RBI to broaden e-rupee’s retail access beyond banks
The Reserve Bank of India (RBI) plans to its make e-rupee central bank digital currency (CBDC) accessible to a broader segment of users by enabling non-bank payment system operators to offer CBDC wallets. Such non-bank payment system operators, include third-party payment app providers like PhonePe, Google Pay and Paytm. This expansion will facilitate testing of the resiliency of CBDC platform to handle multi-channel transactions, and hopefully help lift underwhelming transaction volumes. [Read more at the RBI]
ESMA explains why DLT Pilot Regime hasn’t taken off
The European Securities and Markets Authority (ESMA) published an update on the uptake of distributed ledger technology (DLT) by financial market infrastructures in the context of the European Union’s DLT Pilot Regime. The regime, launched in March 2023, aimed to pave the way for innovative DLT market infrastructures, such as DLT multilateral trading facilities and settlement systems. However, uptake has been underwhelming, with only four applications submitted so far, which ESMA blames uncertainties regarding on-chain cash settlement solutions, the use of self-hosted wallets, and the scope of admitted DLT financial instruments. [Read more at ESMA]
Bhutan to upgrade Bitcoin mining in Himalayas as ‘halving’ looms
Bhutan’s government investment arm, Druk Holding & Investments, and Bitdeer Technologies Group are planning a six-fold ramp up of their Bitcoin mining operation to help offset the revenue impact of the upcoming “halving”. The planned hardware upgrades will increase Bhutan’s mining capacity by 500 megawatts by the first half of 2025. [Read more at Bloomberg]
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.
