NY Fed, MAS verify CBDC interoperability, payment speeds in latest test
According to a report published by New York Federal Reserve (NY Fed) and Monetary Authority of Singapore (MAS), wholesale central bank digital currency (CBDC) systems operating on different types of networks can be used for cross-border and cross-currency payments. The study, which used simulated CBDCs and hypothetical payments, found that cross-border transactions could be conducted across different distributed ledger (DLT) and hashed timelock contract (HTLC) technology stacks, with near real-time settlement finality. [Read more at the NY Fed]
Ripple improves the capabilities of its CBDC platform
Ripple has enhanced its CBDC Platform launched in March 2022, that is based on the private ledger private version of the public, open-source XRP Ledger. The enhancements enable issuers to manage the full life cycle of their fiat based digital currency, from minting and distribution to redemption and destruction, taking advantage of the XRP Ledger’s built-in multi-signing capabilities. It’s billed as a “full stack” platform in that it manages the full CBDC lifecycle, including the provision of end-user wallets. [Read more at Business Wire]
*For those interested in intra-day updates, check out my searchable Diigo Fintech developments database, which is also a good place to go to query for past developments: https://www.diigo.com/user/kiffmeister/ART.
Upcoming conferences, webinars and speaking engagements:
- 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]
- I’ll be lecturing at the Digital Euro Association (DEA) Digital Money Academy on July 27, 2023. [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 email@example.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 (firstname.lastname@example.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]