The IMF published a Fintech Note that offers a framework to help countries navigate, as well as tools to help them manage, the trade-offs between central bank digital currency (CBDC) data use and privacy protection. It addresses retail CBDC, as data access and privacy-preserving considerations in a wholesale environment are similar to those of the traditional real-time gross settlement (RTGS) systems. It emphasizes the role of institutional arrangements, data collection, access and storage policies, design choices, and technological solutions. At a given level of preference for privacy, central banks can facilitate better use of CBDC data through robust transparency and accountability arrangements, sound policies, and judicious adoption of privacy-by-design approaches including the use of privacy-enhancing technologies. [Read more at the IMF]
The Bank of Japan (BOJ) published a survey of global deposit tokenization projects. With the emergence of stablecoins, these initiatives seem to seek an extension of functionality in payment and settlement systems by applying new technologies, such as distributed ledger technology (DLT), to bank deposits as a traditional means of payment. The main reason such initiatives prefer leveraging deposit money is said to be its affinity with the two-tier monetary system and possibly with existing laws or regulations. However, there remain some issues that require further clarification on how payments with tokenized deposits are categorized in the private law system, and how smart contracts provide implications for non-functional requirements and legal certainty. [Read more at the BOJ]
Upcoming Speaking Engagements:
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.
The IMF published a paper on retail central bank digital currency (CBDC) ecosystem cybersecurity considerations. It is based on experiences from live CBDCs and informed by experiments conducted by central banks and international institutions for domestic use. It also draws from standard-setting body cybersecurity and resilience frameworks. It introduces digital risks and their impact on an interconnected CBDC ecosystem. It then describes CBDC attributes and examines pros and cons of commonly considered design options, and suggests potential mitigations. It concludes by delving into best practices for developing a cyber-resilient CBDC ecosystem. [Read more at the IMF]
German government-owned Bank aus Verantwortung (KfW) has issued €50 million of digital bearer bonds, settled on a delivery versus payment (DVP) basis using the Bundesbank’s “trigger solution” in which a smart contract triggers a payment in central bank money by linking to the TARGET2 real-time gross settlement (RTGS) system. The pilot issuance was part of the European Central Bank’s (ECB’s) wholesale distributed ledger technology (DLT) settlement trials using central bank money. The bonds were issued on the Polygon blockchain. Redemption will take place on 28 November before the ECB’s trials end. [Read more at KFW]
The ECB published an update of a paper I covered back in April. It reviews how macroeconomics has since 2016 approached the possible introduction of retail CBDC. A review of the literature reveals that macroeconomic models of CBDC often rely on CBDC design features and narratives which are no longer in line with the one of central banks actually working on CBDC. In particular, the literature often (i) does not take into account the nature of central banks’ CBDC issuance plans as a “conservative” reaction to profound technological and preferential shifts in the use of money as a means of payments, (ii) does not start from design features communicated by central banks, such as no-remuneration, quantity limits, access restrictions, and automated sweeping functionality linking CBDC wallets with commercial bank accounts; (iii) does not explain well enough the difference between CBDC and banknotes within their macro-economic models, apart from remuneration (which central banks actually do not foresee); and (iv) assume that CBDC will lead to a significant increase in the total holdings of central bank money in the economy, although (i) and (ii) make this unlikely. [Read more at the ECB] https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2978~277df84e22.en.pdf
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.
The Reserve Bank of Malawi (RBM) is looking to engage a consultant to further its central bank digital currency (CBDC) proof of concept work. The initiative aims at exploring the feasibility, benefits and challenges associated with the implementation of a CBDC in Malawi. [Read more at the RBM]
The International Monetary Fund (IMF) published a technical assistance report that helped the Banco Central de la República Dominicana (BCRD) to assess a CBDC’s potential macro-financial, legal, and financial integrity implications, and shared lessons from other countries’ CBDC and digital money projects, technology considerations, practices for stakeholder engagement, and how CBDC can increase financial inclusion, among others. The mission advised the BCRD to continue the exploration of macro-financial implications of a CBDC, conduct the legal framework revisions should a positive decision of CBDC be taken, assess risks to financial integrity once a firmer design choice is made, and build up technology knowledge and capacity meanwhile. [Read more at the IMF]
The Basel Committee on Banking Supervision (BCBS) published a working paper on the various risks faced by banks that transact on permissionless blockchains or similar distributed ledger technologies (DLTs). Certain risks stem from the blockchain’s reliance on unknown or third parties, which makes it difficult for banks to conduct due diligence and oversight. These risks require new risk management strategies and safeguards. The paper finds that current practices for mitigating these risks remain in various stages of development and have not been tested under stress. [Read more at the Bank for International Settlements]
The European Central Bank (ECB) is hosting a virtual digital euro design focus session on September 9, 2024. The “digital euro design for the European payments market” is a technical forum aimed at payment service providers and professionals from the financial sector with an interest in the design of the digital euro and its impact on the European payments market. The entire focus session will be live streamed, recorded and published on the ECB’s website shortly after the event, together with the slides presented. [Read more at the ECB]
The World Federation of Exchanges (WFE) published good practice recommendations for crypto-asset custody providers. These include segregating client assets to ensure they are protected in the event of a company’s bankruptcy, ensuring client assets remain bankruptcy-remote, having adequate insurance and/or surety bonds and disclose these policies in clear understandable terms, and seeking independent audits from reputable and credible auditors to provide an assessment of financial statements, process and controls. [Read more at the WFE]
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.
The U.S. Federal Reserve Board (FRB) published an assessment of the offline digital payment payment services landscape and their potential to mitigate internet outage risks and bolster digital payment resilience. It finds that many services branded as offline payment solutions are more accurately classified as hybrid solutions because they ultimately require internet access for clearing and settlement. Truly offline digital payment systems that exchange digital bearer instruments for instant, in-person settlement are still in early development stages. The note lays out a variety of risks associated with offline payment models, including risks related to double spending, security, user privacy, and merchant liability. It concludes that certain offline payment models are promising, but more research and wider uptake is needed for the technology to drive incremental gains in payment system resilience and reliability. [Read more at the FRB]
The Hong Kong Monetary Authority (HKMA) launched the Project Ensemble Sandbox to support institutional experimentation with tokenization. Four main themes were chosen for the initial round of experimentation, fixed income and investment funds, liquidity management, green and sustainable finance, and trade and supply chain finance. Also, an experimental wholesale central bank digital currency (CBDC) will enable interbank settlement between the tokenized deposits of banks. The HKMA will also explore collaborating with the BIS Innovation Hub Hong Kong Centre across one or more themes. [Read more at the HKMA]
Japan’s DeCurret DCP officially launched its DCJPY tokenized deposit solution. DCJPY consists of two zones, a Financial Zone where banks mint tokens and integrate with their core banking systems. Multiple Business Zones synchronize transactions with the Financial Zone. The first DCJPY use case involves server hosting company IIJ procuring renewable energy certificates (RECs), tokenizing them and selling them to its clients. Apart from using the tokenized RECs for its clients, IIJ is also considering the secondary distribution of the tokens. [Read more at DeCurret]
The European Banking Authority (EBA) published a paper that uses a theoretical model to show how transparency incentivises stablecoin issuers to keep a larger share of the reserves in liquid assets, thus reducing the risk of runs and potential bankruptcy ex–ante. In addition, transparency on reserves disincentivises stablecoin holders from irrationally demanding the reimbursement of their funds. The model also suggests that regulatory interventions after a run has become imminent, in the form of a suspension, can still reduce the negative impact of potential bankruptcy on consumers, and that letting assets mature after imposing the suspension can deliver the first–best social welfare outcome. [Read more at the EBA]
PLoS ONE published a paper that polled 2,001 American adults in 2022 to examine the associations between cryptocurrency ownership and individual level political, psychological, and social characteristics. Analyses revealed that 30% of the sample have owned some form of cryptocurrency and that these individuals exhibit a diversity of political allegiances and identities. We also found that crypto ownership was associated with belief in conspiracy theories, “dark” personality characteristics (e.g., the “Dark Tetrad” of narcissism, Machiavellianism, psychopathy, and sadism), and more frequent use of alternative and fringe social media platforms. The variables that most strongly predict cryptocurrency ownership are being male, relying on alternative/fringe social media as one’s primary news source, argumentativeness, and an aversion to authoritarianism. [Read more at PLoS ONE]
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.
On September 1, 2024, Russia will reportedly soon start trials of cryptocurrency exchanges and the use of digital tokens for cross-border transactions to help firms circumvent international sanctions. It will use Russia’s National Payment Card System (NPCS) to swap between rubles and cryptocurrencies. The NPCS already features infrastructure for functions like interbank settlement and clearing, and it is overseen by the central bank. According to Ledger Insights, stablecoins pegged to Chinese yuan and a BRICS currency basket will feature in the trials. [Read more on Bloomberg]
Coinmetrics published an update on stablecoin markets. It finds that stablecoin flows have turned positive, pushing total supply above $160 billion towards record-highs. The stablecoin landscape continues to expand in diversity, use cases, and risk profiles, from fiat-collateralized and crypto-backed to interest-bearing and protocol-native stablecoins. With stablecoin collateral increasingly composed of U.S dollar equivalents and real-world assets, changes in the interest rate environment could impact profitability and attractiveness of various stablecoins. [Read more at Coinmetrics]
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.
Wyoming will launch a stablecoin in the first quarter of 2025, backed by short-term U.S. Treasury securities, to give individuals and businesses a faster and cheaper way to transact while creating a new revenue stream for the U.S. state. The state plans to issue the WST token to an exchange so the exchange can issue it to the retail user. There will be a “buffer” in the reserves to account for any potential deviations and full transparency to establish and maintain public trust. Wyoming plans to use several different public blockchains, although it hasn’t specified which ones. The state has set up a website dedicated to the project which can be accessed here. [Read more at CNBC]
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has published Consultation Paper No. 7 of 2024 containing proposals to enhance its regulatory framework to allow the issuance of Fiat-Referenced Tokens (FRTs). It adopts adopt a risk-based and proportionate approach based on appropriate regulatory requirements that incorporate the necessary safeguards to ensure that FRT issuers operate in a safe and sound manner and informed by current practices in leading jurisdictions. The latter include the New York Department of Finance, the European Union’s Markets in Crypto-Assets Regulation, the Monetary Authority of Singapore, HM Treasury and the Financial Conduct Authority in the United Kingdom, and the Hong Kong Monetary Authority. [Read more at the ADGM]
Reserve Bank of India (RBI) Governor Shaktikanta Das says that the retail central bank digital currency (CBDC) pilot has over 5 million users and 16 banks participating. Programmability functionalities are also being tested, and new use cases aimed at testing features such as anonymity and offline availability are proposed to be rolled out gradually. He also said that there should not be in any rush to roll out a system-wide CBDC until a comprehensive understanding of its impact on users, on monetary policy, on the financial system and on the economy. Such understanding would emerge from generation of user data in pilots. [Read more at the RBI]
The RBI is set to launch the Unified Lending Interface (ULI) that will provide lenders digital access to customer’s financial and non-financial data — including land records — stored in various silos to help them extend frictionless credit, especially to farmers and micro, small and medium enterprises (MSMEs). This cuts down the time taken for credit appraisal, especially for smaller and rural borrowers. The ULI architecture has common and standardized APIs, designed for a ‘plug and play’ approach to ensure digital access to information from diverse sources. This reduces the complexity of multiple technical integrations. [Read more at the RBI]
Moody’s and Elliptic have formed a strategic alliance to integrate on-chain blockchain data with traditional off-chain data sources to screen virtual asset service providers (VASPs). The solution leverages Elliptic’s real-time on-chain data, which categorizes the exposure of digital asset transactions to illicit activity and combines this with Moody’s off-chain data within an integrated risk engine. Together, it provides a comprehensive overview of a VASP, helping institutions understand who they are doing business with and the associated risk. [Read more at Moody’s]
“Women perceive crypto as one of the most unattractive hobbies a man can have, even more so than watching anime, cosplaying or reading comic books, according to a recent survey. Crypto was seen as the ninth-most unattractive hobby for males, the Aug. 24 survey by the Date Psychology blog found, which was a convenience sample of 814 people, 48% of which were female. The authors noted that based on past surveys, their sample population disproportionately includes women of “high social status,” with a high level of education and who are predominately white… The results show that females thought reading was the most attractive hobby for a man (98.2%), followed by knowing or learning a foreign language (95.6%) and playing an instrument (95.4%).” [Read more at Cointelegraph]
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.
The National Bank of the Kyrgyz Republic (NBKR) launched an ideation aimed at improving the prototype of its digital som central bank digital currency (CBDC). The goal is to ensure technological improvement of existing payment solutions and innovations, and at the testing stage to take into account the interests of citizens, business, government and the financial sector. Key areas of interest include system integration, security, user experience, and international interoperability. [Read more at the NBKR]
The Bank for International Settlements (BIS) Innovation Hub London Centre and the Bank of England launched Project Keystone that aims to develop a standardized data analytics platform focused on ISO 20022 data. The increased use of ISO 20022 standards for payment messages in real time gross settlement (RTGS) systems means many central banks will adopt the protocol in the coming years. Ninety-three percent of payment system operators have already either implemented ISO 20022 or are working to implement it in their systems. [Read more at the BIS]
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.
The U.S. Treasury Department Financial Crimes Enforcement Network (FINCEN) officially withdrew its proposed rule, introduced in 2020, that would have imposed know-your-customer (KYC) requirements on unhosted wallets. Basically, it became clear that it would be practically impossible for virtual asset service providers (VASPs) to implement the proposed rules. [Read more at FederalRegister.gov]
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.
The National Bank of Cambodia (NBC) introduced the Bakong Tourists app. By downloading the app and registering with an email, tourists can top up their accounts and use the KHQR code to pay for goods and services, reducing the need for cash and ensuring a seamless experience during their stay. [Read more at the NBC]
The Republic of Palau’s Ministry of Finance reported the successful completion of Phase 2a of its National Government Payment Service Project. Phase 2a involved integrating a Ripple-based stablecoin system into Palau’s financial infrastructure. Phase 2b aims to continue the development of the ecosystem, with a specific focus on integrating more comprehensive financial, legal, and business frameworks. This phase will also address the scalability of the payment system and ensure its robustness against potential security threats. [Read more at the Palau Ministry of Finance]
Tether plans to launch a stablecoin pegged to the United Arab Emirates dirham (AED) fully backed by liquid UAE-based reserves. It will launch in collaboration with UAE-based Phoenix Group and Green Acorn Investments. It will join Tether’s slate of stablecoin products that include USDT, EURT, CNHT, MXNT, XAUT and aUSDT. [Read more at Tether]
G+D’s Lars Hupel published a summary of a Giesecke+Devrient (G+D) and UDPN Alliance cross-border payments proof of concept (POC). It involved connecting the Universal Digital Payments Network (UDPN) multilateral global messaging network and G+D’s Filia® retail central bank digital currency (CBDC) platform. The UDPN network comprises a distributed ledger technology (DLT) based application layer where smart contracts can be deployed and called for core UDPN functions (e.g., transfer, swap). The POC implemented payments from hypothetical EUR (running on Filia®) to Indian Rupee (INR) (running on UDPN). This included transfers between end-user wallets, currency conversion, liquidity management, CBDC issuance, identity, and wallet management. [Read more on LinkedIn]
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.
The IMF published at paper that proposes a comprehensive framework for understanding and evaluating programmability in payments and settlement. It explores two key dimensions: external programmatic access, which is the ability for external participants to access the system data and functions with code, and internal programmatic capabilities, the extent to which internal execution of programs is supported and guaranteed. By developing strategies based on these dimensions, financial institutions, regulators, and related actors can better improve resilience, reduce costs and interoperability, all while managing associated risks. The resulting hybrid systems are coordinated efforts balancing the advantages of permissionless blockchains, such as composability, with regulatory requirements and a wider range of technologies. The paper describes these programmatic models to inform and guide the development of digital finance, bridging policy discussions with technical considerations. [Read more at the IMF]
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.
