Kiffmeister’s #Fintech Daily Digest (20230512)

ECB digital euro 3rd progress report summary

The European Central Bank published its third progress report on the investigation phase of a digital euro, on April 24, 2023. Jonas Gross has now provided a nice summary of its key takeaways. [Download the progress report at the ECB and read Jonas’s summary here]

The role of central bank digital currencies in financial inclusion

The Asian Development Bank (ADB) published a paper that explores the potential for central bank digital currency (CBDC) to help promote financial inclusion. It considers how CBDC could leverage digital finance technologies and enhance the reach and value of formal financial products and services among the unbanked or underserved. It also looks at the challenges involved and how these could be addressed. The paper provides recommendations for policy makers and regulators on designing CBDCs, establishing preconditions, and managing risk. [Read more at the ADB]

World Bank Eswatini digital economy diagnostic

The World Bank published a Digital Economy Diagnostic for Eswatini that provides an assessment of the five pillars of Eswatini’s digital economy comprising digital infrastructure, digital platforms, digital financial services, digital skills, and digital entrepreneurship. Overall, it concludes that the potential of the digital economy in Eswatini has not yet been fully realized. A coordinated and holistic approach will be needed to build an inclusive digital economy, as each of the foundations play an important role in their own right, but also depend upon and reinforce the others. [Read more at the World Bank]

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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]