Day: September 5, 2024

Kiffmeister’s #Fintech Daily Digest (20240905)

~ kiffmeister

I’ve updated my tabulation of retail central bank digital currency (CBDC) explorers. Since the last update, two have been added (Aruba and Malawi) bringing the total to 104 jurisdictions. [Check out the tabulation here]

ECB reviews progress on digital euro rulebook (ECB)

The European Central Bank (ECB) published its third report outlining the progress of the digital euro scheme Rulebook Development Group in developing a draft digital euro rulebook, consisting of a single set of rules, practices and standards for the harmonization of digital euro payments across the euro area. [Read more at the ECB]

Citi survey finds fewer institutions want CBDC for digital asset settlement (Ledger Insights)

Of almost 500 institutions surveyed by Citi, only 15% expressed a need CBDC for digital asset settlement versus 52% of respondents to a similar survey in 2023. Instead, there’s a greater emphasis on alternative digital payment methods including nonbank stablecoins, tokenized deposits and tokenized money market funds. [Read more at Citi]

Thai SEC updates rules for digital asset payments (Fintech Thailand)

Thailand’s Securities and Exchange Commission (SEC) will ease restrictions on using digital assets for payments, and digital asset businesses under SEC supervision will be able to participate in the Bank of Thailand’s Programmable Payment Sandbox. The updated regulations broaden the scope of services digital asset businesses can provide without being considered a means of payment and include new types of operators like digital asset custodial wallet providers. [Read more at the Thai SEC]

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.

Jurisdictions Where Retail CBDC Is Being Explored

~ kiffmeister

104 central banks have recently launched, piloted, experimented with and/or researched retail central bank digital currency (CBDC) not including two that started issuing retail CBDC and then shut the platforms down (Ecuador and Finland). There have been two additions since the end-July update; Aruba and Malawi. Keep in mind that I don’t count all of the individual national central banks that are part of currency unions (e.g., the European or Eastern Caribbean Currency Unions). If I did the tally that way, my count would be around the oft-quoted 130+ central banks. Also, the table was compiled from publicly available sources, including the media and central bank websites, and not verified through official channels. If I’m missing anything, or you find mistakes in the tabulation, please let me know in the comments! (See the notes below the table for more information on how it was compiled.)

RCBDC Explorer Tabulation (20240904)Download

Notes: The difference between a “pilot” and “proof of concept” (POC) is that a pilot involves actual users, whereas a POC does not, even though some POCs may involve central bank staff. Also, because the tabulation is based only on publicly-available information, it is likely that there is some POC activity in the “research” category, but no announcements have been made. Finally, entries that are crossed through indicate that the projects have been shut down. Also, the ones that are crossed out, are where the central bank has considered issuing CBDC but then decided to cancel the research or put it on hold (“watchful waiting”).