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Central Bank of Nigeria approves CBDC use for remittances
Central Bank of Nigeria approves CBDC use for remittances
The Central Bank of Nigeria (CBN) has introduced the eNaira as a payment option for inbound remittances in an effort to help increase the adoption of the central bank digital currency (CBDC). It's part of the CBN's efforts to liberalize the payout of diaspora remittances and promote the adoption of the eNaira.  International money transfer operators (IMTOs) will need to apply for a one-time “no-objection” and open Merchant Wallets through the central bank to offer customers the possibility of using the eNaira for cross-border remittances.
#Fintech#CBDC#Nigeria#CrossBorder#Remittances#DFC
·ledgerinsights.com·
Central Bank of Nigeria approves CBDC use for remittances
JP Morgan rolls out JPM Coin blockchain payments in euro
JP Morgan rolls out JPM Coin blockchain payments in euro
JPM Coin, which JP Morgan launched in 2019 to move dollars, has gone live with euro transactions. Germany’s Siemens AG conducted the first euro payment on the platform. JPM Coin can only move money between JPM branches or to other JP Morgan clients. Hence the bank refers to the solution as blockchain-based bank accounts. JPM Coin is a tiny part of JPMorgan’s payments business. The bank has used it to process about $300 billion of transactions since its launch, versus the nearly $10 trillion of payments it processes overall on a daily basis.
#Fintech#CryptoAssets#Blockchain#JPMCoin#Stablecoins#DFC
·ledgerinsights.com·
JP Morgan rolls out JPM Coin blockchain payments in euro
Cross-border payments made easy with Digital Money
Cross-border payments made easy with Digital Money
"Starting today, you can get a first impression on this new approach for cross-border payments as SAP is launching a pre-view of the SAP Digital Currency Hub that showcases how easy cross-border payments with Digital Money will become in the future. (Rather than using traditional payment rails, business partners agree on settling a cross-border transaction with USDC or EUROC.)
#Fintech#CryptoAssets#Stablecoins#Circle#USDC#CrossBorder#SAP#DFC
·blogs.sap.com·
Cross-border payments made easy with Digital Money
Interest in CBDCs Picks Up in Latin America and the Caribbean
Interest in CBDCs Picks Up in Latin America and the Caribbean
"Most central banks in LAC are analyzing the potential introduction of CBDCs, with some island nations having already issued their own. According to our survey with government officials in the region, half of the respondents were considering both retail (i.e., designed for the general public) and wholesale (i.e., intended for use by financial institutions) CBDC options."
#Fintech#CBDC#LATAM#Caribbean#DFC
·imf.org·
Interest in CBDCs Picks Up in Latin America and the Caribbean
Boosting Adoption is Key for CBDC Viability in Asia Pacific
Boosting Adoption is Key for CBDC Viability in Asia Pacific
"The viability of CBDC initiatives depends on adoption. CBDCs must meet users’ preferences – eg, the need for privacy and usability – and address commercial banks’ concerns around disintermediation. At the same time, new functionalities – eg, offline access – could enhance CBDCs’ appeal, while interoperability could broaden payment channels, both of which help boost user adoption."
#Fintech#CBDC#Asia-Pacific#BIS#DFC
·asiaglobalonline.hku.hk·
Boosting Adoption is Key for CBDC Viability in Asia Pacific
MAS purpose bound money (PBM) technical whitepaper
MAS purpose bound money (PBM) technical whitepaper
The Monetary Authority of Singapore (MAS) published a paper proposing a common protocol to specify conditions for the use of digital money such as central bank digital currencies (CBDCs), tokenized bank deposits, and stablecoins on a distributed ledger. The whitepaper was supported by the release of open source software prototypes that demonstrate the concept of purpose bound money (PBM), which enables senders to specify conditions, such as validity period and types of shops, when making transfers in digital money across different systems.
#Fintech#CBDC#Stablecoins#Tokenization#DLT#Blockchain#Programmability#DFC
·mas.gov.sg·
MAS purpose bound money (PBM) technical whitepaper
European Union Delays Legislative Plan for CBDC: Source
European Union Delays Legislative Plan for CBDC: Source
European Union (EU) legislation needed for the European Central Bank (ECB) to issue a digital euro, originally due to be published June 28, has reportedly been put on hold. The move follows the leaking of the draft bill and a statement by finance ministers that appeared to question the motivation for the plan last week. The timeline for the draft bill, intended to be published ahead of a firm ECB decision on whether to issue the retail CBDC, has shifted out several times.
#Fintech#CBDC#Eurozone#DFC
·coindesk.com·
European Union Delays Legislative Plan for CBDC: Source
BIS blueprint for the future monetary and financial system
BIS blueprint for the future monetary and financial system
The Bank for International Settlements (BIS) proposed a new type of financial infrastructure that would combine central bank digital currency (CBDC) with tokenized bank deposits and other tokenized claims, on a programmable platform on a unified ledger. The BIS claims that "eventual benefits would go beyond faster speeds and lower costs, to enable entirely new types of transaction, limited only by the ingenuity of public and private innovators... Examples include new methods for securities settlements that combine all the individual steps into one seamless transaction, tokenized deposits with built-in regulatory checks that simultaneously settle in wholesale CBDC, smart contract-enabled credit that reduces the cost of trade finance for smaller companies, improving global supply chains, enhanced sharing of data on potential borrowers, and using privacy-protecting technology, to expand access to credit for disadvantaged segments of the population."
#Fintech#CBDC#SmartContracts#Tokenization#BIS#DFC
·bis.org·
BIS blueprint for the future monetary and financial system
Brazilian CBDC to enable banks to tokenize balance sheets
Brazilian CBDC to enable banks to tokenize balance sheets
"The Brazilian central bank does not see a need for a retail digital real due to the success of its Pix retail payment system. Deputy Governor Renato Gomes reportedly pointed out that the motivation for Brazil’s CBDC project has been less about improving retail payments but rather creating a wholesale framework for innovation based on DLT."
#Fintech#CBDC#Brazil#DFC
·ledgerinsights.com·
Brazilian CBDC to enable banks to tokenize balance sheets
Central Bank of Hungary Launches the first Retail CBDC Pilot Project in the EU
Central Bank of Hungary Launches the first Retail CBDC Pilot Project in the EU
"We are delighted to report about our pivotal role in the launch of the Central Bank of Hungary’s (Magyar Nemzeti Bank, MNB) pilot retail Central Bank Digital Currency (CBDC) project. This project is the first live retail CBDC pilot project in the European Union, placing Hungary and Perfinal at the cutting-edge of digital currency innovation."
#Fintech#CBDC#Europe#DFC
·medium.com·
Central Bank of Hungary Launches the first Retail CBDC Pilot Project in the EU
CBDC user needs and adoption
CBDC user needs and adoption
In September 2021 the BIS published a report that outlines the considerations for designing a retail CBDC that will be widely adopted. Aside from being useful to users and accepted by merchants both online and offline, it should cost less to consumers and merchants, offer more privacy than commercial options and multiple accessibility features. Adoption may be more successful if it fulfilled unmet user needs, achieved network effects, and were implemented with the use of existing, accessible technology and infrastructure (eg at the point of sale). The analysis of specific market segments through user personas and stories could provide an important method for investigating user needs and designing informative consultations with prospective end-users.
#Fintech#CBDC#BIS#DFC
·bis.org·
CBDC user needs and adoption
The Rise of Payment and Contracting Platforms
The Rise of Payment and Contracting Platforms
The IMF published a paper proposing a new class of platforms to bring interoperability, efficiency, and safety to cross-border payments, and domestic financial markets. It involves a single ledger for settlement and a safe settlement asset, possibly in the form of central bank digital currency (CBDC), as well as programming standards and information management capabilities leveraging encryption. Governments would keep the right to limit user transactions in foreign currency and impose financial integrity checks. It rejected the use of distributed ledger technology (DLT) because it has “important limitations” in terms of validator costs, security, efficiency and privacy.
#Fintech#CBDC#CrossBorder#Payments#IMF#DFC
·imf.org·
The Rise of Payment and Contracting Platforms
The BoE's CBDC consultation amounts to a national scandal
The BoE's CBDC consultation amounts to a national scandal
The Bank of England (BoE) is quietly pushing for approval of a central bank digital currency (CBDC), while our national broadcaster stands idly by and provides little in the way of coverage. The public consultation document for a retail CBDC was initially set to conclude on June 7 2023. It has now been extended until June 30 2023 due to an omission in the questionnaire. There are concerns over the accessibility of the consultation document. Questions arise about the document’s clarity and the intentions behind this intervention in people’s lives. To gain insights, we sought the expertise of a health researcher specialising in health literacy, mainly working with individuals facing mental health challenges and dementia. Their evaluation of the consultation process conducted by the Bank of England and HM Treasury revealed significant concerns regarding the accessibility of the documentation provided to the general public.
#Fintech#CBDC#UnitedKingdom#DFC
·cityam.com·
The BoE's CBDC consultation amounts to a national scandal
Applying the extended attitude formation theory to a digital euro
Applying the extended attitude formation theory to a digital euro
Electronic Markets published a paper that explores how to best create a digital euro that will be used by its intended users through an interview-based analysis of attitudes towards established payment solutions and the transfer of these attitudes. Several participants indicated that they currently see no reason for using a digital euro as an additional payment solution given the current benefits of established payment solutions. However, existing payment solutions are also found to possess perceived limitations and concerns by respondents. The paper concludes that a digital euro would need to be privacy-sensitive, offering wide acceptance for national and international online and offline payments in different contexts.
#Fintech#CBDC#Offline#Privacy#DFC
·link.springer.com·
Applying the extended attitude formation theory to a digital euro
Leaked European CBDC Bill Outlaws Interest, Large Holdings, Programmability
Leaked European CBDC Bill Outlaws Interest, Large Holdings, Programmability
A leaked draft of the proposed Digital Euro Bill, to be proposed by the European Commission on June 28, 2023 will ban remuneration, surcharges and programmability, and make offline payments available from the outset. The regulation aims to ensure a level of privacy equal to taking cash from an ATM during offline, face-to-face interactions, and neither the European Central Bank (ECB) nor the payment service providers will have access to personal transaction data. The draft law also allows the ECB to set holding limits to limit disintermediation risk. Much of this is rather consistent with a slide deck published by the ECB on June 15.
#Fintech#CBDC#Eurozone#ECB#Offline#Privacy#DFC
·coindesk.com·
Leaked European CBDC Bill Outlaws Interest, Large Holdings, Programmability
Project Rosalind develops a prototype API layer for retail CBDC systems
Project Rosalind develops a prototype API layer for retail CBDC systems
The Bank for International Settlements (BIS) published the results of its Project Rosalind joint work with the Bank of England. It explored how a universal and extensible application programming interface (API) layer could connect central bank and private sector infrastructures and facilitate retail central bank digital currency (CBDC) payments. It demonstrated that a well designed API layer could work with different private sector applications and central bank ledger designs and that a set of simple and standardized API functionalities could support a diverse range of use cases.
#Fintech#CBDC#API#BIS#UnitedKingdom#DFC
·bis.org·
Project Rosalind develops a prototype API layer for retail CBDC systems
Tether's USDT Stablecoin Was Once Backed by Chinese Securities
Tether's USDT Stablecoin Was Once Backed by Chinese Securities
Tether once backed its USDT stablecoin with commercial paper issued by Chinese firms, according to documents released by New York’s Attorney General (NYAG). However, Tether says that all of those securities were rated A2 or better, for what that's worth. The NYAG released the documents in response to a freedom of information request from Bloomberg News, following an earlier unsuccessful request by CoinDesk. [The whole Bloomberg article is worth a read, as it details a number of other questionable USDT reserves management practices.]
#Fintech#CryptoAssets#Stablecoins#Tether#USDT#DFC
·bloomberg.com·
Tether's USDT Stablecoin Was Once Backed by Chinese Securities
OECD rolls out new tax standards for digital currencies
OECD rolls out new tax standards for digital currencies
The Organization for Economic Cooperation and Development (OECD) has published a new taxation framework for the digital currency industry, including central bank digital currency (CBDC). The new Crypto-Asset Reporting Framework (CARF) stems from a review of the 2014 Common Reporting Standard (CRS) to plug the loopholes associated with digital currency taxation among member countries. Under the new framework, tax information on digital currency transactions will be automatically exchanged uniformly in line with existing rules. https://www.oecd-ilibrary.org/taxation/international-standards-for-automatic-exchange-of-information-in-tax-matters_896d79d1-en
#Fintech#CryptoAssets#CBDC#Taxation#OECD#DFC
·coingeek.com·
OECD rolls out new tax standards for digital currencies
CBDC ’human rights’ tracker revealed at Oslo Freedom Forum
CBDC ’human rights’ tracker revealed at Oslo Freedom Forum
The Human Rights Foundation (HRF) has launched a portal dedicated to tracking the development of central bank digital currencies (CBDCs) and how they relate to violations of civil liberties and human rights. It came out of an eight-month fellowship at the HRF announced in January 2023 and awarded to Cato Institute policy analyst Nick Anthony, researcher Janine Romer and podcaster Matthew Mezinskis. It is expected to become fully functional in November 2023, but it has launched a tip line and has published educational material. https://cbdchumanrights.org
#Fintech#CBDC#Privacy#Cato#DFC
·cointelegraph.com·
CBDC ’human rights’ tracker revealed at Oslo Freedom Forum
Ripple and Peersyst Partner with Colombia’s Banco de la República in Advancing the Implementation and Utilization of Blockchain Technology | Ripple
Ripple and Peersyst Partner with Colombia’s Banco de la República in Advancing the Implementation and Utilization of Blockchain Technology | Ripple
Ripple is partnering with Colombia's central bank to explore blockchain technology use cases. Banco de la República, in conjunction with The Ministry of Information and Communications Technologies (MinTIC) will pilot use cases that will enhance Colombia’s high-value payment system using the Ripple CBDC Platform, powered by the XRP Ledger (XRPL). The pilot will be run with Spain-based blockchain technology firm Peersyst Technology.
#Fintech#Blockchain#Ripple#CBDC#Colombia#DFC
·ripple.com·
Ripple and Peersyst Partner with Colombia’s Banco de la República in Advancing the Implementation and Utilization of Blockchain Technology | Ripple
The digital dollar’s bipartisan problem
The digital dollar’s bipartisan problem
Opposition to centralized control of money is deep-seated in American political history — dating back to fights over central banking that split the country’s founders — and one that can confound observers. John Kiff, who worked for 25 years at the Bank of Canada, and now publishes a newsletter tracking global CBDC development, described the U.S. political firestorm as “a bunch of bozos trading bullshit.”
#Fintech#CBDC#Kiffmeister#DFC
·politico.com·
The digital dollar’s bipartisan problem
The Markets in Crypto-Assets regulation published in the EU Journal
The Markets in Crypto-Assets regulation published in the EU Journal
Europe's Markets in Crypto-Assets (MiCA) regulation has been published in the official European Union Journal. MiCA will now enter into force at the end of June 2023, and 12 months later for stablecoins, (e.g., e-money tokens and asset referenced tokens) and in 18 months for general crypto-assets and crypto-asset service providers (CASPs). https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2023:150:TOC
#Fintech#CryptoAssets#Europe#Regulation#Stablecoins#DFC
·linkedin.com·
The Markets in Crypto-Assets regulation published in the EU Journal
Netherlands : the Government Plans to Legislate to Protect Cash
Netherlands : the Government Plans to Legislate to Protect Cash
In April 2022, twenty-three Dutch organisations, including major Dutch banks, signed a Cash Covenant, seeking to ensure that cash continues to function as a payment instrument in the face of a steady increase in electronic payments. The Ministry of Finance and De Nederlandsche Bank (DNB) then commissioned a study on the future system for banknote and coin deposits and withdrawals for consumers and retailers. The Finance Minister has now presented the results of the study to Parliament, concluding that legal intervention is needed to ensure that cash remains usable, available, accessible and affordable for users.
#Fintech#Cash#DFC
·cashessentials.org·
Netherlands : the Government Plans to Legislate to Protect Cash
The Case for Tokenized Bank Deposits
The Case for Tokenized Bank Deposits
"Many types of so-called stablecoins have tried to meet the market’s demands for digital money, only to go wobbly. Instead, the future of online payments lies in commercial bank deposit tokens, which can and should be issued within the current two-tiered monetary system and work in tandem with central bank digital currencies."
#Fintech#Stablecoins#RegulatedLiabilityNetwork#DFC
·project-syndicate.org·
The Case for Tokenized Bank Deposits
The value added of central bank digital currencies: a view from the euro area
The value added of central bank digital currencies: a view from the euro area
"In the euro area, consumers have multiple payment options and a very efficient retail payments system. The currency enjoys high levels of trust and is not challenged by the emergence of private currencies, such as Bitcoin, or by the risk that cash, a monetary system’s anchor, will disappear. Therefore, creating a CBDC for retail purposes in the euro area offers little obvious value added, at least for the foreseeable future. However, there is a strong case for building a CBDC that banks could use for cross-border wholesale purposes (ie with other currencies). "
#Fintech#CBDC#Eurozone#DFC
·bruegel.org·
The value added of central bank digital currencies: a view from the euro area
Thailand banks team up to PoC retail CBDC
Thailand banks team up to PoC retail CBDC
The Bank of Thailand will reportedly be launching a three-month retail central bank digital currency (CBDC) proof of concept (PoC) in June 2023, in collaboration with three payment service providers (Bank of Ayudhya (Krungsri), Siam Commercial Bank (SCB), and 2C2P (Thailand) Co). For example, Krungsri will be inviting up to 2,000 of its staff and approximately 100 merchants near Krungsri’s headquarters to participate in testing the digital currency. Krungsri has not set a limit in terms of transaction value, focusing instead on testing the stability of the system, particularly during peak periods. This will be part of the central bank's "foundation track" testing of Giesecke+Devrient's Filia CBDC platform. https://www.bot.or.th/en/news-and-media/news/news-20220805.html
#Fintech#CBDC#Thailand#DFC
·thethaiger.com·
Thailand banks team up to PoC retail CBDC
Bank of England extends CBDC consultation deadline
Bank of England extends CBDC consultation deadline
The Bank of England (BoE) extended the deadline for comments on its public consultation for a central bank digital currency (CBDC) from June 7 to June 30, 2023, following an omission of a question regarding whether non-U.K. residents should have access to the digital pound, on the same basis as UK residents. https://www.bankofengland.co.uk/paper/2023/the-digital-pound-consultation-paper
#Fintech#CBDC#UnitedKingdom#DFC
·coingeek.com·
Bank of England extends CBDC consultation deadline
World needs a CBDC treaty, Cecchetti tells central bankers
World needs a CBDC treaty, Cecchetti tells central bankers
"Governments should consider an international moratorium on the development of central bank digital currencies (CBDCs) due to the financial stability risk they could pose for small jurisdictions, the former director of research at the Federal Reserve Bank of New York, Stephen Cecchetti, told central bankers in Finland on Thursday."
#Fintech#CBDC#DFC
·the-blindspot.com·
World needs a CBDC treaty, Cecchetti tells central bankers