FYI I’ve started up a weekly digest of my central bank digital currency (CBDC) related posts for the convenience of CBDC aficionados who don’t follow my daily digest of all fintech news: https://kiffmeistercbdcdigest.blogspot.com.
Bank of Russia reveals digital ruble’s logo and commission fees
The Bank of Russia (BoR) revealed the logo for its digital ruble and published the transaction fee schedule. Person-to-person (P2P) transactions will be free of charge. However, starting from 2025, business-to-business (B2B) transactions will cost 15 rubles ($0.16) each, while person-to-business (P2B) transactions will be charged 0.3% of the total transaction sum up to a maximum of 1,500 rubles ($15.65). The P2B fee drops to 0.2% up to a maximum of 10 rubles ($10) when paying for housing and public services. [Read more at the BoR and see the fee schedule here]
Bank of Namibia looking at instant payment solutions
The Bank of Namibia posted a call for expressions of interest for the supply and implementation of an instant payment solution for financial inclusion in Namibia (closing date August 11, 2023). [Read more on LinkedIn]
*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]