The Central Bank Digital Currency (CBDC) “Elephant in the Room”

The Centre for European Reform asks why would anyone use a retail CBDC? “Central banks will struggle to rollout CBDCs that will be widely adopted. They may not provide consumers the same benefits as today’s services; privacy is unlikely to be a game-changer; and the private sector still offers scope for innovation. Without widespread adoption, a CBDC will be an expensive failure, and will do little to advance central banks’ goals. For the EU, regulation is a more sensible way to make European payments cheaper, and more diverse, competitive and innovative.” [Read more]

Russian state-owned company builds blockchain-based replacement for SWIFT

Rostec, a state-owned defense conglomerate headquartered in Moscow, announced that it has developed a blockchain platform that can be used for international settlements. Named the CELLS industrial blockchain, it is Russia’s purported replacement for the Society for Worldwide Interbank Financial Telecommunication (SWIFT) messaging system. The platform will allow for settlements in national currencies and allow Russia to circumvent all international sanctions. [Read more]

Upcoming events I’m affiliated with:

The CBDC Think Tank is hosting a CBDC Papers Lecture Series on June 17 and 24 starting at 7am EST and running for 4 hours each day. [View list of papers and register here]