DFC

5268 bookmarks
Newest
New York settles with Tether — a wrist-slap, with a strong leash
New York settles with Tether — a wrist-slap, with a strong leash
The New York Attorney General’s office has reached a settlement with the assorted iFinex companies in the investigation they’ve been conducting since late 2018. This is absolutely as good a deal as iFinex could have hoped for — a wrist-slap, with some strong leashes attached. Tether now has three months to present a winning story on their reserves.
#Fintech#CryptoAssets#Stablecoins#Tether#DFC
·davidgerard.co.uk·
New York settles with Tether — a wrist-slap, with a strong leash
Launch of the ECCB DCash CBDC Pilot is Imminent
Launch of the ECCB DCash CBDC Pilot is Imminent
February 13, 2021, Bitt, in partnership with the Eastern Caribbean Central Bank (ECCB), executed the first successful retail central bank digital currency (CBDC) consumer-to-merchant transaction using DCash, the ECCB digital currency. The transaction was completed at Geo F. Huggins’ Foodland, in the island of Grenada. The ECCB has begun to issue DCash to participating financial institutions to enable customer purchases at selected merchants, as part of the closed segment of the DCash pilot. This live exercise is the final step before the public launch in four of the ECCU’s eight sovereign member countries (Antigua and Barbuda, Grenada, Saint Kitts and Nevis and Saint Lucia).
#Fintech#CryptoAssets#CBDC#DFC
·blog.bitt.com·
Launch of the ECCB DCash CBDC Pilot is Imminent
Cryptocurrency Exchange Bitfinex Settles With New York to End Probe
Cryptocurrency Exchange Bitfinex Settles With New York to End Probe
Bitfinex and Tether reached a $18.5 million settlement with the New York Attorney General (NYAG) over allegations that they hid the loss of commingled client and corporate funds and lied about Tether's USDT reserves. Within ninety days of the agreement effective date, and on a quarterly basis thereafter for two two years, the firms will be required to publish reports on the composition of Tether reserves. Without admitting or denying any wrongdoing, Tether committed to publicly share these reports. https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal https://tether.to/tether-and-bitfinex-reach-settlement-with-new-york-attorney-generals-office/
#Fintech#CryptoAssets#Stablecoins#Tether#Regulation#DFC
·bloomberg.com·
Cryptocurrency Exchange Bitfinex Settles With New York to End Probe
ECB wants veto power on stablecoins in the euro zone
ECB wants veto power on stablecoins in the euro zone
In a legal opinion on the European Union (EU) rules, the European Central Bank (ECB) said it should have the final word on whether a stablecoin should be allowed to launch in the euro zone. “Where an asset-reference arrangement is tantamount to a payment system or scheme, the assessment of the potential threat to the conduct of monetary policy, and to the smooth operation of payment systems, should fall within the exclusive competence of the ECB.” It added the proposed EU rules should be changed to say that its opinion on the matter is binding for national authorities assessing applications to issue stablecoins. https://www.ecb.europa.eu/pub/pdf/other/en_con_2021_4_f_sign~ae64135b95..pdf
#Fintech#CryptoAssets#Stablecoins#Regulation#DFC
·reuters.com·
ECB wants veto power on stablecoins in the euro zone
Press release: Central banks of China and United Arab Emirates join digital currency project for cross-border payments
Press release: Central banks of China and United Arab Emirates join digital currency project for cross-border payments
The Digital Currency Institute (DCI) of the People's Bank of China (PBC) and the Central Bank of the United Arab Emirates (CBUAE) have joined the m-CBDC Bridge central bank digital currency (CBDC) project for cross-border foreign currency payments. The m-CBDC Bridge initiative is run in partnership with the BIS Innovation Hub (BISIH), the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BoT). It will further explore the capabilities of distributed ledger technologies (DLT) by developing a proof-of-concept (PoC) prototype to support real-time cross-border foreign exchange payment-versus-payment transactions in multiple jurisdictions, operating 24/7. It will analyse business use cases in a cross-border context with both domestic and foreign currencies.
#Fintech#Blockchain#CBDC#CrossBorder#DFC
·bis.org·
Press release: Central banks of China and United Arab Emirates join digital currency project for cross-border payments
Morocco's central bank to investigate the use of CBDC
Morocco's central bank to investigate the use of CBDC
Morocco’s central bank Bank-Al-Maghrib (BAM) has reportedly launched an exploratory committee to investigate the pros and cons of a central bank digital currency (CBDC) for the Moroccan economy. But this could be the same old news that was reported back in 2019 because there's nothing new reported on the BAM website. http://www.bkam.ma/en/content/view/full/563630
#Fintech#CryptoAssets#CBDC#DFC#Morocco
·thepaypers.com·
Morocco's central bank to investigate the use of CBDC
Russia to present new concept of national digital currency
Russia to present new concept of national digital currency
Central Bank of Russia Governor, Elvira Nabiullina, said that detailed feedback banking community on its October report supports a two-level model of the digital ruble, which allows banks to open wallets for their clients on the central bank’s platform and conduct operations. The central bank will "develop a more detailed concept and start discussing it with the public, market participants, and banks at the beginning of summer.” The next step will be launching and testing a special platform, and amending legislation.
#Fintech#CryptoAssets#CBDC#DFC
·rt.com·
Russia to present new concept of national digital currency
Bermuda to Pilot Digital Dollar for Rum Sales
Bermuda to Pilot Digital Dollar for Rum Sales
Canadian fintech firm Bidali has reportedly launched a pilot to test a digital Bermuda dollar with the support of the Bermuda government. Under the pilot program, popular local rum company Gosling’s Limited will be accepting digital Bermuda dollars through the Stellar network. From there it hopes to expand to other businesses in Bermuda. Bermuda is a British island territory that does not have a central bank and the Bermuda dollar is pegged one-to-one to the U.S. dollar - it's effectively a non-digital government-issued stablecoin with one USD in reserve for every Bermuda Dollar that’s issued. Also, since 2019, Bermudans have been able to pay taxes with USDC stablecoins.
#Fintech#CryptoAssets#Stablecoins#CBDC#DFC
·coindesk.com·
Bermuda to Pilot Digital Dollar for Rum Sales
Stablecoins through history — Michigan Bank Commissioners report, 1839
Stablecoins through history — Michigan Bank Commissioners report, 1839
Stablecoins are a venerable and well-respected part of the history of US banking! Previously, the issuers were called “wildcat banks,” and the tokens were pieces of paper. The wildcat banking era, more politely called the “free banking era,” ran from 1837 to 1863. Banks at this time were free of federal regulation — they could launch just under state regulation. Under the gold standard in operation at the time, these state banks could issue notes, backed by specie — gold or silver — held in reserve. The quality of these reserves could be a matter of some dispute. The wildcat banks didn’t work out so well. The National Bank Act was passed in 1863, establishing the United States National Banking System and the Office of the Comptroller of the Currency — and taking away the power of state banks to issue paper notes.
#Fintech#CryptoAssets#Stablecoins#Regulation#DFC
·davidgerard.co.uk·
Stablecoins through history — Michigan Bank Commissioners report, 1839
Public and Private Money Can Coexist in the Digital Age
Public and Private Money Can Coexist in the Digital Age
According to this IMF blog, if and when countries move ahead with central bank digital currencies, they should consider how to leverage the private sector. Today’s dual-monetary system can be extended to the digital age. Central bank currency—along with regulation, supervision, and oversight—will continue to be essential to anchor stability and efficiency of the payment system. And privately-issued money can supplement this foundation with innovation and diversity—perhaps even more so than today. Where central banks decide to end up on the continuum between private-sector and public-sector involvement in the provision of money will vary by country, and ultimately depend on preferences, technology, and the efficiency of regulation.
#Fintech#CryptoAssets#CBDC#DFC
·blogs.imf.org·
Public and Private Money Can Coexist in the Digital Age
Chinese bank tests biometric hardware wallet for digital yuan payments
Chinese bank tests biometric hardware wallet for digital yuan payments
The Postal Savings Bank of China has reportedly created a biometric hardware wallet for the People's Bank of China central bank digital currency (CBDC) pilot. The new wallet enables easy identity verification for users via fingerprint sensors on the card to provide easier access to the CBDC and healthcare services for the elderly without needing to use smartphones.
#Fintech#CryptoAssets#CBDC#China#DFC
·cointelegraph.com·
Chinese bank tests biometric hardware wallet for digital yuan payments
Proposed Legislation for the Regulation of the provision and use of Central Bank issued Electronic Bahamian Dollars
Proposed Legislation for the Regulation of the provision and use of Central Bank issued Electronic Bahamian Dollars
The Central Bank of The Bahamas (CBOB) has released a consultation paper setting out its proposals for legislation to regulate the provision and use of central bank digital currency (CBDC). It summarizes the key provisions of the draft Central Bank (Electronic Bahamian Dollars) Regulations 2021. These include qualification of wallet providers, interoperability, consumer protection, financial stability and financial inclusion. The CBOB is also proposing other consequential amendments to the Payment Systems Act (No. 7 of 2012) & the Computer Misuse Act (Ch. 107A). These legislative amendments are set out in the draft Payment Systems (Amendment) Bill 2021 and the draft Computer Misuse (Amendment) Bill 2021. The consultation period will end on 31st March, 2021. https://www.centralbankbahamas.com/viewPDF/documents/2021-02-15-11-24-12-Central-Bank-Electronic-Bahamian-Dollars-Regulations-2021.pdf https://www.centralbankbahamas.com/news/press-releases/public-consultation-on-proposed-legislation-for-the-regulation-of-the-provision-and-use-of-central-bank-issued-electronic-bahamian-dollars
#Fintech#CryptoAssets#CBDC#Regulation#DFC
·linkedin.com·
Proposed Legislation for the Regulation of the provision and use of Central Bank issued Electronic Bahamian Dollars
Can digital central bank currencies function as cash?
Can digital central bank currencies function as cash?
According to a Sveriges Riksbank staff memo, it would be misguided to expect cash-like features of a central bank digital currency (CBDC). In order for a CBDC to be cash-like, it would need to be both anonymous and usable off-line, but the paper claims that the technical construction of digital currencies requires that they be verified by a remote ledger, in order to avoid double spending. It dismisses the possibility of using local devices that cannot be tampered with and program them such that a token cannot be spent more than once, claiming that such 100% tamper-proof devices do not exist. However, this is untrue. Mondex used tamper-resistant hardware to do exactly what the paper says is impossible. It failed due to a flawed business model, and not any technical shortcomings.
#Fintech#CryptoAssets#CBDC#Offline#DFC
·riksbank.se·
Can digital central bank currencies function as cash?
Central Bank Digital Money Won't Replicate Cash, Sweden's Riksbank Says
Central Bank Digital Money Won't Replicate Cash, Sweden's Riksbank Says
According to a Sveriges Riksbank staff memo, it would be misguided to expect cash-like features of a central bank digital currency (CBDC). In order for a CBDC to be cash-like, it would need to be both anonymous and usable off-line. But the paper claims that the technical construction of digital currencies requires that they be verified by a remote ledger, in order to avoid double spending.
#Fintech#CryptoAssets#CBDC#Offline#DFC
·bloomberg.com·
Central Bank Digital Money Won't Replicate Cash, Sweden's Riksbank Says
Diem Stablecoin Prepares for Liftoff With Fireblocks Custody Partnership
Diem Stablecoin Prepares for Liftoff With Fireblocks Custody Partnership
Crypto custodian Fireblocks and payments platform First Digital Assets Group are providing connectivity and support to Diem, the global stablecoin and payments system formerly known as Libra. They will provide the digital plumbing to allow financial service providers such as banks, exchanges, payment service providers (PSPs) and eWallets to plug into Diem on day one. Diem plans to emerge around the end of this quarter, with a modest minimum viable project based around a U.S. dollar stablecoin.
#Fintech#CryptoAssets#Stablecoins#Facebook#DFC
·coindesk.com·
Diem Stablecoin Prepares for Liftoff With Fireblocks Custody Partnership
South Africa launches second CBDC trial
South Africa launches second CBDC trial
The South African Intergovernmental Fintech Working Group (IFWG) launched 'Project Khokha 2' to explore the use of tokenised money, blockchains and wholesale central bank digital currency (CBDC) in South Africa. The CBDC will use R3’s Corda enterprise blockchain, and the settlement token and debenture will use a variant of Cosmos blockchain interoperability solution. Accenture will be responsible for tokenizing the wholesale CBDC on Corda. Block Markets Africa will help with distributed ledger technology, tokenizing the bonds and the wholesale payment token using its custom Cosmos-based solution. And Deloitte will document the insights. Other participants in the trials will include commercial banks Absa, FirstRand, Investec, Nedbank, and Standard Bank, the Johannesburg Stock Exchange (JSE), and Strate, South Africa’s central securities depository.
#Fintech#Blockchain#CBDC#DFC
·ledgerinsights.com·
South Africa launches second CBDC trial
Technical solution for the e-krona pilot
Technical solution for the e-krona pilot

There is currently no decision on issuing an e-krona, how an e-krona might be designed or what technology might be used. In partnership with Accenture, the Riksbank is conducting a pilot project to develop a proposal for a technical solution for an e-krona that can work as a complement to cash. The main aim of the pilot is for the Riksbank to increase its knowledge of a central bank-issued digital krona. The project is now being extended to the end of February 2022. The aim for the coming year is to continue developing the technical solution, with the focus on performance, scalability, testing of off-line functions and bringing external participants into the test environment. There is currently no decision on issuing an e-krona, how an e-krona might be designed or what technology might be used.

#Fintech#CryptoAssets#CBDC#DFC
·riksbank.se·
Technical solution for the e-krona pilot
Regulators and banks are now testing a ‘digital currency’ system in South Africa
Regulators and banks are now testing a ‘digital currency’ system in South Africa
The South African Intergovernmental Fintech Working Group (IFWG) launched ‘Project Khokha 2’ to explore the use of tokenised money, blockchains and digital currency in South Africa. This comes after the group’s first Project Khokha test which looked at using blockchain technology to speed up payment systems in the country. As part of Project Khokha 2, the IFWG said it will further investigate the use of Distributed Ledger Technology (DLT) in the country’s financial sector. https://www.ifwg.co.za/wp-content/uploads/PK2_IFWG_PressRelease_Project_Launch.pdf
#Fintech#Blockchain#CBDC#DFC
·businesstech.co.za·
Regulators and banks are now testing a ‘digital currency’ system in South Africa
Nouriel Roubini: ‘Tether is a criminal enterprise,’ SEC should probe Elon Musk’s bitcoin tweets
Nouriel Roubini: ‘Tether is a criminal enterprise,’ SEC should probe Elon Musk’s bitcoin tweets
Nouriel Roubini thinks Tether is issuing fake money. And that nothing short of an audit will prove the $30 billion in USDT the BVI-registered company has spewed out into the crypto markets thus far are even 74% backed. Tether is a “criminal enterprise,” he bluntly told reporters on Coindesk TV. In a 10-minute interview, Roubini predicted Tether’s looming demise, called for the SEC to look into Elon Musk’s bitcoin tweets, and claimed that central bank digital currencies will spell the end for crypto.
#Fintech#CryptoAssets#ElonMusk#Stablecoins#Tether#DFC
·amycastor.com·
Nouriel Roubini: ‘Tether is a criminal enterprise,’ SEC should probe Elon Musk’s bitcoin tweets
Canadian universities propose designs for a central bank digital currency
Canadian universities propose designs for a central bank digital currency
The Bank of Canada engaged three independent university project teams to conduct CBDC exploratory design work with minimal direction from the Bank. All three design proposals were published. While the Bank is ramping up contingency planning for a central bank digital currency, it currently has no plans to issue one. The proposed designs are therefore not intended to be adopted by the Bank. Rather, the Bank will use these reports to inform its thinking and advance public conversation on a central bank digital currency design.
#Fintech#CryptoAssets#CBDC#Canada#DFC
·bankofcanada.ca·
Canadian universities propose designs for a central bank digital currency
MasterCard announces support for crypto on its network
MasterCard announces support for crypto on its network
MasterCard has announced plans to support cryptocurrencies in 2021, paving the way for its nearly one billion users to spend digital assets at more than 30 million merchants. MasterCard also noted it is “actively engaging with several major central banks around the world” to support central bank digital currency initiatives, or CBDCs. Last year, the firm released a "virtual sandbox" tool to demonstrate how a CBDC can be used to settle consumer purchases using MasterCard’s infrastructure. https://www.mastercard.com/news/perspectives/2021/why-mastercard-is-bringing-crypto-onto-our-network/
#Fintech#CryptoAssets#MasterCard#CBDC#DFC
·cointelegraph.com·
MasterCard announces support for crypto on its network
Payments innovation beyond the pandemic
Payments innovation beyond the pandemic
The Bank of Canada's work to prepare its contingency plan for launching a central bank digital currency (CBDC) has accelerated, driven by a sharp decline in the acceptance of cash. If this trend continues beyond the pandemic and/or private digital currencies take hold as means of payment, the Bank could be pushed over the edge. If the latter scenario emerges, a central bank, with no commercial motivation to harvest data, is uniquely positioned to build into its digital currency safeguards for privacy, while at the same time defending against criminal uses. Universal access would need to be another key feature of a central bank digital currency. Meanwhile, the Bank has been researching and experimenting with different technologies, and engaged three university project teams to independently develop proposals for what a digital currency ecosystem could look like. Their reports will be published on February 11.
#Fintech#CryptoAssets#CBDC#Stablecoins#DFC
·bankofcanada.ca·
Payments innovation beyond the pandemic
The conversation on general-purpose central bank digital currency
The conversation on general-purpose central bank digital currency
According to a Minneapolis Fed article, "the benefits of a central bank digital currency (CBDC) in the United States are not immediately obvious. Largely due to the legal and regulatory framework supporting the payments infrastructure, an end user’s buying power and ability to trust in the integrity of a transaction are the same for banknotes and bank account balances. Because the banking sector facilitates the exchange of funds between parties, the absence of central bank-issued digital money for general purposes is not currently an issue for most Americans."
#Fintech#CryptoAssets#CBDC#DFC
·minneapolisfed.org·
The conversation on general-purpose central bank digital currency