FSB finalizes global regulatory framework for crypto-asset activities
The Financial Stability Board (FSB) published its global regulatory framework for crypto-asset activities and markets, and “global stablecoin” arrangements, to promote the comprehensiveness and international consistency of regulatory and supervisory approaches. They build on the principles – ‘same activity, same risk, same regulation’; high-level and flexible; and technology neutral. The recommendations focus on addressing risks to financial stability and do not comprehensively cover all specific risk categories related to crypto-asset activities. [Read more at the FSB]
India, UAE to trade in local currencies, link payments systems
The Reserve Bank of India (RBI) and the Central Bank of the United Arab Emirates (CBUAE) have agreed to a framework to promote use of Indian rupee (INR) and UAE Dirham (AED) usage for cross-border transactions, and work towards interlinking their fast payment systems (FPSs), to cut transaction costs by eliminating dollar conversions. More specifically, they will link India’s unified payments interface (UPI) with the UAE instant payment platform (IPP), and also link their respective card switches (RuPay switch and UAESWITCH). [Read more at the RBI]
Philippines sees drastic rise in digital payments adoption in 2022: central bank
The Bangko Sentral ng Pilipinas (BSP) published its “2022 Status of Digital Payments” report, highlighting the significant growth of digital payments in the Philippines, now comprising 42% of all retail payments in 2022 (versus 14% rate in 2019) and 40% in terms of value (24%). Merchant payments and person-to-person (P2P) fund transfers are the main drivers of the greater digital payments adoption, representing 74% and 15% of total digital payment volumes, respectively. These payment use-cases are high-frequency, low-value transactions. [Read more at the BSP]
*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 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 (only) if you work at a central bank, ministry of finance or international financial institution (e.g., the BIS, IMF, OECD, World Bank) and 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]