DC³ Conference – From Cryptocurrencies to CBDCs
For those of you who missed the offline central bank digital currency (CBDC) panels that I moderated at last week’s International Telecommunication Union (ITU) DC³ conference, they have been recorded and posted on the conference agenda, along with all the other sessions. [Watch them at the ITU]
Iran’s CBDC: CryptoRial reportedly ready for launch
The Central Bank of Iran will reportedly make its CryptoRial CBDC available to the public on February 7, 2023, following its pilot phase, of which little is known. Bank Melli, Bank Mellat and Bank Tejarat were involved in the experimental stages of the project, and Bank Melli and Bank Mellat conducted the pilot. If anyone out there knows more about the pilot, or upcoming launch, please let me know! [Read more at the Financial Tribune]
Digital payments make gains but cash remains
The Committee on Payments and Market Infrastructures (CPMI) published a brief that documents the acceleration of consumers’ and businesses’ migration away from cash and checks towards electronic payments, and a growing use of contactless and fast payments. The Covid-19 pandemic was likely responsible for the surge but at the same time, public demand for cash remains steady, both as a means of payment and as a safe haven. [Read more at the Bank for International Settlements]
HKMA issues consultation conclusion to the discussion paper on crypto-assets and stablecoins
The Hong Kong Monetary Authority (HKMA) issued the consultation conclusion to the discussion paper on crypto-assets and stablecoins. Respondents were supportive of regulating stablecoins with a risk-based and agile approach. The respondents also broadly supported the need to take into account the latest market developments and draw reference from the discussion of international regulatory bodies when developing the relevant regulatory regime. he HKMA will announce the regulatory arrangements and next steps in due course. [Read more at the HKMA]
Upcoming conferences, webinars and speaking engagements:
- I’ll be speaking at SettleMint’s “central banks leading the way in the decentralized world” webinar on February 1 at 17:00 GST. [Register here]
- I’ll be moderating a panel on “what happens when the lights go out…different schemes for offline functionality” at the in-person Digital Currency Conference (DCC) in Mexico City on May 18. [Register 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.
The Sovereign Official Digital Association (SODA) is a technology-agnostic firm offering advisory services at the intersection of central banking, digital finance and the web3 industry, aiming to make public digital money a reality. SODA believes institutions in the existing financial ecosystem should have access to the tools and resources they need to move from discussion to action. SODA offers ‘real life’ use cases to help test digital money and drive adoption as central banks and other public institutions explore the future of a more financially inclusive world powered by interoperable blockchain-based networks. SODA would love you to join us on this journey – please get in touch (chris@sodapublicmoney.org).
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]
