PwC study reveals that digital euro costs are running into billions (National Association of German Cooperative Banks)

A study from PwC conducted on behalf of the European Banking Federation, the European Association of Co-operative Banks (EACB), and the European Savings and Retail Banking Group shows that the introduction of the digital euro could cost up to €30 billion for banks in the eurozone, even though – as currently conceived – it would not offer any recognizable added value for either consumers or businesses. The umbrella organizations of the Savings Banks Finance Group and the Volksbanken Raiffeisenbanken Cooperative Financial Network are therefore calling for closer collaboration with private initiatives in the European financial sector. [Read more at PwC]

Ripple, SEC Ask Court to Dissolve XRP Injunction, Release $125M in Escrow (Decrypt)

The U.S. Securities and Exchange Commission (SEC) and Ripple have jointly asked Southern District of New York federal court to dissolve a prior injunction and release $125 million currently held in escrow. Under the proposal, Ripple would pay a $50 million civil penalty to the SEC, with the remaining funds to be returned to the company. The filing marks a major step in ending a case that has stretched nearly four years and triggered wide industry scrutiny. [Read the filing on X]

Upcoming Speaking Engagements:

The CB+DC Conference (Nassau, Bahamas, September 9-11) is a premier gathering centered on CBDCs, tokenized assets, and stablecoins. It provides a forum for central bankers, commercial bankers, technology innovators, policymakers, and academics to explore the latest advancements in digital currency, engage with experts and peers, and discuss the future of digital currency. [Register here but before you do, email me at john@kiffmeister.com for a 15% discount]

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.