Project Garuda: Navigating the architecture Of digital rupiah
Bank Indonesia issued a white paper on the high-level design considerations of a Digital Rupiah central bank digital currency (CBDC). Key drivers for this so-called “Project Garuda” include strengthening Bank Indonesia’s role in the international stage, and accelerating integration of the national digital economy and finance. There will be three phases, each starting with public consultations, followed by technological experimentation, and concluding with policy stance review. [Read more at Bank Indonesia]
Digital Dollar could streamline settlements, DTCC says
A digital dollar could streamline settlements to make post-trade financial markets more efficient, according to a report published by the Depository Trust & Clearing Corp. A CBDC could help speed up settlement, in part by automating reports the DTCC must send to the Federal Reserve. It cited evidence that distributed-ledger technology (DLT) could save billions of dollars per year by simplifying how trades are confirmed and reconciled. [Read more at FinExtra]
The European Investment Bank (EIB) launched Project Venus, their second euro-denominated digitally native bond issue and first using private blockchain technology. The €100 million, two-year bond was issued, recorded and settled using private blockchain-based technology on Goldman Sachs’ GS DAPTM tokenization platform. Although investors purchased and paid for the security tokens using traditional currency, the transactions were settled in wholesale CBDC issued by the Banque de France and the Banque Centrale du Luxembourg. Société Générale Security Securities Services (SGSS Luxembourg) provided on-chain custodian services. [Read more at the EIB]
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.
Satoshi Capital Advisors is a New York-based, global advisory firm that works with central banks, governments, and the private sector to architect, implement, and operate varying initiatives. Satoshi Capital Advisors’ central bank work revolves around CBDC architecture and implementation, providing advisory services from research phase through to growth phase. Utilizing a product-market fit and technology agnostic approach to CBDC architecture and implementation enables Satoshi Capital Advisors to build tailored solutions, bespoke to local financial system nuances. Satoshi Capital Advisors welcomes requests from central bank officials for virtual and in-person CBDC workshops. [Click here for more information]
WhisperCash offers the first fully offline digital currency platform that has the same properties as physical cash. It can perform secure consecutive offline payments without compromising on security, privacy or accessibility. WhisperCash allows direct person to person offline payments without any server infrastructure or internet connectivity. It comes in various form factors including the self-contained credit card-sized “Pro” that sports an eInk screen and capacitive keyboard, and lasts for two weeks between recharges assuming a few transactions per day. [Click here for more information]
