Tag: ETFs

Kiffmeister’s #Fintech Daily Digest (20240119)*

~ kiffmeister

SEC delays decision on Fidelity’s proposed spot Ethereum ETF to March

The U.S. Securities and Exchange Commission (SEC) delayed its deadline to make a decision on Fidelity’s proposal for a spot Ethereum exchange-traded fund (ETF) until March 5. The SEC had authorized 11 spot bitcoin ETFs to begin trading, sparking some in the industry to wonder if a spot Ethereum ETF is next. [Read more at the SEC]

For what it’s worth, likely U.S. Presidential candidate Donald Trump has joined the anti-CBDC clown show: “As your president, I will never allow the creation of a central bank digital currency. Such a currency would give our federal government absolute control over your money.”

FYI here are some of my upcoming speaking engagements:

– Digital Euro Conference 2024 (Frankfurt on February 29)[Register here and get a 20% discount with the Kiffmeister20 code]

*For those interested in intra-day updates, check out my searchable Diigo Fintech developments database, which is also a good place to go to query for past developments: https://www.diigo.com/user/kiffmeister/ART.

Kiffmeister’s central bank digital currency monthly monitor

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 chronicles@kiffmeister.com

The Sovereign Official Digital Association (SODA) is a technology-agnostic firm offering advisory services at the intersection of central banking, digital finance and the web3 industry, aiming to make public digital money a reality. SODA believes institutions in the existing financial ecosystem should have access to the tools and resources they need to move from discussion to action. SODA offers ‘real life’ use cases to help test digital money and drive adoption as central banks and other public institutions explore the future of a more financially inclusive world powered by interoperable blockchain-based networks. SODA would love you to join us on this journey – please get in touch (chris@sodapublicmoney.org).

Satoshi Capital Advisors is a New York-based, global advisory firm that works with central banks, governments, and the private sector to architect, implement, and operate varying initiatives. Satoshi Capital Advisors’ central bank work revolves around CBDC architecture and implementation, providing advisory services from research phase through to growth phase. Utilizing a product-market fit and technology agnostic approach to CBDC architecture and implementation enables Satoshi Capital Advisors to build tailored solutions, bespoke to local financial system nuances. Satoshi Capital Advisors welcomes requests from central bank officials for virtual and in-person CBDC workshops. [Click here for more information]

WhisperCash offers the first fully offline digital currency platform that has the same properties as physical cash. It can perform secure consecutive offline payments without compromising on security, privacy or accessibility. WhisperCash allows direct person to person offline payments without any server infrastructure or internet connectivity. It comes in various form factors including the self-contained credit card-sized “Pro” that sports an eInk screen and capacitive keyboard, and lasts for two weeks between recharges assuming a few transactions per day. [Click here for more information]

Kiffmeister’s #Fintech Daily Digest (20240115)*

~ kiffmeister

Scaramucci says Grayscale ETF sales helped fuel bitcoin decline

Bitcoin and other crypto-assets have tanked since the U.S. Securities and Exchange Commission (SEC) approved eleven spot bitcoin exchange-traded funds (ETFs). Some of the decline is being attributed to profit taking and buy-the-rumor-sell-the-news following the recent runup in prices. However, Skybridge Capital Founder Anthony Scaramucci is also attributing it to sales of Grayscale Bitcoin Trust (GBTC) shares to book losses and shift to lower fee alternatives. Most of GBTC’s competitors are charging annual fees of between 0.20 and 0.40% and many are offering temporary fee waivers, but Greyscale is charging 1.50% with no waiver. According to Finequia’s Matteo Greco, in the initial two days of trading after the ETF approvals there was a cumulative inflow of approximately $1.4 billion into the 11 ETFs and $600 million GBTC outflows. [Read more on Bloomberg]

FYI here are some of my upcoming speaking engagements:

– Digital Euro Conference 2024 (Frankfurt on February 29)[Register here and get a 20% discount with the Kiffmeister20 code]

*For those interested in intra-day updates, check out my searchable Diigo Fintech developments database, which is also a good place to go to query for past developments: https://www.diigo.com/user/kiffmeister/ART.

Kiffmeister’s central bank digital currency monthly monitor

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 chronicles@kiffmeister.com

The Sovereign Official Digital Association (SODA) is a technology-agnostic firm offering advisory services at the intersection of central banking, digital finance and the web3 industry, aiming to make public digital money a reality. SODA believes institutions in the existing financial ecosystem should have access to the tools and resources they need to move from discussion to action. SODA offers ‘real life’ use cases to help test digital money and drive adoption as central banks and other public institutions explore the future of a more financially inclusive world powered by interoperable blockchain-based networks. SODA would love you to join us on this journey – please get in touch (chris@sodapublicmoney.org).

Satoshi Capital Advisors is a New York-based, global advisory firm that works with central banks, governments, and the private sector to architect, implement, and operate varying initiatives. Satoshi Capital Advisors’ central bank work revolves around CBDC architecture and implementation, providing advisory services from research phase through to growth phase. Utilizing a product-market fit and technology agnostic approach to CBDC architecture and implementation enables Satoshi Capital Advisors to build tailored solutions, bespoke to local financial system nuances. Satoshi Capital Advisors welcomes requests from central bank officials for virtual and in-person CBDC workshops. [Click here for more information]

WhisperCash offers the first fully offline digital currency platform that has the same properties as physical cash. It can perform secure consecutive offline payments without compromising on security, privacy or accessibility. WhisperCash allows direct person to person offline payments without any server infrastructure or internet connectivity. It comes in various form factors including the self-contained credit card-sized “Pro” that sports an eInk screen and capacitive keyboard, and lasts for two weeks between recharges assuming a few transactions per day. [Click here for more information]

Kiffmeister’s #Fintech Daily Digest (20240110)*

~ kiffmeister

U.S. SEC approves spot bitcoin exchange-traded products

The U.S. Securities and Exchange Commission (SEC) approved the listing and trading of eleven spot bitcoin exchange-traded funds (ETFs). The eleven issuers are Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity and Franklin. Alongside the omnibus approval order, the SEC published a speech by Chair Gary Gensler that included a warning that “while we approved the listing and trading of certain spot bitcoin [ETFs] today, we did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto.” [Read more at the SEC]

Compromised SEC account posted fake bitcoin ETF tweet

The day prior to the approval announcement, in a case of “do as I say, not as I do”, the U.S. Securities and Exchange Commission (SEC) is not employing two-factor authentication (TFA) on its X account, which was compromised to spread false bitcoin exchange-traded fund (ETF) news, according to X (formerly Twitter). Apparently, the SEC did not have TFA enabled at the time the account was compromised, only a few months after SEC Chair Gary Gensler reminded everyone to use “strong passphrases or passwords and set up multifactor authentication“! The fake tweets caused bitcoin prices to immediately spike to $47,680 from the $46,800 level, and then fall as low as $45,400 as the tweets were found to be fake. The fake tweet announced the approval of 13 spot bitcoin ETFs, which was quickly denied by Gensler. [Read more at Decrypt]

FYI here are some of my upcoming speaking engagements:

– Digital Euro Conference 2024 (Frankfurt on February 29)[Register here and get a 20% discount with the Kiffmeister20 code]

*For those interested in intra-day updates, check out my searchable Diigo Fintech developments database, which is also a good place to go to query for past developments: https://www.diigo.com/user/kiffmeister/ART.

Kiffmeister’s central bank digital currency monthly monitor

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 chronicles@kiffmeister.com

The Sovereign Official Digital Association (SODA) is a technology-agnostic firm offering advisory services at the intersection of central banking, digital finance and the web3 industry, aiming to make public digital money a reality. SODA believes institutions in the existing financial ecosystem should have access to the tools and resources they need to move from discussion to action. SODA offers ‘real life’ use cases to help test digital money and drive adoption as central banks and other public institutions explore the future of a more financially inclusive world powered by interoperable blockchain-based networks. SODA would love you to join us on this journey – please get in touch (chris@sodapublicmoney.org).

Satoshi Capital Advisors is a New York-based, global advisory firm that works with central banks, governments, and the private sector to architect, implement, and operate varying initiatives. Satoshi Capital Advisors’ central bank work revolves around CBDC architecture and implementation, providing advisory services from research phase through to growth phase. Utilizing a product-market fit and technology agnostic approach to CBDC architecture and implementation enables Satoshi Capital Advisors to build tailored solutions, bespoke to local financial system nuances. Satoshi Capital Advisors welcomes requests from central bank officials for virtual and in-person CBDC workshops. [Click here for more information]

WhisperCash offers the first fully offline digital currency platform that has the same properties as physical cash. It can perform secure consecutive offline payments without compromising on security, privacy or accessibility. WhisperCash allows direct person to person offline payments without any server infrastructure or internet connectivity. It comes in various form factors including the self-contained credit card-sized “Pro” that sports an eInk screen and capacitive keyboard, and lasts for two weeks between recharges assuming a few transactions per day. [Click here for more information]

Kiffmeister’s #Fintech Daily Digest (20240104)*

~ kiffmeister

Update on the work of the digital euro scheme’s Rulebook Development Group

The European Central Bank (ECB) has published a report summarizing the progress made by the digital euro scheme’s Rulebook Development Group (RDG). Since the last update in June 2023, the RDG has drafted the first chapters of the digital euro rulebook in line with the legislative proposal and the digital euro design decisions approved by the Governing Council of the ECB. This first draft of the rulebook is an intermediate version which covers: (i) the functional and operational models, including the end-to-end flows describing the functioning of all use cases and services relating to a digital euro; (ii) the technical scheme requirements depicting a high-level architecture and standards which should potentially be considered in a digital euro landscape; and (iii) the adherence model setting out the rights and obligations of scheme members in accordance with the draft legislation. [Read more at the ECB]

Citi alumni plan bitcoin securities that don’t need US SEC approval

A group of former Citigroup executives is starting to offer bitcoin-backed securities that they say don’t need the blessing of the U.S. Securities and Exchange Commission (SEC). Receipts Depositary Corporation (RDC) plans to issue the bitcoin depositary receipts (BTC DRs) to Qualified Institutional Buyers (QIBs) in transactions exempt from registration under the Securities Act of 1933. BTC DRs follow the same construction as American Depositary Receipts (ADRs), and like ADRs, they operate within U.S.-regulated market infrastructure and are cleared through the Depository Trust Company (DTC). BTC DRs have been issued a CUSIP number and an ISIN. [Read more at Markets Media]

ISDA updates master agreement for tokenized collateral

The International Swaps and Derivatives Association (ISDA) has updated an annex to its master derivatives agreement to support the use of tokenized collateral. The Tokenized Collateral Model Provisions do not purport, and should not be considered, to address all issues and considerations that may be relevant in connection to the transfer or receipt of Tokenized Collateral, including, without limitation, enforceability, regulatory, tax and accounting issues and considerations. [Read more at ISDA]

FYI here are some of my upcoming speaking engagements:

– Digital Euro Conference 2024 (Frankfurt on February 29)[Register here and get a 20% discount with the Kiffmeister20 code]

*For those interested in intra-day updates, check out my searchable Diigo Fintech developments database, which is also a good place to go to query for past developments: https://www.diigo.com/user/kiffmeister/ART.

Kiffmeister’s central bank digital currency monthly monitor

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 chronicles@kiffmeister.com

The Sovereign Official Digital Association (SODA) is a technology-agnostic firm offering advisory services at the intersection of central banking, digital finance and the web3 industry, aiming to make public digital money a reality. SODA believes institutions in the existing financial ecosystem should have access to the tools and resources they need to move from discussion to action. SODA offers ‘real life’ use cases to help test digital money and drive adoption as central banks and other public institutions explore the future of a more financially inclusive world powered by interoperable blockchain-based networks. SODA would love you to join us on this journey – please get in touch (chris@sodapublicmoney.org).

Satoshi Capital Advisors is a New York-based, global advisory firm that works with central banks, governments, and the private sector to architect, implement, and operate varying initiatives. Satoshi Capital Advisors’ central bank work revolves around CBDC architecture and implementation, providing advisory services from research phase through to growth phase. Utilizing a product-market fit and technology agnostic approach to CBDC architecture and implementation enables Satoshi Capital Advisors to build tailored solutions, bespoke to local financial system nuances. Satoshi Capital Advisors welcomes requests from central bank officials for virtual and in-person CBDC workshops. [Click here for more information]

WhisperCash offers the first fully offline digital currency platform that has the same properties as physical cash. It can perform secure consecutive offline payments without compromising on security, privacy or accessibility. WhisperCash allows direct person to person offline payments without any server infrastructure or internet connectivity. It comes in various form factors including the self-contained credit card-sized “Pro” that sports an eInk screen and capacitive keyboard, and lasts for two weeks between recharges assuming a few transactions per day. [Click here for more information]

Kiffmeister’s #Fintech Daily Digest (20231113)*

~ kiffmeister

Grayscale Bitcoin Trust discount shrinks to 10.35% as ETF hype persists

The discount on the Grayscale Bitcoin Trust (GBTC) has narrowed to its lowest levels since July 2021. Data from YCharts shows the trust’s discount to its net asset value (NAV) is 10.35% versus the almost 50% during the depths of the FTX-induced crypto winter in December last year. The shrinking comes amid reports that the U.S. Securities and Exchange Commission (SEC) has engaged in discussions with Grayscale Investments regarding the conversion of the trust into a spot Bitcoin exchange-traded fund (ETF). [Read more at Cryptonews]

FYI here are some of my upcoming speaking engagements:

– Currency Research Americas Cash Cycle & Payments Seminar (Orlando Florida on November 27-30)[Register here]

– Digital Euro Conference 2024 (Frankfurt on February 29)[Register here]

*For those interested in intra-day updates, check out my searchable Diigo Fintech developments database, which is also a good place to go to query for past developments: https://www.diigo.com/user/kiffmeister/ART.

Kiffmeister’s central bank digital currency monthly monitor

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 chronicles@kiffmeister.com

The Sovereign Official Digital Association (SODA) is a technology-agnostic firm offering advisory services at the intersection of central banking, digital finance and the web3 industry, aiming to make public digital money a reality. SODA believes institutions in the existing financial ecosystem should have access to the tools and resources they need to move from discussion to action. SODA offers ‘real life’ use cases to help test digital money and drive adoption as central banks and other public institutions explore the future of a more financially inclusive world powered by interoperable blockchain-based networks. SODA would love you to join us on this journey – please get in touch (chris@sodapublicmoney.org).

Satoshi Capital Advisors is a New York-based, global advisory firm that works with central banks, governments, and the private sector to architect, implement, and operate varying initiatives. Satoshi Capital Advisors’ central bank work revolves around CBDC architecture and implementation, providing advisory services from research phase through to growth phase. Utilizing a product-market fit and technology agnostic approach to CBDC architecture and implementation enables Satoshi Capital Advisors to build tailored solutions, bespoke to local financial system nuances. Satoshi Capital Advisors welcomes requests from central bank officials for virtual and in-person CBDC workshops. [Click here for more information]

WhisperCash offers the first fully offline digital currency platform that has the same properties as physical cash. It can perform secure consecutive offline payments without compromising on security, privacy or accessibility. WhisperCash allows direct person to person offline payments without any server infrastructure or internet connectivity. It comes in various form factors including the self-contained credit card-sized “Pro” that sports an eInk screen and capacitive keyboard, and lasts for two weeks between recharges assuming a few transactions per day. [Click here for more information]

Kiffmeister’s #Fintech Daily Digest (20231024)*

~ kiffmeister

Blackrock’s spot Bitcoin ETF listed on DTCC and then removed

Blackrock’s iShares Bitcoin Trust were briefly listed on the DTCC (Depository Trust & Clearing Corporation which clears NASDAQ trades) under the $IBTC ticker. The market took it is a sign that Blackrock is confident that its exchange-traded fund (ETF) will be approved and Bitcoin spiked up by over 15% before giving back some of those gains when the ticker was removed. The market was also excited by the latest amendment to the iShares Bitcoin Trust prospectus revealing that Blackrock planned to start seeding. Seeding an ETF is when “initial funding” is provided to purchase a few creation units, which in this case would mean Bitcoin in exchange for ETF shares which can be traded in the open market as soon as the ETF is approved and launched. [Read more on X]

*For those interested in intra-day updates, check out my searchable Diigo Fintech developments database, which is also a good place to go to query for past developments: https://www.diigo.com/user/kiffmeister/ART.

Kiffmeister’s central bank digital currency monthly monitor

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 chronicles@kiffmeister.com

The Sovereign Official Digital Association (SODA) is a technology-agnostic firm offering advisory services at the intersection of central banking, digital finance and the web3 industry, aiming to make public digital money a reality. SODA believes institutions in the existing financial ecosystem should have access to the tools and resources they need to move from discussion to action. SODA offers ‘real life’ use cases to help test digital money and drive adoption as central banks and other public institutions explore the future of a more financially inclusive world powered by interoperable blockchain-based networks. SODA would love you to join us on this journey – please get in touch (chris@sodapublicmoney.org).

Satoshi Capital Advisors is a New York-based, global advisory firm that works with central banks, governments, and the private sector to architect, implement, and operate varying initiatives. Satoshi Capital Advisors’ central bank work revolves around CBDC architecture and implementation, providing advisory services from research phase through to growth phase. Utilizing a product-market fit and technology agnostic approach to CBDC architecture and implementation enables Satoshi Capital Advisors to build tailored solutions, bespoke to local financial system nuances. Satoshi Capital Advisors welcomes requests from central bank officials for virtual and in-person CBDC workshops. [Click here for more information]

WhisperCash offers the first fully offline digital currency platform that has the same properties as physical cash. It can perform secure consecutive offline payments without compromising on security, privacy or accessibility. WhisperCash allows direct person to person offline payments without any server infrastructure or internet connectivity. It comes in various form factors including the self-contained credit card-sized “Pro” that sports an eInk screen and capacitive keyboard, and lasts for two weeks between recharges assuming a few transactions per day. [Click here for more information]

Kiffmeister’s #Fintech Daily Digest (20230929)*

~ kiffmeister

The National Bank of Georgia is moving ahead with its CBDC project

The National Bank of Georgia (NBG) will launch a “limited access live pilot environment” (sounds like a proof-of-concept phase) to test central bank digital currency (CBDC) system technology capabilities and potential applications. At this stage, the NBG remains technologically agnostic for the Digital GEL project, and has announced a list of nine platform vendors to join the “on field” exploration (AUGENTIC, Bitt, Broxus, Currency Network, DCM Corp, eCurrency Mint, FARI Solutions, Ripple, and Sovereign Wallet (MetaMUI)). NBG will identify one of the vendors to move to the pilot stage to test the CBDC platform in a limited-time run live environment and evaluate practical use cases. [Read more here]

SEC delays decision on spot bitcoin ETF proposals

The U.S. Securities and Exchange Commission (SEC) will delay its decision on several proposals for spot bitcoin exchange-traded funds (ETFs). The affected applicants were BlackRock, Invesco, Bitwise, and Valkyrie. It was originally arranged for October 16-19. The delay may have something to do with the looming threat of a government shutdown in the United States. [Read more at Finance Magnates and Decrypt]

Ripple pulls back from Fortress acquisition 20 days after announcement

Within 20 days of announcing the acquisition of Fortress Trust to allegedly expand its pool of licenses in the United States, Ripple is pulling out of the deal, although Ripple will remain a shareholder in Fortress Trust’s parent company. According to Fortress management the pullout had nothing to do with a security incident involving a third-party analytics vendor that lost the firm between $12 million and $15 million which Ripple jumped in to cover. [Read more at Coin Telegraph]

*For those interested in intra-day updates, check out my searchable Diigo Fintech developments database, which is also a good place to go to query for past developments: https://www.diigo.com/user/kiffmeister/ART.

Kiffmeister’s central bank digital currency monthly monitor

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 chronicles@kiffmeister.com

The Sovereign Official Digital Association (SODA) is a technology-agnostic firm offering advisory services at the intersection of central banking, digital finance and the web3 industry, aiming to make public digital money a reality. SODA believes institutions in the existing financial ecosystem should have access to the tools and resources they need to move from discussion to action. SODA offers ‘real life’ use cases to help test digital money and drive adoption as central banks and other public institutions explore the future of a more financially inclusive world powered by interoperable blockchain-based networks. SODA would love you to join us on this journey – please get in touch (chris@sodapublicmoney.org).

Satoshi Capital Advisors is a New York-based, global advisory firm that works with central banks, governments, and the private sector to architect, implement, and operate varying initiatives. Satoshi Capital Advisors’ central bank work revolves around CBDC architecture and implementation, providing advisory services from research phase through to growth phase. Utilizing a product-market fit and technology agnostic approach to CBDC architecture and implementation enables Satoshi Capital Advisors to build tailored solutions, bespoke to local financial system nuances. Satoshi Capital Advisors welcomes requests from central bank officials for virtual and in-person CBDC workshops. [Click here for more information]

WhisperCash offers the first fully offline digital currency platform that has the same properties as physical cash. It can perform secure consecutive offline payments without compromising on security, privacy or accessibility. WhisperCash allows direct person to person offline payments without any server infrastructure or internet connectivity. It comes in various form factors including the self-contained credit card-sized “Pro” that sports an eInk screen and capacitive keyboard, and lasts for two weeks between recharges assuming a few transactions per day. [Click here for more information]

Kiffmeister’s #Fintech Daily Digest (20230914)*

~ kiffmeister

Franklin Templeton files for Bitcoin ETF

Asset manager Franklin Templeton, which is one of the world’s largest asset managers, filed an application for a spot Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC) on September 12, 2023. The product would be called “The Franklin Bitcoin ETF” and its shares would be listed and traded on the CBOE BZX Exchange. Coinbase would be the fund’s custodian and surveillance-sharing partner. [Read more at Decrypt]

Fintech funding in Europe stumbles 70% YoY

According to Finch Capital’s 8th Annual State of European Fintech Report, European fintech companies secured only EUR 4.6 billion in funding in H1 2023, versus the EUR 15.8 billion raised during the same period in 2022. The deal count in H1 2023 dropped 48% to 463. The massive drop was mainly driven by a decreased number of mega rounds, a retreat in activity from American investors, and a return to investment fundamentals. [Read more at Finch Capital]

Vanuatu launches VANKLIA, a new national payment system

The Reserve Bank of Vanuatu launched a new national digital payment platform, VANKLIA, to strengthen its digital economy and promote financial inclusion. The VANKLIA system is comprised of a real-time gross settlement (RTGS) component and an automated clearing house (ACH) component which facilitates the clearing of low value, high volume electronic fund transfers for batch payments. [Read more at the International Finance Corporation]

*For those interested in intra-day updates, check out my searchable Diigo Fintech developments database, which is also a good place to go to query for past developments: https://www.diigo.com/user/kiffmeister/ART.

Kiffmeister’s central bank digital currency monthly monitor

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 chronicles@kiffmeister.com.

The Sovereign Official Digital Association (SODA) is a technology-agnostic firm offering advisory services at the intersection of central banking, digital finance and the web3 industry, aiming to make public digital money a reality. SODA believes institutions in the existing financial ecosystem should have access to the tools and resources they need to move from discussion to action. SODA offers ‘real life’ use cases to help test digital money and drive adoption as central banks and other public institutions explore the future of a more financially inclusive world powered by interoperable blockchain-based networks. SODA would love you to join us on this journey – please get in touch (chris@sodapublicmoney.org).

Satoshi Capital Advisors is a New York-based, global advisory firm that works with central banks, governments, and the private sector to architect, implement, and operate varying initiatives. Satoshi Capital Advisors’ central bank work revolves around CBDC architecture and implementation, providing advisory services from research phase through to growth phase. Utilizing a product-market fit and technology agnostic approach to CBDC architecture and implementation enables Satoshi Capital Advisors to build tailored solutions, bespoke to local financial system nuances. Satoshi Capital Advisors welcomes requests from central bank officials for virtual and in-person CBDC workshops. [Click here for more information]

WhisperCash offers the first fully offline digital currency platform that has the same properties as physical cash. It can perform secure consecutive offline payments without compromising on security, privacy or accessibility. WhisperCash allows direct person to person offline payments without any server infrastructure or internet connectivity. It comes in various form factors including the self-contained credit card-sized “Pro” that sports an eInk screen and capacitive keyboard, and lasts for two weeks between recharges assuming a few transactions per day. [Click here for more information]

Kiffmeister’s #Fintech Daily Digest (20230901)*

~ kiffmeister

SEC delays spot Bitcoin ETF decision for all applicants including BlackRock, Fidelity

The U.S. Securities and Exchange Commission (SEC) has delayed until October making a decision on all of the spot bitcoin exchange-traded fund (ETF) applications filed by applicants including BlackRock, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise and Valkyrie Digital Assets earlier this year. The SEC has a total of 240 days from when it first begins its review of the applications to make a final decision to approve or deny. SEC staff have traditionally used every possible comment and review period to delay making final decisions until those 240 days have elapsed. [Read more on the SEC website, making sure to focus on the August 31, 2023 updates]

RBI to add support for NFC to India’s UPI Lite digital wallet service

The Reserve Bank of India (RBI) will add support for near-field communications (NFC) payments to the country’s Unified Payments Interface (UPI) Lite digital wallet, enabling users to conduct transactions on their smartphone when there is no internet or mobile connection. The RBI is adding the option to the stored value wallet, launched in September 2022, to “optimize processing resources for banks, thereby reducing transaction failures”. [Read more at the RBI]

Tether’s stablecoin USDT ‘has a peg stability problem’, claims Kaiko analyst

USDT has a peg stability problem compared to other stablecoins. Its redemption fee and minimum means it’s often rational for USDT holders to sell the token on the market rather than redeem it for USD with Tether. As liquidity has dwindled, the market is no longer able to absorb significant USDT selling. Tether charges a 0.1% fee for fiat withdrawals over $1,000, meaning that USDT is redeemable at $0.99, with the minimum fiat withdrawal or deposit set at $100,000. Another catch is that users have to pay a non-refundable amount of $150 for “verification,” which, according to Tether, “is intended to ensure that only those who are serious about establishing an account apply.” [Read more at Decrypt] 

Enabling offline payment scalability

Lipis Advisors in partnership with Crunchfish released the fifth white paper in the “enabling offline payments in an online world” series. The new paper focuses on scalability, pointing out that the choice of hardware or software-based offline trusted environment can greatly impact the scalability features of offline payment systems. Software-based trusted environments are generally more scalable, because they don’t require the distribution of physical components and may be updated more easily. However, in low-income countries where most potential users can’t afford devices that support software-based trusted environments (i.e., smartphones), some combination of hardware- and software-based trusted environments should be implemented to ensure true scalability. [Read more at Crunchfish]

*For those interested in intra-day updates, check out my searchable Diigo Fintech developments database, which is also a good place to go to query for past developments: https://www.diigo.com/user/kiffmeister/ART.

Kiffmeister’s central bank digital currency monthly monitor

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 chronicles@kiffmeister.com.

The Sovereign Official Digital Association (SODA) is a technology-agnostic firm offering advisory services at the intersection of central banking, digital finance and the web3 industry, aiming to make public digital money a reality. SODA believes institutions in the existing financial ecosystem should have access to the tools and resources they need to move from discussion to action. SODA offers ‘real life’ use cases to help test digital money and drive adoption as central banks and other public institutions explore the future of a more financially inclusive world powered by interoperable blockchain-based networks. SODA would love you to join us on this journey – please get in touch (chris@sodapublicmoney.org).

Satoshi Capital Advisors is a New York-based, global advisory firm that works with central banks, governments, and the private sector to architect, implement, and operate varying initiatives. Satoshi Capital Advisors’ central bank work revolves around CBDC architecture and implementation, providing advisory services from research phase through to growth phase. Utilizing a product-market fit and technology agnostic approach to CBDC architecture and implementation enables Satoshi Capital Advisors to build tailored solutions, bespoke to local financial system nuances. Satoshi Capital Advisors welcomes requests from central bank officials for virtual and in-person CBDC workshops. [Click here for more information]

WhisperCash offers the first fully offline digital currency platform that has the same properties as physical cash. It can perform secure consecutive offline payments without compromising on security, privacy or accessibility. WhisperCash allows direct person to person offline payments without any server infrastructure or internet connectivity. It comes in various form factors including the self-contained credit card-sized “Pro” that sports an eInk screen and capacitive keyboard, and lasts for two weeks between recharges assuming a few transactions per day. [Click here for more information]

Kiffmeister’s #Fintech Daily Digest (20230829)*

~ kiffmeister

Grayscale was unreasonably denied its Bitcoin ETF, court rules

The United States Court of Appeals for the DC Circuit ruled in favor of Grayscale in its lawsuit challenging the Securities and Exchange Commission’s (SEC’s) decision to deny the conversion of Grayscale Bitcoin Trust (GBTC) to an exchange-traded fund (ETF). The SEC has previously approved ETFs that track Bitcoin futures, but not spot ETFs, which directly track Bitcoin price. If GBTC is converted to an ETF investors would be able to trade shares more freely than the closed-end trust currently allows, and it would be easier to create and destroy shares, so the discount between Bitcoin prices and GBTC market values would vanish (see graphic below). [Read more at the Verge]

Brazil’s CBDC falls behind schedule as central bank suspends innovation lab

Banco Central do Brasil (BCB) is rumored to be delaying its digital real DREX central bank digital currency (CBDC) pilot by three months, and suspended its LIFT Lab innovation project indefinitely. The delay is being attributed to a slow start in onboarding pilot participants and because the BCB isn’t yet satisfied with the privacy preserving technology it plans to use. [Read more at Ledger Insights]

*For those interested in intra-day updates, check out my searchable Diigo Fintech developments database, which is also a good place to go to query for past developments: https://www.diigo.com/user/kiffmeister/ART.

Kiffmeister’s central bank digital currency monthly monitor

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 chronicles@kiffmeister.com.

The Sovereign Official Digital Association (SODA) is a technology-agnostic firm offering advisory services at the intersection of central banking, digital finance and the web3 industry, aiming to make public digital money a reality. SODA believes institutions in the existing financial ecosystem should have access to the tools and resources they need to move from discussion to action. SODA offers ‘real life’ use cases to help test digital money and drive adoption as central banks and other public institutions explore the future of a more financially inclusive world powered by interoperable blockchain-based networks. SODA would love you to join us on this journey – please get in touch (chris@sodapublicmoney.org).

Satoshi Capital Advisors is a New York-based, global advisory firm that works with central banks, governments, and the private sector to architect, implement, and operate varying initiatives. Satoshi Capital Advisors’ central bank work revolves around CBDC architecture and implementation, providing advisory services from research phase through to growth phase. Utilizing a product-market fit and technology agnostic approach to CBDC architecture and implementation enables Satoshi Capital Advisors to build tailored solutions, bespoke to local financial system nuances. Satoshi Capital Advisors welcomes requests from central bank officials for virtual and in-person CBDC workshops. [Click here for more information]

WhisperCash offers the first fully offline digital currency platform that has the same properties as physical cash. It can perform secure consecutive offline payments without compromising on security, privacy or accessibility. WhisperCash allows direct person to person offline payments without any server infrastructure or internet connectivity. It comes in various form factors including the self-contained credit card-sized “Pro” that sports an eInk screen and capacitive keyboard, and lasts for two weeks between recharges assuming a few transactions per day. [Click here for more information]