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BOJ Closer To Rollout Of Digital Currency
BOJ Closer To Rollout Of Digital Currency
The Bank of Jamaica is reportedly slated to commence national rollout of its central bank digital currency (CBDC) platform during the first quarter of 2022. National Commercial Bank is currently the sole deposit-taking institution participating in the CBDC proof of concept (PoC) slated to conclude in December. The PoC is being run with staff and their family members, and individuals and small merchants will be added before this year end. They will test person to person and person to business transactions, and automated banking machines cash-ins and cash-outs.
#Fintech#CBDC#Caribbean#DFC
·jis.gov.jm·
BOJ Closer To Rollout Of Digital Currency
Stablecoin Advocates Make Their Case to U.S. Banking Regulators
Stablecoin Advocates Make Their Case to U.S. Banking Regulators
Members of the USDF Consortium met with senior officials of the Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. about how to issue a regulatory-compliant stablecoin. The group’s approach is purportedly consistent with the recommendations of the President’s Working Group that stablecoin be issued only by insured depository institutions. The Consortium’s USDForward (USDF) stablecoin would be issued, and backed, by dollar deposits at U.S. banks. The USDF Consortium is an association formed by Figure Technologies, JAM FINTOP, and a group of FDIC-insured banks. USDF is currently being used on the Provenance Blockchain in a limited scope to facilitate the real-time, bilateral settlement of transactions.
#Fintech#Stablecoins#CryptoAssets#Regulation#DFC
·bloomberg.com·
Stablecoin Advocates Make Their Case to U.S. Banking Regulators
4 key threats to the new central bank digital currencies
4 key threats to the new central bank digital currencies
"Cybersecurity, along with technical resilience and sound technical governance, are the most important elements of CBDC technical design. Failure to implement a robust cybersecurity strategy and consider the risks introduced above could compromise citizen data and funds, the success of the CBDC programme, central bank reputational risk and broader opinions of the new currency. Based on past experiences in cybersecurity failures, the bar for security is not only about “keeping the bad guys out” or minimizing unauthorized account access. It must be comprehensive and consider the full spectrum of risks, ensuring that the system works as it was designed and that its integrity remains intact. Only then will CBDC be successful in achieving its goals."
#Fintech#CBDC#CyberSecurity#DFC
·weforum.org·
4 key threats to the new central bank digital currencies
CSBS Model Money Transmission Modernization Act
CSBS Model Money Transmission Modernization Act
"The Model Money Transmission Modernization Act, also known as the Money Transmitter Model Law, is a single set of nationwide standards and requirements created by industry and state experts. The law was approved in full by the CSBS Board of Directors in August 2021. As we move forward, CSBS will work to ensure that implementation among states is as uniform as possible, as states may require legislation, regulation or guidance changes to adopt the provisions contained in the law. Please refer to the materials below for the model law language. "
#Fintech#Payments#Regulation#Stablecoins#eMoney#UnitedStates#DFC
·csbs.org·
CSBS Model Money Transmission Modernization Act
Digital yuan being trialed for securities transactions
Digital yuan being trialed for securities transactions
China Galaxy Investment Management will run a digital yuan pilot for securities transactions in association with ICBC Bank. The central bank digital currency (CBDC) project will be used to pay fees for data, consulting and other services, and to settle over-the-counter stock transactions in the tripartite deposit management system.
#Fintech#CBDC#China#DFC
·ledgerinsights.com·
Digital yuan being trialed for securities transactions
Bank of Russia to Charge Fees for Digital Ruble Transactions
Bank of Russia to Charge Fees for Digital Ruble Transactions
Bank of Russia is reportedly planning to charge fees for all central bank digital currency (CBDC) transactions. However, the fees will be lower than those within Russia’s Faster Payments System (FPS), a service that lets individuals make instant interbank transfers. The FPS system allows users to transfer up to 100,000 rubles ($1,360) with zero commissions. For transfers beyond this amount, the system charges a 0.5% fee of the transfer amount, but no more than 1,500 rubles ($20) per one transfer.
#Fintech#CBDC#Russia#DFC
·financemagnates.com·
Bank of Russia to Charge Fees for Digital Ruble Transactions
The Future of Payments: Cryptocurrencies, Stablecoins or Central Bank Digital Currencies?
The Future of Payments: Cryptocurrencies, Stablecoins or Central Bank Digital Currencies?
Tony Richards, Head of Payments Policy at the Reserve Bank of Australia (RBA) revealed that RBA staff are still not convinced that a strong policy case has emerged in Australia for a retail CBDC. Australia's existing electronic payments system already provides households and businesses with a wide range of safe, convenient and low-cost payment services. Also, much (if not all) of the innovation and new functionality that could potentially be enabled by a CBDC could in principle also be enabled by innovation based around commercial bank deposit accounts, e-money or stablecoins. But given the possibility that the balance could shift towards a case for issuance of retail CBDCs, the RBA has been stepping up its CBDC research.
#Fintech#CBDC#Australia#DFC
·rba.gov.au·
The Future of Payments: Cryptocurrencies, Stablecoins or Central Bank Digital Currencies?
India cenbank may launch digital currency pilot next year-report
India cenbank may launch digital currency pilot next year-report
The Reserve Bank of India (RBI) is reportedly going to pilot its CBDC in the first quarter of the next fiscal year. Previously, the central bank governor had said a pilot could be launched by December 2021 but there has been no official timeline committed to by the RBI.
#Fintech#CBDC#Asia#DFC
·reuters.com·
India cenbank may launch digital currency pilot next year-report
The ECB’s case for central bank digital currencies
The ECB’s case for central bank digital currencies
ECB Executive Board member Fabio Panetta pleaded the case for a digital euro in a Financial Times op-ed, arguing that, although Eurozone residents already have access to a vast supply of private digital means of payments that make a retail CBDC redundant. He views a digital euro as important to ensure that central bank money remains the trusted anchor of the payment system, to support financial stability and trust in the currency. This is crucial to preserving the transmission of monetary policy and thus protecting the value of money.
#Fintech#CBDC#Eurozone#DFC
·ft.com·
The ECB’s case for central bank digital currencies
Five Observations on Nigeria’s Central Bank Digital Currency
Five Observations on Nigeria’s Central Bank Digital Currency
The IMF published five key observations on Nigeria’s eNaira central bank digital currency (CBDC) that launched on October 25. The article noted that the IMF was involved in the rollout process, including by providing reviews of the product design. The article also said that the IMF is ready to collaborate with the authorities on data analysis, cross-country studies, sharing the eNaira experience with other countries, and discussing further evolution of the eNaira including its design, regulatory framework, and other aspects.
#Fintech#CBDC#Africa#IMF#DFC
·imf.org·
Five Observations on Nigeria’s Central Bank Digital Currency
Israel starts development of digital shekel
Israel starts development of digital shekel
Israel has reportedly begun development of an Ethereum-based digital shekel. Bank of Israel Deputy Governor, Andrew Abir confirmed that a CBDC was in the works and that testing had taken place, but also admitted the pilot program has been met with some challenges. One of the biggest challenges was overcoming potential user privacy concerns and ensuring that the people will use it, as Israelis are still not that keen to completely dump physical cash.
#Fintech#CBDC#DFC
·uk.sports.yahoo.com·
Israel starts development of digital shekel
BSP eyeing central bank digital currency use in 'near future'
BSP eyeing central bank digital currency use in 'near future'
The Bangko Sentral ng Pilipinas (BSP) is reportedly eyeing the use of wholesale central bank digital currency (CBDC) in the near future. Meanwhile, instead of looking at retail CBDC, the BSP is working on its other digital offerings, including InstaPay and PESONet electronic fund transfers, under its National Retail Payment System.
#Fintech#CBDC#DFC
·news.abs-cbn.com·
BSP eyeing central bank digital currency use in 'near future'
Built to Fail: The Inherent Fragility of Algorithmic Stablecoins
Built to Fail: The Inherent Fragility of Algorithmic Stablecoins
This Article argues that algorithmic stablecoins are fundamentally flawed because they rely on three factors which history has shown to be impossible to control. First, they require a support level of demand for operational stability. Second, they rely on independent actors with market incentives to perform price-stabilizing arbitrage. Finally, they require reliable price information at all times. None of these factors are certain, and all of them have proven to be historically tenuous in the context of financial crises or periods of extreme volatility.
#Fintech#CryptoAssets#Stablecoins#DFC
·wakeforestlawreview.com·
Built to Fail: The Inherent Fragility of Algorithmic Stablecoins
140M Wallets Using Digital Yuan As China Denies Launch Date
140M Wallets Using Digital Yuan As China Denies Launch Date
The PBOC has reported that the average weekly transaction volume of e-CNY is growing by 3 billion yuan ($469 million) and consumers are opening private wallets at an average weekly rate of 8.5 million, according to October figures. However, China has no official timetable for launching the digital yuan, notwithstanding reports that an official unveil would coincide with the 2022 Winter Olympics in Beijing. As of Oct. 22, consumers have opened 140 million personal digital wallets with total transaction volume of about 62 billion yuan ($9.7 billion).
#Fintech#CBDC#China#DFC
·forkast.news·
140M Wallets Using Digital Yuan As China Denies Launch Date
Run-Proof Stablecoins
Run-Proof Stablecoins
David Andolfatto explains how the theory of bank runs suggests that stablecoins might be rendered run-proof if their liabilities are properly designed. For example, a credible promise to suspend redemptions when redemption activity is abnormally high can serve to discourage runs. He describes how "smart contracts" could be used to bolster the credibility of the threat of suspending redemptions in the event of abnormal redemption activity, and may actually prevent any runs from occurring in the first place.
#Fintech#CryptoAssets#Stablecoins#SmartContracts#DFC
·andolfatto.blogspot.com·
Run-Proof Stablecoins
Tether Papers: This is exactly who acquired 70% of all USDT ever issued
Tether Papers: This is exactly who acquired 70% of all USDT ever issued
"We’ve spent months cataloguing and investigating every single USDT ever sent to and from Tether, across the eight blockchain and layers on which it currently exists: Omni (Bitcoin), Liquid (Bitcoin), Ethereum, Tron, Simple Ledger Protocol (Bitcoin Cash), EOS, Solana, and Algorand. Here’s what we found."
#Fintech#CryptoAssets#Stablecoins#Tether#DFC
·protos.com·
Tether Papers: This is exactly who acquired 70% of all USDT ever issued
Swiss Central Bank Ready to Run With wCBDC in January: ‘Just Takes a Policy Decision’
Swiss Central Bank Ready to Run With wCBDC in January: ‘Just Takes a Policy Decision’
The Swiss National Bank (SNB) will technically be ready to launch a wholesale central bank digital currency (CBDC) in January 2022, using Switzerland’s Six Digital Exchange (SDX). However, a policy decision has yet to be taken, and there is the question of whether the SNB can legally issue wholesale CBDC. Also, Thomas Moser, a member of the SNB’s governing board, says there are no plans for going live at this point in time.
#Fintech#CBDC#wCBDC#Settlement#Payments#DFC
·coindesk.com·
Swiss Central Bank Ready to Run With wCBDC in January: ‘Just Takes a Policy Decision’
MAS Announces Winners of the Global CBDC Challenge
MAS Announces Winners of the Global CBDC Challenge
The Monetary Authority of Singapore (MAS) announced the results of the Global CBDC Challenge. The Challenge was aimed at identifying and developing retail central bank digital currency (CBDC) solutions that increase payment efficiencies, improve financial inclusion and support the broader digitalization drive in the economy.
#Fintech#CBDC#Asia#DFC
·mas.gov.sg·
MAS Announces Winners of the Global CBDC Challenge
Digital Euro ‘Likely’ to Become Legal Tender, ECB’s Panetta Says
Digital Euro ‘Likely’ to Become Legal Tender, ECB’s Panetta Says
A digital euro will probably be deemed legal tender, according to European Central Bank Executive Board member Fabio Panetta. “It would be quite awkward not to have legal-tender status for an additional instrument issued by a central bank” though he cautioned that achieving the status “should not be taken for granted.”
#Fintech#CBDC#Eurozone#DFC
·bloombergquint.com·
Digital Euro ‘Likely’ to Become Legal Tender, ECB’s Panetta Says
Libra Shrugged — Chapter 15: Central bank digital currencies
Libra Shrugged — Chapter 15: Central bank digital currencies
Here’s a book excerpt a year after its publication — because I keep referring people to this chapter. This chapter has stood up quite well through 2021. Sand Dollar, D-Cash and DC/EP are still in ever-growing pilot programmes. Nigeria has just launched its e-Naira CBDC as an alternate payment system. Consumer use cases for CBDCs are still thin on the ground."
#Fintech#CBDC#DFC
·davidgerard.co.uk·
Libra Shrugged — Chapter 15: Central bank digital currencies
Statement on UK Central Bank Digital Currency next steps
Statement on UK Central Bank Digital Currency next steps
In 2022, the Bank of England and the UK Treasury will launch a consultation which will set out their assessment of the case for a UK central bank digital currency (CBDC), including the merits of further work to develop an operational and technology model for a UK CBDC. It will evaluate the main issues at hand, consider the high level design features, possible benefits and implications for users and businesses, and considerations for further work. The 2022 consultation will inform a decision on whether the authorities are content to move into a ‘development’ phase which will span several years. If the results of this ‘development’ phase conclude that the case for CBDC is made, and that it is operationally and technologically robust, then the earliest date for launch of a UK CBDC would be in the second half of the decade.
#Fintech#CBDC#UnitedKingdom#DFC
·bankofengland.co.uk·
Statement on UK Central Bank Digital Currency next steps
Bank of China Reveals Machine That Converts Foreign Currency to Digital Yuan: Report
Bank of China Reveals Machine That Converts Foreign Currency to Digital Yuan: Report
The Bank of China has reportedly shown a machine that converts foreign currencies into digital yuan. The machine is likely in preparation for the 2022 Beijing Winter Olympics, when the CBDC is set to be introduced to the rest of the world. Users need to link their passports to the transaction, but don’t need a bank account, and it supports 17 foreign currencies.
#Fintech#CBDC#China#DFC
·coindesk.com·
Bank of China Reveals Machine That Converts Foreign Currency to Digital Yuan: Report
MAS lays groundwork for digital Singapore dollar
MAS lays groundwork for digital Singapore dollar
The Monetary Authority of Singapore (MAS) is embarking on Project Orchid – to build the technology infrastructure and technical competencies necessary to issue a digital Singapore dollar should Singapore decide to do so in future. Managing Director Ravi Menon, said that while retail central bank digital currency (CBDC) has its upside, the case for it in Singapore is not urgent. However, he sees much promise in wholesale CBDC.
#Fintech#CBDC#Asia#DFC#Singapore
·mas.gov.sg·
MAS lays groundwork for digital Singapore dollar
Russia to change laws for digital ruble, while central bank mulls 2022 prototype
Russia to change laws for digital ruble, while central bank mulls 2022 prototype
Russia will reportedly have reportedly a prototype of the digital rouble platform in early 2022 and pilot-test it next year before making a final decision on the launch of the country's digital currency. Also, Russian lawmakers will reportedly begin working on the legal adjustments needed to implement the digital ruble plan. At least eight federal laws and five codes must be changed for the digital ruble to take effect. The new rules will address several themes, such as the central bank's authority to establish circulation for the new currency, and its acceptance as a means of payment.
#Fintech#CBDC#DFC
·cointelegraph.com·
Russia to change laws for digital ruble, while central bank mulls 2022 prototype
Banque de France report on its wholesale CBDC experiments
Banque de France report on its wholesale CBDC experiments
The Banque de France published a report on its series of experiments with a wholesale central bank digital currency (#CBDC) but says its work has also thrown up new questions. The tests focused on ways of integrating CBDC into innovative procedures for the exchange and settlement of financial assets, based on new technologies such as distributed ledger technology (DLT), and in multi-currency and cross-border settings. The report covers nine experiments which were conducted as of September 2020 in conjunction with domestic and international private sector players, as well as other central banks and public authorities. Numerous technological partners were also involved, enabling the experiments to explore a broad range of technologies.
#Fintech#CBDC#wCBDC#Payments#Settlement#DFC
·banque-france.fr·
Banque de France report on its wholesale CBDC experiments
METAMUI:Identity-based Blockchain to solve CBDC implementation and design issues
METAMUI:Identity-based Blockchain to solve CBDC implementation and design issues
"Sovereign Wallet Network (SWN) seeks to address the un-federated nature of digital currencies while also solving the scalability trilemma of the blockchain industry. MetaMUI is the 1st Identity-based blockchain to truly enable regulated, identity-based Peer-to-Peer (P2P) transactions, it can be used as the cornerstone for most financial offerings, with its high versatility and support for custom-developed use cases that enable Central Bank Digital Currencies (CBDC) implementation and issuance easily on the MetaMUI CBDC platform."
#Fintech#CBDC#DigitalID#DFC
·sovereignwallet.medium.com·
METAMUI:Identity-based Blockchain to solve CBDC implementation and design issues