Iraq moves towards issuing a central bank digital currency (INA)
The Iraqi News Agency (INA) reported that Muzhir Mohammad Saleh, the financial advisor to the Iraqi Prime Minister, said that the Central Bank of Iraq is planning to issue a digital currency (CBDC) as a “gradual alternative” to bank notes. He added that “digital cash will maintain its traditional functions as a unit of account, payments and savings, with the possibility of using it online and smart phones, which will contribute to developing a more stable and efficient financial environment.” [Read more at INA]
Canadian Bitcoin Ownership in 2023: Key Takeaways (Bank of Canada)
The Bank of Canada published an update on crypto-asset ownership in Canada using data from the Bitcoin Omnibus Survey conducted in late 2023. Bitcoin ownership remained stable at around 10% in 2023 and continues to be concentrated among men, younger individuals and those with higher income and levels of education. The use of Bitcoin for payments remains limited, with most owners viewing it primarily as an investment. Bitcoin remains the dominant holding among Canadians, with a median value of C$500. [Read more at the Bank of Canada]
FCA seeks views on removing the £100 contactless limit (U.K. FCA)
The U.K. Financial Conduct Authority (FCA) published consultation paper that proposes removing the £100 contactless payment limit. It was raised from £45 in 2021, just a year after a rise from £30 amid a surge in tap and pay during the Covid-19 pandemic. By removing the limit, U.K. families and businesses could benefit from greater choice, flexibility and smoother purchases. Also, the regulator said that making regulation less prescriptive would also give firms greater control and could promote innovative payment methods or fraud prevention solutions. One option put forward is to allow firms, who use technology to reinforce strong fraud controls, to set their own limits as happens in the United States. [Read more at the FCA]
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- 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.
