ECCB preparing to launch ‘DCash 2.0’
The Eastern Caribbean Central Bank (ECCB) is preparing for a full “commercial deployment” of DCash, the central bank digital currency (CBDC) it has been piloting since March 2021. Governor Timothy Antoine said the ECCB “intends to move forward with alacrity” on the CBDC project, “and will conclude its pilot [by end-2023] and launch DCash 2.0, which is commercial deployment”. [Read more at Central Banking]
Legislation To Combat Critical Chinese National Security Threat
Legislation to “combat China, prevent cyberattacks, and protect U.S. intellectual property” was introduced into the U.S. House of Representatives. The Creating Legal Accountability for Rogue Innovators and Technology (CLARITY) Act would prohibit the federal government from utilizing blockchain technology developed by China and other foreign adversaries to ensure these countries do not have a backdoor to access critical national security intelligence and Americans’ private information. Firms listed include any parent companies or subsidiaries of China’s Blockchain Services Network (BSN) and the affiliated Red Date Technology, and iFinex, the parent company of USDT issuer Tether. [Read more at Representative Zach Nunn’s website]
China’s Digital Currency and Blockchain Network: Disparate Projects or Two Sides of the Same Coin?
“China is simultaneously developing two ambitious projects that aim to digitize key parts of its economy and, if successful, may have broad implications for economies beyond its borders. Often conflated, the Digital Yuan (数字人民币, shùzì rénmínbì, also known as e-CNY) and the Blockchain-based Service Network (BSN, 区块链服务网络, qūkuàiliàn fúwù wǎngluò) are distinct technologies—and the success of either is not uniquely predicated on that of the other. But experts, as well as the organizations spearheading these projects, suggest that they have the potential to augment one another in the future.” [Read more at Stanford University’s Cyber Policy Center]
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: 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]