Kazakhstan Digital Tenge CBDC Project Update (LinkedIn)
Binur Zhalenov, Chief Digital Officer of the National Bank of Kazakhstan provided an update on the central bank’s digital tenge R3 Corda-based digital currency (CBDC) pilot project. The project centers on programmable public finance—enabling conditional, automated fund disbursement in government spending. In this model, allocated funds (such as those for infrastructure contracts) proceed through the payment chain only when predefined criteria are satisfied: supplier licensing, price compliance, and project plan alignment. Funds that fail verification are automatically blocked, while those reaching final recipients convert to unrestricted currency. The framework extends to social welfare payments, where beneficiary verification triggers direct payment to service providers, and to transaction types such as vehicle purchases. The team currently collaborates with the Ministry of Finance and Treasury on approximately 100 implementation projects applying these conditional “purpose-bound” payment mechanisms. [Source: LinkedIn]
Reserve Bank of India Announces Unified Markets Interface (RBI)
Reserve Bank of India (RBI) Governor Shri Sanjay Malhotra announced that the central bank has conceptualised the Unified Markets Interface (UMI), as a next-generation financial market infrastructure. UMI will have the capability to tokenize financial assets and settlements using wholesale central bank’s digital currency (CBDC). He said that early results from the inaugural pilot on the issuance of certificates of deposit in improving market efficiency are encouraging. [Source: RBI]
A Money View of Offline Payment Functionality (LinkedIn)
G+D’s Lars Hupel posted a paper that explores the design and financial implications of offline payment functionality in the context of CBDCs and other payment systems, such as instant payment systems (IPS). The analysis is structured around three models: the classic CBDC (single central bank issuer), a multi-issuer system (commercial banks issue their own offline “digital cash”), and a single-issuer model operated by a private or non-central bank entity. The core argument is that while offline payments are desirable—and well understood for central bank-issued digital cash—adding offline capability to systems with multiple issuers introduces financial risks and complexities, primarily concerning the fungibility of liabilities and interbank settlement. Drawing on historical examples like Mondex, the paper suggests a single-issuer model is most practical, offering the advantages of offline payments without overburdening central banks or complicating risk management. The analysis is informed by the “money view,” which emphasizes the hierarchy of money and careful consideration of balance sheet mechanics for each model. [Source: LinkedIn]
Upcoming Speaking Engagements:
Stablecoin C-Suite Summit (New York City on November 14-15) will be the definitive conference for exploring the future of digital money and intelligent payments. The event brings together founders, C-level executives, investors, policymakers, and developers for two immersive days of talks, panels, and networking. This be the place to be if you’re building, backing, or regulating the next wave of programmable finance. [Register here]
The Digital Euro Conference 2026 (Frankfurt, March 26) will explore the future of money with a focus on CBDCs, stablecoins, and commercial bank tokens. This hybrid event offers the perfect platform to understand the future of digital money! When you register, get 20% off the regular ticket price by using the Kiffmeister20 code! [register here]
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.
