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All your questions about the Trillion Dollar Platinum Coin, Answered
All your questions about the Trillion Dollar Platinum Coin, Answered
"There are many proposals coming out of congress for how to respond to the Coronavirus-induced depression and deliver economic relief to households. Only one however, involves sending and/or delivering a debit card to every single resident of the United States and funding this expenditure by minting a trillion dollar platinum coin. This is Representative Rashida Tlaib’s proposal, co-authored by my colleague at the Modern Money Network, Rohan Grey. Rohan actually wrote his entire job market paper on the Platinum Coin, which I encourage you to read if you’re really interested in the technicalities, but I wanted to cover some basic details"
#Fintech#CBDC#TrillionDollarCoin#DFC
·nathantankus.substack.com·
All your questions about the Trillion Dollar Platinum Coin, Answered
You Can’t Use a Trillion-Dollar Coin
You Can’t Use a Trillion-Dollar Coin
Fine, go ahead and mint the damn trillion-dollar coin. And then hang it on the wall or put it on display as a symbol of monetary – and legal – incompetence. Proposed by Democrat members of Congress as a solution to the U.S. debt ceiling impasse, the idea behind the coin is deceptively simple: There’s a loophole in the U.S. law allowing the Treasury Department to keep spending even after the limit on how much public debt can be incurred – the debt ceiling – has been reached. The ploy is to use a rule that authorizes Treasury to issue a platinum coin “in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary’s discretion, may prescribe from time to time.” Pushback from Rohan Grey: https://twitter.com/rohangrey/status/1445131064872030211 and response from Marcelo Prates: https://twitter.com/MarceloMPrates/status/1445139106732953613
#Fintech#CBDC#TrillionDollarCoin#DFC
·coindesk.com·
You Can’t Use a Trillion-Dollar Coin
Two Types of Postal Banking
Two Types of Postal Banking
"Should the U.S. Postal Service get into the banking business? U.S. Senators Kirsten Gillibrand (D-N.Y.) and Bernie Sanders believe it should, and have introduced the Postal Banking Act. The idea is that with 8.4 million unbanked American households, banks are doing a bad job of serving low-income people. If the U.S. Postal Service (USPS) began offering banking services, it may be able to reach these people."
#Fintech#PostalBanking#CBDC#DFC
·aier.org·
Two Types of Postal Banking
USPS Begins Postal Banking Pilot Program
USPS Begins Postal Banking Pilot Program
"The United States Postal Service (USPS) has taken the most dramatic step in a half-century to re-establish a postal banking system in America. In four pilot cities, customers can now cash payroll or business checks of up to $500 at post office locations, and have the money put onto a single-use gift card. It’s the most far-reaching executive action that the Biden administration has taken since Inauguration Day."
#Fintech#PostalBanking#CBDC#DFC
·prospect.org·
USPS Begins Postal Banking Pilot Program
HKMA Technical Whitepaper on Retail Central Bank Digital Currency
HKMA Technical Whitepaper on Retail Central Bank Digital Currency
The Hong Kong Monetary Authority (HKMA) released a technical whitepaper on retail e-HKD central bank digital currency (CBDC). Building on the model for retail CBDC that the HKMA is jointly investigating with the Hong Kong Centre of the BIS Innovation Hub, the Whitepaper explores potential technical design options for issuing and distributing retail CBDCs. It aims to explore technology solutions that address the problems of cross-ledger synchronisation, over-issuance prevention, privacy-preserving transaction traceability, and different two-tier distributions models.
#Fintech#CBDC#DFC
·hkma.gov.hk·
HKMA Technical Whitepaper on Retail Central Bank Digital Currency
Laos to Study Digital Currency With Help From Japanese Fintech, Report Reveals
Laos to Study Digital Currency With Help From Japanese Fintech, Report Reveals
The Bank of the Lao People’s Democratic Republic is reportedly launching a CBDC study. The monetary authority has employed the Japanese fintech firm Soramitsu which was involved in a similar project in neighboring Cambodia (Project Bakong). (Laos recently signed a memorandum of understanding with the Japan International Cooperation Agency.)
#Fintech#CBDC#DFC
·news.bitcoin.com·
Laos to Study Digital Currency With Help From Japanese Fintech, Report Reveals
Venezuela Slashes Six Zeroes off Its Currency
Venezuela Slashes Six Zeroes off Its Currency
On October 1, the Central Bank Of Venezuela slashed six zeroes from the currency, effectively making 1,000,000 Bolivares just 1 Bolivar now, to make payments and currency handling easier. The measure was announced in August, where the central bank announced it was changing the name of the currency to the “Digital Bolivar,” which sparked speculation about a possible issuance of a central bank digital currency (CBDC) in the country. But the bank did not present any reports in this regard and instead announced the issuance of new bills to complement the redenomination plan.
#Fintech#CBDC#Venezuela#DFC
·news.bitcoin.com·
Venezuela Slashes Six Zeroes off Its Currency
The People’s Ledger: How to Democratize Money and Finance the Economy
The People’s Ledger: How to Democratize Money and Finance the Economy
The Biden administration is nominating law professor Saule Omarova to head the Office of the Comptroller of the Currency (OCC). Omarova recently wrote a paper that outlines a series of structural reforms that would radically redefine the role of a central bank as the ultimate public platform for generating, modulating, and allocating financial resources in the economy. Beginning with the liability side of the central bank balance sheet (the "People's Ledger") she advocates the issuance of retail central bank digital currency (CBDC) and concurrent migration of all transaction deposit accounts from private banks to the central bank. On the asset side, she advocates a comprehensive qualitative restructuring of the central bank’s investment portfolio, which would maximize its capacity to channel credit to productive uses in the nation’s economy. She shows how the proposed reforms would make the financial system less complex, more stable, and more efficient.
#Fintech#CBDC#DFC
·papers.ssrn.com·
The People’s Ledger: How to Democratize Money and Finance the Economy
Crypto Boom Poses New Challenges to Financial Stability
Crypto Boom Poses New Challenges to Financial Stability
A chapter from the IMF's forthcoming Global Financial Stability Report concludes that tougher regulation is needed to prevent the rapid growth in crypto-assets leading to financial instability, defrauding of consumers and the funding of terrorism. The chapter drew particular attention to the widespread and rapid adoption of crypto-assets in emerging markets and developing economies (EMDEs), which could "pose significant challenges by reinforcing dollarization forces in the economy — or in this case cryptoization — where residents start using crypto-assets instead of the local currency, reducing the ability of central banks to effectively implement monetary policy... [In such cases] authorities should prioritize strengthening macroeconomic policies and consider the benefits of issuing central bank digital currency and improving payment systems. In some EMDEs, cryptoization can be driven by weak central bank credibility, vulnerable banking systems, inefficiencies in payment systems and limited access to financial services... [Also,] globally, policymakers should prioritize making cross-border payments faster, cheaper, more transparent and inclusive through the G20 Cross Border Payments Roadmap."
#Fintech#CryptoAssets#CBDC#DFC
·blogs.imf.org·
Crypto Boom Poses New Challenges to Financial Stability
The case against a retail digital dollar
The case against a retail digital dollar
George Selgin: There are a many reasons why I also favor a division of labor in which the Fed sticks to being a wholesale dealer in payments media, leaving the retail side of the business to banks and other private-sector payment services providers.
#Fintech#CBDC#UnitedStates#DFC
·threadreaderapp.com·
The case against a retail digital dollar
Does Canada need a central bank digital currency?
Does Canada need a central bank digital currency?
"According to David Andolfatto a Canadian retail CBDC is, in principle, an attractive proposition. But given the system currently in place and the prospects for its near-term evolution, a retail CBDC on its own is, in my opinion, not an essential initiative at this point in time. For consumers, a retail CBDC would mostly replicate what they already have available. As such, the initiative is not likely to attract business away from private-sector PSPs or serve to discipline private-sector pricing protocols and rewards programs. For a CBDC to be successful in this regard, legislation (or moral suasion) designed to alter private-sector marketing behaviour is likely required. But if such legislation were forthcoming, the rationale for a retail CBDC is even further diminished. On the other hand, a wholesale CBDC (together with legislation governing pricing protocols) seems like the most straightforward way to promote competition and fairness in the Canadian payments system. While I see no reason why a CBDC could not work in principle, I also do not see why it is essential in practice. It probably makes more sense to let the Bank of Canada focus on its core competencies — monetary policy, regulation and wholesale payments — and let a regulated private sector manage retail payments."
#Fintech#CBDC#Canada#DFC
·financesofthenation.ca·
Does Canada need a central bank digital currency?
Court okays eNaira rollout as CBN postpones launch
Court okays eNaira rollout as CBN postpones launch
The Central Bank of Nigeria (CBN) reportedly deferred the launch of the eNaira central bank digital currency (CBDC) in deferrence to other key activities lined up to commemorate the country’s 61st Independence Anniversary. The launch was scheduled for October 1, and Nigerians have already been able to download the eNaira app from either the Google Play or Apple App stores for some days now. Also, a trademark infringement lawsuit by Nigerian company Enaira Payment Solutions, that had threatened to restrain the launch, had been cleared away the day before.
#Fintech#CBDC#Africa#DFC
·guardian.ng·
Court okays eNaira rollout as CBN postpones launch
Visa outlines interoperability concept for CBDC payments
Visa outlines interoperability concept for CBDC payments
Visa published a paper on its "universal payments channel" (UPC) that will facilitate transactions between various stablecoins and central bank digital currencies (CBDCs). Specifically, it proposes a hub-and-spoke payment route that can be used to support digital token transfers of funds across different networks through payment channels. The UPC protocol facilitates payments through a "UPC hub" that acts as a gateway to receive payment requests from registered sending parties and routes them to registered recipient parties.
#Fintech#CryptoAssets#CBDC#Stablecoins#VISA#DFC
·theblockcrypto.com·
Visa outlines interoperability concept for CBDC payments
New Zealand central bank consults on retail central bank digital currency
New Zealand central bank consults on retail central bank digital currency
The Reserve Bank of New Zealand published a discussion papers seeking public feedback to assess retail central bank digital currency (CBDC) use cases. The central bank emphasized that a potential New Zealand CBDC would be digital money issued by the bank alongside cash. The central bank notes that while the amount of cash in circulation has been growing in New Zealand, it is still used “proportionately less for transactions by most people."
#Fintech#CBDC#DFC
·rbnz.govt.nz·
New Zealand central bank consults on retail central bank digital currency
Cabs In Chinese City Xi'an Pilot Digital RMB As Fare
Cabs In Chinese City Xi'an Pilot Digital RMB As Fare
"The Xi’an taxi industry and the Bank of Xi’an have reportedly launched an eCNY pilot program to accept eCNY as fare, becoming the first city in China to accept digital renminbi as a taxi fare. Ten cabs selected as pilot vehicles have QR codes posted, and passengers can scan the QR codes to pay the fare with digital yuan."
#Fintech#CBDC#China#DFC
·forkast.news·
Cabs In Chinese City Xi'an Pilot Digital RMB As Fare
eNaira May Not Launch
eNaira May Not Launch
Nigeria's eNaira central bank digital currency (CBDC) which was scheduled to launch on October 1, may not go as planned due to an infringement by the central bank's infringement of the trademark of a Nigerian company ENAIRA PAYMENT SOLUTIONS LIMITED (RC 508500), which was incorporated in 2004. The company’s attorney, Olakunle Agbebi & Co. has reportedly approached the Federal High Court in Suit No. FHC/AB/CS/113/2021 between ENaira Payment Solutions Limted v. Central Bank of Nigeria. The action includes an order to restrain the central bank from proceeding with the proposed launch.
#Fintech#CBDC#DFC
·cryptotvplus.com·
eNaira May Not Launch
Bank of England Announces Membership of CBDC Engagement and Technology Forums
Bank of England Announces Membership of CBDC Engagement and Technology Forums
The Bank of England and HM Treasury have today announced the membership of the central bank digital currency (CBDC) Engagement and Technology Forums. The creation of these groups was announced in April 2021, alongside the CBDC Taskforce which coordinates the exploration of a potential UK CBDC. The Engagement Forum consists of senior stakeholders from industry, civil society and academia to gather strategic input on policy considerations and functional requirements pertaining to CBDC. The Forum will have an important role in helping the Bank and HM Treasury understand the practical challenges of designing, implementing and operating a CBDC.
#Fintech#CBDC#UnitedKingdom#DFC
·bankofengland.co.uk·
Bank of England Announces Membership of CBDC Engagement and Technology Forums
Celo introduces its Provo CBDC sandbox
Celo introduces its Provo CBDC sandbox
The Celo Foundation launched Provo, a sandbox for public and official sector experimentation on Celo that’s designed to allow central banks to explore and experiment with central bank digital currency (CBDC) and other digital assets. Provo will enable financial and regulatory authorities to test CBDC designs and implementation mechanisms in permissioned and/or permissionless, risk-free environments on the Celo platform.
#Fintech#CBDC#Sandboxes#Celo#DFC
·medium.com·
Celo introduces its Provo CBDC sandbox
The Technology Underlying Stablecoins
The Technology Underlying Stablecoins
"Even centralized stablecoins operate as software running on decentralized blockchains, and it’s important to keep in mind that stablecoins involve layers of software that are not used in traditional financial institution activity. If this software doesn’t operate safely and securely, or if the decentralized networks don’t operate as expected, there could be a loss of confidence in the stablecoin or even outright theft. As it stands now, regulators, issuers, and users of a stablecoin need to understand stablecoin software and the underlying blockchain platforms they run on in order to accurately measure technical and operational risk."
#Fintech#CryptoAssets#Stablecoins#USDC#DFC
·nehanarula.org·
The Technology Underlying Stablecoins
FAKE NEWS on Tajikistan CBDC
FAKE NEWS on Tajikistan CBDC
"The National Bank of Tajikistan informs that it has not signed any cooperation agreement with Fantom Foundation on Digital Currency Platform (CBDC) and has no intentions to do so. The information on introduction of Digital Currency Platform (CBDC) through the National Bank of Tajikistan in the Republic of Tajikistan is incorrect and untrue, therefore the National Bank of Tajikistan has already sent a letter to the Fantom Foundation concerning the disclosure of false information."
#Fintech#CBDC#DFC
·nbt.tj·
FAKE NEWS on Tajikistan CBDC
Inthanon-LionRock to mBridge: Building a multi CBDC platform for international payments
Inthanon-LionRock to mBridge: Building a multi CBDC platform for international payments
A prototype payment platform developed by the Bank for International Settlements Innovation Hub and the Hong Kong Monetary Authority, Bank of Thailand, People's Bank of China, and Central Bank of the United Arab Emirates, demonstrated the potential of using multiple central bank digital currency (mCBDC) and distributed ledger technology (DLT) for delivering real-time, cheaper and safer cross-border payments and settlements. The mBridge project common prototype platform for mCBDC settlements, part of phase two of Project Inthanon-LionRock, was able to complete international transfers and foreign exchange operations in seconds, as opposed to the several days normally required for any transaction to be completed using the existing network of commercial banks and operate in a 24/7 basis. The cost of such operations to users can also be reduced by up to half.
#Fintech#CBDC#mCBDC#Payments#CrossBorder#DFC
·bis.org·
Inthanon-LionRock to mBridge: Building a multi CBDC platform for international payments
Peruvian stablecoin launches on Stellar blockchain
Peruvian stablecoin launches on Stellar blockchain
Latin American stablecoin issuer Anclap is expanding its Stellar-based stablecoin network by launching a new stablecoin in Peru. Pegged to the Peruvian sol (PEN), the new stablecoin is designed to enable instant transactions across Anclap’s network, including conversions in other fiat currencies as well as any other digital asset. Called the “digital sol,” the stablecoin is said to be 100% backed by local fiat currency and is available on the Stellar network to be integrated into any platform, and exchangeable against several foreign currencies, including Argentine peso, Brazilian real, US dollars and the euro.
#Fintech#CryptoAssets#Stablecoins#Stellar#DFC
·cointelegraph.com·
Peruvian stablecoin launches on Stellar blockchain
Ahead of October Launch, eNaira Platform Goes Live
Ahead of October Launch, eNaira Platform Goes Live
Nigeria's eNaira retail central bank digital currency (CBDC) will launch on October 1, 2021. Nigerians can now download the eNaira app from either the Google Play or Apple App stores, onboard themselves and fund their eNaira wallet using their bank account or with cash at a registered agent location. https://enaira.com/
#Fintech#CBDC#DFC
·politicaleconomistng.com·
Ahead of October Launch, eNaira Platform Goes Live
Central Bank of Chile Sets Up Team to Study CBDC Issuance
Central Bank of Chile Sets Up Team to Study CBDC Issuance
The Central Bank of Chile is exploring the issuance of central bank digital currency (CBDC). The bank will form a team to analyze the objectives, requirements and regulations for the development of a CBDC. The group aims to deliver a white paper in the first quarter of 2022, presenting a framework for action and strategic objectives, lines of action and expected results. https://www.bcentral.cl/en/content/-/detalle/banco-central-presenta-agenda-sobre-medios-de-pago-digitales-del-instituto-emisor
#Fintech#CBDC#DFC#Chile
·coindesk.com·
Central Bank of Chile Sets Up Team to Study CBDC Issuance
Circle Taps Plaid for ACH Payments as USDC Market Cap Hits $30B
Circle Taps Plaid for ACH Payments as USDC Market Cap Hits $30B
"Stablecoin issuer Circle said that it is partnering with financial data aggregator Plaid to make it easier for consumers to move their money out of the bank and into Circle’s USDC. Like its partnership with Visa, working with Plaid is another way for Circle to become more deeply integrated with networks that allow users to move faster between fiat and dollar-backed crypto tokens via the Automated Clearing House (ACH) network."
#Fintech#CryptoAssets#Stablecoins#Circle#USDC#DFC
·coindesk.com·
Circle Taps Plaid for ACH Payments as USDC Market Cap Hits $30B
Royal Monetary Authority of Bhutan, Ripple Partner to Pilot CBDC Using Private Blockchain
Royal Monetary Authority of Bhutan, Ripple Partner to Pilot CBDC Using Private Blockchain
Bhutan’s Royal Monetary Authority (RMA) will use a private version of Ripple Lab's open-source XRP Ledger solution to pilot retail, wholesale and cross border use cases for a digital Ngultrum central bank digital currency (CBDC) in phases. Ripple’s CBDC solution ensures central banks have greater control over issuance, management, privacy, and validation than they would get with public blockchains, and it can handle payments at the volume of transactions required by a successful retail CBDC.
#Fintech#CBDC#DFC
·rma.org.bt·
Royal Monetary Authority of Bhutan, Ripple Partner to Pilot CBDC Using Private Blockchain
Conflux, Shanghai Maritime Partner On Pilot Offshore RMB Stablecoin
Conflux, Shanghai Maritime Partner On Pilot Offshore RMB Stablecoin
Singapore-based Conflux is piloting an offshore renminbi (RMB) stablecoin in a free trade zone (FTZ) in Shanghai, in a move to boost cross-border payments. It will run on the Conflux Network, China’s only regulatory compliant public blockchain, which has also received endorsements from the Shanghai and Hunan governments. As part of China’s five-year plan, Shanghai will be the central focus of global free trade and shipping in China. In July the Government of China granted Shanghai permission to explore free trade with an offshore RMB stablecoin; the only free trade zone in China to pilot trade with RMB.
#Fintech#Blockchain#China#CrossBorder#Stablecoins#DFC
·forkast.news·
Conflux, Shanghai Maritime Partner On Pilot Offshore RMB Stablecoin
Trust Issues: Exploiting TrustZone TEEs
Trust Issues: Exploiting TrustZone TEEs
"While the motivation behind the inclusion of TEEs in mobile devices is positive, the current implementations are still lacking in many regards. The introduction of new features and the ever increasing number of trustlets result in a dangerous expansion of the TCB. This fact, coupled with the current lack of exploit mitigations in comparison to those offered by modern operating systems, make TEEs a prime target for exploitation."
#Fintech#CBDC#CyberSecurity#DFC
·googleprojectzero.blogspot.com·
Trust Issues: Exploiting TrustZone TEEs
China’s E-CNY Rollout Enters ‘sprint Stage’ For Beijing Winter Olympics
China’s E-CNY Rollout Enters ‘sprint Stage’ For Beijing Winter Olympics
People’s Bank of China (PBOC) Deputy Governor Fan Yifei said the infrastructure construction for e-CNY use during the Winter Olympics has entered a “sprint stage.” Fan also said e-CNY preparation teams at the Olympic venues “should heighten their sense of mission and urgency, and push ahead with the pilot work in a solid and orderly manner with a strict and meticulous attitude.” http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4342636/index.html
#Fintech#CBDC#China#DFC
·forkast.news·
China’s E-CNY Rollout Enters ‘sprint Stage’ For Beijing Winter Olympics