Digital SNB Bills premature says Swiss National Bank (Ledger Insights)
The Swiss National Bank (SNB) published the results of its pilot test of a monetary policy operation on the SIX Digital Exchange (SDX) distributed ledger technology (DLT) platform. As part of Project Helvetia III, in June 2024 the SNB issued digital SNB Bills settled in wholesale central bank digital currency (CBDC) in a production environment. The Bills were redeemed sever day later. It showed that implementing monetary policy on a DLT-based infrastructure is feasible and effective. While the corresponding processes bring about some improvements, new challenges emerge. The SNB concluded that “the question of whether to conduct monetary policy operations on a DLT-based infrastructure is premature [and] ramping up such operations would also entail significant investment for the SNB, its counterparties as well as infrastructure providers”. [Read more at the SNB]
Global Crypto-Asset Regulatory Landscape Study (CCAF)
The Cambridge Centre for Alternative Finance (CCAF) published its 2nd Global Crypto-Asset Regulatory Landscape Study. The report describes and compares emerging practices in crypto-asset regulation, focusing on 19 representative jurisdictions and encompassing key dimensions of regulatory frameworks. The objective is to identify areas of convergence and divergence in the implementation of regulatory frameworks. In the conclusion this study indicates, where possible, early lessons for financial authorities, particularly in emerging market and developing economy (EMDE) jurisdictions. The report is published alongside a global online tracker of crypto-asset regulatory frameworks, within the CCAF’s Global Regulatory Innovation Dashboard (GRID). [Read more at the CCAF]
Odisha launches Subhadra Yojana digital rupee direct transfer scheme (Economic Times)
In September 2024, the Subhadra Yojana, a direct transfer initiative for women in the state of Odisha, became India’s first government program to allow beneficiaries to receive payouts in digital rupee central bank digital currency (CBDC). Approximately 12,000 beneficiaries received the first annual Rs 10,000 instalment and were notified of the deposit via text messages. [Read more on Wikipedia]
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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.
