Kiffmeister’s Global Central Bank Digital Currency Monthly Monitor
Just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So for any of you out there who work for a central bank, ministry of finance or international financial institution who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at firstname.lastname@example.org.
A Bank of Japan (BoJ) official said the central bank has not scrapped its preparations for a potential CBDC launch, dismissing misleading reports by a number of media outlets. Tomohiro Sugo, head of the payment and settlement system division, told Central Banking that “the Bank of Japan continues preparing for the possible issuance of CBDC in the future and it has not quit its preparations.” [Read more at Central Banking] As I mentioned a few days ago the misleading reports started with an Asia Times op-ed that rehashed inaccurately a July 5, 2022 report from the BoJ’s Liaison and Coordination Committee on Central Bank Digital Currency.
The Nepal Rastra Bank has reportedly initiated an exercise to revise the Nepal Rastra Bank Act in order to enable the central bank to issue digital versions of the Nepali currency. Revati Nepal, chief of the currency management department at the central bank. said that “a task force formed by the central bank has drafted an amendment bill to authorize the Nepal Rastra Bank to issue and manage a digital currency.” [Read more at the Kathmandu Post]
David Birch argues that cash reduction via fintech means an increase in net welfare. People who are trapped in a cash economy, the poor in particular, are more likely to get robbed, to get bad deals, and to get shaken down. Although that argues for reducing cash usage, what do we do about the people people who say they would “struggle to cope” in a cashless society (one in five according to a U.K. survey) and those who say it would be “problematic” (half of those surveyed)? [Read more here]
Deborah Healey and Heng Wang of the University of New South Wales have launched a study of the impact of retail central bank digital currency (CBDC) on stakeholders and consumers across the Asia-Pacific region. In that regard they are inviting such stakeholders and consumers in the region to take part in a survey on the potential uses of retail CBDC in Asia. The survey should take 12-15 minutes to complete and will be active until midnight August 24, 2022 (AEST). Responses will be anonymous and not attributed to users or their organizations. If you have any questions, would like an invitation to the launch and a copy of the final report please email email@example.com. Also, please feel free to share this request with others in the region. [Click here to take the survey]
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]
The CBDC Think Tank, in partnership with Georgetown University and the DC FinTech Week, is hosting a Digital Currency Lecture Series, a set of digital currency lightning talks delivered by subject matter experts, on October 14 in Washington DC. [Request an invite here]