Kiffmeister’s #Fintech Daily Digest (20231103)*

Ripple to power Georgia’s central bank digital currency pilot project

The National Bank of Georgia (NBG) has selected Ripple Labs as its technology partner for developing digital lari (GEL), its central bank digital currency (CBDC) pilot project. The pilot will experiment with Ripple’s CBDC technology and evaluate the practical use cases to gauge potential benefits for the public sector, businesses and retail users. The NBG made the decision following a competition process, which consisted of two phases: submission of a Project Execution Plan (PEP) by nine shortlisted candidates in the first phase, and demonstration of their technology solutions in the second. [Read more at the NBG]

The battle for control over the digital euro wallet

Deutsche Bank staffers Manual Klein and Dr. Alexander Bechtel argue for greater control over the digital euro user interface by banks and payment providers rather than the European Central Bank (ECB). The draft digital euro laws require that the “app developed and provided by the ECB should serve as the dominant front end”. It says the private sector can provide alternatives, but it requires the ECB option always be offered to end users. Also, the ECB plans to provide a clearly defined range of functions for front ends, which will limit the ability of payment service providers and banks to develop their own solutions, and inhibit innovation going forward. [Read more at Ledger Insights]

Who needs an e-Yuan?

Christian Pfister and Nicolas de Sèze provide an historical overview of the People’s Bank of China’s (PBOC) e-Yuan project, putting it in political perspective, then present its main features. They recall the strategic objectives put forward by the PBOC, discuss them and ask whether other objectives may not matter more. They conclude that, although its role in increasing social welfare would be unclear, especially in view of the already high-level in the quality and quantity of payment services in China, the roll-out of a digital yuan could be useful for the Chinese government, especially in pursuing objectives which are not officially put forward. [Read more at SUERF]

FYI here are some of my upcoming speaking engagements:

Currency Research Americas Cash Cycle & Payments Seminar (Orlando Florida on November 27-30)[Register here]

Digital Euro Conference 2024 (Frankfurt on February 29)[Register here]

*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:

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

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 (

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]