Kiffmeister’s #Fintech Daily Digest (20221117)

I’ve updated my tabulation of retail central bank digital currency (CBDC) explorers. I still count 91 central banks that have recently issued, piloted, experimented with and/or researched retail CBDC not including two that started issuing retail CBDC and then shut the platforms down (Ecuador and Finland). [Check it out here]

Custodia Bank’s master account lawsuit against Fed advances

Judge Scott Skavdahl of the U.S. District Court for the District of Wyoming denied the Federal Reserve’s motion to dismiss the master account lawsuit brought by Custodia Bank, ruling the bank had sufficiently argued that the Kansas City Fed engaged in “unreasonable delay” in processing its master account application. Custodia, which was granted a special-purpose depository institution (SPDI) license in Wyoming in 2020, has been waiting two years for the Fed to approve its application for a master account, a delay the bank has called unlawful. [Read more at Banking Dive]

ASX reassesses CHESS blockchain replacement

The Australian Securities Exchange (ASX) will reassess all aspects of its Clearing House Electronic Subregister System (CHESS) share trading software replacement project following completion of an independent review, conducted by Accenture, and its own internal assessment. The CHESS software enables ASX’s registry to manage settlement of transactions, and the exchange has strived since 2017 to replace it with Digital Asset’s blockchain-based technology in a bid to cut costs. The independent report identifies significant challenges with the solution design and its ability to meet ASX’s requirements. The CHESS replacement capitalized software will be derecognized in light of the solution uncertainty, resulting in a charge of about A$250 million pre-tax. [Read more on the ASX]

Digital Euro Association Digital Money Academy

I will be discussing global central bank digital currency (CBDC) developments at the Digital Euro Association’s Digital Money Academy on November 29. If you want to get into CBDCs, register for the Academy 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.

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