The open-source CBDC Tracker has been updated [CBDCTracker.org]. If you would like to become part of our CBDC Tracker Community, please join our Telegram group via this link.
FSB assesses risks of multi-function crypto-asset intermediaries
The Financial Stability Board (FSB) warned that combining different activities within multifunction crypto-asset intermediaries (MCIs), many of which are typically restricted or separated in traditional finance, could exacerbate MCI vulnerabilities. MCIs are individual firms, or groups of affiliated firms that combine a broad range of crypto-asset services, products, and functions typically centered around the operation of a trading platform. Most of these activities have analogues in traditional finance but are often not provided by the same entity or are restricted or controlled to prevent conflicts of interest and promote market integrity, investor protection, and financial stability. [Read more at the FSB]
India liaises with US, Hong Kong, Swift for cross border CBDC
The Reserve Bank of India (RBI) is reportedly in discussions with the U.S. Federal Reserve, the Hong Kong Monetary Authority (HKMA) and Swift regarding the potential to use a central bank digital currency (CBDC) for cross border payments. RBI Governor Shaktikanta Das has said the central bank is “even more convinced that CBDC can be the most effective and efficient mode for cross border payments.” [Read more at Ledger Insights]
Thai government to distribute “time-stamped” digital money
The Thai Prime Minister reportedly announced a 10,000 baht handout of “time stamped” restricted-use blockchain-based digital money to the 50 million Thais earning less than 70,000 baht per month. It is time stamped and use restricted in that recipients must begin spending the money within six months on food, nonalcoholic beverages and consumer products bought in stores, and only within their electoral districts. [Read more at Nikkei Asia]
Four foreign banks join China’s CBDC pilot trials
Four foreign banks have reportedly integrated China’s digital yuan (e-CNY) into their payment platforms (Standard Chartered, Hong Kong-based HSBC and Hang Seng Bank, and Taiwan’s Fubon Bank). All four will allow their clients to transfer and withdraw e-CNY. For example, Hang Seng Bank and HSBC allow personal banking customers to bind debit cards within the official e-CNY app and redeem digital renminbi. They can also top up the digital renminbi wallet through the Hang Seng China Mobile Banking App. [Read more at Coin Telegraph]
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]
