Tag: Regulation

Kiffmeister’s #Fintech Daily Digest (20251016)

~ kiffmeister

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.

Kiffmeister’s #Fintech Daily Digest (20251008)

~ kiffmeister

Just a reminder that 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.

BOE Plans Carveouts on Stablecoin Cap After Industry Backlash (Bloomberg)

The Bank of England (BOE) reportedly plans to grant exemptions to its proposed £20,000 cap for individuals and £10 million cap for businesses on stablecoin holdings, specifically targeting crypto exchanges and other firms that require large stablecoin positions. The central bank will also allow firms to use stablecoins as settlement assets in its experimental Digital Securities Sandbox, marking a notable shift from Governor Andrew Bailey’s earlier warnings that stablecoins could destabilize public trust in money. This policy adjustment comes amid growing concerns that the UK is falling behind the US in stablecoin regulation, with only $581,000 worth of pound-pegged stablecoins in circulation compared to $468 million in euro-pegged tokens, and fears that talent and investment could flow to New York under the Trump administration’s more favorable Genius Act framework. The changes reflect pressure from the digital payments industry. [Source: Bloomberg]

Pricing in Fast Payments: A Practical and Theoretical Overview (BIS)

The Bank for International Settlements (BIS) published a paper that provides an overview of how fast payment systems (FPS) are priced at various levels, including system participants (banks and payment service providers) and end-users. It reviews global practices, such as free, paid, freemium, and subscription models, highlighting incentives and trade-offs for financial inclusion, innovation, and competition. Using a two-sided market theoretical model (focused on person-to-merchant (P2M) transactions), the authors show that zero-fee models are unsustainable without external subsidies, while different pricing approaches influence both usage volume and social welfare. Some systems (eg Türkiye, Brazil) avoid joining or fixed fees for participants to encourage adoption, while others (eg Australia, the United Kingdom) use a mix of fee types. At the end user level, many (eg Brazil, Malaysia, Thailand) offer free or low-cost transactions for individuals. Fees for merchants can be market-based or regulated (eg Türkiye, India, Mexico). The model shows that FPS usage may be sub-optimal under many pricing schemes that are currently applied in practice. [Source: BIS]

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.

Kiffmeister’s #Fintech Daily Digest (20251006)

~ kiffmeister

DEA MiCAR-Compliant Stablecoin Tracker Expands to Cover CASPs (DEA)

The Digital Euro Association (DEA) open source Markets in Crypto-Assets Regulation (MiCAR) Tracker has broadened its coverage to include both electronic money tokens (EMTs) and crypto-asset service providers (CASPs)(EMTs are stablecoins backed by traditional currencies). The data comes directly from the European Securities and Markets Authority (ESMA) and is continuously updated. The tracker was showing 23 authorized EMTs and 15 licensed EMT issuers across 9 European countries, and 57 registered CASPs across 11 countries as of late September 2025. [Source: DEA]

CBRT and CBUAE Sign MoUs to Exchange CBDC Expertise and Facilitate Cross-Border Payments (CBRT)

The Central Bank of the Republic of Türkiye (CBRT) and the Central Bank of the United Arab Emirates (CBUAE) signed a memorandums of understanding (MoU) on the exchange of expertise in developing central bank digital currency (CBDC) platforms for individuals and institutions. Additionally, the MoU outlines the integration of the Türkiye’s FAST system with UAE’s instant payment platform (Aani) to enhance the efficiency of cross-border financial transactions. This includes linking electronic systems and switches in both countries to improve interoperability and operational effectiveness. [Source: CBRT]

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.

Kiffmeister’s #Fintech Daily Digest (20250926)

~ kiffmeister

Digital Euro Innovation Platform Outcome Report: Pioneers and Visionaries Workstreams (ECB)

The European Central Bank (ECB) published a report on the digital euro innovation platform, established in October 2024 to foster collaboration with diverse stakeholders. The platform included “pioneers” (focused on technical trials) and “visionaries” (exploring long-term innovation). Visionaries proposed features such as integrated electronic receipts, pay-on-delivery systems, AI-powered wallets, and inclusive payment interfaces, emphasizing privacy and accessibility. Pioneers verified the technical feasibility of conditional payments, demonstrating how reservation-of-funds infrastructure could unlock advances in e-commerce, transport, public services, and business payments. Due to broad engagement and interest, the ECB will initiate a second round of experimentation in early 2026 to maximize further innovation and collaboration. [Source: ECB]

EU Finance Ministers Reach Agreement on Digital Euro Next Steps (European Commission and European Council)

European Central Bank (ECB) President Christine Lagarde and European Commissioner Valdis Dombrovskis reached an agreement on the next steps for the digital euro, at a meeting of European Union (EU) finance ministers (the “European Council”) on September 18-19, 2025. Dombrovskis noted that, while progress has been slow but steady over the past two years, there is now increased urgency to resolve open issues and reach political consensus. He noted that a political agreement on the institutional framework for setting holding limits had been reached, ensuring that both the Council and the ECB have a role, which injects fresh momentum toward reaching a common approach by end-2025. Paschal Donohoe, the President of the Eurogroup of Eurozone finance ministers, confirmed that ongoing legal drafting will continue under the Council Presidency, with further presentations to ministers expected. [Source: European Commission and European Council]

e-CNY International Operation Center Officially Launched in Shanghai (PBOC)

The People’s Bank of China (PBOC) officially launched the e-CNY International Operation Center in Shanghai, introducing three key business platforms: the Cross-Border Digital Payment Platform, the Blockchain Service Platform, and the Digital Asset Platform. This initiative aims to bolster cross-border connectivity and showcase Shanghai’s role as an international financial center. The center, managed by the Digital Currency Institute of the PBOC, is tasked with building and operating infrastructure supporting e-CNY’s international use and fostering digital financial innovation. [Source: PBOC]

The Money Dialogues: The Meaning of Money, Innovation, and Stability (IMF)

The IMF’s Finance & Development published an article by Tommaso Mancini-Griffoli on the risk of stablecoin fragmentation that makes direct exchange costly or cumbersome. While solutions such as interoperability mechanisms or even central bank-supported standards are suggested, the article highlights that without concerted efforts for compatibility and regulatory coherence, fragmentation could hinder the benefits of innovation—complicating transactions, fragmenting liquidity, and potentially concentrating power on dominant networks or coins. The article also suggests that if stablecoin issuers had access to central bank reserves, even if only for intra-day settlement, interoperability would be ensured. As a quid pro quo the issuer could have to submit to additional central bank oversight. [Source: IMF]

Upcoming Speaking Engagements:

Stablecoin NYC 2025 (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.

Kiffmeister’s #Fintech Daily Digest (20250915)

~ kiffmeister

U.K. Crypto Groups Hit Out at BoE Plan to Limit Stablecoin Ownership (FT)

A Financial Times (FT)article reported that cryptocurrency groups are strongly opposing the Bank of England (BoE) plan to limit how many stablecoins individuals (£10,000–£20,000) and businesses (£10 million) can hold, a step that would make the UK’s rules much stricter than those in the US or EU. The BoE’s proposal targets “systemic” stablecoins widely used for payments, citing concerns that large holdings could drain bank deposits and threaten financial stability. Critics argue these caps would be difficult and costly to enforce, disadvantage the UK, and hamper the benefits of stablecoins for payments innovation. Industry leaders and academics say such limits would require complex systems like digital IDs, and warn that regulatory delays are already causing the UK to lose leadership in the digital economy. The central bank says the caps could be transitional, with further consultation planned later this year. [Source: FT]

Chilean Central Bank to Start CBDC Proof-of-Concept Work (BCCh)

[August 5, 2025] The Central Bank of Chile (BCCh) published its annual payment systems report in which it announced that it will develop a proof-of-concept (POC) to study the technology behind a central bank digital currency (CBDC) by the end of 2025. The POC will involve controlled testing and simulated transactions in which the BCCh will be the sole participant. The BCCh began its CBDC work in 2021, and in March 2024 it published a report in which it gave an account of lessons learned from different stakeholders. [Source: BCCh]

Upcoming Speaking Engagements:

Stablecoin NYC 2025 (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]

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 (20250912)

~ kiffmeister

Tether Unveils its USA₮ U.S.-Regulated Dollar-Backed Stablecoin (Tether)

Tether will issue a new U.S.-regulated stablecoin called USAT, designed to comply with the GENIUS Act. The token, to be issued by Anchorage Digital and leveraging Tether’s proprietary Hadron tokenization platform, is expected to launch by year’s end and will focus on use cases distinct from Tether’s existing USDT. The move marks a major expansion of Tether’s presence in the U.S., following its recent efforts to comply with anti-money laundering and audit requirements. [Source: Tether]

Retailer Stablecoins (David Birch)

David Birch posted an article that discusses how major retailers like Walmart and Amazon are exploring issuing their own stablecoins to bypass traditional payment systems and reduce transaction fees, potentially threatening banks’ role in payments. Walmart, a key example, has already integrated real-time bank-to-bank payments via its OnePay app and is pushing for faster, instant payments to cut costs and enhance customer experience. The piece notes that retailers, with their massive scale, could benefit from lower payment processing fees and may use stablecoins or direct pay-by-bank methods, with broader adoption spurred by systems like FedNow. It also highlights retailers’ broader fintech ambitions—such as AI shopping assistants, metaverse initiatives, and enabling global transactions for small businesses—arguing these may reshape retail and loyalty. For banks, the article warns that stablecoins could draw deposit funds away, with significant consumer balances already moving to fintech accounts and app wallets, and suggests banks must shift to offering value-added services around identity and data rather than relying on shrinking transaction margins. [Source: David Birch]

Upcoming Speaking Engagements:

Stablecoin NYC 2025 (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]

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 (20250906)

~ kiffmeister

U.S. Financial Market Regulators Propose Making US Financial Markets 24/7 (CFTC and SEC)

The U.S. Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC) jointly announced a new era of close collaboration between the two U.S. market regulators, aiming to harmonize their approaches as financial products—especially crypto-assets—increasingly span both securities and commodities jurisdictions. They emphasized the need to remove regulatory uncertainty and barriers so innovation in markets and products can thrive in the U.S. Key priorities include aligning product and venue definitions, streamlining data/reporting standards, harmonizing capital and margin requirements, enabling joint innovation exemptions (especially for decentralized finance), and supporting 24/7 markets and event contracts. The agencies are launching a joint roundtable on September 29, 2025, to discuss how greater regulatory unity can help retain innovative activity in the U.S. and foster global competitiveness, concluding with a call to use “regulatory harmonization” as a foundation for a new phase of American financial innovation. [Source: CFTC]

Bolivian Central Bank to Publish CBDC White Paper (Vision360)

Banco Central de Bolivia (BCB) reportedly will publish a white paper on a prospective digital boliviano central bank digital currency (CBDC) by the end of September 2025. Motivations for this investigation include modernizing the domestic payment systems and facilitating cross-border transactions. While the BCB is late to the game, central bank officials emphasize that they have completed the necessary groundwork. [Source: Vision360]

Upcoming Speaking Engagements:

The CB+DC Conference (Nassau, Bahamas, September 9-11) is a premier gathering centered on CBDCs, tokenized assets, and stablecoins. It provides a forum for central bankers, commercial bankers, technology innovators, policymakers, and academics to explore the latest advancements in digital currency, engage with experts and peers, and discuss the future of digital currency. [Register here but before you do, email me at john@kiffmeister.com for a 15% discount]

Stablecoin NYC 2025 (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]

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 (20250904)

~ kiffmeister

ECB President Calls to Address Risks from Non-EU Stablecoins (Cointelegraph)

European Central Bank (ECB) President Christine Lagarde called for stronger regulation of non-EU stablecoins, warning that gaps in oversight could threaten European Union (EU) financial stability. The EU’s Markets in Crypto-Assets Regulation (MiCAR) addresses some of these risks by requiring stablecoin issuers to allow redemption at par value and to hold substantial bank reserves. However, there are gaps, especially with multi-issuer stablecoins involving both EU and non-EU entities. In such cases in the event of a run, investors would naturally prefer to redeem in the jurisdiction with the strongest safeguards, which is likely to be the EU, where MiCAR also prohibits redemption fees. But the reserves held in the EU may not be sufficient to meet such concentrated demand. She calls for stronger, coordinated international regulatory safeguards to prevent regulatory arbitrage and ensure stability. [Source: ECB]

Börse Stuttgart Launches Pan-European Tokenized Asset Settlement Platform (Börse Stuttgart)

Börse Stuttgart has introduced Seturion, a pan-European settlement platform leveraging blockchain technology to handle tokenized assets. The platform is targeted at banks, brokers, trading venues, and tokenization platforms, enabling significantly faster and more cost-effective transactions across asset classes. Seturion supports settlements on both public and private blockchains, including cash settlement in central bank money and on-chain cash. Having demonstrated its capabilities in European Central Bank (ECB) blockchain trials and with initial use by BX Digital in Switzerland, Seturion is now available for all European trading venues. Börse Stuttgart claims up to 90% savings in settlement costs with this platform and is in the process of securing regulatory approval under the DLT Pilot Regime from Germany’s Federal Financial Supervisory Authority (BaFin). [Source: Börse Stuttgart]–

Federal Reserve Board Payments Innovation Conference (FRB)

The U.S. Federal Reserve Board (FRB) will host a conference on payments innovation on October 21, 2025, to bring together a range of interested parties to discuss how to further innovate and improve the payments system. The conference will feature panel discussions on the convergence of traditional and decentralized finance, emerging stablecoin use cases and business models, the intersection of artificial intelligence and payments, and the tokenization of financial products and services. [Source: FRB]

Upcoming Speaking Engagements:

The CB+DC Conference (Nassau, Bahamas, September 9-11) is a premier gathering centered on CBDCs, tokenized assets, and stablecoins. It provides a forum for central bankers, commercial bankers, technology innovators, policymakers, and academics to explore the latest advancements in digital currency, engage with experts and peers, and discuss the future of digital currency. [Register here but before you do, email me at john@kiffmeister.com for a 15% discount]

Stablecoin NYC 2025 (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]

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 (20250829)

~ kiffmeister
The GENIUS Act is Now Law. What’s Missing? (MIT DCI)

The MIT Digital Currency Initiative (DCI) published a critique of the recently passed Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, the first U.S. federal law regulating payment stablecoins. While the Act establishes redemption requirements and sets a framework for compliance, it leaves unresolved issues around maintaining stablecoin value in secondary markets, technical interoperability, and regulatory standards for security and smart contracts. The law prohibits issuers from paying interest and introduces ambiguities in its scope—especially regarding new stablecoin models and decentralized systems. Ultimately, although the GENIUS Act represents a major policy advance, unresolved policy, technical, and regulatory questions may impact both users and the future growth of stablecoins in the U.S. [Source: MIT DCI]

Upcoming Speaking Engagements:

The CB+DC Conference (Nassau, Bahamas, September 9-11) is a premier gathering centered on CBDCs, tokenized assets, and stablecoins. It provides a forum for central bankers, commercial bankers, technology innovators, policymakers, and academics to explore the latest advancements in digital currency, engage with experts and peers, and discuss the future of digital currency. [Register here but before you do, email me at john@kiffmeister.com for a 15% discount]

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 (20250822)

~ kiffmeister

Result of the 2024 BIS Survey on Central Bank Digital Currencies (BIS)

The Bank for International Settlements (BIS) published its annual central bank digital currency (CBDC) survey. It found that 91% of the 93 central banks surveyed were actively exploring CBDCs in 2024, with wholesale CBDC development generally more advanced than retail versions. The primary motivation remains preserving the role of central bank money amid declining cash usage and rising asset tokenization, with over one-third of central banks accelerating their CBDC work in response to stablecoin developments. Significant differences exist between advanced economies and emerging market economies in terms of legal frameworks, design features, and use cases—with emerging economies more likely to have clear legal authority and consider features like distributed ledger technology. Simultaneously, 67% of jurisdictions now have enacted or are developing regulations for stablecoins and cryptoassets, while asset tokenization has gained traction in most advanced economies and one-third of emerging markets, particularly in bond markets, suggesting a coordinated evolution of both public and private digital money initiatives. [Read more at the BIS]

Upcoming Speaking Engagements:

The CB+DC Conference (Nassau, Bahamas, September 9-11) is a premier gathering centered on CBDCs, tokenized assets, and stablecoins. It provides a forum for central bankers, commercial bankers, technology innovators, policymakers, and academics to explore the latest advancements in digital currency, engage with experts and peers, and discuss the future of digital currency. [Register here but before you do, email me at john@kiffmeister.com for a 15% discount]

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.