The CBDCTracker.org database has been updated, now counting a total of 108 jurisdictions and/or currency unions engaged in central bank digital currency (CBDC) research. Note that the Euro area, the Eastern Caribbean Economic and Currency Union and Economic and Monetary Community of Central Africa are currency unions and only count as one. For more information, please read Atakan Kavuklu’s summary of February developments [here] and visit the CBDCTracker.org website.
Russian CBDC status update: 25,000 transactions so far
The Bank of Russia provided an update on the digital ruble pilot that started in August 2023 with a dozen banks, 600 end users and 30 merchants across 11 cities. So far there have been 19,000 for person-to-person and 6,000 person-to-business payments, and 3,500 involved smart contracts. The central bank plans to further expand the circle of users and add 19 more banks, add dynamic QR codes, and expand the use of smart contracts. [Read more at the Bank of Russia and IZ.RU]
Fast payments: design and adoption
The BIS published a paper that lays out the main design features of fast payment systems (FPS) that may foster adoption. Cross-country regressions suggest that adoption of fast payments is greater when the public sector plays an active role in the FPS. Other design factors important for adoption are non-bank participation, more use cases and more cross-border connections. [Read more at the BIS]
*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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