Reserve Bank Australia says a live CBDC likely to be wholesale
Members of the Reserve Bank of Australia (RBA) Payment Systems Board discussed the increasing interest in central bank digital currency (CBDC) internationally and in Australia. Many see an increased likelihood of issuing some form of CBDC in the future, especially to support wholesale transactions. [Read more at the RBA]
China Introduces Digital Yuan Payments in Ningbo Subway, Guangzhou Buses
Ningbo Rail Transit, the operator of the subway system in the city of Ningbo in the eastern Chinese province of Zhejiang, has reportedly launched payments in digital yuan at 125 stations. Also, bus riders in Guangzhou will be able to buy tickets with digital yuan. They will be able to use their e-CNY wallets on 10 bus lines. [Read more at Bitcoin.com]
China’s Digital Yuan App Can Now Link to Users’ Bank Accounts
The digital yuan payment app reportedly can now be linked to bank accounts to ensure that funds in users’ e-CNY wallets never run dry. The app can automatically draw amounts from a linked account at a commercial bank when the e-CNY wallet’s balance is not enough. Users also have the option not to link the app to a bank account. [Read more at Yicai Global]
Indonesian central bank provides update on CBDC plans
Perry Warjiyo, Governor of the Bank Indonesia (BI), provided an update on the central Banks’s CBDC plans. It sounds like the BI is leaning towards a distributed ledger technology (DLT) based platform, but it is undecided as to whther it will be a retail or wholesale digital currency. It will build in interoperability to open up the possibility of cross-border payments, particularly in the ASEAN+5 region, where there is already cooperation with Thailand and Malaysia through the support for the implementation of QR Cross Border and Local Currency Settlement (LCS). [Read more at the BI]
A joint committee of the U.S. Uniform Law Commission (ULC) and the American Law Institute (ALI) finalized a significant and wide-ranging amendment to the Uniform Commercial Code (UCC) that addresses the quirks and nuances of digital asset transactions and crypto-as-collateral secured financings. The amendments include a completely new Article 12 that is devoted to defining various digital asset classes and setting ground rules for crypto-backed secured financings. New Article 12 will dovetail with a series of amendments to existing Article 9 (secured transactions) and Article 3 (negotiable instruments). [Read more at JD Supra]
Discounted tickets available for CBDC Think Tank masterclass
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. Ticket prices are as low as $99 and you can save 30% by entering KIFFMEISTER where the registration page asks for a discount code. [Register here]
Also, the CBDC Think Tank, in partnership with Georgetown University and the DC FinTech Week, is hosting a FREE 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]
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 chronicles@kiffmeister.com.