I’ve updated my tabulation of central banks that have launched, piloted, or are exploring retail central bank digital currency (CBDC). [See the tabulation here]
Russian digital ruble could be launched as soon as 2025
The Central Bank of Russia reportedly expects the digital ruble CBDC to launch as soon as 2025. A pilot test is expected to take place this year (2023) after the State Duma, the lower house of the Russian parliament, passes the digital ruble law. If passed by July the pilot test could start in August. [Read more at Forbes.ru]
Reserve Bank of Zimbabwe begins gold-backed digital currency dry-run
The Reserve Bank of Zimbabwe (RBZ) has reportedly started testing the feasibility of a digital currency backed by gold that will be accepted as a legal tender for peer to peer and peer to business transactions. The hope is that it will stanch store-of-value motivated conversions out of Zimbabwe dollars into U.S. dollars, that is depressing the former’s value in foreign exchange markets. [Read more at the Business Times]
Unlocking the power of securities tokenization
UK Finance and Oliver Wyman published a report that looks at how securities tokenization will transform capital markets. It recommends that the government and industry foster a flourishing UK digital market by promoting interoperability and safe innovation at scale, to enable innovation and experimentation, underpinned by legal and regulatory certainty. [Read more at UK Finance]
*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 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 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]
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