DFC

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Reserve - A stablecoin for scaling prosperity
Reserve - A stablecoin for scaling prosperity
The Reserve project is also going through the initial testing stage for its Reserve (RSV) decentralized governance stablecoin. The first phase of its development is centralized, where it will be fiat-collateralised and pegged to the US dollar. To get rid of this dependence, RSV will have to make a contrary step towards decentralization and utilize a “basket of assets,” as of now to consist of three collateral tokens: USD Coin, TrueUSD and Paxos, while still keeping the USD peg until it’s finally abandoned.
#Fintech#CryptoAssets#Stablecoins#Reserve#DFC
·reserve.org·
Reserve - A stablecoin for scaling prosperity
Consumer Payment Behavior in Australia
Consumer Payment Behavior in Australia
The Reserve Bank of Australia's 2019 Consumer Payments Survey provided further evidence that Australian consumers are increasingly preferring to use electronic payment methods. Many people now tap their cards, or sometimes phones, for small purchases rather than paying in cash. Consumers also have an increasing range of options available for making everyday payments. Despite this, cash still accounts for a significant share of lower-value payments and a material proportion of the population continues to make many of their payments in cash.
#Fintech#CBDC#Cash#DFC
·rba.gov.au·
Consumer Payment Behavior in Australia
Moneyness: Paying interest on cash
Moneyness: Paying interest on cash
JP Koning discusses the idea of paying interest on cash, and explores three ways of doing this. The first way is to use stamping, but this means that banknotes are no longer fungible. The second way is for the central bank to sever the traditional 1:1 peg between deposit money and cash, and have cash slowly appreciate in value relative to deposits, but this imposes a calculational burden on merchants and users. Plus there may be taxation issues. The third way is to run lotteries based on banknote serial numbers, an idea proposed by Hu McCulloch and Charles Goodhart back in 1986, but it introduces the threat of bank runs (the day before the big lottery is set to occur, everyone will withdraw deposits for cash so that they can compete in the draw). JP also discusses Gesell's "shrinking money" which has recently been proposed in a Celo C-Lab paper.
#Fintech#CBDC#Cash#DFC
·jpkoning.blogspot.com·
Moneyness: Paying interest on cash
Forward into the future! | L3COS
Forward into the future! | L3COS
L3COS enables the digitalization of society's transactions, ensuring they are fast, safe, verifiable, regulated, transparent, efficient and legal. Using its unique triple layer consensus system, it enables Sovereigns to digitalize transactions faster, more effectively, with greater transparency and stronger security. Its blockchain technology is immutable, fully auditable, traceable, and transparent, making fraud, money laundering or other black-market financing impossible. L3COS brings the benefits of blockchain to the wider economy, corporations and individuals for the first time.
#Fintech#CryptoAssets#Blockchain#CBDC#DFC
·l3cos.com·
Forward into the future! | L3COS
Digital Dollar? Get Real, Financial Inclusion Advocates Tell Congress
Digital Dollar? Get Real, Financial Inclusion Advocates Tell Congress
Currently just a flashy idea, the digital dollar is competing with more prosaic but proven 20th-century methods for the job of getting stimulus funds to every U.S. resident. That’s the takeaway from Thursday’s House Financial Services Committee (FSC) hearing, where witnesses advocated different solutions to the problem.
#Fintech#CryptoAssets#CBDC#DFC
·coindesk.com·
Digital Dollar? Get Real, Financial Inclusion Advocates Tell Congress
Blockchain Firm Pitches CBDC Operating System to Bank of England
Blockchain Firm Pitches CBDC Operating System to Bank of England
UK-based L3COS has submitted a proposal to the Bank of England for a blockchain-based operating system to power a central bank-issued digital currency (CBDC). The L3COS platform uses a triple-layer consensus system which has the laws and regulations of each sovereign authority built into the technology. https://www.prnewswire.com/news-releases/l3cos-proposes-to-build-the-worlds-first-regulated-blockchain-based-operating-system-for-the-bank-of-england-301075011.html
#Fintech#CryptoAssets#CBDC#DFC
·cointelegraph.com·
Blockchain Firm Pitches CBDC Operating System to Bank of England
ECCB charts a digital future
ECCB charts a digital future
The ECCU payment system will require a reexamination of the regulatory framework, the engagement framework and the currency framework and a pilot project using the blockchain based digital currency, dubbed DXCD will test and expose the issues that arise from turning the promise inherent in money from paper to bits.
#Fintech#CryptoAssets#CBDC#DFC
·technewstt.com·
ECCB charts a digital future
Stimulus Payments Delivery During A Pandemic Using FedAccounts And Digital Tools
Stimulus Payments Delivery During A Pandemic Using FedAccounts And Digital Tools
On June 11, 2020 the U.S. House of Representatives held an open hearing of the Task Force On Financial Technology held today, June 11, 2020. One of the focuses was on the idea of direct accounts provided by the Fed for citizens (FedAccounts) using post offices as the brick and mortar access points. The second focus was on the blockchain-based central bank digital currency (digital dollar) that would be distributed through a two tier system, similar to cash distribution today. And the Electronic Transaction Association advocated enhancing the current payment rails to solve the problem of the unbanked by the use of no-cost wallets and debit cards. https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=406617
#Fintech#CryptoAssets#CBDC#DFC
·forbes.com·
Stimulus Payments Delivery During A Pandemic Using FedAccounts And Digital Tools
Tezos and Algorand Latest to Integrate Tech for Anti-Money Laundering Compliance
Tezos and Algorand Latest to Integrate Tech for Anti-Money Laundering Compliance
Algorand has linked up with Chainalysis to help bake regulatory compliance into their blockchains. Chainalysis will provide a know-your-transaction solution, allowing its foundation to monitor large volumes of on-chain activity for the native ALGO token and report any suspicious transactions to the authorities. It will not provide a comprehensive solution to "travel rule" compliance, but it will help Algorand pick out transactions that trigger the rule, as well as identifying relevant senders and receivers.
#Fintech#CryptoAssets#CBDC#AMLCFT#FinancialIntegrity#Algorand#Chainalysis#DFC
·coindesk.com·
Tezos and Algorand Latest to Integrate Tech for Anti-Money Laundering Compliance
National Science Foundation Funds Research Into Crypto Dollars
National Science Foundation Funds Research Into Crypto Dollars
The U.S. National Science Foundation awarded a $225,000 grant to blockchain startup Key Retroactivity Network Consensus (KRNC) to design crypto features for the dollar. The idea is that the digital currency would be distributed free of charge to users in proportion to their existing wealth, and uses a "proof-of-balance" protocol that is based on holders' wealth. https://www.krnc.io/ https://arxiv.org/abs/1909.07433
#Fintech#CryptoAssets#CBDC#DFC
·coindesk.com·
National Science Foundation Funds Research Into Crypto Dollars
Fnality adviser: wholesale CBDCs not in central banks’ DNA
Fnality adviser: wholesale CBDCs not in central banks’ DNA
Fnality, formed of a consortium of 14 major banks, is aiming is to create the means of payment on-chain for financial markets by use of its Utility Settlement Coin (USC). The USC is similar to JPMorgan’s JPM Coin, but backed by central bank deposits. Fnality is currently seeking approval for such deposits from several central banks, including the Federal Reserve, the Bank of England and the European Central Bank, with the intentions to receive its first green light in Q3 of 2020.
#Fintech#CryptoAssets#Stablecoins#CBDC#sCBDC#DFC
·finextra.com·
Fnality adviser: wholesale CBDCs not in central banks’ DNA
Report: Less Than 6 Accounts Control 80% of Wealth on Top Stablecoins
Report: Less Than 6 Accounts Control 80% of Wealth on Top Stablecoins
CoinMetrics has found extreme wealth centralization among many top stablecoins, with at least 80% of the total capitalization for five top stable tokens being held in less than six accounts. And most at least 20% of transfers made using most stablecoins are valued at less than $100, showing significant stable token adoption as a means of payment. The report also found that more than 40% of transactions made using the Paxos Standard Token are directly linked to a single multi-level marketing, or MLM, Ponzi scheme.
#Fintech#CryptoAssets#Stablecoins#DFC
·cointelegraph.com·
Report: Less Than 6 Accounts Control 80% of Wealth on Top Stablecoins
MakerDAO Up by 30% After Vote for ‘Real-World’ Loan Collateral
MakerDAO Up by 30% After Vote for ‘Real-World’ Loan Collateral
MakerDAO's latest spike comes amid a community vote showing strong support for supporting non-crypto-native assets as collateral for the creation of DAI. Currently, MakerDAO users can lock up Ether, Wrapped Bitcoin, Basic Attention Tokens, or the stablecoin USD Coin to fund DAI loans. The vote signaled support for a protocol developed by blockchain startup Centrifuge that would allow “real-world assets” to be tokenized as ERC-20-based securities that can be used as collateral for DAI minting.
#Fintech#CryptoAssets#Stablecoins#MakerDAO#DAI#DFC
·cointelegraph.com·
MakerDAO Up by 30% After Vote for ‘Real-World’ Loan Collateral
When Northern Michigan Bought Things With Traverse Dollars
When Northern Michigan Bought Things With Traverse Dollars
During the Great Depression, some banks were closing temporarily and others failing completely. There was little money in the hands of the people, and given the uncertainty about their prospects of getting more of it, people tended to hoard what little they had. The short supply of U.S. dollars in the 1930s meant there was a need to come up with another way for trade to keep the economy going -- leading to the idea of local currencies, known across the country as Depression scrip.
#Fintech#CryptoAssets#Stablecoins#DFC
·traverseticker.com·
When Northern Michigan Bought Things With Traverse Dollars
Congress To Hold Hearing On ‘Digital Dollar’ Options For Possible Future Stimulus Payments
Congress To Hold Hearing On ‘Digital Dollar’ Options For Possible Future Stimulus Payments
The US House Financial Services Committee will be holding a hearing to discuss the use of digital tools to improve the delivery of stimulus payments on June 11 starting at noon (ET). Congressman Stephen Lynch (D-MA), who serves as Chair of the FinTech Task Force, will oversee. It will focus on recently proposed legislation calling for a FedAccount digital dollar wallet - an account maintained by a Federal Reserve Bank on behalf of any person. https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=406612
#Fintech#CryptoAssets#CBDC#Pandemic#DFC
·forbes.com·
Congress To Hold Hearing On ‘Digital Dollar’ Options For Possible Future Stimulus Payments
Towards Central Bank Digital Currency – A Systematic Literature Review
Towards Central Bank Digital Currency – A Systematic Literature Review
This paper evaluates research from the major central banks and the scientific community regarding CBDC. The focus hereby is on providing a comprehensive view on the topic by introducing, combining and discussing various research fragments. For this purpose, relevant research and publications are identified via a systematic literature review and classified into different groups. We find that research on CBDC is still at an early stage in both academia and within central banks, providing several areas of future research. Motivations and rationales for issuing a CBDC as well as possible design opportunities and potential properties of a CBDC are presented. Furthermore, the analysis is extended to include economic aspects, implications for monetary policy and legal issues.
#Fintech#CryptoAssets#CBDC#DFC
·aisel.aisnet.org·
Towards Central Bank Digital Currency – A Systematic Literature Review
Digital Currency and Economic Crises: Helping States Respond
Digital Currency and Economic Crises: Helping States Respond
This paper proposes a way to equip governments and central banks with a mechanism to help ensure the continuity and sustainability of their economies, along with both speed and transparency of payments with their National Digital Value Container (NDVC). The report lays out a gatekeeper type structure where the central bank or government manages the issuance of a new national digital currency through a new category of supervised businesses named Money Service Businesses (MSBs). With Digital Value Containers (DVC), digital claims upon value are guaranteed by a central bank, in the form of CBDC, or under the Government, in the form of Fiscal Digital Currency (FDC). A DVC would allow any asset to be issued, irrespective of whether it is launched by the central bank or the government. DVCs can theoretically be used for any fungible asset and represent a complementary national payments infrastructure.
#Fintech#CryptoAssets#CBDC#DFC
·arxiv.org·
Digital Currency and Economic Crises: Helping States Respond
Development of the Bank of Lithuania’s digital collector coin has entered its final phase
Development of the Bank of Lithuania’s digital collector coin has entered its final phase
The world’s first blockchain-based digital collector coin (LBCOIN) created by the Bank of Lithuania should be issued by July 2020. 24,000 digital tokens and 4,000 physical silver collector coins will be issued. The tokens will be divided into 6 categories with 4,000 tokens allotted to each of them. When purchasing the digital coin, buyers will get 6 randomly selected digital tokens and only upon collecting a token from each of the 6 categories they will be able to redeem for a physical silver coin. Collectors will be able to store their tokens in a dedicated wallet at the LBCOIN e-shop, and they will be exchangeable between collectors. They will be transferrable to a public NEM wallet, and later be used to redeem a physical silver coin.
#Fintech#CryptoAssets#Blockchain#CBDC#DFC
·lb.lt·
Development of the Bank of Lithuania’s digital collector coin has entered its final phase
A Study of CBDC Model Applicable for the Current Banking Environment
A Study of CBDC Model Applicable for the Current Banking Environment
This paper builds out a multi-tier central bank digital currency operating model thet can be implemented without requiring an overhaul of the current banking system. Central banks will issue coins and govern transactions within the system, while commercial banks will circulate the currency and provide additional services to individuals by the means of smart contracts. The proposed system uses python-sdk for providing user interface through a web application and operating under a single node.
#Fintech#CryptoAssets#CBDC#DFC
·dpnm.postech.ac.kr·
A Study of CBDC Model Applicable for the Current Banking Environment
Who Should Provide Central Bank Digital Currency?
Who Should Provide Central Bank Digital Currency?
With this in mind, central banks should champion sCBDC. Let private providers compete in providing some sort of central bank–sanctioned version of digital currency to the masses. The central bank can limit itself to maintaining the back end and offering a degree of regulation. If sCBDC does not work, the central bank’s reputation won’t be tarnished. And, if sCBDC does take off, the central bank need not worry about its attention being diverted by all the day-to-day concerns of interacting with a retail clientele.
#Fintech#CryptoAssets#CBDC#Stablecoins#sCBDC#DFC
·aier.org·
Who Should Provide Central Bank Digital Currency?
Central Bank Digital Currency: Central Banking for All?
Central Bank Digital Currency: Central Banking for All?

Central Bank Digital Currency: Central Banking for All? This St. Louis Fed paper, which has been kicking around in draft form for some time, discusses how the introduction of a central bank digital currency allows the central bank to engage in large-scale intermediation by competing with private financial intermediaries for deposits. In such a world, because a central bank is not an investment expert and cannot invest in long-term projects itself, it relies on commercial banks to do so. The paper derives an equivalence result that shows that absent a banking panic, the set of allocations achieved with private financial intermediation will also be achieved with a CBDC. During a panic, however, it shows that the rigidity of the central bank's contract with the investment banks has the capacity to deter runs. Thus, the central bank is more stable than the commercial banking sector. Depositors internalize this feature ex-ante, and the central bank arises as a deposit monopolist, attracting all deposits away from the commercial banking sector. This monopoly might endanger maturity transformation.

#Fintech#CryptoAssets#CBDC#DFC
·philadelphiafed.org·
Central Bank Digital Currency: Central Banking for All?
MakerDAO Weighs Accepting Real-World Assets as Crypto Loan Collateral
MakerDAO Weighs Accepting Real-World Assets as Crypto Loan Collateral
MakerDAO is in the process of voting on whether to further diversify the collateral it accepts for loans beyond crypto-assets and tokens to include real-world assets. Specifically, Maker would also allow supply chain invoices and musicians’ future royalty streams as security when it lends out DAI. These assets would be represented on the Ethereum blockchain by non-fungible tokens, the innovation that spawned CryptoKitties. Small businesses and artists could take the borrowed DAI, which usually trades 1-for-1 with the U.S. dollar, to crypto exchanges like Coinbase and convert it to cash.
#Fintech#CryptoAssets#Stablecoins#MakerDAO#DAI#DFC
·coindesk.com·
MakerDAO Weighs Accepting Real-World Assets as Crypto Loan Collateral
Bank of Ghana Works On Establishing Digital Currency
Bank of Ghana Works On Establishing Digital Currency
The Bank of Ghana, says the bank is working on establishing a sandbox to promote innovation in the financial market and also test some concepts including the establishment of a Central Bank Digital Currency. https://www.bog.gov.gh/speeches/address-delivered-by-the-first-deputy-governor-dr-maxwell-opoku-afari-at-a-virtual-stakeholder-workshop-on-payment-systems-service-act-2019/
#Fintech#CryptoAssets#CBDC#Sandboxes#DFC
·dailyguidenetwork.com·
Bank of Ghana Works On Establishing Digital Currency
CBDC tracker - Central Bank Digital Currencies
CBDC tracker - Central Bank Digital Currencies
Here's a CBDC Tracker covers similar territory. The main difference is that it includes wholesale CBDC and some initial sovereign offerings (ISOs) such as the Marshall Islands SOV and Venezuelan Petro. Also it includes projects that are arguably simply central bank run blockchain-based payment rails (eg Cambodia's Project Inthanon). Finally, as far as I can tell, the tabulation doesn't include links to the official (or unofficial) sources of the information. But, on the other hand, it includes some useful information that doesn't fit my more compact presentation, like announcement date, status, technology, and programmability.
#Fintech#CryptoAssets#CBDC#DFC
·cbdctracker.org·
CBDC tracker - Central Bank Digital Currencies
Australia central bank mulls lowering e-payments charge
Australia central bank mulls lowering e-payments charge
The Reserve Bank of Australia is conducting a review of retail payments regulation and will consider reducing the cost of electronic payments for both merchants and consumers given the current COVID-19 related reluctance to use cash. ATM withdrawals were down by 30% from March to April and down by more than 40% from a year earlier. However merchants have been hit by higher charges when debut card payments are automatically routed through certain international payment schemes. https://www.rba.gov.au/speeches/2020/sp-ag-2020-06-03.html
#Fintech#MobileMoney#Cash#Pandemic#DFC
·finextra.com·
Australia central bank mulls lowering e-payments charge
Libra still needs more baking
Libra still needs more baking
Earlier this month the Libra Association issued a new White Paper updating its paper of June 2019.  This column argues that while the authors of the paper now understand that to succeed, their project must address economic and political concerns, they have done nothing to address worries about currency substitution.  A new proposed capital buffer is underspecified.  A key market in Libra futures or forwards is missing, as is a Libra lender of last resort.
#Fintech#CryptoAssets#Stablecoins#Facebook#Libra#DFC
·voxeu.org·
Libra still needs more baking