Crypto exchange Binance will suspend U.S. dollar transfers
Binance will temporarily suspend U.S. dollar deposits and withdrawals as of February 8th. However, only 0.01% of the exchange’s monthly active users do US dollar bank transfers, and the move applies only to non-U.S. customers who transfer money to or from bank accounts in dollars. (Binance US, a unit of the company that’s regulated by the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN), is not impacted by the suspension.) The suspension is likely due to issues with its bank partner Signature Bank, which said last month that it would stop processing crypto SWIFT transactions under $100,000. [Read more at CNBC]
Seeking the Ideal Privacy Protection: Strengths and Limitations of Differential Privacy
The Bank of Japan (BoJ) published a paper that explains the theory behind differential privacy and its application, and studies and discusses the desirable privacy protection considering the strengths and limitations of the differential privacy. In particular, mathematical methodologies including ones based on differential privacy cannot solely suffice social demands for privacy protection, especially for the control over personal information about oneself. The paper concludes that desirable privacy protection for resolving the social issue should adopt a comprehensive approach that includes laws, regulations, IT systems management, business practices, as well as mathematical methodologies and information security. [Read more at the BoJ]
What is Differential Privacy?
- “Differential privacy is a definition used to describe various methods and techniques for analyzing data sets and extrapolating aggregated results, without directly affecting the privacy of any specific individuals contained within the original data sets.” [Read more at ProPrivacy]
- “Differential privacy makes it possible for tech companies to collect and share aggregate information about user habits, while maintaining the privacy of individual users.” [Read more at the Conversation]
Upcoming conferences, webinars and speaking engagements:
- I’ll be moderating a panel on “what happens when the lights go out…different schemes for offline functionality” at the in-person Digital Currency Conference (DCC) in Mexico City on May 18. [Register here]
Kiffmeister’s global 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 for any of you out there who work for a central bank, ministry of finance or international financial institution 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]