CBDCTracker.org published an update of its global central bank digital currency (CBDC) database. Also, Atakan Kavuklu published a summary of July’s major database updates on Medium. [See the updated database here and Atakan’s summary here]
PayPal to issue dollar-pegged stablecoin based on Ethereum
PayPal is entering the crypto-asset market with its own “PayPal USD” (PYUSD) U.S. dollar-pegged stablecoin. The Ethereum-based token will be available to PayPal users in the U.S., who will be able to transfer PYUSD between PayPal and supported external wallets, fund goods and services purchases, or convert any of PayPal’s supported crypto-assets to and from PYUSD. PYUSD is issued by New York-based Paxos Trust and fully backed by US dollar deposits, short-term Treasuries and similar cash equivalents, and will be redeemable on demand for dollars. [Read more at PayPal]
The future of money and payments in Honduras, which route to follow?
The Central Bank of Honduras (BCH) has launched an investigation into possible alternatives to improve the national payment system. The BCH has invited interested sectors, professionals, and the general public to provide comments on a consultative paper that presents the BCH’s research on new payment options, including central bank digital currency (CBDC). [Read more at the BCH] A fast payment system already exists in Honduras, the bank-owned ACH PRONTO, but it operates only between 5am and 10pm with shorter hours on some days. Also, PRONTO only includes banks, and only 40% of Honduran adults have bank accounts, but the central bank has approved a plan to expand access to nonbanks. [Read more at Ledger Insights]
MAS commits up to S$150 million for technology and innovation in financial sector
The Monetary Authority of Singapore (MAS) will commit up to S$150 million over three years under the renewed Financial Sector Technology and Innovation Scheme (FSTI 3.0) . FSTI 3.0 seeks to accelerate and strengthen innovation by supporting projects that involve the use of cutting-edge technologies or with a regional nexus, while doubling down on MAS’ commitment to promote a vibrant technology ecosystem for the financial sector. [Read more at the MAS]
The money tree: Exploring central bank digital currency imaginaries
“The BIS promotes a curiously botanical CBDC imaginary, from ‘money flowers’ to ‘tree trunks’ and a ‘strong canopy’. This helps to naturalize CBDC without clarifying its sociopolitical implications or envisioned monetary future, such as geopolitical tensions and financial fragmentation, new modes of financial interaction or the strengthened role of central banks, while omitting the paradoxes and ambivalences of CBDC.” [Read more at Anthropology Today]
*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.
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