Don’t forget about next week’s Currency Research Digital Currency Conference (DCC), London, September 23-24. It will bring together policymakers, regulators, and technology and innovation experts to network and discuss all aspects of digital currencies. I will be moderating a panel on lessons learned from central bank digital currency (CBDC) launches, pilots and research around the world. Daily Digest readers can get a 20% discount on the entry fee by entering the KiffmeisterDCC code at registration! [Find out more and register here]
And while you’re in London for the DCC you can attend the Currency Research’s inaugural Central Bank AI Conference. It will focus on central banker perspectives on future applications of artificial intelligence (AI), be it at the central bank or at institutions under the central bank’s regulatory purview. You can save 20% on fees by registering for both events. [Find out more and register here]
UK Regulated Liability Network (RLN) experimentation phase concludes (Ledger Updates)
UK Finance released the results of the experimentation phase of the Regulated Liability Network (RLN) which explored the potential for tokenized deposits and programmability among eleven major financial institutions. The overall conclusion was the RLN provides a viable innovation platform, and the next step is to engage with regulators. Five use cases were trialed, ranging from buying a home to the settlement of a tokenized bond, finding significant benefits and exploring various revenue models. It found 40 specific business benefits grouped into five higher level ones; (i) greater settlement efficiency, (ii) the ability to address authorized push payment fraud, (iii) simplifying customer journeys, (iv) reducing the cost of failed payments and (v) greater payment efficiencies. [Read more at the UK Finance]
Digital euro design for the European payments market (ECB)
Thanks to Amnon Samid for calling my attention to the September 9, 2024 European Central Bank (ECB) virtual focus session on digital euro design. It was 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. It includes an update on the decisions taken so far and an overview of key questions being addressed, the potential impact of the introduction of a digital euro on the financial industry, and progress on the digital euro scheme rulebook that defines the rules, standards and procedures for digital euro payments across the euro area that European payment service providers (PSPs) must follow when distributing a digital euro to consumers and businesses. [Watch the session at the ECB]
Hats off to the openness and collaborative spirit of the ECB’s exploratory process! I wish more central banks would follow suit (hint, hint)!
Upcoming Speaking Engagements:
- 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.
