Month: October 2024

Kiffmeister’s #Fintech Daily Digest (20241019)

~ kiffmeister

G7 mapping exercise of digital identity approaches (OECD)

The OECD published a report that presents a mapping exercise to explore the different approaches to digital identity of G7 members. It draws out significant commonalities, as well as differences. In doing so, this document is intended to provide a resource for policymakers and stakeholders looking to understand the current state of digital identity policy and governance across the G7. This document may also serve as a foundation for discussions and planning around more interoperable digital identity systems. [Read more at the OECD]

SEC escalates Ripple battle with new appeal (Cryptopolitan)

The U.S. Securities and Exchange Commission (SEC) has submitted a Civil Appeal Pre-Argument Statement (“Form C”) appealing the August 7, 2024 final judgment of Judge Analisa Torres of the US District Court for the Southern District of New York, enjoining Ripple from further violations of Section 5 of the Securities Act of 1933 and imposing a $125 million civil penalty. The new SEC action will drag the whole legal process that started in 2020 out at least until July 2025. [Read more at Cointelegraph]

Transforming collateral management with digital assets (DTCC)

DTCC and Japan Securities Clearing Corporation (JSCC) conducted a proof-of-concept (POC) to design and develop a cross-industry and cross-product collateral ecosystem by making full use of the “DTCC Digital Launchpad” distributed ledger technology (DLT) based platform. The POC explored how central counterparties (CCPs) could use tokenization to optimize the collateral management process for clearing members and their buy-side firms. In particular, it examined how margin calls and their associated processes could be automated, made more efficient and transparent for all participants using digital assets and smart contracts – or rules that automatically execute on a distributed ledger when certain conditions are met. [Read more at DTCC]

Upcoming Speaking Engagements:

  • Digital Euro Conference 2025, Frankfurt, March 27, 2025. The DEC25 conference will explore the future of money with a focus on CBDCs, stablecoins, tokenized deposits, and the intersection of AI and digital ID. When you register, get 20% off the regular ticket price by using the Kiffmeister20 code! [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.

Kiffmeister’s #Fintech Daily Digest (20241016)

~ kiffmeister

Project Aperta: enabling cross-border data portability through open finance interoperability (BIS)

The Bank for International Settlements (BIS) launched Project Aperta (Latin for “open”) to explore how to reduce frictions and costs in global finance by enabling seamless cross-border data portability. The project aims to connect the domestic open finance infrastructures of different jurisdictions. The initial exploratory use case is in trade finance for small and medium-sized enterprises (SMEs). Collaborators include the Central Bank of the United Arab Emirates, Banco Central do Brasil, U.K. Financial Conduct Authority , Hong Kong Monetary Authority, and the Global Legal Entity Identifier Foundation. [Read more at the BIS]

ANZ explores stablecoin to track pension payments (Ledger Insights)

The Health Employees Superannuation Trust Australia (HESTA) and ANZ are examining whether the bank’s A$DC stablecoin could allow HESTA to streamline pension payment reconciliation. Currently, HESAT member firms contributing to staff pensions pay the money across and separately send data about what it relates to. ANZ’s idea is for the data to accompany the stablecoin payment as part of a smart contract. This could eliminate the entire reconciliation process and employees would be able to see their contributions in real time. [Read more at Ledger Insights]

ECB exploratory work on new technologies for wholesale central bank money settlement

Last week I reported on a couple of trials that are part of the European Central Bank (ECB) exploratory work on new technologies for wholesale central bank money settlement. It has since come to my attention that there are a couple of places where all of the trials associated with two of the three solutions are tracked. The Deutsche Börse trials of the Banque de France led wholesale central bank digital currency (CBDC) based solutions are listed on its website here. And trials of the Deutsche Bundesbank (BuBa) “trigger solution is tracked on BuBa’s website here. (The trigger solution links distributed ledger technology (DLT) securities settlement platforms operated by the market with the traditional Eurosystem payment system (TARGET) to achieve atomic settlement.

Upcoming Speaking Engagements:

  • Digital Euro Conference 2025, Frankfurt, March 27, 2025. The DEC25 conference will explore the future of money with a focus on CBDCs, stablecoins, tokenized deposits, and the intersection of AI and digital ID. When you register, get 20% off the regular ticket price by using the Kiffmeister20 code! [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.

Kiffmeister’s #Fintech Daily Digest (20241015)

~ kiffmeister

Fast payment system interlinking and APIs to enhance cross-border payments (BIS)

The Bank for International Settlements (BIS) published two Committee on Payments and Market Infrastructures (CPMI) reports that offer key insights and recommendations on the interlinking and interoperability of payment systems to enhance cross-border payments. The first report discusses design choices and the risk implications of interlinked fast payment systems (FPSs) and the role of application programming interfaces (APIs), setting out the key decisions for governance and outlines recommendations for their oversight. The second report presents ten recommendations to promote the harmonization of APIs to enhance cross-border payments. [Read more at the BIS]

Cambodia launches cross-border QR payments with Alipay+ (The Paypers)

The National Bank of Cambodia (NBC) and Ant International have reportedly launched cross-border QR code payments. The payments will occur between NBC’s Bakong payment system and Ant International’s Alipay+ cross-border mobile payments and digital solutions platform. This will allow users of 12 international payment apps, including Alipay, AlipayHK, Touch ‘n Go eWallet, GCash, Kakao Pay, and others, to make seamless payments to merchants in Cambodia by scanning KHQR codes. This will support payments in Cambodian riels. In September 2024, the NBC and Bank Negara Malaysia launched a similar scheme for payments between Cambodia and Malaysia. [Read more at The Paypers]

Paxos debuts new stablecoin payment platform with Stripe (Cointelegraph)

Paxos launched a new stablecoin payments platform targeting payment service providers (PSP) and Fintechs that want to enable stablecoin payments. Global payment processing company Stripe will be the first PSP to integrate the new platform into its system. The infrastructure will be featured on Stripe’s Pay with Crypto product, which allows users to accept stablecoin payments settling in fiat currencies. Once a stablecoin payment is received via Paxos, users can choose whether to immediately convert to fiat currency and settle in local currency, or pay out stablecoin balances directly to merchants. Merchants will have the ability to issue refunds by instantly converting fiat into the stablecoin originally used, then sending directly to the wallet used in the initial payment. [Read more at Paxos]

Upcoming Speaking Engagements:

  • Digital Euro Conference 2025, Frankfurt, March 27, 2025. The DEC25 conference will explore the future of money with a focus on CBDCs, stablecoins, tokenized deposits, and the intersection of AI and digital ID. When you register, get 20% off the regular ticket price by using the Kiffmeister20 code! [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.

Kiffmeister’s #Fintech Daily Digest (20241014)

~ kiffmeister

Russia outlines proposal for BRICS DLT cross border payment system (Ledger Insights)

Russia’s Ministry of Finance published a proposal to develop a distributed ledger technology (DLT) based cross-border payment infrastructure that serves the interests of the BRICs countries (Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates). The BRICS Cross-Border Payment Initiative (BCBP) project is aimed at circumventing the U.S. dollar dominated global financial system, and sanction-proofing member countries. The report was co-authored by the Bank of Russia and Yakov & Partners, as Russia prepares to host leaders for the annual BRICS summit, in Kazan from October 22 to 24. [Read more at the Russian Finance Ministry or here if that doesn’t work]

Banco do Brasil calls for new Drex project participants (BCB)

Banco Central do Brasil (BCB) is calling for new companies to participate in its Drex wholesale central bank digital currency (CBDC) project aimed at the tokenization of the Brazilian financial system. There is no initial limitation on the number of business cases that can be selected. The number of selected proposals will be determined on the set of applications received and considering the central bank’s technical and operational capacity. [Read more at the BCB]

Upcoming Speaking Engagements:

  • Digital Euro Conference 2025, Frankfurt, March 27, 2025. The DEC25 conference will explore the future of money with a focus on CBDCs, stablecoins, tokenized deposits, and the intersection of AI and digital ID. When you register, get 20% off the regular ticket price by using the Kiffmeister20 code! [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.

Kiffmeister’s #Fintech Daily Digest (20241012)

~ kiffmeister

CBDCs and financial stability: balance sheet analysis and policy choices (IMF)

The IMF published a paper that analyzes the financial stability implications of retail central bank digital currency (CBDC). It starts with a systematic analysis of balance sheet changes that arise from the new liability for the central bank and the banking system, and examine how they depend on preconditions, central bank choices, and banking system responses. Based on this, it discusses the range of implications for financial stability that may arise in steady state, in the context of adoption, and in crisis times. Threats to financial intermediation in steady state arise mainly in situations where the central bank balance sheet expands, and triggers adjustment mechanisms that lead to more costly or less stable funding of the banking system, while in crisis times run risk may increase. The analysis of policy choices to control these effects considers macroprudential policy, and an expansion of central bank lending to commercial banks, but finds that a main contribution needs to come from a design of the CBDC that encourages its use as a means of payment rather than a store of value. [Read more at the IMF]

First EU DLT Pilot Regime system gets green light: CSD Prague (Ledger Insights)

The Central Securities Depository Prague (CDCP) has become the first institution to get official authorization to launch under the European Securities and Market Authority (ESMA) DLT Pilot Regime. The DLT Pilot Regime provides the legal framework for trading and settlement of transactions in crypto-assets that qualify as financial instruments under European regulation, while facilitating the set-up of new types of market infrastructures. Starting November 18, 2024, CDCP will be able to offer issuers of book-entry securities registration of issues in the newly created distributed ledger technology (DLT) based registry. [Read more at CDCP]

Ripple escalates dispute with SEC, files notice of cross-appeal (Cointelegraph)

In an October 10, 2024 filing in the U.S. District Court for the Southern District of New York, Ripple disclosed plans to take a cross-appeal to the Court of Appeals for the Second Circuit, in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). On October 2 the SEC filed an appeal to an August 7 order for Ripple to pay a $125 million civil penalty for violating federal securities laws. The Court of Appeals will review both appeals to determine if any legal or procedural errors were made in the August 7 decision. [Read more at Cointelegraph]

Upcoming Speaking Engagements:

  • Digital Euro Conference 2025, Frankfurt, March 27, 2025. The DEC25 conference will explore the future of money with a focus on CBDCs, stablecoins, tokenized deposits, and the intersection of AI and digital ID. When you register, get 20% off the regular ticket price by using the Kiffmeister20 code! [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.

Kiffmeister’s #Fintech Daily Digest (20241011)

~ kiffmeister

Can crypto-assets play a role in foreign reserve portfolios? (World Bank)

The World Bank published a paper that discusses the potential role of crypto-assets in central bank reserve portfolios. It concludes that crypto-assets are currently incompatible with the traditional objectives of safety, liquidity, and return. Their volatile values undermine their reliability as a store of value, and despite some guidance from policy makers and standard-setting bodies, they still face an uncertain regulatory environment. [Read more at the World Bank]

Survey finds banks indirectly discourage PSPs from using stablecoins (Ledger Insights)

According to a recent survey, 29 of 100 European payment service providers (PSPs) are reluctant to work with cryptocurrency exchanges owing to banking partner restrictions. 95 have had banks close or restrict their accounts often with no reason given. The survey was performed by Neo, which provides PSPs with FX and cross border payment solutions [Read more at Neo]

Crypto-asset reporting framework and common reporting standard (OECD)

The OECD has released the IT format for transmitting information under the Crypto-Asset Reporting Framework (CARF) and the amended Common Reporting Standard (CRS). This release includes interpretative guidance to assist jurisdictions and financial institutions in complying with the new requirements. These updates are aimed at improving transparency and global standards for tax reporting on crypto assets, ensuring consistency with existing international financial reporting protocols. The guidance will help facilitate accurate and efficient reporting of crypto-related financial activities. [Read more at the OECD]

PBOC update on the digital RMB pilot (Sina Finance)

Mu Changchun, Director of the Digital Currency Institute of the People’s Bank of China (PBOC), provided an update on the digital renminbi (RMB) pilot. As of the end of July 2024, there were 180 million personal digital RMB wallets, and the cumulative transaction amount was 7.3 trillion yuan, including high-value securities and trade transactions. [Read more at Sino Finance]

Upcoming Speaking Engagements:

  • Digital Euro Conference 2025, Frankfurt, March 27, 2025. The DEC25 conference will explore the future of money with a focus on CBDCs, stablecoins, tokenized deposits, and the intersection of AI and digital ID. When you register, get 20% off the regular ticket price by using the Kiffmeister20 code! [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.

Kiffmeister’s #Fintech Daily Digest (20241010)

~ kiffmeister

Eswatini digital lilangeni design paper (CBE)

The Central Bank of Eswatini (CBE) published a paper co-written with Giesecke+Devrient (G+D) on the design characteristics of a potential domestic retail central bank digital currency (CBDC). It also reported on proof of concept (POC) tests of online and offline payment use cases involving selected CBE staff members. A digital lilangeni would be fully interoperability with the existing payment methods and wholesale and retail infrastructures, and be available 24/7/365 in (near) real-time manner. Also it would be unremunerated, as it will be primarily aimed to be a means of payment and not a savings vehicle. Although it would not be run on a distributed ledger technology (DLT) platform, it would be built on a distributed database, operated and permissioned by the CBE. [Read more at the CBE]

Public and private DLT-based money creation: CBDC, stablecoins, or tokenized deposits? (BOC)

The Bank of Canada (BOC) published a paper that uses a general equilibrium monetary model to explore the impact of introducing “tokenized money” (CBDC or tokenized deposits) on stablecoins. It finds that when tokenized monies pay a high interest rate and guarantee a high degree of anonymity, they crowd out stablecoins. Conversely, with low anonymity and low interest rates, tokenized monies become collateral, promoting stablecoin development. CBDCs dominate tokenized deposits because a central bank can better economize on scarce collateral assets, and banks face incentive problems and do not internalize the societal cost of their activities, generating negative externalities. [Read more at the BOC]

From central banks to governments and standards: CBDC governance in Canada (CIGI)

The Centre for International Governance Innovation (CIGI) published a paper that explores the democratic governance required to make an informed decision on whether to issue a CBDC and, if one is to be issued, how to develop and implement it responsibly. It reveals a disconnect in Canadian CBDC discussions: while the government is responsible for the decision to issue such a currency, political engagement on the topic has been limited. Policy recommendations aimed at fostering democratic oversight, public engagement and the protection of rights in light of the potential development of a digital Canadian dollar are provided. For example, the paper suggests that Canada could leverage existing collaborative initiatives, such as the Canadian Digital Regulators Forum, to create a more comprehensive and inclusive CBDC governance framework. [Read more at CIGI]

Upcoming Speaking Engagements:

  • Digital Euro Conference 2025, Frankfurt, March 27, 2025. The DEC25 conference will explore the future of money with a focus on CBDCs, stablecoins, tokenized deposits, and the intersection of AI and digital ID. When you register, get 20% off the regular ticket price by using the Kiffmeister20 code! [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.

Kiffmeister’s #Fintech Daily Digest (20241008)

~ kiffmeister

Palau launches blockchain-based savings bonds (Soramitsu)

The Government of Palau launched a prototype of its blockchain-based savings bond system, Palau Invest, which will offer Palauan citizens, via a mobile app, a simple way to invest in their country while earning returns. The funds raised will be allocated to key national projects such as bridges, roads, and public infrastructure. The project is sponsored by the Japanese Ministry of Economy, Trade, and Industry (METI) Global South Future-Oriented Co-Creation Project. The system runs on Soramitsu’s SORA v3 Hub Chain’s Hyperledger Iroha 2-based network. [Read more at Soramitsu]

Capgemini 2025 World Payments Report (Capgemini)

Capgemini published its annual World Payments Report that reflects the views of 600 corporate treasurers from across three industries: insurance, retail, and automotive. It also includes payments insights from focused interviews and surveys with over 200 senior payment executives of leading banks, financial service organizations, payment service providers, industry associations, and central banks representing all regions of the globe. The report finds that supportive regulations and innovative industry initiatives, especially regarding open finance and instant payments, have resulted in surging non-cash payments in the Asia-Pacific region. Also instant payments, now operational in over 80 markets, are picking up speed. [Read more at Capgemini]

Stablecoins, money market funds and monetary policy (ECB)

The European Central Bank (ECB) published a paper that documents the very different short-term (12-week) responses of stablecoins and money market funds (MMFs) to crypto and U.S. monetary policy shocks since 2019. It shows that crypto shocks are inconsequential for MMFs and traditional financial markets but negatively affect stablecoins. In contrast, U.S. monetary policy shocks significantly affect MMFs and stablecoins, but in opposite directions. While prime MMF assets grow after contractionary monetary policy shocks, stablecoin market capitalization significantly declines. [Read more at the ECB]

Kyrgyzstan on the path to creating a digital som (CBPN)

[September 27, 2024] Central Bank Payment News (CBPN) published an article by Aigul Bakesarieva, Head of the Digital Som Project Group, National Bank of the Kyrgyz Republic on central bank digital currency (CBDC) developments at her central bank. On May 25, 2022 the Board of the National Bank launched the digital som concept based on a two-tier retail model. The digital som will be a unique digital token that will be stored in a special digital wallet, with transfers . occurring directly from one digital wallet to another. [Read more at CBPN]

Plus I’m repeating a story from yesterday’s Daily that was missing the links:

Euro WCBDC used to settle ABN AMRO digital commercial paper on DLT (Ledger Insights)

ABN AMRO and Rabobank issued €1.1 million of one-month digital commercial paper tokenized on the Deutsche Börse Clearstream D7 distributed ledger technology (DLT) based platform. The Luxembourg transaction was settled atomically using a wholesale central bank digital currency (CBDC) issued by the Banque de France, as part of the Eurosystem’s DLT trials for wholesale settlement using central bank money. This is Clearstream‘s 5th use case at the European Central Bank (ECB) trials on the D7 platform. [Read more at Ledger Insights]

Upcoming Speaking Engagements:

  • Digital Euro Conference 2025, Frankfurt, March 27, 2025. The DEC25 conference will explore the future of money with a focus on CBDCs, stablecoins, tokenized deposits, and the intersection of AI and digital ID. When you register, get 20% off the regular ticket price by using the Kiffmeister20 code! [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.

Kiffmeister’s #Fintech Daily Digest (20241007)

~ kiffmeister

Euro WCBDC used to settle ABN AMRO digital commercial paper on DLT (Ledger Insights)

ABN AMRO and Rabobank issued €1.1 million of one-month digital commercial paper tokenized on the Deutsche Börse Clearstream D7 distributed ledger technology (DLT) based platform. The Luxembourg transaction was settled atomically using a wholesale central bank digital currency (CBDC) issued by the Banque de France, as part of the Eurosystem’s DLT trials for wholesale settlement using central bank money. This is Clearstream‘s 5th use case at the European Central Bank (ECB) trials on the D7 platform. [Read more at Ledger Insights]

Apple ‘opens’ NFC: the impact on European digital identity (Medium)

Roberto Garavaglia has explored the implications of the Apple iOS 18.1 update’s opening of access to iPhone secure elements to developers to allow them to offer contactless near field communication (NFC) transactions directly within their apps, outside of the Apple Pay and Apple wallet ecosystem. This will open the use of Apple devices not only for payments, but also for digital access and identification. Developers will be able to integrate a wide range of services, from in-store payments to digital keys for cars, company badges, loyalty cards and government documents. However, challenges remain with regard to Apple’s control and compliance with European standards. [Read more on Medium]

RBA launches Project Acacia WCBDC assessment (RBA)

On September 18, 2024, the Reserve Bank of Australia (RBA) announced the launch of Project Acacia to build on the lessons from the previous year’s CBDC pilot by focusing on opportunities to uplift the efficiency, transparency and resilience of wholesale markets through tokenized money and new settlement infrastructure. Subsequent phases of the project may involve cross-border applications with regional central banks. In October 2024 the RBA and the Digital Finance Cooperative Research Centre, will publish a consultation paper inviting industry engagement. The project is scheduled for completion in the second half of 2025. [Read more at the RBA]

UAE exempts crypto transactions from value added tax (CoinDesk)

The United Arab Emirates (UAE) has exempted crypto transactions from paying value-added tax (VAT) effective November 15, 2024 and applied retroactively to transactions since January 1, 2018. The UAE has essentially classified virtual assets in the same bucket as traditional financial services – several of which are already exempt from VAT. [Read more at the UAE Federal Tax Authority]

Upcoming Speaking Engagements:

  • Digital Euro Conference 2025, Frankfurt, March 27, 2025. The DEC25 conference will explore the future of money with a focus on CBDCs, stablecoins, tokenized deposits, and the intersection of AI and digital ID. When you register, get 20% off the regular ticket price by using the Kiffmeister20 code! [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.

Kiffmeister’s #Fintech Daily Digest (20241005)

~ kiffmeister

Implications of CBDC for monetary operations (IMF)

The IMF published a paper that analyzes how the issuance of central bank digital currency (CBDC) could affect monetary operations, which include central banks managing the demand and supply of reserves to achieve a desired stance of monetary policy. The note outlines three scenarios: CBDCs substituting cash, commercial bank deposits, and reserves, with implications varying based on design features and market developments. It discusses how these scenarios influence balance sheets and reserves, potentially drawing short-term interest rates away from the policy target and complicating liquidity forecasting. Furthermore, the note shows how central banks could calibrate monetary operations such as engaging in a fine-tuning operation and provide additional reserves on demand to ensure that central banks can maintain their monetary policy stance. Finally, careful design of CBDCs, such as setting criteria for access, holding quantity, and remuneration, can mitigate adverse effects on monetary operations. [Read more at the IMF]

Digital payments: a framework for inclusive design (BoC)

The Bank of Canada (BoC) published a paper how digital payments can be made more cognitively accessible, focusing on removing cognitive barriers present in many digital interfaces and products. It proposes an inclusive approach since involving people with cognitive disabilities in design, testing, and refinement is crucial. The proposed framework centers on system learnability and user workload as the two key measures of cognitive accessibility in digital payment and banking interfaces. A prototype interface is developed and tested for voice payments, which successfully demonstrates that the framework provides an effective iterative design approach to enhance cognitive accessibility and usability. [Read more at the BoC]

Upcoming Speaking Engagements:

  • Digital Euro Conference 2025, Frankfurt, March 27, 2025. The DEC25 conference will explore the future of money with a focus on CBDCs, stablecoins, tokenized deposits, and the intersection of AI and digital ID. When you register, get 20% off the regular ticket price by using the Kiffmeister20 code! [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.