Kiffmeister’s #Fintech Daily Digest (20221002)

Scotland Release CBDC On XRP Ledger (Fake News)

Over the last few weeks various crypto news sites have been reporting that the Scottish central bank is planning to issue a central bank digital currency (CBDC). This is obviously fake news because Scotland is part of the United Kingdom and the Bank of England is the U.K.’s central bank. But I will hand it to the perpetrators, as there is even a fairly official-looking Scottish Reserve Bank ready to step in if Scotland was to become independent in the event of a “yes” (to leaving the U.K.) vote in the proposed 2023 referendum.

The CBDC story revolves around a Scottish crypto startup called “ALBA” that has created a cross border settlements currency in collaboration with the Scottish Central Bank. However, I found no reference to this project on the Reserve Bank website, and the Alba website seems to be dead (“this store is unavailable”). According to Wikipedia, Alba was the name of the Kingdom of Scotland between the deaths of Donald II in 900 and of Alexander III in 1286, and there is an Alba political party advocating for Scottish political independence from the U.K..

And unsurprisingly, what is getting the crypto news machine excited about a Scottish CBDC, is that Alba (the purported crypto startup) is reportedly creating it on an XRP-based ledger. And of course, any mention of XRP is sure to spread like wildfire because of the very active XRP fanboy/girl community!

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