Custodia Bank renews push for Fed ‘master account’ after rejection

Wyoming-based Special Purpose Depository Institution Custodia Bank filed an amended complaint against the Federal Reserve, weeks after the Fed rejected the bank’s effort to become a member of the Federal Reserve System and secure a master account. In its filing, Custodia argues that the Federal Reserve and Federal Reserve Bank of Kansas City have no authority to block it from the central bank’s payment system. [Read more at American Banker]

Crypto-assets and CBDCs in Latin America and the Caribbean: Opportunities and risks

The IMF published a paper that describes the results of a survey on central bank digital currency (CBDC) introduction plans and crypto assets regulation in Latin America and the Caribbean. The paper presents some general lessons and policy recommendations for the region on the regulation of cypto-assets, digital currencies and cross-border payments, and on the potential introduction of CBDCs. [Read more at the IMF]

Central bank digital currencies: Five lessons from three trailblazers

FinDev Gateway published a paper that draws on the growing number of CBDC launches, pilots and experiments since 2013, as well as findings from the latest Alliance for Financial Inclusion (AFI) report on the role of CBDCs for financial inclusion in the developing world, to consolidate key learnings to empower decision-makers on their CBDC journeys. [Read more at FinDev Gateway]

Upcoming conferences, webinars and speaking engagements:

• 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]