Kiffmeister’s #Fintech Daily Digest (20220714)

For those receiving this via email, please excuse the glitches that are occurring this week. I’ve moved servers and I’m still trying to get MailChimp to play nicely with it.

Environmental Implications of a Central Bank Digital Currency

The World Bank has published a paper that explores the environmental implications of central bank digital currency (CBDC) and highlights ecological footprint differences between CBDC and other payment methods. As the legitimacy of CBDC is backed by the trust of central banks, it does not need to prove its legitimacy through energy-intensive consensus or mining mechanisms, so its energy consumption is low. CBDC can also be designed to use various systems, such as real time gross settlement systems, distributed ledger technology, or a mixture of both. [Read more at the World Bank]

Celsius Files for Chapter 11 Bankruptcy

Celsius Network, the crypto lender that is facing a liquidity crisis, has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York. It suspended withdrawals on June 12, cut jobs and hired restructuring experts to advise on its financial situation.
Celsius says it has $167 million in cash on hand, enough to “support certain operations during the restructuring process.” [Read more at Celsius Network]

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]