IOSCO publishes crypto markets policy recommendations
The International Organization of Securities Commissions (IOSCO) published its conclusive report containing policy suggestions for crypto-asset and digital asset markets, after a consultation period that started in May 2023. The recommendations aim to help establish a coordinated global regulatory response to the risks posed by crypto-asset service providers (CASPs), including market abuse, conflict of interest, client asset protection and disclosures. The regulatory approach taken is consistent with IOSCO’s principles and associated standards for securities markets regulation, and IOSCO denied crypto industry requests for a bespoke regime for stablecoins. [Read more at IOSCO]
Launch of cross-border real-time payments between Singapore and Malaysia
The Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) have jointly launched a real-time payment systems linkage between Singapore’s PayNow and Malaysia’s DuitNow. The initiative follows the QR payment linkage announced in March 2023 which enabled cross-border QR payments to merchants. The PayNow-DuitNow linkage enables instant, secure and cost-effective P2P fund transfers and remittances between the two countries using the recipient’s mobile phone number or virtual payments address. This real-time payment systems linkage is also the first to include the participation of non-bank financial institutions from both countries. [Read more at the MAS]
Launch of cross-border QR payments linkage between Indonesia and Singapore
Bank Indonesia and the MAS launched the cross-border quick response (QR) payment linkage between Indonesia and Singapore. This linkage enables customers of participating financial institutions to make seamless cross-border retail payments using their existing mobile banking applications to scan QRIS (Quick Response Code Indonesian Standard) or NETS QR codes displayed by merchants in Indonesia and Singapore respectively. [Read more at the MAS]
PBOC, HKMA conduct technical testing on cross-border payments of digital yuan
The Digital Currency Institute of the People’s Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) are carrying out the second phase of technical testing on the use of digital yuan in cross-border payments, involving more banks in Hong Kong and the use of the Fast Payment System to top up digital yuan wallets. Earlier in November 2023, the Octopus Cards Limited (OCL) e-payment platform and the Bank of China in Hong Kong started to explore new digital yuan application scenarios, with a view to benefitting both mainland visitors to Hong Kong and Hong Kong residents visiting the mainland. [Read more at the Global Times]
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]