Kiffmeister’s #Fintech Daily Digest (02/18/2022)*

Eight countries jointly propose principles for mutual recognition of digital IDs

The Digital Identity Working Group (DIWG) has proposed a set of high-level principles to enable future mutual recognition and interoperability of digital identities. The members of the DIWG are from Australia, Canada, Finland, Israel, New Zealand, Singapore, the Netherlands, and the United Kingdom. This is the group’s first set of publicly released work since its 2020 inception. [Read more]

Say Hello To JAM-DEX

Bank of Jamaica’s central bank digital currency (CBDC) now has a name – Jamaica Digital Exchange or JAM-DEX for short, with the tagline “no cash, no problem!” The pilot was completed in December 2021 and launch is expected during the first quarter of 2022. [Read more]

JPMorgan unveils research on quantum resistant blockchain network

JPMorgan Chase has unveiled research on a Quantum Key Distribution (QKD) blockchain network that is resistant to quantum computing attacks. QKD utilizes quantum mechanics and cryptography to enable two parties to exchange secure data and detect and defend against third parties that are using quantum computers to attempt to eavesdrop on the exchange. [Read more]

Crypto bill incoming: Russia’s finance ministry kicks off public comment period

The Russian Finance Ministry filed two development notices to start the process of developing a digital currency legal framework. The documents will be published in the next three weeks. [Read more]

Ukrainian Parliament Adopts Amended Virtual Assets Law

Ukraine’s parliament has adopted new crypto-asset legislation. The draft law initially approved in September 2021, envisaged the establishment of a dedicated regulatory body run by the Ministry of Digital Transformation. The amended legislation makes the National Securities and Stock Market Commission and the National Bank of Ukraine the main crypto-asset regulators. [Read more]

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Central Bank Digital Currency Workshop, Hosted by the CBDC Think Tank

The CBDC Think Tank (CBDCTT)  is hosting an in-person CBDC Workshop in Washington DC on February 24 exclusively for central bank and finance ministry staff looking to understand and position for CBDC issuance.  [Register here]

Also, in Q2 2022, the CBDCTT will launch the OpenCBDC Sandbox for evaluating, studying and learning from the OpenCBDC Boston Fed and the MIT Digital Currency Initiative open source CBDC platform. It will provide easy to use access, with the CBDCTT providing training and all updates. It’s available exclusively to central banks and official institutions. [Read more]