Cambodia launches Bakong tourist payment app (Ledger Insights)
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]
Palau stablecoin project enters next phase (Cryptorank)
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 dirham stablecoin (Tether)
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]
POC: Remittances from Europe to India with cross-border CBDC (LinkedIn)
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.
