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UAE Central Bank sets sights on digital currency launch
UAE Central Bank sets sights on digital currency launch
The Central Bank of the United Arab Emirates (CBUAE) has reportedly made central bank digital currency (CBDC) issuance a priority in its 2023-2026 roadmap. However, I’ve found no evidence of this roadmap on the CBUAE website, and we don’t know whether the focus will be on retail or wholesale CBDC.
#CBDC#Fintech#DFC
·gulfnews.com·
UAE Central Bank sets sights on digital currency launch
Central bank digital currencies for cross-border payments
Central bank digital currencies for cross-border payments
This report, prepared by the Committee on Payments and Market Infrastructures, the Bank for International Settlements, the International Monetary Fund and the World Bank, analyses how central bank digital currency (CBDC) could facilitate enhanced cross-border payments, and how practical efforts are taking these considerations forward. It concludes that facilitating international payments with CBDCs can be achieved through different degrees of integration and cooperation, ranging from basic compatibility with common standards to the establishment of international payment infrastructures. The analysis highlights both the need for multilateral collaboration on macro-financial consequences as well as the importance of interoperability between CBDCs.
#Fintech#CBDC#CrossBorder#Payments#DFC
·bis.org·
Central bank digital currencies for cross-border payments
France, Singapore Complete Cross-border CBDC Test
France, Singapore Complete Cross-border CBDC Test
"The Monetary Authority of Singapore and the Banque de France successfully completed a wholesale cross-border payment and settlement experiment using multiple central bank digital currencies (mCBDCs). The experiment between the two central banks, supported by J.P. Morgan’s Onyx, simulated cross-border transactions and cross-currency transactions involving a Singapore dollar CBDC and a euro CBDC, and was conducted using a permissioned, privacy-enabled blockchain based on Quorum technology." For more detail see: https://www.mas.gov.sg/news/media-releases/2021/monetary-authority-of-singapore-and-banque-de-france-break-new-ground-in-cbdc-experimentation
#Fintech#CBDC#mCBDC#CrossBorder#Eurozone#France#DFC
·forkast.news·
France, Singapore Complete Cross-border CBDC Test
Reserve Bank of New Zealand consulting public on a potential CBDC
Reserve Bank of New Zealand consulting public on a potential CBDC
The Reserve Bank of New Zealand will open up public consultations regarding a central bank digital currency (CBDC) and the emergence of new digital forms of money including stablecoins. “The potential for a CBDC to help address some of the downsides of reducing physical cash use and services is something we want to explore for New Zealand. A CBDC, similar to digital cash, might well be part of the solution, but we need to test our assessment of the issues and proposed approach before developing any firm proposals." See: https://www.rbnz.govt.nz/news/2021/07/reserve-bank-confirms-consultations-key-to-the-future-of-how-new-zealanders-pay-and-save
#Fintech#CryptoAssets#CBDC#DFC
·cointelegraph.com·
Reserve Bank of New Zealand consulting public on a potential CBDC
BOJ to pilot digital currency roll-out in August
BOJ to pilot digital currency roll-out in August
The Bank of Jamaica will reportedly commence its central bank digital currency (CBDC) pilot in August. The delayed roll-out of the system, which was supposed to have started in May, will commence with a National Commercial Bank pilot, followed by more banks in September to December. The pilot will then be gradually expanded into a full-fledged launch.
#Fintech#CryptoAssets#CBDC#DFC
·jamaicaobserver.com·
BOJ to pilot digital currency roll-out in August
Circle Isn't Winning the Stablecoin Transparency Race
Circle Isn't Winning the Stablecoin Transparency Race
JP Koning writes about USD Coin transparency, focusing on the nature of its "approved investments." "What are these investments? How many does it own? Circle, USDC's issuer, has never disclosed much information on them. Because Circle is regulated by 44 state licensing boards, and each board has its own permissible investment rules (some very lenient), it's very difficult to reverse-engineer what USDC's "approved investments" might be comprised of. Responding to an inquiry, Circle said that they own 'cash, cash equivalents and short-duration investment-grade assets.' This gives us a bit more of an idea about the nature of Circle's approved investments. But why not get even more transparent? It would be a big win for stablecoin consumers if Circle provided descriptions of its approved investments in subsequent attestation reports, and broke down what proportion of customers' funds are allocated to each bucket."
#Fintech#CryptoAssets#Stablecoins#USDC#DFC
·coindesk.com·
Circle Isn't Winning the Stablecoin Transparency Race
Reserve Bank sees no 'policy case' for digital Aussie dollar just yet
Reserve Bank sees no 'policy case' for digital Aussie dollar just yet
The Reserve Bank of Australia (RBA) is continuing to closely monitor the case for a retail central bank digital currency (CBDC) and is engaging with some other central banks on possible use cases, including for cross-border payments. So far, the central bank does not consider that a policy case has yet emerged for issuing a CBDC. The RBA has also been conducting research on wholesale CBDC at its in-house Innovation Lab, and is close to finalising a project with a number of external parties to explore the implications of delivery-versus-payment settlement on a distributed ledger technology platform as well as other programmability features of tokenised CBDC and financial assets. https://www.aph.gov.au/DocumentStore.ashx?id=c5918da2-21b6-4974-8ef8-29794479f488&subId=709664
#Fintech#CryptoAssets#CBDC#DFC
·zdnet.com·
Reserve Bank sees no 'policy case' for digital Aussie dollar just yet
Vietnam plans to pilot central bank digital currency
Vietnam plans to pilot central bank digital currency
"Several news outlets in Vietnam have reported that country's prime minister, Phạm Minh Chính, has instructed the State Bank of Vietnam to pilot a national digital currency based on blockchain. While it seems this will be a central bank digital currency (CBDC), some have reported that it will be a cryptocurrency. That may in part relate to the semantics of the terms virtual or digital currency." However, I can find nothing about it on the prime minister's website. http://phamminhchinh.chinhphu.vn/
#Fintech#CryptoAssets#CBDC#DFC
·ledgerinsights.com·
Vietnam plans to pilot central bank digital currency
To CBDC or Not to CBDC?
To CBDC or Not to CBDC?
"I’ve listened to all the arguments made for issuing a CBDC in Canada or the US. It seems to me that everything that a CBDC is supposed to fix can already be achieved by another existing process or institution—and these alternatives are typically cheaper and less risky."
#Fintech#CryptoAssets#CBDC#DFC
·aier.org·
To CBDC or Not to CBDC?
Liquidshare, BNP Paribas, Euroclear in CBDC trial for securities settlement
Liquidshare, BNP Paribas, Euroclear in CBDC trial for securities settlement
On June 18th and 25th, the Banque de France successfully carried out a fifth experiment on central bank digital currency (CBDC) with a consortium of actors driven by LiquidShare as part of the experimental program launched in March 2020. The experiment involved the simulation on a private blockchain of the issuance and settlement of unlisted securities and of the settlement of listed securities. Settlements of securities were simulated by CBDC issued on the blockchain. The experiment required the development and deployment of smart contracts so that the Banque de France could issue and control the circulation of CBDC tokens while ensuring that each transfer takes place simultaneously with the delivery of the securities. https://www.banque-france.fr/en/communique-de-presse/banque-de-france-conducts-successful-experiment-use-central-bank-digital-money-consortium-actors
#Fintech#CryptoAssets#Blockchain#Settlement#CBDC#France#DFC
·ledgerinsights.com·
Liquidshare, BNP Paribas, Euroclear in CBDC trial for securities settlement
Roads for the future: central bank digital currency (CBDC) And innovative payments
Roads for the future: central bank digital currency (CBDC) And innovative payments
"Let me say it again: on both digital currency and payments, we in Europe must be ready to move as quickly as needed or risk an erosion of our monetary sovereignty – something we cannot tolerate. European citizens must have access durably to effective and independent means of exchange."
#Fintech#CryptoAssets#CBDC#DFC
·banque-france.fr·
Roads for the future: central bank digital currency (CBDC) And innovative payments
Introduction to the Geopolitics of Central Bank Digital Currencies
Introduction to the Geopolitics of Central Bank Digital Currencies
"Central Bank Digital Currencies are a very special type of digital asset issued by a Central Bank as a legal tender. Everyone agrees that the introduction of a CBDC will increase the power over the national economy of the Central Bank issuing it. As national currencies are routinely used as an instrument of foreign policy, will CBDCs be ever used as offensive weapons?"
#Fintech#CryptoAssets#CBDC#DFC
·linkedin.com·
Introduction to the Geopolitics of Central Bank Digital Currencies
FDIC Requirements for "Pass-Through" Deposit Insurance in Brokered Deposit Programs
FDIC Requirements for "Pass-Through" Deposit Insurance in Brokered Deposit Programs
"This memorandum reviews this recent FDIC guidance, as well as related guidance from the Securities and Exchange Commission (“SEC”) concerning when a broker-dealer or other intermediary6 may have created a separate obligation to its customers that would be a “security” for purposes of the Securities Act of 1933 (“Securities Act”), rather than merely acting as a custodian for customer assets. In our view, failure to comply with the SEC’s guidance concerning the creation of a separate security would pose a significant threat to the availability of “pass-through” deposit insurance."
#Fintech#CryptoAssets#Stablecoins#FDIC#DFC
·sewkis.com·
FDIC Requirements for "Pass-Through" Deposit Insurance in Brokered Deposit Programs
Banco Central do Brasil launches digital Real webinar series
Banco Central do Brasil launches digital Real webinar series
Banco Central do Brasil is running a series of public webinars to debate the general guidelines for a Brazilian central bank digital currency (CBDC), and discuss use cases that can benefit from a digital Real and the most appropriate implementation technologies. There will be seven sessions that will run from July 29 to November that will cover potential applications, identity and data issues, offline capacity, smart contracts, operational issues, cross border integration, platform technology and interoperability with existing payment rails.
#Fintech#CryptoAssets#CBDC#R3#DFC
·bcb.gov.br·
Banco Central do Brasil launches digital Real webinar series
Ukraine Puts CBDC On Par With Cash in New Payments Law
Ukraine Puts CBDC On Par With Cash in New Payments Law
The Verkhovna Rada, the governing body of Ukraine, reportedly passed a law regulating payment methods that officially puts central bank digital currency (CBDC) on par with cash, bank accounts and electronic payments. The law mentions the “digital money of the National Bank of Ukraine – electronic form of a unit of account in Ukraine, emission of which is run by the National Bank of Ukraine.”
#Fintech#CryptoAssets#CBDC#DFC
·coindesk.com·
Ukraine Puts CBDC On Par With Cash in New Payments Law
China's new digital yuan test shows it can be programed to confine utility
China's new digital yuan test shows it can be programed to confine utility
The Chengdu government is issuing 12 million eCNY through a lottery to 100,000 residents as part of the ongoing central bank digital currency (CBDC) test. However, the free e-CNY embeds a pre-programed utility for paying for subway and bus tickets through Chengdu's Tianfutong mobile app or for shared bikes on the Meituan mobile app, encourage users to take more public transportations. This appears to be the first time that eCNY programability is being tested, in this case to ensure that the e-CNY can only be spent for specific purposes.
#Fintech#CryptoAssets#CBDC#SmartContracts#China#DFC
·theblockcrypto.com·
China's new digital yuan test shows it can be programed to confine utility
Stablecoins Risk a Rerun of Financial Crises Past
Stablecoins Risk a Rerun of Financial Crises Past
"Well-managed and properly regulated stablecoins may be useful for certain purposes and players, like those operating in the DeFi world. But stablecoins will never be as stable as dollars, physical or digital – and may even require a bailout when panic over broken promises spreads."
#Fintech#CryptoAssets#Stablecoins#DFC
·coindesk.com·
Stablecoins Risk a Rerun of Financial Crises Past
Spain Considers National Digital Currency Alternative to Euro
Spain Considers National Digital Currency Alternative to Euro
I'm still investigating the accuracy of this story, but according to an article in the Spanish press, the Spanish Socialist Party (PSE), the governing political body in Spain, has proposed creating a national digital currency. According to the PSOE, a national digital currency would allow for more active Spain-specific monetary policy, such as providing a more direct mechanism to injecting liquidity directly into the system. However, it is my understanding that the European Central Bank has exclusive rights to issue general purpose currency in the Eurozone, so I'm not sure if this is even legally possible.
#Fintech#CryptoAssets#CBDC#DFC
·coindesk.com·
Spain Considers National Digital Currency Alternative to Euro
Bank of Russia forms first digital ruble testing group
Bank of Russia forms first digital ruble testing group
The Bank of Russia announced the establishment of the first pilot group for testing the digital ruble, bringing together 12 Russian banks. The Bank also reaffirmed its plans to complete a prototype digital ruble platform by the end of 2021 and roll out testing in January 2022.
#Fintech#CryptoAssets#CBDC#DFC
·cointelegraph.com·
Bank of Russia forms first digital ruble testing group
MAS Partners IMF, World Bank and others to launch Global Challenge for Retail CBDC Solutions
MAS Partners IMF, World Bank and others to launch Global Challenge for Retail CBDC Solutions
The Monetary Authority of Singapore launched the Global CBDC Challenge, to seek innovative retail central bank digital currency (CBDC) solutions to enhance payment efficiencies and promote financial inclusion. Partners include the International Monetary Fund, World Bank, and the Organisation for Economic Co-operation and Development. Firms around the world are invited to submit innovative solutions that can address 12 problem statements centred on the CBDC instrument, distribution; and infrastructure.
#Fintech#CryptoAssets#CBDC#DFC
·mas.gov.sg·
MAS Partners IMF, World Bank and others to launch Global Challenge for Retail CBDC Solutions
Palestinian Monetary Authority Mulls Digital Currency Launch
Palestinian Monetary Authority Mulls Digital Currency Launch
The Palestinian Monetary Authority is reportedly studying the possible issuance of a central bank digital currency (CBDC). Bound by 1990s accords with Israel, Palestine does not have a currency of its own. Instead, the Israeli shekel serves as the de facto currency, alongside the Jordanian dinar and the U.S. dollar. Palestinian banks are prohibited from making large cross-border cash transfers — including to Israel — and are often forced to borrow money to cover remittances. It is hoped that a Palestinian CBDC may address that issue.
#Fintech#CryptoAssets#CBDC#DFC#Palestine
·bloomberg.com·
Palestinian Monetary Authority Mulls Digital Currency Launch
BIS: CBDCs now seem a matter of when not if
BIS: CBDCs now seem a matter of when not if
"If you already have a well functioning, retail fast payments system that already ticks the boxes in terms of serving the public interest, data governance, with all the safeguards you need on know-your-customer, then the additional mileage a national financial system would get from having a fully fledged retail CBDC, it’s not that great. If, on the other hand, you are a jurisdiction where you have a lot of very influential Big Tech companies, that are already a very large part of the financial landscape, . . . here a CBDC will be useful."
#Fintech#CryptoAssets#CBDC#DFC
·ft.com·
BIS: CBDCs now seem a matter of when not if
CBDCs: an opportunity for the monetary system
CBDCs: an opportunity for the monetary system
A Bank for International Settlements (BIS) paper examines how CBDCs can contribute to an open, safe and competitive monetary system that supports innovation and serves the public interest. Like the latest generation of instant retail payment systems, retail CBDCs could ensure open payment platforms and a competitive level playing field that is conducive to innovation. The ultimate benefits of adopting a new payment technology will depend on the competitive structure of the underlying payment system and data governance arrangements. The same technology that can encourage a virtuous circle of greater access, lower costs and better services might equally induce a vicious circle of data silos, market power and anti-competitive practices. CBDCs and open platforms are the most conducive to a virtuous circle. CBDCs built on digital identification could improve cross-border payments, and limit the risks of currency substitution. Multi-CBDC arrangements could surmount the hurdles of sharing digital IDs across borders, but will require international cooperation.
#Fintech#CryptoAssets#CBDC#DFC
·bis.org·
CBDCs: an opportunity for the monetary system
Central Banks and Digital Currencies
Central Banks and Digital Currencies
"Central banks can support the development of digital currencies indirectly, by supporting the public provision of safe, privately issued digital currencies, or more directly, by issuing digital currencies themselves, among other possibilities. These approaches are not necessarily mutually exclusive, especially if there are separate reasons to issue a CBDC. In that case, central banks may need to think about how private sector entities could use the CBDC to support the development of their own stablecoins."
#Fintech#CryptoAssets#CBDC#Stablecoins#DFC
·libertystreeteconomics.newyorkfed.org·
Central Banks and Digital Currencies
Bank of Israel Testing Ethereum Tech in Digital Shekel Trial
Bank of Israel Testing Ethereum Tech in Digital Shekel Trial
Bank of Israel Deputy Governor Andrew Abir reportedly said that Israel has conducted a pilot test of a digital shekel central bank digital currency (CBDC). However, a more recent Bloomberg report implies that it's actually an Ethereum-based proof of concept test. https://www.jpost.com/jpost-tech/israel-has-already-tested-a-digital-shekel-cryptocurrency-671639
#Fintech#CryptoAssets#CBDC#DFC
·bloomberg.com·
Bank of Israel Testing Ethereum Tech in Digital Shekel Trial
Rwanda researching on digital currency
Rwanda researching on digital currency
The National Bank of Rwanda is reportedly studying the possibilities of issuing central bank digital currency (CBDC). According to John Karamuka, the Director of Payment Systems at the central bank, their assessment and study is looking at economic, financial and technology aspects related to CBDC as well as the operationalization model, taking into account the local context. “The study is also analysing the implication of the CBDC on monetary policy and financial stability.”
#Fintech#CryptoAssets#CBDC#DFC
·newtimes.co.rw·
Rwanda researching on digital currency
Stablecoin inflows to exchanges dip as traders watch Bitcoin from the sidelines
Stablecoin inflows to exchanges dip as traders watch Bitcoin from the sidelines
USDT issuance has begun to stagnate while the circulating supply of USDC continues. There has also been an increase in USDC deposited onto exchanges while the amount of USDT has declined. This is significant because Tether printing has historically been the impetus for major market moves, but its continued legal challenges and questions regarding assets held in reserve have made holding the token more of a liability as regulators increasingly crackdown on the cryptocurrency market.
#Fintech#CryptoAssets#Stablecoins#Tether#Circle#DFC
·cointelegraph.com·
Stablecoin inflows to exchanges dip as traders watch Bitcoin from the sidelines
Central Bank Digital Currency: The Battle for the Soul of the Financial System
Central Bank Digital Currency: The Battle for the Soul of the Financial System
"To be clear, we are strong proponents of innovations that reduce costs and improve welfare. But the most important innovations—those that improve the payments system and the supply of credit, do not require universal CBDC and its inherent risks. So, why are central banks so intent on preparing? What is the purpose of such contingency planning? "
#Fintech#CryptoAssets#CBDC#DFC
·moneyandbanking.com·
Central Bank Digital Currency: The Battle for the Soul of the Financial System