Namibia: retail CBDC exploration and roadmap (IMF)

The IMF published a high-level report on central bank digital currency (CBDC) technical assistance (TA) provided to the Bank of Namibia (BoN) in early 2024. The mission did not find a strong case for issuing retail CNDC at present to address gaps in payment systems. Initiatives such as instant payment systems have already set out to address affordability and interoperability issues. Also, major commercial banks, which have committed to these other payment initiatives, may not have additional resources available to support a retail CBDC project. Hence, authorities are advised to establish a compelling rationale for retail CBDC before embarking on a more resource-intensive undertaking. In addition, the cmission suggested that the BoN continue developing expertise and capacity in retail CBDC across policy, technology, and legal domains, including through continued engagement with stakeholders. [Read more at the IMF]

Ripple revamps website: no mention of CBDC (U.Today)

Ripple has unveiled a major redesign of its website, wiping out any mention of central bank digital currency (CBDC). Ripple said the “new look” reflects a refocus on building for the firm’s “next chapter” with a focus on the “internet of value” and transforming the way value moves around the world. Ripple has been a major player in the CBDC space, launching a complete CBDC and stablecoin platform in 2023, and advising countries like Colombia, Bhutan, Palau, Montenegro in their CBDC projects. In 2023, Ripple launched its CBDC platform for the development of CBDCs and stablecoins. [Read more on X and check out the new website here]

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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.