The National Bank of Rwanda Launches CBDC Ideathon (NBR)

The National Bank of Rwanda (NBR) in collaboration with Giesecke+Devrient (G+D), will host a retail central bank digital currency (CBDC) Ideathon. This event aims to engage local payment industry stakeholders, including individuals, startups, Fintechs, and other innovators, to validate ideas and use cases that foster the adoption of a potential e-Franc-Rwandais. The NBR’s CBDC work goes back to 2023 when it launched a feasibility study in collaboration with the Alliance for Financial Inclusion (AFI) that culminated in a research paper published in 2024. Registration of interest in the Ideathon closes on August 15, 2025, after which successful applicants will get access to the G+D Filia Wallet App to test the base functionalities of a potential eFranc-Rwandais. The idea is to create innovative use cases on top of the core CBDC functionalities (only conceptually, no need to do a prototype or any programming) and submit final idea by September 15, 2025. This will be followed by an event with final presentations in front of jury on the September 30, 2025. Selected use cases could potentially be developed further in future proof-of-concept work or a pilot. [Read more at the NBR]

Banco Central de Timor-Leste to Accelerate CBDC Strategy (Montran)

The Banco Central de Timor-Leste (BCTL) has reportedly entered a new phase of its strategic partnership with Montran to drive modernization of the country’s payments ecosystem and advance development of a central bank digital currency (CBDC). As part of this initiative, Montran’s Instant Payments Solution (IPS) will be deployed across the country to enable secure, real-time payments and provide interoperability between financial institutions, businesses, and individuals. Montran is also working with BCTL to develop a national strategy for introduction of a CBDC, known as eCentavos. [Read more at Montran]

U.S. Securities and Exchange Commission (SEC) launches Project Crypto (SEC)

U.S. Securities and Exchange Commission (SEC) Chairman Paul S. Atkins announced “Project Crypto,” a comprehensive initiative to position the United States as a global leader in the digital finance revolution and the “crypto capital of the world.” Key initiatives include launching an SEC-wide effort to modernize securities regulation to support the on-chain transformation of America’s capital markets, implementing the GENIUS Act for a gold-standard stablecoin framework, and developing new, clear guidelines for categorizing crypto assets. The SEC will prioritize onshoring crypto-asset distributions, providing regulatory clarity for issuers and entrepreneurs, modernizing custody rules to allow greater choice including self-custody, enabling “super-apps” for integrated trading of diverse assets, and amending outdated rules to accommodate tokenization and DeFi activities. Atkins emphasizes the development of purpose-fit disclosures, safe harbors for crypto distributions, innovation exemptions to accelerate market entry, and fostering an environment that encourages innovation, commercial viability, and American technological leadership in blockchain and finance. [Read more at the SEC]

Version 0.9 of the Digital Euro Scheme Rulebook (ECB)

The European Central Bank (ECB) published a preliminary draft version (version 0.9) of the digital euro scheme rulebook. It reflects the ECB’s continuous effort to develop a draft rulebook in close cooperation with the Rulebook Development Group (RDG), comprising senior representatives from European associations representing both the supply and demand side of the retail payments market. Version 0.9 is generally based on the 2023 proposal for a regulation on the establishment of the digital euro (2023/0212/COD) and the Regulation on the provision of digital euro services by payment services providers incorporated in Member States whose currency is not the euro (2023/0211/COD). Version 0.9, which was shared with the RDG members on 30 June 2025, is non-binding and does not necessarily reflect the final views of the ECB, the Eurosystem, the RDG, or any of its members or their constituencies. [Read more at the ECB]

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]

I produce a monthly digest of digital fiat currency (DFC) developments exclusively for the official sector (e.g., central banks, ministries of finance and international financial institution (e.g., the BIS, IMF, OECD, World Bank)) plus academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) It goes out via email on the first business day of every month, and if you’re interested in being on the mailing list, please email me at john@kiffmeister.com.