Kiffmeister’s #Fintech Daily Digest (20220403)

China Expands Digital Yuan Trials to More Cities

The People’s Bank of China (PBOC) said it will expand its digital yuan trial to more areas from the current 11 cities and regions, and conduct “deep research” on the impact on the country’s financial system. Trials have taken place in Shenzhen, Suzhou, Xiong’an, Chengdu, Shanghai, Hainan, Changsha, Xi’an, Qingdao, Dalian and at the 2022 Winter Olympic Games in Beijing and Zhangjiakou. Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen, Hangzhou, Ningbo, Wenzhou, Huzhou, Shaoxing and Jinhua will be added to the list of trial cities. [Read more]

Blueprint for a digital euro wallet

Rosa Giovanna Barresi provides a comprehensive analysis of the latest digital euro news from the European Central Bank based on recent speeches by Fabio Panetta, Chair of the Eurosystem High-Level Task Force on Central Bank Digital Currency. The investigation phase of the project started on July 14, 2021, and was intended to run until Q3 2023. Design-related decisions will be finalized by the beginning of 2023 and the following months will be spent in developing a basic prototype. [Read more]

Low smartphone penetration hits CBK’s digital shilling plan

Central Bank of Kenya Governor Patrick Njoroge has reportedly warned that lack of access to smartphones by more than half of mobile users in the country will hamper the rollout of its proposed central bank digital currency (CBDC) that requires access to the Internet. Of course readers of this blog know that the Governor has been misinformed, as there are a number of available CBDC platforms that do not require smartphones, including those of Celo, Roberto Giori and WhisperCash. [Read more]

Crypto assets: new rules to stop illicit flows in the European Union

Members of the European Parliament from the Committee on Economic and Monetary Affairs and the Committee on Civil Liberties adopted their position on draft legislation strengthening European Union rules against money laundering and terrorist financing. Under the new requirements, all transfers of crypto-assets would have to include information on the source of the asset and its beneficiary, information that is to be made available to the competent authorities. The rules would also cover transactions from unhosted wallets. [Read more]

Upcoming events I’m affiliated with:

The CBDC Think Tank is hosting several webinars over the next month:

Satoshi Capital Advisors is hosting a virtual workshop on wholesale CBDC, stablecoins and digital capital markets on May 24 (starting at 08:00 EST). [Register here with the passcode: CBDC]