiffmeister’s #Fintech Daily Digest (11/16/2021)

~ kiffmeister

Biden signs new crypto reporting measures into law with infrastructure bill

The $1 trillion bipartisan infrastructure bill signed into law by President Biden on November 15, included provisions relating to cryptocurrency know-your-customer (KYC) and tax reporting requirements. It takes a broad definition for broker, that includes any party facilitating the transfer of digital assets, which could include network validators, which is impossible, as validators are not in a position to collect KYC details. Another provision in the bill would require any recipient of more than $1,000 to verify the sender’s personal information, including Social Security number, and report the transaction to the government within 15 days. [Read more]

Meanwhile, Senator Cynthia Lummis, a Wyoming Republican, and Senate Finance Committee Chairman Ron Wyden, an Oregon Democrat, introduced a bill that would limit the definition of the term “broker”, while Texas Republican Senator Ted Cruz introduced legislation that would eliminate the term altogether. 

Philippines central bank eyeing central bank digital currency use in near future

The Bangko Sentral ng Pilipinas (BSP) is reportedly eyeing the use of wholesale central bank digital currency (CBDC) in the near future. Meanwhile, instead of looking at retail CBDC, the BSP is working on its other digital retail offerings, including InstaPay and PESONet electronic fund transfers, under its National Retail Payment System. [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: https://www.diigo.com/user/kiffmeister/Fintech.

Kiffmeister’s #Fintech Daily Digest (11/15/2021)

~ kiffmeister

Taproot, Bitcoin’s Long-Anticipated Upgrade, Has Activated

On November 14 the Taproot Bitcoin upgrade activated, opening the door for developers to integrate new features that will improve privacy, scalability and security on the network. At the root of the upgrade is the switch from elliptic curve digital signature algorithm (ECDSA) to Schnorr digital signatures. In addition to being smaller and faster that ECDSA, Schnorr signatures have the added benefit of being linear, a combination that will boost Bitcoin’s transaction privacy and allow for more lightweight and complex smart contracts. [Read more]

World Banknote Summit 2021

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.

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: https://www.diigo.com/user/kiffmeister/Fintech.

Kiffmeister’s #Fintech Daily Digest (11/12/2021)

~ kiffmeister

SEC Rejects VanEck’s Spot Market Bitcoin ETF

The US Securities and Exchange Commission (SEC) rejected VanEck’s application to launch an exchange-traded fund (ETF) that directly tracks the price of Bitcoin. In its ruling, the SEC cited concerns that the Bitcoin spot market is prone to “fraud and manipulation.” To date, the SEC has only allowed Bitcoin ETFs linked to BTC futures contracts that are regulated by the Commodities and Futures Exchange Commission (CFTC) to move forward. [Read more]

Tether Papers: This is exactly who acquired 70% of all USDT ever issued

Protos catalogued and investigated every USDT ever sent to and from Tether, across the eight blockchain and layers on which it currently exists: Omni (Bitcoin), Liquid (Bitcoin), Ethereum, Tron, Simple Ledger Protocol (Bitcoin Cash), EOS, Solana, and Algorand. They found that two companies, Alameda Research (parent of crypto exchange FTX) and Cumberland Global (the crypto-trading sub of markets powerhouse DRW), were responsible for seeping 55% of all USDT into the crypto ecosystem. [Read more]

Swiss Central Bank Ready to Run With wCBDC in January: ‘Just Takes a Policy Decision’

The Swiss National Bank (SNB) will technically be ready to launch a wholesale central bank digital currency (CBDC) in January 2022, using Switzerland’s Six Digital Exchange (SDX). However, a policy decision has yet to be taken, and there is the question of whether the SNB can legally issue wholesale CBDC. Also, Thomas Moser, a member of the SNB’s governing board, says there are no plans for going live at this point in time. [Read more]

Run-Proof Stablecoins

David Andolfatto explains how the theory of bank runs suggests that stablecoins might be rendered run-proof if their liabilities are properly designed. For example, a *credible* promise to suspend redemptions when redemption activity is abnormally high can serve to discourage runs. He describes how “smart contracts” could be used to bolster the credibility of the threat of suspending redemptions in the event of abnormal redemption activity, and may actually prevent any runs from occurring in the first place. [Read more]

The World Bank Launches a Fast Payments Toolkit

The World Bank has developed a Fast Payments Policy Toolkit, which consists of a global fast payments tracker as well as other resources pertaining to the topic. The tracker provides updates on jurisdictions around the world (by income level and geographic region) that have implemented fast payments and also provides information on different implementation aspects (such as technical features, technology, access rules) for each such jurisdiction. [Read more]

Upcoming Virtual Conferences at Which I’m Speaking:

World Banknote Summit 2021

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.

ITU DC³ Conference: From cryptocurrencies to CBDCs

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).

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: https://www.diigo.com/user/kiffmeister/Fintech.

Kiffmeister’s #Fintech Daily Digest (11/11/2021)

~ kiffmeister

MAS Announces Winners of the Global CBDC Challenge

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.

World’s first digital trade financing pilot between MLETR-harmonised jurisdictions

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]

Malaysia is participating in the BIS Innovation Hub Project Nexus Proof-of-Concept

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]

Crypto Is Forbidden for Muslims, Indonesia’s National Religious Council Rules

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:

World Banknote Summit 2021

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.

ITU DC³ Conference: From cryptocurrencies to CBDCs

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).

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: https://www.diigo.com/user/kiffmeister/Fintech.

Kiffmeister’s #Fintech Daily Digest (11/10/2021)

~ kiffmeister

I’ve updated my tabulation of retail central bank digital currency (CBDC) explorers to include Singapore, and update a few links.  I’ve also updated my tabulation of wholesale CBDC explorers, updating the Reserve Bank of Australia links and references, and putting the BISIH Project Nexus on the “bubble” because I’m not so sure there’s CBDC involved. 

Statement on UK Central Bank Digital Currency next steps

In 2022, the Bank of England and the UK Treasury will launch a consultation which will set out their assessment of the case for a UK CBDC, including the merits of further work to develop an operational and technology model for a UK CBDC. It will evaluate the main issues at hand, consider the high level design features, possible benefits and implications for users and businesses, and considerations for further work. The 2022 consultation will inform a decision on whether the authorities are content to move into a ‘development’ phase which will span several years. If the results of this ‘development’ phase conclude that the case for CBDC is made, and that it is operationally and technologically robust, then the earliest date for launch of a UK CBDC would be in the second half of the decade. [Read more]

Digital Currencies Likely to Be Legal Tender, Central Banks Say

A digital euro will probably be deemed legal tender, according to European Central Bank Executive Board member Fabio Panetta. “It would be quite awkward not to have legal-tender status for an additional instrument issued by a central bank” though he cautioned that achieving the status “should not be taken for granted.” [Read more] As pointed out in a recent IMF working paper, legal tender status is not necessarily a defining CBDC characteristic, in the same way as being denominated in the country’s unit of account, and being issued by, and an obligation of, the country’s central bank is.

Upcoming Virtual Conferences at Which I’m Speaking:

World Banknote Summit 2021

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.

ITU DC³ Conference: From cryptocurrencies to CBDCs

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).

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: https://www.diigo.com/user/kiffmeister/Fintech.

Kiffmeister’s #Fintech Daily Digest (11/09/2021)

~ kiffmeister

MAS lays groundwork for digital Singapore dollar

The Monetary Authority of Singapore (MAS) is embarking on Project Orchid – to build the technology infrastructure and technical competencies necessary to issue a digital Singapore dollar should the central bank decide to do so in future.  Its Managing Director said that while retail CBDC has its upsides, the case for it in Singapore is not urgent. Also, the MAS published a paper that sets out its initial assessment of the economic case for a retail CBDC in Singapore and its potential implications for financial stability and monetary policy. [Read speech here and paper here]

Russia to change laws for digital ruble, while central bank mulls 2022 prototype

Russia will reportedly havea prototype of the digital rouble platform ready in early 2022 and pilot-test it next year before making a final decision on the launch of the country’s central bank digital currency (CBDC). Also, Russian lawmakers will reportedly begin working on the legal adjustments needed to implement the digital ruble plan. At least eight federal laws and five codes must be changed for the digital ruble to take effect. The new rules will address several themes, such as the central bank’s authority to establish circulation for the new currency, and its acceptance as a means of payment. [Read more]

Bank of China Reveals Machine That Converts Foreign Currency to Digital Yuan

The Bank of China has reportedly shown a machine that converts foreign currencies into digital yuan. The machine is likely in preparation for the 2022 Beijing Winter Olympics, when the CBDC is set to be introduced to the rest of the world. Users need to link their passports to the transaction, but don’t need a bank account, and it supports 17 foreign currencies. [Read more]

Basel Committee advances work on specifying crypto-asset prudential treatment

The Basel Committee has reviewed the comments received regarding its consultation on the prudential treatment of banks’ crypto-asset exposures. It reiterated the importance of developing a conservative risk-based global minimum standard to mitigate prospective risks from crypto-assets to the banking system, consistent with the general principles set out in the consultative document. Accordingly, the Committee will further specify a proposed prudential treatment, with a view to issuing a further consultative document by mid-2022. [Read here]

Banque de France reports back on wholesale CBDC programme

The Banque de France published a report on its series of experiments with a wholesale central bank digital currency (#CBDC) but says its work has also thrown up new questions. The tests focused on ways of integrating CBDC into innovative procedures for the exchange and settlement of financial assets, based on new technologies such as distributed ledger technology (DLT), and in multi-currency and cross-border settings. The report covers nine experiments which were conducted as of September 2020 in conjunction with domestic and international private sector players, as well as other central banks and public authorities. Numerous technological partners were also involved, enabling the experiments to explore a broad range of technologies (see infographic below). [Read more]

MAS Enhances FinTech Regulatory Sandbox with Sandbox Plus

The Monetary Authority of Singapore (MAS) announced three enhancements to its FinTech Regulatory Sandbox framework to further catalyze financial innovation and FinTech adoption. Eligibility criteria will be expanded beyond first movers to include early adopters of technology innovation, the application process for financial grants will be streamlined, and there will be a “Deal Fridays” to help sandbox companies access the external investor community, to benefit from the network, mentorship, and funding. [Read more]

Robinhood breach leaks information of 7 million people

Trading platform Robinhood announced that an “unauthorized third party” managed to obtain personal information of their customers, although no social security numbers, bank account numbers, or debit card numbers were exposed. A list of email addresses for approximately five million people, and full names for a different group of approximately two million people, were obtained. [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: https://www.diigo.com/user/kiffmeister/Fintech.

Kiffmeister’s #Fintech Daily Digest (11/08/2021)

~ kiffmeister

Fake news alert regarding Banco Central do Brasil partnering with Labs to launch CBDC trial

In the November 5 edition of the Fintech Digest I warned that the report that Banco Central do Brasil (BCB) is partnering with Seattle-based KaJ Labs, to launch the trail of its CBDC was possibly fake news. There was no mention of it on the BCB website, and the Kaj Labs press release made it sound more like the firm has merely initiated discussions with the BCB. As it turns out, reliable sources have told me it is indeed fake news.

Interoperability in payments: for the old and the new?

The Singapore Centre of the BIS Innovation Hub (BISIH) announced that it will start a proof-of-concept of its Project Nexus cross-border payments platform with the Monetary Authority of Singapore, the Bank of Italy and the Central Bank of Malaysia, as well as with BCS in Singapore and PayNet in Malaysia. Project Nexus aims to enable and speed up the process of linking fast payment systems by standardizing the way that these systems connect to each other. Rather than a payment system operator building custom connections for every new country that it connects to, the operator can make one connection to the Nexus platform. This single connection allows a fast payments system to reach all other countries in the network. This provides a more scalable way to build up instant cross-border payment networks. [Read more]

This is separate from Project Dunbar, which is also being run out of the BISIH Singapore Centre, which uses central bank digital currency (CBDC) to achieve similar ends. Dunbar creates a common platform on which multiple central banks would issue wholesale CBDC. Each commercial bank would be able to hold multiple CBDCs, even if the bank does not have a branch or presence in the country issuing that CBDC. Banks can then use these CBDCs in multiple currencies to make payments directly to each other with no intermediaries. The Dunbar platform will also need to be interoperable with other payment systems – and, in particular, with each central bank’s domestic payment systems, such as its real-time gross settlement or even future retail CBDC systems. [Read more about Project Dunbar]

BSP and MAS to Pursue Cross-Border Payment Linkages

The Bangko Sentral ng Pilipinas the Monetary Authority of Singapore signed an enhanced FinTech Cooperation Agreement facilitate interoperable payments between the Philippines and Singapore. It will facilitate the linkage of both countries’ real-time and QR payment systems, to facilitate instant, seamless, and low-cost cross-border payments. This is a significant initiative given the sizeable remittance flows between the Philippines and Singapore, which totaled 2.15 billion  in 2020. [Read more]

CBUAE and Bank Indonesia sign MoU to promote cooperation in payment systems

Central Bank of the UAE and Bank Indonesia signed a memorandum of understanding, to boost mutual co-operation. It covers digital innovation in payment and financial services to facilitate more efficient and secure transactions, cross-border payment systems including retail payments, and frameworks of anti-money laundering and combatting the financing of terrorism. [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: https://www.diigo.com/user/kiffmeister/Fintech.

Kiffmeister’s #Fintech Daily Digest (11/05/2021)

~ kiffmeister

Coinbase Exchange Users Can Borrow Up to $1M Loan with Bitcoin as Collateral

Coinbase has launched a loan service that will allow its users to take up to 40% of the total value of their Bitcoin holdings, subject to a maximum of $1 million per user, as a loan. No credit checks are required, and eligible users will pay a rate of 8% per annum on the loan. The move follows the discontinuation of its “Lend” program after a warning from the US Securities and Exchange Commission, noting the product is like a security offering. [Read more] 

EU central banks working on DLT-based asset settlement

Banca d’Italia and Deutsche Bundesbank have been ramping up their efforts to utilize distributed ledger technology (DLT) in central bank money settlements. The initiatives aim to complement current central bank money settlement practices with programmable trigger mechanisms that connect DLT-based assets, like tokenized securities, and cash to be settled via conventional payments systems. This could be seen as complementary to the Digital Euro, which is currently under consideration. [Read more]

NYC Coin: Municipal Finance’s Next Frontier

This paper by Satoshi Capital Advisor’s Josiah Hernandez explores the financial and technical feasibility of a New York City coin (NYC Coin) to be issued by the New York City government. New York City mayor elect Eric Adams introduced the NYC Coin concept during a radio interview on November 3. He said he wanted to turn New York into a crypto-friendly city and wagered a “friendly competition” with Miami and its Miami Coin cryptocurrency. [Read more]

Fake News: Is Ripple’s XRP lawsuit behind KaJ Labs’ CBDC trial in Brazil?

Banco Central do Brasil (BCB) is reportedly not partnering with Seattle-based KaJ Labs, to launch the trail of its central bank digital currency (CBDC). There’s no mention of it on the BCB website, and the Kaj Labs press release makes it sound more like the firm has merely initiated discussions with the BCB. Also, it’s unclear whether they’re discussing retail of wholesale CBDC. It sounds more like the latter, with a focus on using DLT to tokenize and settle bonds. [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: https://www.diigo.com/user/kiffmeister/Fintech.