NY regulator approves Ripple’s RLUSD stablecoin (CoinTelegraph)
Ripple Labs CEO Brad Garlinghouse reported that the New York Department of Financial Services (NYDFS) has approved the firm’s RLUSD stablecoin. Testing of RLUSD, which will be “complementary and additive” to Ripple’s XRP, began on the XRP ledger and Ethereum mainnets in August 2024. [Read more on X]
RBF says no to digital Fiji dollar (Fiji Times)
The Reserve Bank of Fiji (RBF) has reportedly ruled out issuing a central bank digital currency (CBDC) for Fiji, and is instead focusing on modernizing its existing national payment system. In the meantime, the RBF will continue to keep a tab on how other central banks progress on CBDC as well monitor international new developments that may influence Fiji’s payment system. [Read more at the Fiji Times]
Kyrgyz parliament approves draft CBDC law (Trend)
The Constitutional Law, State Structure, Judicial and Legal Issues, and Parliamentary Regulations Committee of the Kyrgyz Parliament has reportedly approved the draft law on the status of the digital som – in its first reading. It is designed to launch a pilot project for a prototype digital som and to establish its legal framework and status. Testing of the prototype is scheduled to begin in early 2025, and a final decision on the launch of the digital som is planned for the end of 2026. [Trend]
Hong Kong government publishes Stablecoins Bill (John Ho)
The Hong Kong Government has published in the Gazette the Stablecoins Bill, which seeks to put in place a regulatory regime for issuers of fiat-referenced stablecoins (FRS) in Hong Kong. The Bill aims to enhance the regulatory framework for virtual asset activities (VAs), by addressing the potential financial stability risks posed by FRS, ensuring adequate user protection, and harnessing the potential benefits of VAs and their underlying technologies. [Read more on the Hong Kong government website]
ASIC digital asset guidance public consultation (ASIC)
The Australian Securities & Investments Commission (ASIC) published a paper outlining proposals to update its crypto-asset information sheet. Generally, ASIC’s existing approach to financial services licences will apply to digital assets. However, among other things, the paper proposes the addition of 13 practical examples of how the current financial product definitions apply to digital assets and related products. [Read more at ASIC]
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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.
