Today’s Fintech Daily Digest includes Sweden’s e-krona central bank digital currency (CBDC) project entering a new proof-of-concept stage, and the Russian Finance Ministry submitting a new crypto regulation bill to parliament. Also, the Global Financial Markets Association (GSMA) has published a new report on wholesale CBDC.
Sweden’s central bank has extended its contract with Accenture as supplier for its CBDC experimental project for a further year following the completion of Phase 2 technical trials. Phase 2 examined issues such as offline function, performance and integration of external participants, such as a bank, into the e-krona network. The conclusions from phase 2 will be presented in a report to be published in spring 2022. No decision has yet been taken on issuing an e-krona. [Read more]
The Eastern Caribbean Central Bank (ECCB) DCash has been offline since January 14, and it could take several more days to fully restore service, bank officials told Bloomberg News. The “interruption” didn’t compromise any data but it stopped all transactions. The problem was related to an expiring certificate on the version of the Hyperledger Fabric that hosts the DCash ledger. [Read more]
A new Global Financial Markets Association paper identifies the key considerations for wholesale CBDC (wCBDC) success. It underscores the importance of interoperability with the broader financial market ecosystem, and recommends a cautious and measured approach to introduction to mitigate any potential transition risk impacting safety and soundness, and financial stability. [Read more]
Russia’s Ministry of Finance has submitted a draft bill on crypto-asset regulation. Under it, crypto-assets are considered solely as an investment vehicle, and their use as a means of payment will be prohibited. It also includes user identification requirements, yearly investment limits, and custody arrangements (e.g., no self custody), includes detailed service provider requirements. [Read more]
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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]