Kyrgyzstan central bank posts CBDC-related legislative amendments (LinkedIn)

The National Bank of the Kyrgyz Republic (NBKR) published a draft of proposed amendments to the country’s central banking legislation to firm up the legal status of a digital som central bank digital currency (CBDC). These amendments affect eight key legislative acts, including the Civil Code, Budget Code, Code of Offenses, Tax Code, Law on Consumer Protection, Law on Payment Systems, and Law on Banks and Banking Activity. Public feedback, comments and suggestions must be submitted by September 7, 2024. [Read the amendments here]

SEC signals no plans to appeal ruling (Fox News)

The U.S. Securities and Exchange Commission (SEC) is reportedly not likely to appeal the August 7, 2024 ruling on its Ripple Labs lawsuit. Although the judge ruled against Ripple, the $125 million civil penalty imposed was less than the $2 billion that the SEC was seeking. However, an injunction was imposed to prevent further violations of Section 5 of the Securities Act, regarding Ripple’s sales of XRP tokens. Also, the SEC expressed satisfaction in a statement provided to Fox News, that the Court found that Ripple has shown a “willingness to push the boundaries of the [Court’s summary judgment] Order [that] evinces a likelihood that it will eventually (if it has not already) cross the line”. [Read more on X]

Upcoming Speaking Engagements:

• Intertribal Foreign Affairs Council Forum 2024, Yidindji, August 30-31. The conference will bring together indigenous nations to showcase the excellence of their governance practices and generate new ideas for the future. I’ll be on a panel focused on the future of money and indigenous financial inclusion. [Find out more and register here]
• CBDC Conference, Istanbul, September 10-12. The conference will offer representatives of central banks, commercial banks, technology providers, policy makers and academics the perfect platform to learn about the latest CBDC developments, exchange ideas with experts and peers. [Find out more and register here][Central bank delegates may be eligible for free registration (email registration@cbdc-conference.com to find out more)]
• Digital Currency Conference, London, September 23-24. The conference will bring together policymakers, regulators, and technology and innovation experts to network and discuss all aspects of digital currencies. And enter the KiffmeisterDCC code at registration to get a 20% discount! [Find out more and register here]

And 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 john@kiffmeister.com.