Kiffmeister’s #Fintech Daily Digest (20220627)

Bank of Russia Accelerates Schedule for Digital Ruble Project

The Central Bank of Russia is continuing to step up efforts to test and issue the digital ruble, with a roadmap for full implementation now expected by the end of 2023, with pilot testing scheduled to begin in April 2023. In February (2022) the central bank had implied that it had started pilot testing already, but this new announcement makes the earlier efforts sound more like proof of concept work (“clients were able to exchange non-cash rubles in their accounts for digital ones, and then they transferred digital rubles between themselves”). [Read more]

Iran to roll out pilot version of Crypto-Rial digital currency soon

The Central Bank of Iran (CBI) is reportedly preparing a pilot launch of its Crypto-Rial central bank digital currency (CBDC) in August 2022. In the first phase, the pilot process will be launched in one region before it is extended to other areas of the country. [Read more]

HKMA Tech Baseline Assessment show extensive adoption of Fintech in the banking sector

The Hong Kong Monetary Authority (HKMA) announced the results of its Tech Baseline Assessment, a stocktaking of Hong Kong banks’ adoption of Fintech, and assessment of whether there may be Fintech business areas and technology types that would benefit from the HKMA’s support. Overall, the results of the Assessment indicate that the banking industry is supportive of the HKMA’s Fintech drive. And banks are prepared to dedicate healthy amounts of financial and talent investment to Fintech adoption, which is expected to increase across the board. [Read more]

Upcoming events I’m affiliated with:

The CBDC Think Tank, in partnership with the International Monetary Fund and George Washington University, is hosting a full-day in-person CBDC Masterclass on October 12 in Washington DC. The sessions are designed as instructional deep dives with full presentations and Q&A components.  [Register here]