Month: March 2025

Kiffmeister’s #Fintech Daily Digest (20250314)

~ kiffmeister

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]

Upcoming Speaking Engagements:

  • The Crypto Assets Conference (Frankfurt, March 26) will delve into the advancements in digital assets, tokenization, crypto assets, web3, and more, through insightful talks, interactive debates, and presentations by industry experts, founders, investors, and representatives from public institutions. [Register here and get a 10% discount]
  • 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.

Kiffmeister’s #Fintech Daily Digest (20250313)

~ kiffmeister

SEC delays decision on XRP, Solana, Litecoin, Dogecoin ETFs (Coin Telegraph)

On March 11, 2025, the U.S. Securities and Exchange Commission (SEC) postponed decisions on multiple crypto-asset exchange-traded fund (ETF) filings until May 2025. However, this is widely viewed as standard procedure that all of the currently approved crypto-asset ETFs have gone through before. Of note, as of of March 12, nine companies have filed with the SEC for XRP ETF products. Beyond dedicated XRP ETF filings, at least two asset managers have included XRP in broader crypto ETF products. [Read more at Coin Telegraph]

Consumer attitudes towards a central bank digital currency (ECB)

The European Central Bank (ECB) published a paper that reported the results of a series of experiments in a population-representative survey of European consumers to examine their attitudes towards the possible introduction of a digital euro. The study found that test subjects who were shown a short video explaining the key features of the digital euro increases the likelihood of adoption by 12 percentage points relative to a control group that is not shown the video. Second, it found that test subjects would allocate a relatively small fraction from a positive wealth shock to digital euros and their allocation to other liquid assets would be little affected. Third, it found that holding limits in the range of €1,000 to €10,000 would have insignificant differential effects on the composition of liquid asset holdings. Lastly, 55% of test subjects said that they will not adopt the digital euro due to strong preferences for existing forms of payment. [Read more at the ECB]

Upcoming Speaking Engagements:

  • The Crypto Assets Conference (Frankfurt, March 26) will delve into the advancements in digital assets, tokenization, crypto assets, web3, and more, through insightful talks, interactive debates, and presentations by industry experts, founders, investors, and representatives from public institutions. [Register here and get a 10% discount]
  • 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.

Kiffmeister’s #Fintech Daily Digest (20250311)

~ kiffmeister

Sweden’s Riksbank works on offline payments (Riksbank)

The Riksbank considers it necessary to increase the possibility of making offline payments in the event of major disruptions in data communication. In that regard, the central bank wants, by July 1, 2026, for it to be possible for everyone over the age of 18 with a payment card with any Riksbank-regulated bank, to be able to make card payments offline for the purchase of essential goods in the event of disruptions lasting up to 7 days,. The Riksbank will collaborate with banks and other payment service providers, card network providers, card acquirers and retailers, to achieve this. The Riksbank considers the technical conditions already favorable, but issues need to be resolved around administrative processes, how abuse of offline payments can be curbed and who should bear the liquidity and credit risk arising from an offline payment. [Read more at the Riksbank]

This effort is not part of the e-krona central bank digital currency (CBDC) project that ended in 2023. However, one of the basic premises of the e-krona was that it should serve as a further payment option to contribute robustness and increased preparedness. In line with this, in the fourth stage of the project, the Riksbank tested an offline solution to strengthen the reliability of the payments system even in the event of internet connection interruptions. The conclusion was that, with the right regulatory framework and security measures, a secure, fit-for-purpose and user-friendly offline e-krona solution can be developed. Security risks could be addressed with technical solutions such as digital certificates and regular synchronization, and restrictions on amounts transacted and holdings. [Read more at the Riksbank]

See also the following from the Riksbank 2025 Payments Report:

South Korea to launch a CBDC pilot (Chosun Biz)

The Bank of Korea will reportedly launch a three-month central bank digital currency (CBDC) pilot involving 100,000 consumers, as early as this month (March 2025). It will involve seven major commercial banks that will issue deposit tokens backed by CBDC, which consumers can use to make purchases at various participating merchants. The tokens, valued up to 1 million won per person, will be distributed through electronic wallets, allowing users to make payments by displaying QR codes. [Read more at Chosun Biz]

Upcoming Speaking Engagements:

  • The Crypto Assets Conference (Frankfurt, March 26) will delve into the advancements in digital assets, tokenization, crypto assets, web3, and more, through insightful talks, interactive debates, and presentations by industry experts, founders, investors, and representatives from public institutions. [Register here and get a 10% discount]
  • 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.

Kiffmeister’s #Fintech Daily Digest (20250310)

~ kiffmeister

ECB targets October 2025 for digital euro rollout? (ECB)

European Central Bank (ECB) President Christine LaGarde signaled an acceleration of the pace of its digital euro project. She also gave an October 2025 deadline to “put to reality this digital euro” after “campaigning enough with all the stakeholders – meaning the European Parliament, European Council, European Commission [to] complete the legislative process, without which we will not be able to move. The crypto press has taken October 2025 to be a prospective digital euro launch date, but that seems very unlikely to me. Surely “put to reality” means something more like preparing to pilot the new central bank digital currency (CBDC)? [Read more at the ECB]

Upcoming Speaking Engagements:

  • The Crypto Assets Conference (Frankfurt, March 26) will delve into the advancements in digital assets, tokenization, crypto assets, web3, and more, through insightful talks, interactive debates, and presentations by industry experts, founders, investors, and representatives from public institutions. [Register here and get a 10% discount]
  • 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.

Kiffmeister’s #Fintech Daily Digest (20250306)

~ kiffmeister

Student Safe: the Magyar Nemzeti Bank’s retail CBDC pilot project (MNB)

Magyar Nemzeti Bank (MNB) published a white paper on its Student Safe central bank digital currency (CBDC) pilot project, which was launched in May 2023 and phased out in February 2025. The aim was to create a CBDC environment that is not only secure and regulated, but also flexible and user-friendly. The Student Safe offered free of charge and secure digital payment solutions to support the financial inclusion of 8-14 year olds. It provided users with the opportunity to learn the theory and practice of digital finance basics through a combination of quizzes and mobile banking functions. Going forward, the MNB will examine possible motivations and emerging use cases that could be relevant to the Student Safe user base or to another group of consumers. [Read more at the MNB]

Hungary’s central bank organizes DLT for mortgage insurance (Ledger Insights)

The MNB, working with eight Hungarian banks and eleven insurers, developed a distributed ledger technology (DLT) based home insurance scheme, to coordinate data sharing about mortgage insurance policies. The paperless and transparent data transfer will reduce administrative work and reconciliations. Data sharing will be General Data Protection Regulation (GDPR) compliant, so the homeowners will have to provide consent, and only the insurer and the bank will have the right to see the data, and not the central bank. [Read more at the MNB]

Upcoming Speaking Engagements:

  • The Crypto Assets Conference (Frankfurt, March 26) will delve into the advancements in digital assets, tokenization, crypto assets, web3, and more, through insightful talks, interactive debates, and presentations by industry experts, founders, investors, and representatives from public institutions. [Register here and get a 10% discount]
  • 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.

Jurisdictions Where Retail CBDC Is Being Explored (February 2025)

~ kiffmeister

105 central banks have recently launched, piloted, experimented with and/or researched retail central bank digital currency (CBDC) not including two that started issuing retail CBDC and then shut the platforms down (Ecuador and Finland). This total is unchanged since the end of September 2024. Keep in mind that I don’t count all of the individual national central banks that are part of currency unions (e.g., the European or Eastern Caribbean Currency Unions). If I did the tally that way, my count would be around the oft-quoted 130+ central banks. Also, the table was compiled from publicly available sources, including the media and central bank websites, and not verified through official channels. If I’m missing anything, or you find mistakes in the tabulation, please let me know in the comments!

Notes: The difference between a “pilot” and “proof of concept” (POC) is that a pilot involves actual users, whereas a POC does not, even though some POCs may involve central bank staff. Also, because the tabulation is based only on publicly-available information, it is likely that there is some POC activity in the “research” category, but no announcements have been made. Finally, entries that are crossed through indicate that the projects have been shut down. Also, the ones that are crossed out, are where the central bank has considered issuing CBDC but then decided to cancel the research or put it on hold (“watchful waiting”).

February RCBDC TabulationDownload

Kiffmeister’s #Fintech Daily Digest (20250303)

~ kiffmeister

Preliminary design for the digital shekel system (Bank of Israel)

The Bank of Israel (BOI) published a paper on its preliminary digital shekel (DS) ecosystem design thinking for public and professional community feedback. It covers the basic and advanced user journey, architecture and technical issues, and various aspects of policy, rules, and regulation. A prospective DS will be a universal means of payment that would be free for private users (for businesses, the costs of using it are expected to be significantly lower than existing digital payments). The DS will support offline payments, allowing payments even in situations without network connectivity. Anonymous payments would be possible but in limited amounts. Access to personal identifiable information about user DS balances and activities will not be available to the BOI, but they will be to payment service providers, like with existing digital payment methods. [Read more at the BOI]

Upcoming Speaking Engagements:

  • The Crypto Assets Conference (Frankfurt, March 26) will delve into the advancements in digital assets, tokenization, crypto assets, web3, and more, through insightful talks, interactive debates, and presentations by industry experts, founders, investors, and representatives from public institutions. [Register here and get a 10% discount]
  • 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.

Kiffmeister’s #Fintech Daily Digest (20250302)

~ kiffmeister

Trump names BTC, ETH, XRP, SOL, and ADA as part of U.S. crypto reserve (Truth Social)

U.S. President Donald Trump named Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL) and Cardano (ADA) as five assets to be included in a U.S. strategic crypto reserve. The initial announcement excluded BTC and ETH (“A U.S. Crypto Reserve will elevate this critical industry… which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA. I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!). However, in a later post they were added (“I also love Bitcoin and Ethereum!”). [Read more on Truth Social]

Upcoming Speaking Engagements:

  • The Crypto Assets Conference (Frankfurt, March 26) will delve into the advancements in digital assets, tokenization, crypto assets, web3, and more, through insightful talks, interactive debates, and presentations by industry experts, founders, investors, and representatives from public institutions. [Register here and get a 10% discount]
  • 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.