Month: August 2023

Kiffmeister’s #Fintech Daily Digest (20230831)*

~ kiffmeister ~ Leave a comment

SWIFT hails success of blockchain interoperability pilot

SWIFT published the results from a series of experiments that show its infrastructure can seamlessly facilitate the transfer of tokenized value across multiple public and private blockchains. Working with more than a dozen major financial institutions and market infrastructures, SWIFT demonstrated that it can provide a single point of access to multiple networks using existing, secure infrastructure. Chainlink  was used as an enterprise abstraction layer to securely connect the SWIFT network to the Ethereum Sepolia network, while Chainlink’s Cross-Chain Interoperability Protocol enabled complete interoperability between the source and destination blockchains. [Read more at SWIFT]

Binance to ‘gradually’ end support for BUSD products

Binance will “gradually” end support for its BUSD stablecoin, removing it from spot and margin trading pairs. Users have been asked to convert their BUSD into other assets by February next year. Binance is also delisting BUSD as a loanable asset on September 6 and will cease withdrawals of Binance-peg BUSD tokens via BNB Chain, Avalanche, Polygon and Tron on September 7. A decision to end support for BUSD has been expected since BUSD issuer Paxos was ordered to stop minting the coin in February. [Read more at Binance]

The controversial business of cash-to-crypto Bitcoin ATMs

The Kansas City Federal Reserve published an article that surveys the data available on the multi-billion Bitcoin ATM (BTM) industry in the United States and reviews its overall shape and customer base. It finds that the industry continues to grow, with the number of BTMs increasing after the “crypto winter” retrenchment. Despite high fees, consumers seem likely to use them—perhaps for remittances, investment, or both. [Read more at the Kansas City Fed]

*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.

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]

Kiffmeister’s #Fintech Daily Digest (20230830)*

~ kiffmeister ~ Leave a comment

Elon Musk’s X moves closer to crypto payments with new state license

X (Twitter) has been granted seven U.S. money transmitter licenses as it marches forward into the financial services sector. The license is required for companies conducting financial activities on behalf of users related to sending and receiving money — a definition that includes both fiat and crypto assets. Approval will allow X to custody, transfer and exchange digital currencies in the states in which it is licensed. Sources have suggested that X’s upcoming payments feature will initially only offer support for fiat currencies, but Musk has reportedly instructed developers at X to build the platform’s payments system so that crypto functionality can be added in the future. [Read more at Coin Telegraph]

IBM on the implementation of the digital euro

IBM published a paper that set out what it believes it will take for a successful digital euro. For initial acceptance it should be simple and easy to use, and operate with other well established payment methods, besides commercial models, costs and innovations. For the long-term success, foundations for innovations need to be built, particularly for strong privacy, uniform digital payments including support for virtual worlds and tokenized economies. Key elements for the acceptance will be the active support by intermediaries, and digital euro components that integrate well with the incumbents’ existing infrastructures. Also, the digital euro should allow strong privacy for low-value proximity payments, independent of technical connectivity. Finally, IBM believes the platform should be built on distributed ledger technologies (DLTs) but centrally governed by the central bank. [Read more at IBM]

*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.

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]

Kiffmeister’s #Fintech Daily Digest (20230829)*

~ kiffmeister ~ Leave a comment

Grayscale was unreasonably denied its Bitcoin ETF, court rules

The United States Court of Appeals for the DC Circuit ruled in favor of Grayscale in its lawsuit challenging the Securities and Exchange Commission’s (SEC’s) decision to deny the conversion of Grayscale Bitcoin Trust (GBTC) to an exchange-traded fund (ETF). The SEC has previously approved ETFs that track Bitcoin futures, but not spot ETFs, which directly track Bitcoin price. If GBTC is converted to an ETF investors would be able to trade shares more freely than the closed-end trust currently allows, and it would be easier to create and destroy shares, so the discount between Bitcoin prices and GBTC market values would vanish (see graphic below). [Read more at the Verge]

Brazil’s CBDC falls behind schedule as central bank suspends innovation lab

Banco Central do Brasil (BCB) is rumored to be delaying its digital real DREX central bank digital currency (CBDC) pilot by three months, and suspended its LIFT Lab innovation project indefinitely. The delay is being attributed to a slow start in onboarding pilot participants and because the BCB isn’t yet satisfied with the privacy preserving technology it plans to use. [Read more at Ledger Insights]

*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.

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]

Kiffmeister’s #Fintech Daily Digest (20230826)*

~ kiffmeister ~ Leave a comment

Cambodia and Laos launch cross-border QR code payments

The National Bank of Cambodia (NBC) and Bank of the LAO PDR (BOL) have launched the first phase of cross-border QR code payments in Laos. It will allow Cambodians who have bank accounts in their local currency (Riel) to use a mobile banking app to make payments by scanning LAO QR Code with merchants in Laos. In the second phase Laotians who have bank accounts in their local currency (Kip) will be able to make mobile banking app payments by scanning KHQR codes with merchants in Cambodia. Cambodia already has cross-border QR code-based payment deal with Thailand. [Read more at the NBC]

Vietnam joins Southeast Asian effort on cross-border payments

State Bank of Vietnam (SBV) signed an agreement to be part of an initiative by five other Southeast Asian countries to connect their payments systems and establish a cross-border QR-based retail payments network. This is an expansion of the Memorandum of Understanding on Cooperation in Regional Payment Connectivity (MOU RPC) that was initiated at the sidelines of the G20 Leaders’ Summit on 14 November 2022 in Bali between Indonesia, Malaysia, Philippines, Singapore, and Thailand. The new agreement was signed at the 10th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM) on August 25, 2023. [Read more at Bank Negara Malaysia]

Malaysia, Indonesia and Thailand to extend use of local currencies for bilateral transactions

Bank Negara Malaysia (BNM) announced that it, Bank Indonesia (BI) and Bank of Thailand (BOT) have concluded the signing of three bilateral memoranda of understanding (MOUs) that are the Framework for Cooperation to Promote Bilateral Transactions in Local Currencies between Malaysia, Indonesia and Thailand. The three central banks are committed to strengthening cooperation in the use of local currencies for bilateral transactions. The scope of the framework is now expanded to include more eligible cross-border transactions beyond trade and direct investment which would be implemented gradually. [Read more at Bank Negara Malaysia]

*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.

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]

Kiffmeister’s #Fintech Daily Digest (20230825)*

~ kiffmeister ~ Leave a comment

Palau’s Ministry of Finance advances stablecoin audit process

The audit process on Palau’s XRP Ledger-based stablecoin (PSC) pilot is advancing, as the Ministry of Finance collaborates with the government auditors. 202 documents were printed and will be submitted for review. The audit was requested on account of concerns around the legality of the program and the funds used for its implementation. Concerns about money laundering risks were also expressed, although the Ministry of Finance replied that, because the ledger is fully transparent, with all money and spending is 100% visible, traceable, and attributable, these risks are well mitigated. [Read more at Bitcoin.com]

HKMA report on bond tokenization in Hong Kong

The Hong Kong Monetary Authority (HKMA) published a report on the experience learnt from the government’s inaugural HK$800 million distributed ledger technology (DLT) based tokenized green bond offering in February 2023. DLT has been applied to primary issuance, settlement of secondary trading and coupon payment, and will be tested out in maturity redemption. The report laid out use cases, benefits and any challenges faced during the study. Going forward, the HKMA in coordination with the government will work with the industry to conduct further tokenized issuance(s) to advance development on this front. [Read more at the HKMA]

HKMA Unveils new Roadmap to promote Fintech adoption

The HKMA published a new Fintech Promotion Roadmap, outlining the key initiatives that it will undertake over the next 12 months to give further impetus to Fintech adoption in the financial services industry. It focuses on Wealthtech, Insurtech and Greentech as well as Artificial Intelligence (AI) and Distributed Ledger Technology (DLT). Following the Roadmap, the HKMA will expand its scope of promotion beyond awareness-raising and take proactive steps to assist financial institutions to put Fintech solutions into action. To implement the Roadmap, the HKMA will launch a series of activities in the coming 12 months. [Read more at the HKMA]

Mastercard, Visa step back from Binance card partnerships

Mastercard and Visa have stepped back from their card partnerships with Binance. Visa stopped issuing new co-branded cards with Binance in Europe, and Mastercard will end its card partnership with Binance in September. Binance got cut off from the US banking system in February, and lost the ability to accept some bank transfers in Australia in May. Binance had also recently shut down its Connect product that allowed businesses to accept crypto through Visa and Mastercard, and its banking partner in Europe is set to stop providing support in September. [Read more at Bloomberg]

*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.

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]

Kiffmeister’s #Fintech Daily Digest (20230824)*

~ kiffmeister ~ Leave a comment

Enabling innovation through a digital pound

The Bank of England (BoE) published an article that explores the academic literature on innovation for lessons on how to create a diverse, competitive, and innovative ecosystem of payment interface providers (PIPs) or external service interface providers (ESIPs) to provide a range of value-added services associated with a central bank digital currency (CBDC). The following table summarizes the lessons from the literature that BoE staff think are relevant to the design aspects of a digital pound. [Read more at the BoE]

Central African Republic Eyes Tokenizing Its Natural Resources

The Central African Republic (CAR) government has granted approval for the tokenization of CAR land and natural resources. This comes a little over a year after President Faustin-Archange Touadéra floated the idea under the auspices of Project Sango, which has been issuing the CAR’s national cryptocurrency since July 2022. Sango Coin’s reception hasn’t been very impressive. Despite offering 200 million coins for sale at a price of $0.10 during its genesis cycle, the government managed to sell less than 8 million coins to citizens. [Read more on X]

*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.

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]

Kiffmeister’s #Fintech Daily Digest (20230823)*

~ kiffmeister ~ Leave a comment

FYI: Call for Papers – Special Issue of Journal of Economics and Statistics on Central Bank Digital Currency (CBDC). Submission of full papers is due January 8, 2024. [Read more here]

Work on e-krona entering new phase

Sveriges Riksbank has concluded the e-krona proof-of-concept (PoC) work that began in spring 2020 with the aim of testing technical possibilities for an e-krona and deepening its focus on the relevant policy issues. The project’s work on evaluating a digital krona was carried out in an isolated IT environment where, for example, the possibilities to make off-line payments and streamline cross-currency payments have been tested (hence not a “pilot” as the Riksbank calls it). The project now enters a new phase focusing more on the design of an e-krona that can be issued, and investigating the amendments required to legislation should the Riksdag decide to issue an e-krona. [Read more at the Riksbank] 

Reserve Bank of Australia and Digital Finance CRC complete CBDC research project

The Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC) published a report on the findings from a joint research project that explored potential use cases for a central bank digital currency (CBDC) in Australia. 16 use cases participated in the project, with many of the use cases leveraging the ability to make programmable payments to facilitate multi-party, conditional or escrowed payments, or to enable atomic settlement of transactions in tokenized assets. The four key themes that emerged are highlighted in the infographic below. However, the report concluded that there are still lots of policy questions and practical issues to be addressed in determining whether there is a case for issuing a CBDC in Australia. [Read more at the RBA]

Financial stability risks from crypto-assets in emerging market economies

The BIS Consultative Council for the Americas published a report on the financial stability risks of crypto-assets, with an emphasis on risks in emerging market economies (EMEs). The report expresses serious concerns about the ability of EME financial authorities to monitor crypto-asset markets and to assess the financial stability risks from crypto-assets. The report details some principles for regulating and supervising crypto-asset markets in EMEs. Authorities can consider (selective) bans, containment and regulation. The report focuses on three main principles: establishing clear mandates for authorities, complementing activity-based regulation with entity-based regulation and addressing data gaps. [Read more at the BIS]

*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.

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]

Kiffmeister’s #Fintech Daily Digest (20230822)*

~ kiffmeister ~ Leave a comment

Central Bank of Mauritania  exploring potential CBDC benefits

The Central Bank of Mauritania (CBM) is exploring the potential benefits of launching a central bank digital currency (CBDC) including how it can improve the efficiency and safety of payment means and systems. Beyond promoting the financial inclusion, CBDC could help protect the Mauritanian economy from any other digital currencies or cryptocurrencies that are not regulated or are regulated by other countries. The digital version of the Ouguiya (Mauritania’s national currency) aims also to help the CBM apply its monetary policies preserving the stability of the Mauritanian financial system and the health of the economy. [Source: CBM staff]

Coinbase acquires stake in Circle, Dissolving USDC issuer centre

USDC stablecoin issuer Centre Consortium has been dissolved after Coinbase acquired a minority share in Circle Internet Financial. Circle will remain as the issuer of USDC, bringing any Centre governance and operations responsibilities in-house,  and revenue from interest earned on the dollar reserves backing USDC tokens will continue to be shared between the two firms, but the split will now be equal. [Read more at Circle]

*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.

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]

Kiffmeister’s #Fintech Daily Digest (20230818)*

~ kiffmeister

IMF discussed Brazil’s wholesale CBDC initiative

The IMF discussed Banco Central do Brasil’s digital currency (CBDC) initiative in its 2023 Article IV consultation staff report. It describes the digital real (RD) as a “smart” platform for financial services based on distributed ledger technology (DLT) that leverages the digital representation of assets (tokenization) and programmability, seeking to foster innovation. At an initial stage, it will be used for deposits/accounts and other financial assets (e.g., federal government securities), while at a later stage more complex assets will be tokenized such as vehicles and real estate ownership titles, as well as rural financing solutions based on tokenized agricultural produce. The IMF report warned that a transition to a tokenized world will require changes in the legal framework that ensure a reliable bridge to reality, and additional legal provisions may be needed to ensure that holders have an actual right over a real-world asset or service. [Read more at the IMF] 

ECB to start wholesale digital euro pilots in 2024

On July 18, 2023 the European Central Bank (ECB) New Technologies for Wholesale settlement Contact Group held its second meeting. The Group is exploring how to settle DLT transactions with central bank money, including a wholesale CBDC. The pilots will be open to financial institutions with access to the TARGET payment system, with the onboarding to start later in 2023 and tests to commence in Q2 2024. Three interoperability-type solutions will be tested. Deutsche Bundesbank and Banca d’Italia will test two different non-CBDC solutions that initiate payments on TARGET and use trigger chains to instruct the DLT-based securities settlement platform to transfer ownership of securities as soon as payment is confirmed. The Banque de France will test a wholesale CBDC token option based on its previous trials, in which settlement will be enabled through interoperability with multiple other DLT ledgers. [Read more at the ECB]

Central banks of Indonesia and Singapore almost ready to begin cross-border payments trial

Bank Indonesia (BI) has reportedly announced the start of a trial of cross-border QR code payments with Singapore. The project, first announced by the Monetary Authority of Singapore (MAS) in August 2022, is aimed at allowing users to make instant, secure payments by scanning the Quick Response Code Indonesian Standard (QRIS) or NETS QR codes displayed by merchants. BI deputy governor Filianingsih Hendarta reportedly has said that the project is halfway to completion with three-quarters of the beta testing completed. [Read more at Finextra]

SEC can try to appeal groundbreaking XRP ruling, judge rules

Judge Analisa Torres, of the U.S. District Court for the Southern District of New York, granted the U.S. Securities and Exchange Commission (SEC) request for leave to file a motion to file an interlocutory appeal against her ruling that Ripple didn’t violate securities laws in making XRP available to retail traders by putting it on exchanges. The SEC has until August 18, 2023 to file the motion itself, and it has announced it was filing the appeal. [Read more at CoinDesk]

Commentary on the EU’s proposal for a regulation the digital euro

The Digital Euro Association (DEA) Digital Euro Regulation Working Group has produced a commentary on the EU’s Proposal for the establishment of the digital euro. This comprehensive document delves into the proposal’s nuances, highlighting challenges, opportunities, and the broader implications for the European financial landscape. [Read more at the DEA]

*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.

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]