Month: March 2024

Kiffmeister’s #Fintech Daily Digest (20240307)*

~ kiffmeister

HKMA launches wholesale CBDC project to support tokenization, tokenized deposits

The Hong Kong Monetary Authority (HKMA) launched Project Ensemble to test using wholesale central bank digital currency (CBDC) to settle tokenized assets with tokenized bank deposits. Use cases will include settling tokenized green bonds, carbon credits, aircraft instruments, electric vehicle charging stations, and electronic bills of lading. To help set industry standards, the HKMA will form a “wCBDC Architecture Community” consisting of local and multinational banks, key digital asset industry players, and technology companies. [Read more at the HKMA]

BSP wholesale CBDC pilot to be completed by end 2024

Bangko Sentral ng Pilipinas (BSP) will reportedly complete its wholesale CBDC pilot that launched in September 2023, by the end of 2024. The BSP is testing out basic funds transfers between six participating banks, with plans to later test are higher value-adding services like securities settlement. [Read more at GMA News]

Reserve Bank of India in no hurry to launch e-rupee

The Reserve Bank of India (RBI) has reportedly set no specific timeline for the ‘full-fledged’ launch of its e-rupee. The RBI started its wholesale CBDC pilot on November 1, 2022 and the retail CBDC pilot on December 1, 2022. There are currently about 4.3 million retail users of CBDC, new challenges and issues keep cropping up about the e-rupee’s technology, as well as questions around the safety features and speed of transactions. [Read more at ET Now]

*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]

Kiffmeister’s #Fintech Daily Digest (20240305)*

~ kiffmeister

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

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]

Kiffmeister’s #Fintech Daily Digest (20240304)*

~ kiffmeister

Kyrgyzstan central bank announces CBDC vendor short list

The National Bank of the Kyrgyz Republic (NBKR) has received proposals from twelve firms to develop and test a demo version of a digital som central bank digital currency (CBDC). The NBKR will select from Axellect, DCM, EMTECH, FIS, G+D Filia GmbH, Knox Networks, MONTRAN,Nahmii, Ltd, R3 Corda, SICPA/Nabatech, TCS Quartz, and Xiamen Strait Chain Technology. The selection criteria will focus on blockchain platform technology. [Read more at the NBKR]

*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]

Kiffmeister’s #Fintech Daily Digest (20240303)*

~ kiffmeister

Bank of Jamaica set on riding out CBDC challenges

Governor of the Bank of Jamaica (BOJ) Richard Byles reportedly says the central bank is “determined” to make its Jam-Dex central bank digital currency (CBDC) work despite the slow take-up. The main reason is merchant adoption, with most of the larger merchants preferring that Jam-Dex payments go through a single point-of-sale machine, so BOJ is testing a solution that uses a dynamic quick response (QR) code. Also, only one bank is able to facilitate Jam-Dex transactions, although three more are expected to step up to the plate soon. [Read more at the Jamaica Observer]

Suptech uptake drives consumer protection and financial inclusion

The University of Cambridge Judge Business School (JBS) Centre for Alternative Finance SupTech Lab published its Annual State of Suptech Report, based on a survey of 64 national financial sector oversight authorities from around the world. It found that the adoption of Suptech continues, with 81% indicating their involvement in various suptech initiatives, an increase from the 71% reported in the 2023 report. However, most implementations remain largely in the early stages of a complete digital infrastructure. [Read more at the JBS]

The real-time payments world map

The Clearing House and PYMNTS.com updated their map of the countries that have adopted, and are expected to soon adopt, fast payment systems. They currently count over 90 countries that have implemented fast payment systems. [Read more at PYMNTS.com]

Chainalysis annual crypto crime report

According to Chainalysis, In 2023, illicit addresses sent $22.2 billion worth of cryptocurrency to services, versus the $31.5 billion sent in 2022. Some of this drop may be attributed to an overall decrease in crypto transaction volume. However, the drop in money laundering activity was steeper, at 29.5%, compared to the 14.9% drop in total transaction volume. However, there was a big increase in the volume of funds sent to cross-chain bridges from addresses associated with stolen funds, and a substantial increase in funds sent from ransomware to gambling platforms, and in funds sent to bridges from ransomware wallets. [Read more at Chainalysis]

*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]