DFC

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Fnality recognises a major market milestone
Fnality recognises a major market milestone
Fnality sees the new Bank of England omnibus accounts as supportive of the opportunity to use tokenized cash assets on next generation payment systems, enabling on-chain wholesale exchange of value. Fnality uses an Etheruem-based permissioned blockchain developed by Clearmatics, that will run on chain payment systems in multiple currencies with a regulated subsidiary in each jurisdiction. When a bank wants to use Fnality tokens to make a payment, it transfers money from its central bank account to the Fnality omnibus account, which then tokenizes it. The bank then uses the tokens to make a payment, and the recipient bank can then opt to convert the received tokens back to central bank money and have it transferred to its own central bank account. Or it could use the tokens for further payments.
#Fintech#PaymentSystems#CBDC#Stablecoins#Fnality#DFC
·fnality.org·
Fnality recognises a major market milestone
Bank of England publishes policy for omnibus accounts in RTGS
Bank of England publishes policy for omnibus accounts in RTGS
The Bank of England unveiled a new type of omnibus account as part of its real-time gross settlement (RTGS) service. Under the new model, an operator of a payment system can hold funds in the omnibus account to fund their participants’ balances with central bank money. An omnibus account co-mingles funds from different entities for the purposes of wholesale settlement. The new type of account is not limited to wholesale transactions such as buying gilts, but can be used to settle transactions on behalf of customers, such as a small business paying a supplier.
#Fintech#PaymentSystems#CBDC#Stablecoins#DFC
·bankofengland.co.uk·
Bank of England publishes policy for omnibus accounts in RTGS
Bank of England statement on Central Bank Digital Currency
Bank of England statement on Central Bank Digital Currency
The Bank of England and the U.K. Treasury announced the creation of a Central Bank Digital Currency (CBDC) Taskforce that will (i) coordinate exploration of CBDC objectives, use cases, opportunities and risks, (ii) guide evaluation of the design features, and (iii) support a rigorous, coherent and comprehensive assessment of the overall use case. Also, the Bank of England established a CBDC Unit, and created a CBDC Engagement Forum to engage senior stakeholders and gather strategic input on all non-technology aspects of CBDC, and a CBDC Technology Forum to gather input on all technology aspects of CBDC.
#Fintech#CryptoAssets#CBDC#DFC
·bankofengland.co.uk·
Bank of England statement on Central Bank Digital Currency
China may test digital yuan with foreign visitors at Beijing Olympics
China may test digital yuan with foreign visitors at Beijing Olympics
The People’s Bank of China (PBOC) will reportedly try to make it possible for foreign athletes and visitors to use its e-CNY central bank digital currency (CBDC) during the Beijing Winter Olympics in 2022. Deputy governor Li Bo also reportedly said the aim of the e-CNY is not to replace the U.S. dollar’s dominance on the international stage, although in the long term the PBOC hopes to have a cross border solution as well.
#Fintech#CryptoAssets#CBDC#DFC
·cnbc.com·
China may test digital yuan with foreign visitors at Beijing Olympics
The Central Bank of Russia releases plans for digitizing national payments by 2023
The Central Bank of Russia releases plans for digitizing national payments by 2023
The Central Bank of Russia (CBR) released a comprehensive strategy for the next three years of payments development in the country. Prominent among the CBR's strategy is an emphasis on its digital ruble. The CBR is planning for open APIs that will allow the digital ruble to integrate with any other private payment platform, and for the platform to offer offline functionality. It expects an initial prototype to be ready by end-2021, to be followed by initial pilots in 2022, and an implementaion roadmap by end-2022. https://www.cbr.ru/press/event/?id=9761
#Fintech#CryptoAssets#CBDC#DFC
·theblockcrypto.com·
The Central Bank of Russia releases plans for digitizing national payments by 2023
Macau Moves Step Closer to Digital Currency in Threat to Casinos
Macau Moves Step Closer to Digital Currency in Threat to Casinos
The government of Macau reportedly plans to amend laws to regulate the issuance of a virtual legal tender, and will work with the People's Bank of China (PBOC) to study the feasibility of issuing a digital currency. The aim would be to improve effectiveness in reducing money laundering, tax evasion and terrorism financing.
#Fintech#CryptoAssets#CBDC#DFC
·scmp.com·
Macau Moves Step Closer to Digital Currency in Threat to Casinos
Privacy ranked the most important feature for future digital euro
Privacy ranked the most important feature for future digital euro
More than two-thirds of respondents acknowledge the importance of intermediaries providing innovative services that allow access to a digital euro and indicate that it should be integrated into existing banking and payment systems. They would like additional services provided on top of basic digital euro payments.
#Fintech#CryptoAssets#CBDC#DFC
·finextra.com·
Privacy ranked the most important feature for future digital euro
ECB report on the public consultation on a digital euro
ECB report on the public consultation on a digital euro
The European Central Bank (ECB) published in-depth results of their digital euro consultation. The survey, which ran from October 20, 2020 to January 12, 2021 and collected 8,221 responses, asked 18 questions pertaining to the benefits and challenges of issuing a digital euro and on its possible design. It found that privacy is the most demanded feature followed by security and usability. 47% of respondents were from Germany, which is notorious for its continuing high levels of cash usage, and most respondents (33%) come from the tech industry.
#Fintech#CryptoAssets#CBDC#DFC
·ecb.europa.eu·
ECB report on the public consultation on a digital euro
Is CBDC really a public option?
Is CBDC really a public option?
According to George Selgin, many proponents of central bank digital currency (CBDC) too readily assume that it can be viewed as a "public option," that is, something costless to a public that doesn't have to use it if it doesn't wish to. But the CBDC "option" isn't a free lunch: it isn't just an extra menu item consumers can choose, or not, the presence of which can't possibly make them worse off. It is an option we should consider only with due attention to its potential, non-trivial immediate and long-run costs.
#Fintech#CryptoAssets#CBDC#DFC
·threadreaderapp.com·
Is CBDC really a public option?
Digital currency guaranteed by the Czech National Bank - the future of the koruna?
Digital currency guaranteed by the Czech National Bank - the future of the koruna?
"The Czech National Bank has always promoted its technological neutrality. It cannot therefore force the population to innovate that is not driven by societal demand. However, Covid-19 showed us how quickly the population can change their habits. Crises are generally a catalyst, an accelerator of development that would otherwise take many years. Although we are at the beginning in this area, it is possible that digital cash will in some form be part of the future of the Czech koruna as well."
#Fintech#CryptoAssets#CBDC#DFC
·cnb.cz·
Digital currency guaranteed by the Czech National Bank - the future of the koruna?
Visa and PayPal Can Be Polkadots of CBDCs
Visa and PayPal Can Be Polkadots of CBDCs
As CBDCs emerge as a major disruptor to existing infrastructure, interoperability remains one of the most significant roadblocks to their functionality. Although most financial institutions remained wary of digital currencies, payment players like Visa, Mastercard and PayPal have not only accepted the concept of cryptocurrencies and CBDCs but are constantly innovating on both fronts. The future could see them carving out a new niche for themselves – as the interoperability layer for the upcoming CBDC world.
#Fintech#CryptoAssets#CBDC#Interoperability#CrossBorder#DFC
·coindesk.com·
Visa and PayPal Can Be Polkadots of CBDCs
Stablecoin Assessment Framework
Stablecoin Assessment Framework
This Bank of Canada paper proposes a three-step framework to assess the risks of stablecoin arrangements. It is designed to allows authorities to understand the defining characteristics of stablecoin arrangements, to be specific about any concerns they may have, and to be objective in their treatment from issuer to issuer. First, the framework classifies the stablecoin arrangement into three parts, coin structure, related transfer system(s) and related financial service(s), and then categorizes the attributes of each one. Secondly, it identifyies specific risk scenarios that are relevant to the stablecoin arrangement, and thirdly, it quantifies the range of probable loss and possible frequency associated with the identified risk scenarios.
#Fintech#CryptoAssets#Stablecoins#DFC
·bankofcanada.ca·
Stablecoin Assessment Framework
Russia's Digital Ruble Is Getting Closer to the Prototype Stage
Russia's Digital Ruble Is Getting Closer to the Prototype Stage
Bank of Russia deputy governor Alexei Zabotkin and first deputy governor Olga Skorobogatova revealed plans to release a central bank digital currency (CBDC) in 2023. A prototype of the digital ruble will be created by December 2021. The Bank also published a fresh report on the current state and future plans for the project.
#Fintech#CryptoAssets#CBDC#DFC
·coindesk.com·
Russia's Digital Ruble Is Getting Closer to the Prototype Stage
Digital yuan campaign planned for contested island in the South China Sea
Digital yuan campaign planned for contested island in the South China Sea
South China’s Hainan Province, which administers the prefectural Sansha City on a disputed archipelago in the South China Sea, will reportedly run a two-week campaign from April 12 to April 25, to promote the use of the digital yuan among island residents. The Industrial and Commercial Bank’s Hainan Branch will support various consumption offers across island supermarkets, hotels and restaurants, where participants will receive a 99-yuan discount for every expenditure worth 100 yuan.
#Fintech#CryptoAssets#CBDC#China#DFC
·cointelegraph.com·
Digital yuan campaign planned for contested island in the South China Sea
Fei Protocol struggles with a bug as holders are mostly unable to sell the token
Fei Protocol struggles with a bug as holders are mostly unable to sell the token
Despite the apparent complexity, Fei’s mechanism is based on a similar principle to most fiat currencies, where central banks often use their own reserves of gold and foreign currencies to back their currency’s value during periods of strong selling pressure. Direct restrictions on selling are also not new, with countries like Lebanon, Venezuela and Turkey offering recent examples of enacting stringent capital controls in a bid to stabilize their currency’s value.
#Fintech#CryptoAssets#Stablecoins#DFC
·cointelegraph.com·
Fei Protocol struggles with a bug as holders are mostly unable to sell the token
$1B Fei Stablecoin's Rocky Start Is a Wake-Up Call for DeFi Investors
$1B Fei Stablecoin's Rocky Start Is a Wake-Up Call for DeFi Investors
The $1 billion Fei Protocol stablecoin project has gotten off to a very rocky start. Fei was built to maintain a 1:1 peg with the U.S. dollar but it has not quite hit the mark over this first week of its existence. It appears the team underestimated the demand it would see to participate in the launch. It also seems clear that many of those who jumped into the project didn’t understand Fei’s “direct incentive” method for stabilizing the price. For the first few days FEI danced around a nickel to a dime off the target. Since yesterday it has tanked hard, now almost a quarter off its goal of $1, according to CoinGecko.
#Fintech#CryptoAssets#Stablecoins#DFC
·coindesk.com·
$1B Fei Stablecoin's Rocky Start Is a Wake-Up Call for DeFi Investors
No Government Will Allow Anonymous Digital Currency
No Government Will Allow Anonymous Digital Currency
"Technology gives us ways to deliver appropriate levels of privacy into this kind of transactional system and to do it securely and efficiently within a democratic framework. In particular, privacy-enhancing technology gives us the apparently paradoxical ability to keep private data on a shared or public ledger, which I think will form the basis in new financial institutions (the "glass bank" that I am fond of using as the key image) that work in new kinds of markets."
#Fintech#CryptoAssets#CBDC#Privacy#DFC
·forbes.com·
No Government Will Allow Anonymous Digital Currency
Fei Protocol Patches Vulnerability for Over-Collateralized Stablecoin
Fei Protocol Patches Vulnerability for Over-Collateralized Stablecoin
Less than a week after the Fei protocol's April 4 launch, Fei Labs found a vulnerability in the incentive calculation of the Ethereum-backed algorithmic stablecoin. The team patched the vulnerability on April 6, but it did not prevent the stablecoin from losing 20% off its peg. Fei uses a bonding curve to manage supply and demand based upon its collateralization levels, and uses a system of ‘direct incentives’ to penalize the withdrawal of liquidity during periods of selling pressure. This caught many investors off-guard as they would have to take a hit when withdrawing their ETH collateral or the supposed dollar-pegged tokens it generated.
#Fintech#CryptoAssets#Stablecoins#DFC
·finance.yahoo.com·
Fei Protocol Patches Vulnerability for Over-Collateralized Stablecoin
A solution for the e-krona based on blockchain technology has been tested
A solution for the e-krona based on blockchain technology has been tested
"The solution based on blockchain technology that has been developed and tested by the Riksbank in its e-krona project provides new possibilities, but is also new and needs further investigation. This is one of the lessons learned as described in the e-krona pilot project’s report on its first phase. The e-krona pilot has the objective of testing a proposal for a technical solution to increase the Riksbank's knowledge of how an e-krona could function and be used as a complement to cash... One important question is whether the e-krona will function even without access to the internet, what is known as off-line functionality, a possibility the project has not yet tested.
#Fintech#CryptoAssets#CBDC#DFC
·riksbank.se·
A solution for the e-krona based on blockchain technology has been tested
Bank of Japan Commences Central Bank Digital Currency Experiments
Bank of Japan Commences Central Bank Digital Currency Experiments
On April 5, 2021, the Bank of Japan began its Phase 1 central bank digital currency (CBDC) proof of concept (PoC) work. In PoC Phase 1, the Bank plans to develop a test environment for the CBDC system and conduct experiments on the basic functions that are core to CBDC as a payment instrument such as issuance, distribution, and redemption. This phase will be carried out through March 2022. The BoJ will then move to Phase 2 to test more detailed functions of CBDC, and then, if necessary, on to Phase 3, in which private businesses and end-users will participate in a pilot program. https://www.boj.or.jp/announcements/release_2020/rel201009e.htm/
#Fintech#CryptoAssets#CBDC#DFC
·boj.or.jp·
Bank of Japan Commences Central Bank Digital Currency Experiments
Fei Labs raises 639K ETH in genesis event
Fei Labs raises 639K ETH in genesis event
Fei Labs concluded a successful genesis launch of its Fei "non-pegged" stablecoin, raising nearly $1.3 billion in Ethereum from over 17,000 contributors. Stablecoins are typically pegged to a fiat currency, usually the U.S. dollar. However, the values of non-pegged stablecoins float and change over time. They aim to have low short term volatility, while allowing their values to change according to their own demand and the demand for the underlying crypto-assets, over the long term. Ampleforth (launched in June 2019) was one of the first, being followed by Float (February 5, 2021), Rai (February 17), and now Fei.
#Fintech#CryptoAssets#Stablecoins#DFC
·cointelegraph.com·
Fei Labs raises 639K ETH in genesis event
Decentralized FLOAT Stablecoin will Complement RAI and FEI Economies
Decentralized FLOAT Stablecoin will Complement RAI and FEI Economies
The primary purpose of using a stablecoin is to achieve a peg to a fiat currency, usually the U.S. dollar. However, "non-pegged" stablecoins aren't pegged to any fiat currency - their values float and change over time. Non-pegged stablecoins aim to have low short term volatility, allowing them to be practically used as a unit of account. However, over the long-term their values change according to their own demand and the demand for the underlying crypto-assets. Ampleforth, which was launched in June 2019, has been followed by Float (launched on February 5, 2021), Rai (February 17), and Fei (March 22).
#Fintech#CryptoAssets#Stablecoins#Ampleforth#DFC
·beincrypto.com·
Decentralized FLOAT Stablecoin will Complement RAI and FEI Economies
Stability, Elasticity, and Reflexivity: A Deep Dive into Algorithmic Stablecoins
Stability, Elasticity, and Reflexivity: A Deep Dive into Algorithmic Stablecoins
"Can an algorithmic stablecoin truly achieve long-term viability? Will algorithmic stablecoins always be subject to extreme expansionary and contractionary cycles? Which vision of an algorithmic stablecoin is more compelling: a simple rebasing model or a multi-token “seigniorage” system (or something else entirely)?"
#Fintech#CryptoAssets#Stablecoins#Ampleforth#DFC
·mechanism.capital·
Stability, Elasticity, and Reflexivity: A Deep Dive into Algorithmic Stablecoins