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Small Digital Euro Payments Won’t Need Laundering Checks, ECB Official Says
Small Digital Euro Payments Won’t Need Laundering Checks, ECB Official Says
European Central Bank (ECB) Executive Board member Fabio Panetta said that, although a fully anonymous digital euro is not a viable option from a public policy perspective, "a greater degree of privacy could be considered for lower-value online and offline payments... which are usually low risk in terms of money laundering, terrorism financing and violations of relevant EU law". The ECB is "therefore exploring an offline functionality whereby holdings, balances and transaction amounts would not be known to anyone but the user [but] these balances and private offline payments would have an upper limit".
#Fintech#CBDC#Offline#Eurozone#DFC
·coindesk.com·
Small Digital Euro Payments Won’t Need Laundering Checks, ECB Official Says
Crunchfish makes Digital Cash quantum safe – Crunchfish
Crunchfish makes Digital Cash quantum safe – Crunchfish
"Crunchfish has applied for a Swedish patent protecting Digital Cash by combining two different data integrity schemes. First, payments are negotiated offline by short-range data communication between payer and payee communication devices using a quantum-secure cryptographic key as a shared secret. Successfully negotiated offline payments are stored locally and securely in the devices. Subsequently, payment settlement by broadband data communication is secured by signing the settlement request with another quantum secure cryptographic key."
#Fintech#CBDC#Offline#Quantum#DFC
·crunchfish.com·
Crunchfish makes Digital Cash quantum safe – Crunchfish
Can Terra escape the coupon coin curse?
Can Terra escape the coupon coin curse?
"Terra’s design for its algorithmic stablecoins such as UST or KRT differs slightly from the coupon coin model and introduces a token called LUNA, with the equivalent function to the coupons or bonds seen in other designs to absorb the price volatility of its stablecoins."
#Fintech#CryptoAssets#Stablecoins#Terra#DFC
·mirror.xyz·
Can Terra escape the coupon coin curse?
The Treasury Option: How the US can achieve the financial inclusion benefits of a CBDC now
The Treasury Option: How the US can achieve the financial inclusion benefits of a CBDC now
"Our proposal for Treasury Accounts would provide low cost, no-frills payment services and encourage the accumulation of emergency savings reserves.  The breadth of the eligibility criteria would need to be determined, but they would be designed to meet the needs of low-income individuals and particularly the unbanked and underbanked, leveraging the experiences that the Department has gained working with fintech firms and non-profit groups during the Pandemic. "
#Fintech#CBDC#UnitedStates#GovCoins#DFC
·brookings.edu·
The Treasury Option: How the US can achieve the financial inclusion benefits of a CBDC now
If Money Is Speech, CBDCs Should Be Tools for Freedom
If Money Is Speech, CBDCs Should Be Tools for Freedom
"“I'm skeptical about using CBDC as a spending control instrument, not just because I think it might undermine its attractiveness, and may even create unintended opposition,” John Kiff, ​​a former senior financial sector expert at the International Monetary Fund, wrote in an email. He added that such restricted use of CBDCs would hamper fungibility, “and for me fungibility is a core CBDC characteristic.”"
#Fintech#CBDC#UnitedStates#Offline#DFC
·coindesk.com·
If Money Is Speech, CBDCs Should Be Tools for Freedom
The Future of Digital Cash Is Not on the Blockchain
The Future of Digital Cash Is Not on the Blockchain
"A bill introduced in Congress on Monday seeks to re-create the virtues of cash, privacy and all, in digital form. The ECASH Act would direct the US government to experiment with issuing digital dollars that are stored on hardware, not in bank accounts, and can be used without an internet connection. The idea of new, surveillance-proof currency will surely face skepticism within government. But with paper money on a slow path to extinction, the case for a real digital alternative will only grow stronger."
#Fintech#CBDC#UnitedStates#Offline#DFC
·wired.com·
The Future of Digital Cash Is Not on the Blockchain
Malaysia to explore both wholesale, retail CBDC
Malaysia to explore both wholesale, retail CBDC
Bank Negara Malaysia laid out its central bank digital currency (CBDC) plans in its 2021 annual report. Beyond its current participation in the Bank for International Settlements (BIS) Innovation Hub's Project Dunbar for cross border payments, it is also planning to explore a domestic wholesale CBDC later this year and a retail digital currency in 2024. https://www.bnm.gov.my/-/ar2021_en_pr
#Fintech#CBDC#Asia#DFC
·ledgerinsights.com·
Malaysia to explore both wholesale, retail CBDC
ECB publishes report on payment preferences as part of digital euro investigation phase
ECB publishes report on payment preferences as part of digital euro investigation phase
The European Central Bank (ECB) published the findings of its research on citizens’ payment habits and their attitudes towards digital payments in order to gain a deeper understanding of user preferences as part of the digital euro project. It found that citizens want universally accepted payment methods in online and physical stores across Europe, instant and contactless person-to-person payments, and a one-stop-solution that would incorporate all the current payment options into one system. Respondents, also sought guarantees against fraud and hacking, as well as secure and reliable payment authentication methods. Biometric methods of payment verification were widely supported by participants, while flexible and adjustable privacy settings were seen as desirable.
#Fintech#CBDC#Eurozone#DFC
·ecb.europa.eu·
ECB publishes report on payment preferences as part of digital euro investigation phase
LIFT Challenge Real Digital selects 9 projects
LIFT Challenge Real Digital selects 9 projects
The Banco Central do Brasil (BCB) selected 9 of 47 firms that applied to its Laboratory of Financial and Technological Innovations (LIFT) central bank digital currency (CBDC) solution challenge. The initiative aims to identify the fundamental characteristics of Digital Real infrastructure. The 9 firms selected were AAVE, Banco Santander, Febraban, Giesecke + Devrient, Itaú Unibanco, Mercado Bitcoin, Tecban, Vert, Visa (in association with Consensys and Microsoft.
#Fintech#CBDC#SouthAmerica#DFC
·bcb.gov.br·
LIFT Challenge Real Digital selects 9 projects
US Lawmakers Introduce 'ECASH' Bill in New Push to Create a Digital Dollar
US Lawmakers Introduce 'ECASH' Bill in New Push to Create a Digital Dollar
A group of U.S. lawmakers introduced the “Electronic Currency And Secure Hardware (ECASH) Act” to direct the Treasury Secretary to develop and issue an electronic version of the U.S. dollar, with an eye to preserving privacy and anonymity in transactions. The electronic dollar would be a bearer instrument that would be held on phones or cards, and be functionally identical to physical bank notes.
#Fintech#CBDC#GovCoins#UnitedStates#DFC
·coindesk.com·
US Lawmakers Introduce 'ECASH' Bill in New Push to Create a Digital Dollar
Bank of Japan enters second phase of CBDC experiments
Bank of Japan enters second phase of CBDC experiments
The Bank of Japan (BoJ) completed the first phase of its central bank digital currency (CBDC) proof of concept (PoC) workplan. The initial stage that started in April 2021 explored issuance, distribution and redemption. The next phase will implement additional functions and test their feasibility. Based on the PoC, if the Bank judges it necessary to step things up further, it will also consider a pilot program that involves payment service providers and end users.
#Fintech#CBDC#Japan#DFC
·ledgerinsights.com·
Bank of Japan enters second phase of CBDC experiments
Responses to the Bank of England’s Discussion Paper on new forms of digital money
Responses to the Bank of England’s Discussion Paper on new forms of digital money
The Bank of England published a summary of the responses to the June 2021 Discussion Paper on potential monetary policy and financial stability implications of new forms of digital money, including CBDC and systemic stablecoins. Respondents generally agreed that access to cash should be preserved, and any regulation for systemic stablecoins should be clear, proportionate, and risk-based.
#Fintech#CryptoAssets#Stablecoins#Regulation#DFC
·bankofengland.co.uk·
Responses to the Bank of England’s Discussion Paper on new forms of digital money
Honduras’ Central Bank Debunks Bitcoin as Legal Tender Rumors
Honduras’ Central Bank Debunks Bitcoin as Legal Tender Rumors
The Central Bank of Honduras debunked chatter about bitcoin becoming legal tender in the country. However, it continues to study the conceptual, technical and legal aspects that would determine the feasibility of issuing CBDC that would be recognized as legal tender.
#Fintech#CBDC#LATAM#DFC
·coindesk.com·
Honduras’ Central Bank Debunks Bitcoin as Legal Tender Rumors
BoE and MIT joint CBDC collaboration
BoE and MIT joint CBDC collaboration
On March 25, 2022, the Bank of England announced that in February 2022 it had agreed to a twelve-month collaboration with the Massachusetts Institute of Technology Media Lab’s Digital Currency Initiative on central bank digital currency (CBDC) research. They will explore potential technical challenges, trade-offs, opportunities and risks involved in designing a CBDC system.
#Fintech#CBDC#UnitedKingdom#DFC
·bankofengland.co.uk·
BoE and MIT joint CBDC collaboration
Central banks, the monetary system and public payment infrastructures: lessons from Brazil's Pix
Central banks, the monetary system and public payment infrastructures: lessons from Brazil's Pix
The Bank for International Settlements (BIS) published a paper on Brazil's recent experience with the Pix retail instant payment system. Since launching in November 2020, Pix has signed up 67% of adults in Brazil, with free payments between individuals and low charges for merchants. The two key ingredients in the success of Pix are, first, the mandatory participation of large banks to kick-start network effects for users, and second, the central bank's dual role as infrastructure provider and rule setter. Pix has also shown how central bank infrastructures can support interoperability and competition, promoting lower costs and greater financial inclusion. These features also have relevance for the possible adoption of retail CBDC.
#Fintech#CBDC#Payments#SouthAmerica#DFC
·bis.org·
Central banks, the monetary system and public payment infrastructures: lessons from Brazil's Pix
Ukraine Digital Currency Is Progressing During Wartime: Stellar CEO
Ukraine Digital Currency Is Progressing During Wartime: Stellar CEO
Stellar CEO Denelle Dixon has said that her company is still working with Bitt on Tascombank's digital hryvnia  project despite the armed conflict between Russia and Ukraine. The last significant update on the project was published in December 2021, when it was stated that they would utilize Stellar to pilot a digital version of the Ukrainian hryvnia. To be clear, this is not a central bank digital currency (CBDC) project. The only connection with the National Bank of Ukraine is that is being conducted under the supervision of the central bank.
#Fintech#CBDC#Ukraine#DFC
·cryptobriefing.com·
Ukraine Digital Currency Is Progressing During Wartime: Stellar CEO
Euroclear invests in Fnality, blockchain-based synthetic CBDC
Euroclear invests in Fnality, blockchain-based synthetic CBDC
Euroclear has invested in Fnality, the blockchain payments consortium formerly known as the Utility Settlement Coin (USC) and owned by 16 major financial institutions. Euroclear operates Central Securities Depositories (CSDs) across Europe, including Belgium, Finland, France, Ireland, the Netherlands, Sweden, and the United Kingdom. In October, Fnality plans to launch its first payment currency with pounds sterling deposited at the Bank of England. That makes it a so-called wholesale synthetic CBDC where the purpose is for institutions to use it for settlement, especially for blockchain-based transactions.
#Fintech#Blockchain#CryptoAssets#Stablecoins#wCBDC#Settlement#DFC
·ledgerinsights.com·
Euroclear invests in Fnality, blockchain-based synthetic CBDC
BIS Innovation Hub and four central banks develop experimental multi-CBDC platform for cross-border settlements
BIS Innovation Hub and four central banks develop experimental multi-CBDC platform for cross-border settlements
The Singapore branch of the Bank for International Settlements (BIS) Innovation Hub, the Reserve Bank of Australia, Bank Negara Malaysia, the Monetary Authority of Singapore, and the South African Reserve Bank have completed prototypes for a common cross-border payments platform using multiple central bank digital currencies (mCBDCs). Project Dunbar proved that financial institutions could use CBDCs issued by participating central banks to transact directly with each other on a shared platform. This has the potential to reduce reliance on intermediaries and, correspondingly, the costs and time taken to process cross-border transactions.
#Fintech#CBDC#CrossBorder#Payments#BIS#DFC
·bis.org·
BIS Innovation Hub and four central banks develop experimental multi-CBDC platform for cross-border settlements
QCB studying digital currencies and digital banking: Official
QCB studying digital currencies and digital banking: Official
The Head of the FinTech Section at the Qatar Central Bank (QCB) reportedly confirmed that the central bank is considering CBDC issuance. More generally, Alanood Abdullah Al Muftah said the central bank will soon set a direction on its overall fintech focus, particularly on different fintech verticals, including digital banking.
#Fintech#CBDC#DigitalBanking
·thepeninsulaqatar.com·
QCB studying digital currencies and digital banking: Official
National Bank of Kazakhstan Launches Digital Tenge Hub Dialogue Platform
National Bank of Kazakhstan Launches Digital Tenge Hub Dialogue Platform
The National Bank of Kazakhstan (NBK) announced that the next step in its "Digital Tenge" central bank digital currency (CBDC) project will be to involve stakeholders and international partners in discussions about design and pilot scenarios. In that regard, the NBK has launched a Digital Tenge Hub dialogue platform to provide training and certification of market participants, conduct design sessions to discuss methodological aspects, as well as connect new participants to test scripts on the Digital Tenge platform. It will be open to all market participants. The overall plan is, by July 2022, to develop a model to inform a decision to launch a digital tenge (or not) by the end of 2022.
#Fintech#CBDC#DFC
·nationalbank.kz·
National Bank of Kazakhstan Launches Digital Tenge Hub Dialogue Platform
Santander punished for forcing customers to use mobile phones
Santander punished for forcing customers to use mobile phones
The UK Financial Ombudsman has ruled in favor of customers who registered complaints about the lender after it made changes to account access in 2019 to comply with new regulations on banking fraud. This entailed sending customers a text code via SMS or clicking a link in the bank's mobile app. Unlike other banks, Santander offered no alternative means of access, except to visit a branch or contact the call center to access services. The bank has been forced to pay out hundreds of pounds in compensation to customers who complained under age discrimination laws.
#Fintech#CBDC#Offline#DFC
·finextra.com·
Santander punished for forcing customers to use mobile phones
Bank of Canada and MIT announce joint CBDC collaboration
Bank of Canada and MIT announce joint CBDC collaboration
The Bank of Canada and the Massachusetts Institute of Technology (MIT) will collaborate on a twelve-month research CBDC project. The Bank will work with the MIT Media Lab’s Digital Currency Initiative (DCI) team to explore how advanced technologies could affect the potential design of a CBDC. The DCI is also working with the Boston Fed on its Project Hamilton CBDC project.
#Fintech#CBDC#Canada#DFC
·bankofcanada.ca·
Bank of Canada and MIT announce joint CBDC collaboration
Ghana Proposes Hardware Wallets To Support New Digital Currency
Ghana Proposes Hardware Wallets To Support New Digital Currency
The Bank of Ghana outlined the key design aspects of its retail CBDC plans. With inclusiveness being a major motivation, it will attempt to bring the eCedi to citizens without a bank account, or even internet access. In that regard, the Bank proposed the use of hardware wallets and other devices.
#Fintech#CBDC#G+D#Africa#DFC
·coingape.com·
Ghana Proposes Hardware Wallets To Support New Digital Currency
Mykhailo Fedorov: Funds from the ePidtrymka program can now be spent on any products or goods
Mykhailo Fedorov: Funds from the ePidtrymka program can now be spent on any products or goods
Back in December 2021, Ukraine's Ministry of Digital Transformation launched its ePidtrymka digital payment system to distribute COVID-related stimulus funds to fully-vaccinated Ukraine citizens who are over 18. The card is issued free of charge both online and offline at participating bank branches. The money can be spent on books, gyms, tickets to the cinema, theater, museums, concerts or transportation in the Ukraine, but money had to be used within four months, after which the account is closed. [Hence this is a form of Gessell money as described by Celo's Zeke Copic in a recent paper.] The cards are not reloadable, so they're more like gift cards. However, a few weeks ago the usage restrictions were dropped, and card-to-card transfers were allowed.
#Fintech#CBDC#Payments#Gesell#DFC
·kmu.gov.ua·
Mykhailo Fedorov: Funds from the ePidtrymka program can now be spent on any products or goods
ePidtrymka digital payment system
ePidtrymka digital payment system
Back in December 2021, Ukraine's Ministry of Digital Transformation launched its ePidtrymka digital payment system to distribute COVID-related stimulus funds to fully-vaccinated Ukraine citizens who are over 18. The card is issued free of charge both online and offline at participating bank branches. The money can be spent on books, gyms, tickets to the cinema, theater, museums, concerts or transportation in the Ukraine, but money had to be used within four months, after which the account is closed.
#Fintech#CBDC#Payments#Gesell#DFC
·e-aid.diia.gov.ua·
ePidtrymka digital payment system
Ukraine government ePidtrymka payment app officially launched
Ukraine government ePidtrymka payment app officially launched
On December 19, 2021, Ukraine launched "ePidtrymka" which translates to eSupport. It was launched on Diia which is a smartphone app and web portal that was launched in February 2020 to function as a means of storing and sharing digital versions of documents, and also making government services available digitally instead of requiring in-person interactions only. The program paid UAH 1,000 to people who have received COVID-19 vaccinations With these funds one can buy a season ticket to a gym or fitness club, visit a cinema, theater, museum, buy tickets for rail and air transport in Ukraine, buy books. The money is provided for 4 months from the date of receipt. If they are not spent during this time, the account will be closed. Funds can be spent both online and offline, but only on the aforesaid categories of Ukrainian business services. The spending restrictions were lifted on March 2,2022 and I think it was closed down shortly after.
#Fintech#CBDC#Payments#Gesell#GovCoins#Ukraine#DFC
·kmu.gov.ua·
Ukraine government ePidtrymka payment app officially launched
How Kenyan Micro-Task Workers Are Using Stablecoins To Make Affordable Cross-Border Payments
How Kenyan Micro-Task Workers Are Using Stablecoins To Make Affordable Cross-Border Payments
"According to a pilot study by Mercy Corps Ventures on a group of Kenyans providing micro-task services to Appen, a data company for the development of machine learning and artificial intelligence products, Stable coins were identified as the optimum solution that delivers the highest value to the micro-task worker as the transaction fees and speeds are lowest. The workers delivered services to Appen through a micro-working app named Corsali. They were then paid through the same app."
#Fintech#CryptoAssets#Stablecoins#Celo#Ethereum#Payments#DFC
·forbes.com·
How Kenyan Micro-Task Workers Are Using Stablecoins To Make Affordable Cross-Border Payments
State-sponsored cryptocurrency
State-sponsored cryptocurrency
This Deloitte paper advocates for combining the best attributes of crypto-asset technology with the features of an established fiat currency under the sponsorship of a central bank? However, to me it sounds like they're describing a central bank-issued fiat-pegged stablecoin running on a private permissioned distributed ledger technology-based network. Am I missing something, because this just sounds like a fairly generic central bank digital currency?
#Fintech#CBDC#CryptoAssets#DFC
·www2.deloitte.com·
State-sponsored cryptocurrency