Roadmap for Wholesale CBDC in the Philippines (IMF) The IMF published a high-level technical assistance report that proposes a structured roadmap for exploring a wholesale central bank digital currency (wCBDC) in the Philippines, anchored in use cases for tokenized government bond settlement and cross-border payments within the wholesale payment landscape. The IMF used stakeholder workshops to surface pain points—securities settlement inefficiencies, lack of interoperability, and slow, costly cross-border flows—and then prioritize wCBDC applications to address them. The roadmap, organized under the IMF’s “5P” methodology, sequences foundational work (governance, resources, legal underpinnings, risk and suitability analysis) alongside parallel workstreams for each use case, moving from research to proofs of concept. Unresolved issues include legal reforms, coordination with foreign jurisdictions, and empirically demonstrating net system-wide benefits. [IMF]
A LinkedIn post by the Bank of Israel’s Assaf David-Margalit argues that the Eurosystem’s tokenized-settlement infrastructure (Projects Pontes and Appia) is progressing faster than the legal framework needed to make tokenized-asset settlement in central bank money legally robust and cross-border enforceable. Pontes can be delivered on time because the Eurosystem controls the technical design and build, whereas wholesale-tokenization law depends on European Union (EU) legislative processes, optional “28th regime” techniques, and remains at the level of aspiration rather than a concrete instrument, leaving firms to rely on the Distributed Ledger Technology Pilot Regime and legacy rules. This sequencing gap makes legal certainty, rather than technical readiness, the binding constraint: banks will delay serious adoption until finality, ownership, insolvency treatment, and cross-border enforceability are clarified, so the eventual usefulness of the new rails depends more on lawmaking than engineering. [LinkedIn]
Hong Kong Monetary Authority (HKMA) has created a Tokenised Bond Expert Group to design policy, market practice, and infrastructure changes to scale tokenized bond issuance and trading in Hong Kong’s fixed income market. The group aggregates industry associations, financial institutions, legal firms, and infrastructure and technology providers, and has already begun reviewing how existing legal and regulatory frameworks apply to tokenized bonds. Its initial discussions will feed into an ongoing exercise with the Financial Services and the Treasury Bureau to identify specific legal and regulatory enhancements, with details to follow. [HKMA]
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.
MoneyGram announced the launch of its MGUSD U.S. dollar stablecoin to underpin its global remittance and payments network. MGUSD is framed as an infrastructure layer integrated into a self-custodial wallet in the MoneyGram app, initially in the United States, using Bridge as regulated issuer, M0 smart contracts and Stellar for settlement, with Fireblocks providing custody. Unresolved are regulatory treatment across markets, interoperability with other stablecoins and systems, and how issuance and reserves will be supervised at scale. [MoneyGram]
The Asian Development Bank (ADB) published an assessment of Bhutan’s digital payment infrastructure that included an update on Bhutan’s Royal Monetary Authority (RMA) central bank digital currency (CBDC) projects, both retail and wholesale. The aim is to provide more accessible and secure financial services to a broader population, including underserved communities, and streamline cross‑border transactions, including by reducing the need for correspondent banking relationships and simplifying currency conversion processes in international trade. However, the ADB found that there are gaps in existing financial services regulations and payment systems rules will need to be addressed first. [ADB]
The European Central Bank (ECB) is inviting financial market stakeholders and public sector bodies to express their interest in participating in the Appia Contact Group Appia CG). The Appia project is aimed at enabling the settlement of distributed ledger technology (DLT) transactions using tokenized central bank money (CeBM) via a unified settlement ecosystem. It runs alongside the Pontes project, aimed at settling DLT transactions using API-based trigger and hash-link mechanisms and dedicated DLT cash wallets funded from TARGET accounts, which has its own contact group. The Appia CG will contribute to the Appia roadmap and advise on the operation and evolution of the Pontes pilot. Membership targets future users, contributors to Appia, relevant value‑chain actors, and industry associations. National central banks and selected European authorities participate as observers; the group is chaired and serviced by the European Central Bank and meets quarterly, with work outputs generally published. [ECB]
The European Central Bank (ECB) published the members of the Eurosystem’s High-Level Task Force on Digital Euro, which steers the digital euro project and reports to the ECB’s Governing Council. It is made up of members from national central banks of the Eurosystem. [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.
The Reserve Bank of India (RBI) published its 2025–26 Annual Report in which it provided updates on its multiple retail central bank digital currency (CBDC) pilots tied to direct benefit transfer (DBT) schemes. These included using programmable retail CBDC to distribute food subsidies. Beneficiaries in Gujarat, Puducherry, and Chandigarh received subsidies in CBDC form that could be redeemed only for eligible goods at designated merchants, demonstrating the technology’s ability to target and restrict spending. The RBI views programmability as a key feature for public-sector use cases and plans to extend CBDC pilots to additional DBT programs and broader domestic retail applications during 2026–27. [RBI]
The RBI also reported on its wholesale CBDC pilots. During 2025–26 it developed the Unified Markets Interface (UMI), a platform designed to support tokenized financial assets while using wholesale CBDC for settlement. A pilot involving tokenized certificates of deposit was launched on the platform. The RBI also advanced cross-border wholesale CBDC work through cooperation with Singapore and the UAE and by joining BIS Innovation Hub initiatives Project Rialto and Project Mandala. Looking ahead, it plans additional tokenization pilots, broader participation in UMI-based experiments, and the operationalization of bilateral cross-border CBDC pilots with selected use cases. [RBI]
The European Central Bank (ECB) is proposing a phased extension of TARGET (Trans-European Automated Real-time Gross Settlement Express Transfer) operating hours, in the context of growing instant payments, cross‑border payment reforms and forthcoming distributed ledger technology (DLT) and digital euro services. In the short term it will (i) automatically remunerate excess reserves on all TARGET current accounts, including TARGET Instant Payment Settlement (TIPS) dedicated cash accounts, (ii) introduce rule‑based floor‑ and ceiling‑driven automated liquidity transfers between TIPS cash accounts and main cash accounts via Central Liquidity Management (CLM), and (iii) add a brief weekend TARGET window for liquidity transfers, without changing value‑dating. Medium‑ to long‑term options include near‑24/7 CLM, near‑24/5 real-time gross settlement, later cut‑off times and weekend opening of the Eurosystem Collateral Management System, with open questions on liquidity and run risk when markets are closed, collateral and staffing costs, cyber risk and the alignment of remuneration and value-dating. [ECB].
[March 22, 2026] Fortience (QUNIE) published selection results stating that, under Japan’s Ministry of Economy, Trade and Industry “Global South Future‑Oriented Co‑Creation” program, ABeam Consulting had been chosen for a “Research Project on the Master Plan Development for the Introduction of Central Bank Digital Currency (CBDC) for Cross-Border Payments in Pacific Island Countries.” The RFP window had run from 7 October to 1 November 2024, and the contract’s implementation period was defined as approximately one year from signing, capped at 28 February 2026, implying that most substantive work should have been completed before the March 2026 announcement. The description notes the use of Soramitsu’s blockchain and cites countries “such as Tonga, Samoa, and Cook Islands,” but no master plan, technical design, or central‑bank response linked to this project has been published. [Fortience]
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.
Bank of Korea’s new Governor and ex-BIS Chief Economist, Hyun Song Shin, used his inauguration speech to pledge support for expanding central bank digital currency (CBDC) and bank-issued deposit tokens through the second phase of Project Hangang and cooperation with global initiatives like BIS’s Project Agora to strengthen the won’s role in digital payments, while emphasizing price stability amid external shocks. He conspicuously omitted any reference to won-pegged stablecoins even as lawmakers, backed by President Lee Jae-myung, work on a Digital Asset Basic Act to legally frame local stablecoins, and major financial firms prepare related products, with the bill’s progress delayed until after June regional elections. [The Block]
Japan Securities Clearing Corporation (JSCC) will run a proof of concept (POC) with Mizuho, Nomura and Digital Asset to use Japanese government bonds (JGBs) as onchain collateral on the Canton Network, testing whether JGBs can be transferred and managed digitally while retaining their legal status and enabling 24/7, potentially cross-border, real-time collateral transactions under existing Japanese law. The trial, backed by Japan’s Financial Services Agency under its Payment Innovation Project, aims to inform how one of the world’s largest sovereign bond markets could support digital collateral processes without changing current legal and supervisory frameworks, and follows earlier Canton pilots with tokenized US Treasuries and parallel UK experiments with digital gilts in the Bank of England’s Digital Securities Sandbox. [JSCC]
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.
The Government of Canada published a federal framework in which non‑bank issuers of fiat‑backed stablecoins must register with the Bank of Canada, maintain fully backed high‑quality liquid reserves, and offer at‑par redemption in the reference currency. The framework centralizes prudential oversight at the Bank of Canada while leaving trading, payments, and anti‑money‑laundering oversight to existing securities and payments regimes, aiming to enable innovation and competition in digital payments while tightening consumer protection and financial stability safeguards. It is explicitly designed to align with European Union and United States approaches and with Financial Stability Board recommendations, positioning Canadian‑issued coins for prospective cross‑border interoperability. Key open questions concern how detailed reserve, redemption, and governance standards will be calibrated in regulation over 2026–27 and how authorities will exercise expansive national‑security and public‑interest powers to deny or revoke market access. [Government of Canada]
KfW announces that its third blockchain-based crypto security will migrate both registrar and distributed ledger infrastructure mid‑term to stress‑test Germany’s Electronic Securities Act framework under real market conditions. The bond will shift registrar functions from Cashlink to DekaBank and move from the Polygon blockchain to SWIAT/Regulated Layer One, while also switching wholesale payment processing from the Deutsche Bundesbank’s trigger solution at issuance to the Eurosystem’s forthcoming Pontes platform for coupons and redemption. This staged migration aims to generate evidence for scalable, standardized digital capital-market infrastructure in Europe, but leaves open whether secondary-market liquidity and operational risks will prove manageable at scale. [KfW]
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.
The European Central Bank (ECB) set out the Eurosystem’s comprehensive two pronged payments strategy, defining its vision for the evolution of European payments under rapid technological change. The first prong is upgrading core infrastructures such as T2, the real time gross settlement backbone for high value and time critical payments during business days, and TIPS, the 24/7 Single Euro Payments Area (SEPA) instant retail settlement layer, while developing distributed ledger technology based wholesale settlement via Pontes and Appia. The second prong is a retail digital euro, with tokenized deposits and regulated, EU governed stablecoins in a complementary role. The strategy links tokenization choices to preserving the singleness of money, monetary sovereignty, and financial stability, reduces dependence on non European schemes, and embeds strategic autonomy and cyber resilience into core infrastructures and retail acceptance layers. It also promotes deeper integration of cross border and corporate payments through instant payments, standardization, and interlinking fast payment systems. [ECB]
Norges Bank published a paper that analyzes how tokenized bank deposits and wholesale central bank digital currency (WCBDC) interact with central bank liquidity management under different reserve regimes and settlement designs. They model four configurations combining scarce versus ample reserves with settlement either in traditional reserves via the real-time gross settlement (RTGS) system or in WCBDC on a ledger, showing that liquidity frictions arise mainly when reserves are scarce and tokenized payments can alter banks’ reserve or WCBDC positions close to RTGS cut-off (see table below). This matters because late-in-the-day tokenized flows can force abrupt recourse to standing facilities, complicate overnight redistribution, and impair short-term rate control and monetary policy implementation, particularly in corridor or quota systems. Policy responses include deferred settlement for tokenized deposits settled in reserves and time windows or design tweaks for WCBDC activity. [Norges Bank]
Rashad Ahmed (Anderson Institute for Finance and Economics) and Iñaki Aldasoro (BIS) posted a paper that analyzes U.S. weekly data from 2019–2025 to test whether deposit rates and reserve‑backed stablecoin holdings are substitutes. They find that higher demand deposit rates significantly slow stablecoin market capitalization growth, exploiting a nonlinear deposit‑rate pass‑through “kink” above a 3% federal funds rate, yielding effects about three times larger. This suggests bank funding conditions and monetary policy transmission now extend into stablecoin markets, with stronger substitution for USDC than USDT, aligning with USDC’s tighter links to U.S. users, and no comparable effect for bitcoin. The findings suggest that deposit‑rate regulation, the design of stablecoin regimes, and the stance of monetary policy can reallocate liquidity between banks and USD stablecoins, although identification relies on a single high‑rate episode and aggregate data that leave user‑level motives and heterogeneity across institutions unresolved. [SSRN]
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.
The Bank of Korea (BOK) announced Phase II of Project Hangang. It aims to trial large-scale, won-pegged deposit tokens built on a wholesale central bank digital currency (CBDC) layer, to cut transaction costs for both major corporations and small merchants burdened by credit card fees, building on Phase I’s system build out and 2025 live pilot. Participating banks will expand from 7 to 9 and merchant coverage will be significantly broadened. Phase II will test person to person transfers, biometric authentication, and automatic deposit token funding and sweep out. It will also deepen programmability, using digital vouchers in blockchain based treasury pilots such as an electric vehicle (EV) charging infrastructure project, and continue experiments with AI agent payments and tokenized bonds and equities. The 2026 agenda includes support for government treasury execution, and external consulting on regulation and operating models, with a Phase III vision of low cost universal payments, programmable financial services, and infrastructure for Korea’s broader digital asset ecosystem. [BOK]
The European Central Bank (ECB) launched a call for experts to join two workstreams under the digital euro Rulebook Development Group (RDG) to support further development of the digital euro scheme rulebook, which will set common rules, standards and procedures for using the digital euro across the euro area. One workstream (G5) will focus on implementation specifications for ATMs and payment terminals, including communication technologies, integration of offline digital euro functionality and leveraging existing standards, requiring expertise in ATM and terminal interfacing or provision. The other (B1) will design a certification and approval framework for testing and certifying payment and acceptance solutions and infrastructure used by payment service providers in the digital euro ecosystem, requiring expertise in payments and acceptance devices. The ECB notes that the flexible draft rulebook will be updated to reflect the outcome of the EU legislative process, with any decision to issue a digital euro to follow only after legislation is adopted. [ECB]
The ECB published an updates to its Pontes project aimed at enabling the settlement of distributed ledger technology (DLT) transactions using central bank money (CeBM). Pontes is the near-term DLT-based interoperability solution linking DLT platforms with TARGET Services so DLT transactions settle in CeBM, using API-based trigger and hash-link mechanisms and dedicated DLT cash wallets funded from TARGET accounts. The update focused on a workshop on market-developed smart contracts deployed by national central banks on the Eurosystem DLT (“decentralized programmability”) that would enable cash-locking for delivery-versus-payment, programmable payments, microtransactions, DLT interoperability, and automated corporate actions. [ECB]
The ECB also published an update to its Appia project aimed at enabling the settlement of DLT transactions using CeBM. Appia is the longer-term initiative to provide tokenized CeBM for DLT-based wholesale markets via a unified settlement ecosystem. The update concerns the launching a formal consultation inviting market and public authorities to comment on Appia’s proposed DLT‑based wholesale ecosystem design and six‑block workplan via a structured questionnaire due 22 April 2026. Feedback will shape standards, governance choices, cross‑border linkages, and prioritization of analytical and practical work toward a 2028 blueprint. [ECB]
The U.S. Securities and Exchange Commission (SEC) approved a Nasdaq rule change allowing certain listed securities to clear and settle in tokenized form via a Depository Trust Company (DTC) tokenization pilot. The order authorizes trading tokenized versions of large-cap equities and major index exchange-traded funds (ETFs) on the same order book, with identical CUSIP, symbol, rights, and execution priority as traditional shares, with tokenization preferences expressed through an order flag and implemented post‑trade by DTC. This embeds distributed-ledger-based entitlements within existing exchange, clearing, and surveillance infrastructures, preserves T+1 settlement, and treats tokenized and traditional shares identically for fees, market data, and audit trail. The SEC frames the decision as technology‑neutral, while leaving broader questions about alternative tokenization models, issuer choice, and future non‑fungible tokenized instruments to subsequent rulemakings. [SEC]
Santanu Mondal and T. Chithralekha propose a hybrid offline central bank digital currency (CBDC) architecture that uses zero-knowledge proofs (ZKPs) and secure hardware to enable cash-like payments on resource-constrained internet of things (IoT) devices while preserving regulatory oversight. The system combines a two-tier CBDC model with hierarchical “main wallet / IoT sub‑wallets,” secure elements and trusted execution environments for tamper-resistant key storage and counters, and NFC/BLE device-to-device transfers backed by lightweight ZKPs. This operationalizes intermittently offline CBDC designs, translating privacy-preserving anti–money laundering and counter–terrorist financing rules into on-device limits and ZKP circuits rather than continuous online monitoring, thereby shifting supervisory leverage into protocol and hardware design choices. Unresolved are empirical tradeoffs among proof complexity, device diversity, and real-world performance under regulatory stress scenarios. [arXiv]
Upcoming Speaking Engagements:
The Crypto Assets Conference (Frankfurt, March 25) will focus on the growing importance of digital assets for capital markets and the competitiveness of the European economy. I will be speaking on the uncertain future of CBDC projects. [Register here and get 15% off the regular ticket price.]
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.
The Bank of Canada (BOC) published a paper on the Project Samara live experiment where Export Development Corporation (EDC) issued a Canadian dollar (CAD) bond on a permissioned distributed ledger technology (DLT) platform and settled it in wholesale central bank digital money (W‑CAD), to test end‑to‑end tokenized issuance, T+0 atomic delivery-versus-settlement (DvP) settlement, secondary trading, and lifecycle management on a shared infrastructure. Built on Hyperledger Fabric with separate bond and cash ledgers linked by Hyperledger Weaver hash time lock contracts (HTLCs), the platform consolidates workflows that in traditional CAD markets span multiple intermediaries and systems. The project confirms technical feasibility and shows meaningful efficiency and risk‑management gains from automation, reduced reconciliation, real‑time positions, and atomic settlement. However, it finds higher liquidity costs, added operational and governance complexity, new key‑management and cyber risks, and significant legal/regulatory frictions. [BOC]
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.
Bank of Japan (BOJ) Governor Ueda Kazuo provided updates to the central bank’s digital payments projects. The BOJ is still investigating retail central bank digital currency (CBDC) with an eye towards providing a “digital form of cash” if needed, and has set up (and now plans to reorganize) a CBDC Forum to draw on private‑sector expertise and consider the future of payments more broadly. Internationally, the BOJ is participating in Project Agorá, exploring tokenized deposits and smart‑contract‑based cross‑border interbank payments on blockchains, and domestically it has launched a sandbox to test settlement in central bank current account balances on blockchain‑based systems, including links to existing infrastructures and use cases such as interbank and securities settlement. [BOJ]
The Bank of England (BOE) published a progress update on the digital pound design phase, which is focusing on four workstreams: a joint assessment of need, policy and public‑interest impacts, commercial viability, and operational feasibility; a detailed blueprint covering product design, roles of intermediaries, interoperability in a multi‑money ecosystem, product roadmap, alias services and offline functionality; targeted experiments and proofs of concept (including a prototype ledger architecture and the Digital Pound Lab, where firms test use cases such as POS payments, conditional B2B payments, tourist wallets and programmable features via allowances and locks); and extensive engagement with industry, academia and civil society to refine requirements, privacy protections and user safeguards. This work is tightly linked to the UK National Payments Vision and the new Retail Payments Infrastructure Board, with an emphasis on interoperability between bank deposits, tokenized deposits, stablecoins and a potential digital pound, and on preserving access to cash, prohibiting “programmable money”, and embedding strong privacy and data‑protection guarantees in both law and system architecture. The design phase runs to 2026, and the Bank and HM Treasury plan to publish the blueprint assessment and a decision on whether to proceed with building a digital pound later in 2026. [BOE]
Kraken has become the first crypto firm to obtain a Federal Reserve master account, granted to its banking subsidiary Kraken Financial under a Wyoming special-purpose bank charter, with oversight by the Federal Reserve Bank of Kansas City. The account gives Kraken direct access to Fedwire, the Fed’s core interbank payment network, eliminating its previous reliance on partner banks to handle U.S. dollar settlements and enabling faster deposits and withdrawals for large traders and institutional clients. The approval is limited in scope, however, as Kraken will not earn interest on reserves nor have access to the Fed’s emergency lending facilities, unlike traditional banks. [CoinDesk]
The European Central Bank (ECB) published a paper on rising stablecoin adoption’s impact on monetary policy by reshaping banks’ funding structures and, in turn, the strength and composition of transmission channels. As stablecoins alter banks’ liability mix towards wholesale funding, the traditional bank lending channel is strengthened (through tighter funding constraints) but the deposit channel is weakened (by changing how deposit rates and quantities react to policy rates), thereby undermining the predictability of the overall pass‑through from policy rates to financial conditions. If foreign‑currency (especially USD‑pegged) stablecoins became widely used in the euro area, they would increase banks’ reliance on foreign‑currency wholesale funding and “import” foreign monetary and risk conditions into domestic liquidity and spending, eroding monetary sovereignty and making it harder for the central bank to stabilize inflation and output, particularly in stress episodes. [ECB]
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.
