Category: CBDC

Kiffmeister’s #Fintech Daily Digest (20260812)

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BRICS Countries Discussing Linking CBDCs and Fast Payment Systems (Nagaland Post)

Reserve Bank of India (RBI) Governor Sanjay Malhotra reportedly said that BRICS nations are discussing linking central bank digital currencies (CBDCs) and fast payment systems (FPSs) to facilitate cheaper and faster cross-border funds transfers. The BRICS countries are Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, Indonesia, and the United Arab Emirates (UAE). Governor Malhotra also reportedly said that efforts are on to internationalize the rupee, including by expanding the number of memorandums of understanding (MoUs) between central banks that it signs for promoting bilateral trade in local currencies. At present, India and the RBI have signed such agreements with Indonesia, Maldives, Mauritius and the UAE. [Nagaland Post]

India to Launch CBDC-Based Direct Benefit Transfer POC in Chandigarh and Dadra & Nagar Haveli (GOI)

The Government of India (GOI) will launch programmable central bank digital currency (CBDC) based direct benefit transfers (DBTs) under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) food subsidy program in the Territories of Chandigarh and Dadra & Nagar Haveli on August 14. With the launch of this scheme the subsidies will be transferred to eligible PMGKAY beneficiaries in the form of programmable digital rupee tokens directly into their CBDC wallets, instead of via traditional bank account transfers. This subsidy can be used to purchase food grains from listed merchants through a secure , trackable, and real-time digital payment system. The aim is to ensure transparent and thorough distribution of public funds , while also reducing leakages , embezzlement, and cash transactions associated with traditional subsidy distribution mechanisms. It will facilitate quick and secure transfer of benefits to beneficiaries and promote financial inclusion through simple wallet-based transactions. This initiative builds on pilots carried out earlier in 2026 in Puducherry and Gujarat, and is envisioned as a proof-of-concept for the nation and a scalable template for adoption by other states and territories. [GOI]

Tokenized Deposits: Old Wine in New Bottles? (SUERF)

SUERF published a policy note by Alistair Milne that argues tokenized deposits offer little operational novelty over conventional account-based deposits, since the automation, programmability, and 24/7 processing attributed to distributed ledger technology are equally achievable on centralized ledgers. Decentralization’s only distinct capability is pseudonymous transfer without intermediaries—which banks are not pursuing. Tokenized deposits’ genuine appeal is confined to “on-us” transactions on a single bank’s balance sheet, avoiding interbank settlement complexity. JP Morgan’s Kinexys, adopted for corporate multi-currency cash management, exemplifies this, but reflects business logic rather than ledger technology. Milne characterizes bank tokenization efforts as a defensive marketing response to the stablecoin threat. Open questions include whether interoperability initiatives such as UK Finance’s tokenized sterling deposits project can generate domestic adoption incentives, and whether capital markets tokenization—requiring 100% reserving and settlement-asset recognition—warrants separate assessment. [SUERF]

BTW if you want to see a complete database of my DFC-related posts going back years, including many that didn’t make the Daily Digest cut, click here.

FYI 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.

Kiffmeister’s #Fintech Daily Digest (20260810)

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Delhi Lakshmi Yojana Crosses 5.14L Registrations in 1st Week (The Tribune)

The Government of the National Capital Territory of Delhi has launched Lakshmi Yojana, providing eligible women ₹2,500 per month. Eligibility is limited to Delhi-resident women aged 21–60 in households with annual income up to ₹250,000. Recipients may elect to receive ₹1,000 through a central bank digital currency (CBDC) wallet for daily expenditure and ₹1,500 in a three-year fixed-term deposit, or place the full transfer in such a deposit. The design combines a retail CBDC payment component with an opt-in savings mechanism. As of 8 August, 514,460 women had registered. [The Tribune]

BTW if you want to see a complete database of my DFC-related posts going back years, including many that didn’t make the Daily Digest cut, click here.

FYI 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.

Kiffmeister’s #Fintech Daily Digest (20260806)

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Bank of Korea Establishes Asset Tokenization Unit (Yonhap Infomax)

The Bank of Korea has reportedly established a dedicated asset tokenization unit under its Digital Currency Office as part of a regular mid‑year personnel reshuffle. The unit will lead efforts to tokenize assets, initially focusing on government bonds issued and distributed on a unified ledger integrating wholesale central bank digital currency (CBDC), bank deposits, and tokenized assets. This builds on “Project Hangang,” whose first real‑transaction phase ran from April to June 2025 and whose second phase will start in the second half of 2026 with more participating banks and enhanced functionality. The Korean government’s “2026 Second Half Economic Growth Strategy” also announces a government bond tokenization pilot linked to wholesale CBDC. [Yonhap Infomax]

Some backfilling of stablecoin stories I missed in June:

Open Standard Introduces Open USD Stablecoin (Open Standard)

[June 30, 2026] Open Standard announced Open USD, a consortium‑governed, zero‑fee stablecoin infrastructure for high‑volume, internet‑scale payments, responding to perceived economic and governance constraints in incumbent issuer models. The announcement highlights three pillars: free minting and redemption at any volume, pass‑through of reserve income to partner institutions net a small management fee, and governance via an independent company whose board is drawn from those partners. A large set of global banks, card networks, payment processors, technology platforms, and crypto firms have committed to integrate or support Open USD, positioning it as shared rails rather than proprietary product. The project’s significance lies in its attempt to reallocate stablecoin seigniorage and formalize multi‑firm governance, with unresolved issues around regulatory treatment, reserve composition, risk management, and actual decision‑making power distribution. [Open Standard]

Japan’s Three Largest Banks Aim for Joint Stablecoin Issue by March 2027 (Coin Desk)

[June 10, 2026] Japan’s three largest banking groups plan to issue a jointly branded yen stablecoin by March 2027, under a trust-bank structure backed by Japan’s Financial Services Agency and ruling party support for yen tokens. Mitsubishi UFJ Financial Group (MUFG), Sumitomo ⁠Mitsui Financial Group (SMBC) and Mizuho Financial Group will form a council to design the operational framework, act as joint settlors, and appoint a trust bank or similar institution as trustee, indicating a balance-sheet-light, segregated-assets model aligned with Japan’s stablecoin law. This will create a regulated, large-scale yen stablecoin in a market currently dominated by U.S dollar tokens and where yen stablecoins remain below $50 million outstanding, with the leading token JPYC at around $18 million. Key unresolved issues are detailed operational design, legal treatment under evolving stablecoin rules, and how participation will extend beyond the initial three banks. [Coin Desk]

BTW if you want to see a complete database of my DFC-related posts going back years, including many that didn’t make the Daily Digest cut, click here.

FYI 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.

Kiffmeister’s #Fintech Daily Digest (20260804)

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Application Results of the Call to Join the Digital Turkish Lira Project Ecosystem (CBRT)

The Central Bank of the Republic of Türkiye (CBRT) announced that its open call for ecosystem participation in the digital Turkish lira has advanced 23 shortlisted projects into a sandbox‑based third stage, signaling a structured move from concept selection toward implementation‑grade testing. The three‑stage process drew 85 proposals from 16 banks and 25 payment and electronic money institutions, of which 51 passed initial screening and 23 from 12 banks and 6 payment institutions now proceed to development and sandbox evaluation, with 6 projects parked for possible later inclusion. The portfolio concentrates on tokenization, programmable payments, interoperability with existing systems, and self‑sovereign identity, with only one machine‑to‑machine proposal, underscoring a focus on retail and institutional payment use cases over internet of things (IoT) experimentation and leaving open how many pilots will ultimately transition to production‑grade infrastructure. [CBRT]

BTW if you want to see a complete database of my DFC-related posts going back years, including many that didn’t make the Daily Digest cut, click here.

FYI 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.

Kiffmeister’s #Fintech Daily Digest (20260801)

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Vietnam to Study Pilot Program for National Digital Currency (LuatVietnam)

The Vietnam government has assigned the State Bank of Vietnam to research, propose mechanisms, and conduct pilot implementations of a national digital currency in 2029 and 2030, in coordination with the Ministry of Finance and other relevant ministries and agencies. This was included in Decision No. 1443/QD-TTg “Comprehensive Reform of Vietnam’s Financial Market in Conjunction with Achieving High and Sustained Growth Targets Until 2045” project, signed into effect by Deputy Prime Minister Nguyen Van Thang on July 27, 2026. [LuatVietnam]

BTW if you want to see a complete database of my DFC-related posts going back years, including many that didn’t make the Daily Digest cut, click here.

FYI 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.

Kiffmeister’s #Fintech Daily Digest (20260730)

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Project Agorá Real Value Testing (BIS)

The Bank for International Settlements (BIS) and Institute of International Finance (IIF) completed real value testing of their Project Agorá multi‑currency programmable platform for atomically settled wholesale cross‑border payments using wholesale central bank digital currency (CBDC) and tokenized commercial bank deposits. The trials involved 28 private-sector financial institutions and central banks executing approximately CHF 800,000 in transactions across 17 scenarios (corporate, interbank, intra-group, and payment‑versus‑payment) and six major currencies (CHF, EUR, GBP, JPY, KRW, USD) across Asia, Europe and North America, with end‑to‑end processing averaging 80 seconds from submission to settlement. The exercise focused on feasibility and operational performance under realistic conditions, highlighting improvements in speed, transparency, and status/routing visibility relative to existing correspondent banking architectures. However, still to be resolved are questions around legal treatment of tokenized claims, settlement finality, data‑sharing, and governance models. [BIS]

Are Stablecoins Efficient for Remittances? Evidence from a Mystery Shopping Exercise (Banca d’Italia)

Banca d’Italia published a paper that finds stablecoin-based remittances offer no systematic cost advantage over traditional channels, based on a mystery shopping exercise. Researchers transacting as ordinary customers transferred 200 USD Coin (USDC) across ten corridors linking Italy with Argentina, Brazil, South Africa, the UAE, and Japan. Total costs ranged from 0.30% to nearly 9%, with the on-chain transfer contributing a marginal 0.4%; the on- and off-ramp fiat-conversion steps, exchange fees, and funding method drove costs and duration. Speed depended on domestic payment infrastructure: instant-payment jurisdictions (Brazil’s PIX, Italy’s TIPS) settled end-to-end under 20 minutes, while standard bank transfers extended settlement to one or two days. Regulatory design shaped operator availability and feasibility. However, cross-corridor comparability is confounded by Argentina’s parallel exchange rates and single-stablecoin, and single-transaction scope limits generalization. [Banca d’Italia]

BTW if you want to see a complete database of my DFC-related posts going back years, including many that didn’t make the Daily Digest cut, click here.

FYI 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.

Kiffmeister’s #Fintech Daily Digest (20260724)

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Tokenisation of Money: From Fiat Currencies to Stablecoins has been officially published by Springer. This book brings together the expertise of more than 30 leading international authors from central banks, commercial banks, fintech companies, academia, technology providers, legal practice, and international organizations. Together, they provide diverse perspectives on the technological, economic, regulatory, legal, and operational dimensions of tokenized money. I contributed a chapter on retail central bank digital currency (CBDC) developments. [Springer]

Expansion of South Korean Deposit Token-Based Payment Infrastructure Project [KISA]

South Korea’s Internet & Security Agency (KISA) and its Ministry of Science and Information and Communication Technology (MSIT) have launched a 9.6 billion won project to operationalize wholesale central bank digital currency (CBDC)-based deposit tokens for retail and public-sector payments, extending the Bank of Korea’s Project Hangang pilot into commercial use. The scheme connects existing banking and payment rails to wholesale CBDC infrastructure, allowing nine banks, eight payment firms and selected merchants to support deposit token wallets and potentially cards without replacing point-of-sale hardware. Authorities frame this as a cost-reduction and transparency play for small merchants and government spending, with plans to link programmable deposit tokens to the dBrain public finance platform and business expense programs. Key unresolved issues include scaling compliance and fraud controls for commercialization and how deposit tokens will coexist with separately regulated won stablecoins. [KISA]

BTW if you want to see a complete database of my DFC-related posts going back years, including many that didn’t make the Daily Digest cut, click here.

FYI 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.

Kiffmeister’s #Fintech Daily Digest (20260721)

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ECB Outlines Digital Euro App as it Readies Pilot (ECB)

The European Central Bank (ECB) is to release a smartphone application to support the digital euro. In a July 17, 2026 speech, Piero Cipollone, Member of the Executive Board of the ECB, described a distribution model in which banks either integrate digital euro functionality into their existing mobile banking apps or, if they do not, can deploy a Eurosystem-provided digital euro app at zero licensing cost, backed by a software development kit of reusable components for rapid integration and “develop once, deploy to many” implementation across groups. The ECB’s infrastructure will allow customers to use their current bank app for in-store, online, and person‑to‑person payments across the euro area, with banks retaining the customer interface, data, and interchange economics while the ECB supplies the common rails and a universally offered app that exceeds European Accessibility Act standards and must be made available alongside existing payment options. [ECB]

BTW if you want to see a complete database of my DFC-related posts going back years, including many that didn’t make the Daily Digest cut, click here.

FYI 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.

Kiffmeister’s #Fintech Daily Digest (20260720)

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Bank of Korea Accelerates Commercialization of Deposit Tokens (Yonhap News)

The Bank of Korea (BOK) is reportedly accelerating commercialization of deposit tokens under Phase 2 of Project Hangang, with real-transaction testing expected to resume as early as September 2026, as legislative progress on a won-denominated stablecoin has stalled. Phase 1 (April–June 2025) enrolled 81,000 participants and recorded 114,880 transactions; Phase 2 expands participating banks from seven to nine, adds peer-to-peer transfers, biometric authentication, and broader merchant coverage. A government pilot will test purpose-bound deposit tokens for electric vehicle charging subsidies to prevent fraudulent disbursements. A separate Ministry of Finance and Economy initiative will pilot government bond tokenization linked to the BOK’s institutional central bank digital currency next year. Passage of enabling Digital Assets Act legislation remains unresolved. [Yonhap News]

BTW if you want to see a complete database of my DFC-related posts going back years, including many that didn’t make the Daily Digest cut, click here.

FYI 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.