National Bank of Kazakhstan considering supporting CBDC-backed stablecoins (NBK)
The National Bank of Kazakhstan (NBK) is focusing on stablecoins backed by Digital Tenge — a concept that mirrors the idea of a synthetic central bank digital currency (CBDC). This approach essentially represents e-money fully reserved with liquidity in a Digital Tenge wallet, offering a secure and reliable foundation for digital transactions. Furthermore, the NBK will aim to extend the opportunity of stablecoin issuance to a broader range of players, including non-bank entities, fostering inclusivity and innovation across the ecosystem. [Read more on LinkedIn]
Sberbank calls for digital ruble launch delay (Ledger Insights)
Sberbank is calling for a delay of the digital ruble launch scheduled for July 1, 2025 because its central bank digital currency (CBDC) platform is still being developed. However, many of the smaller Russian banks that have been participating in the pilot since late 2023, report being ready to go on schedule, but Sberbank only joined in December 2024 leaving it just over six months to prepare. A representative of Sberbank, said that the introduction of the digital ruble requires significant financial investments, including tens of billions of rubles for the development and integration of new functionality. [Read more at Pravda]
FDIC Vice Chair acknowledges crypto debanking (Ledger Insights)
Travis Hill, Vice Chair of the Federal Deposit Insurance Corporation (FDIC) acknowledged there had been some crypto debanking. It was part of his wide ranging analysis of potential future policy directions including changes to be made with respect to digital assets, distributed ledger technology (DLT) and blockchain. “Access to a bank account is essential for individuals and businesses to participate in many aspects of the modern economy. A longstanding goal of the FDIC’s has been to decrease the number of people who are unbanked. Efforts to debank law-abiding customers are unacceptable, regulators must work to end it, and there is no place at the FDIC for anyone who has pushed — explicitly or implicitly — banks to stop serving law-abiding customers.” [Read more at the FDIC]
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Upcoming Speaking Engagements:
- The Central Bank Payments Conference (Paris, February 17–19) will explore the latest issues and developments confronting central banks and their evolving role as operators, overseers, and catalysts within the payments landscape. The focus will be on cross-border payments, CBDC and tokenization, open finance, instant payments, and financial inclusion, among other topics. When you register get 15% off by using the Kiffmeister15 code. [register here]
- The Global Payments Summit (Paris, February 19–21), the second half of Currency Research Payments Week, will explore emerging payments trends and innovations, positioning the ecosystem’s commercial players — banks, PSPs, solution providers — at the center of the discussions. When you register get 15% off by using the Kiffmeister15 code. [register here]
- The Digital Euro Conference 2025 (Frankfurt, March 27) 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! [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.
