The CBDCTracker.org database has been updated to include new developments in September 2025, as it continues to set the standard as the central point of information on central bank digital currency (CBDC) projects. Jonas Gross has posted a summary of those new developments on LinkedIn and got to CBDCTracker.org to see all of the data, both current and historical.

Bolivian Central Bank Publishes CBDC Consultative Paper (BCB)

Banco Central de Bolivia (BCB) published an initial assessment of the feasibility of implementing a central bank digital currency (CBDC) in Bolivia. The consultative document examines the progress made in modernizing the national payment system and analyzes how a digital boliviano could be integrated as a complement to existing infrastructure, strengthening monetary sovereignty and financial stability. It finds that considering the currently high level of development of the retail payment system in Bolivia, the additional benefits that a retail CBDC could offer could prove limited in the short term. In this context, the impact of its implementation must be carefully evaluated, especially in relation to existing capacities. However, a wholesale CBDC represents a strategic opportunity to strengthen the operational, technological, and regulatory pillars of the national financial system. The BCB emphasizes that the publication of this report does not imply a definitive decision on the issuance of a digital boliviano. [Source: BCB]

Bank of England on Proposed Stablecoin Regulatory Approach (BOE)

Bank of England (BOE) Deputy Governor Sarah Breeden spoke at the Washington DC Fintech Week highlighting how the central bank is advancing regulations for sterling-denominated stablecoins. The BOE is aiming for rules that ensure stablecoins are as robust as commercial bank money, maintaining the “singleness of money” crucial for monetary and financial stability. The approach includes granting systemic stablecoin issuers BOE accounts for a portion of their backing assets, and considering liquidity facilities for redemption support. Temporary holding limits on stablecoins are proposed to ensure financial stability during the transition, with adjustments as risks subside. The Bank distinguishes between stablecoins used in general payments and those settling unbacked crypto-asset trades, focusing regulatory attention only on the former, and plans to finalize the regime next year.​ [Source: BOE]

Thematic Review on FSB Global Regulatory Framework for Crypto-Asset Activities (FSB)

The Financial Stability Board (FSB) published an assessment of progress by member and select non-member jurisdictions in implementing its global regulatory framework for crypto-asset activities, consisting of high-level recommendations for the oversight of both general crypto-assets and global stablecoins (GSCs). The report finds that while many jurisdictions have advanced regulatory frameworks for crypto-asset activities, significant gaps and inconsistencies remain, particularly regarding stablecoin arrangements, with few countries having fully implemented tailored regimes aligned to FSB standards. These disparities pose risks of regulatory arbitrage and complicate oversight of the rapidly evolving, cross-border crypto market. Authorities still face substantial challenges in supervising crypto-asset service providers (CASPs), ensuring robust data reporting, and achieving effective cross-border coordination. [Source: FSB]

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.