The CBDCTracker.org central bank digital currency (CBDC) database has been updated. Highlights include the the Banco Central do Brasil focusing on privacy and security in its first experiments, WeChat adding the digital yuan to some of its payment services with peer-to-peer CBDC transactions expected to follow, and the National Bank of Denmark (DNB) confirming that they see no need for a retail CBDC in Denmark currently. [See the database at CBDCTracker.org]
SEC charges Bittrex with unregistered operations, calls 6 tokens securities
The U.S Securities and Exchange Commission (SEC) has charged crypto-asset trading platform Bittrex with operating an unregistered national securities exchange, broker, and clearing agency. The SEC argued in its complaint that the OMG, Dash (DASH), Algorand (ALGO), Monolith (TKN), Naga (NGC) and IHT Real Estate Protocol (IHT) tokens traded on Bittrex are securities. Bittrex was expecting the SEC action and reportedly received a Wells notice warning it of the impending action in March 2023, and had already intended to close down U.S. operations on April 30 due to the regulatory environment. Interestingly, as pointed out by Bloomberg’s Matt Levine, ALGO and DASH are also listed on Coinbase, which was issued a Wells notice in March and may be next in the SEC’s crosshairs. Coinbase CEO Brian Armstrong has said that the firm is now considering relocating from the U.S. [Read more at the SEC]
Buna launches its Instant Payment Service (IPS)
Buna, the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization (ARPCSO) owned by The Arab Monetary Fund (AMF), announced the launch of its Instant Payment Service (IPS). This service is now live and ready to onboard participants seeking payments that are instant and available 24/7/365, in a cost-effective way. It accommodates business to business, business to person, or person to person contexts, and is particularly tailored for low-mid value payments that are urgent or time-sensitive. Buna includes the Emirati dirham, Egyptian pound, Saudi riyal, and Jordanian dinar, plus the US dollar and the euro. [Read more at Buna]
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]
- I’ll be participating in Currency Research’s in-person Central Bank Payments Conference and Global Payments Summit in Cape Town from June 26 to 30. [Register here and here respectively]
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]