Iran to start testing a digital rial this week
The Central Bank of Iran (CBI) will reportedly start a central bank digital currency (CBDC) pilot on September 22, 2022. The bank published a draft document outlining the “goals, dimensions, threats and opportunities for the development” of a digital rial in August 2022. The CBI’s current head, Ali Salehabadi, said earlier this month that the bank had the necessary infrastructure and rules in place for a launch. [Read more at Coindesk]
House stablecoin bill would put two-year ban on Terra-like coins
Legislation to regulate stablecoins being drafted in the U.S. House of Representatives would place a two-year ban on coins similar to TerraUSD, the algorithmic stablecoin that collapsed earlier this year. It would be illegal to issue or create new “endogenously collateralized stablecoins.” The definition would kick in for stablecoins marketed as being able to be converted, redeemed or repurchased for a fixed amount of monetary value, and that rely solely on the value of another digital asset from the same creator to maintain their fixed price. [Read more at Bloomberg]
US Treasury seeks public input on illicit finance, national security risks posed by digital assets
The U.S. Department of the Treasury filed a Request for Comment (RFC) to seek feedback from the American people on the illicit finance and national security risks posed by digital assets. The filing is pursuant to President Joe Biden’s recent Ensuring Responsible Development of Digital Assets Executive Order, and the subsequent Treasury Department Illicit Finance Action Plan. [Read more at the U.S. Treasury]
Nasdaq establishes new digital assets business
Nasdaq is launching “Nasdaq Digital Assets” which “will initially develop an advanced custody solution that will incorporate liquidity and execution services to address industry challenges around connectivity, availability, and efficiency. Nasdaq’s custody solution will bring together attributes of hot and cold crypto wallets which will provide a high degree of accessibility and scalability without compromising security. [Read more at NASDAQ]
Tickets available for CBDC Think Tank masterclass
The CBDC Think Tank, in partnership with the IMF and George Washington University, is hosting a full-day in-person CBDC Masterclass on October 12 in Washington DC for “official sector” staff and academics active in the CBDC / digital currency space only. The sessions are designed as instructional deep dives with full presentations and Q&A components. Tickets are $99. [Register here]
Also, the CBDC Think Tank, in partnership with Georgetown University and the DC FinTech Week, is hosting a FREE (also in-person) 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.
