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Ghana to Pilot CBDC With German Banknote Printer Giesecke+Devrient
Ghana to Pilot CBDC With German Banknote Printer Giesecke+Devrient
The Bank of Ghana plans to test a general purpose central bank digital currency (CBDC) in partnership with German banknote printer Giesecke+Devrient (G+D). G+D is providing the technology and will adapt their Filia CBDC solution adapted to Ghana’s requirements, which will be tested in a pilot with banks, payment service providers, merchants, consumers and other relevant stakeholders. Filia enables secure, consecutive offline payments in case no network connection is available.
#Fintech#CBDC#G+D#Offline#DFC
·bog.gov.gh·
Ghana to Pilot CBDC With German Banknote Printer Giesecke+Devrient
Coinbase removes ‘backed by US dollars’ claim for USDC stablecoin
Coinbase removes ‘backed by US dollars’ claim for USDC stablecoin
The Coinbase website now states that USD Coin is “backed by fully reserved assets,” contrary to the now-removed claim of “backed by U.S. dollars in a bank account.” More specifically, “each USDC is backed by one dollar or asset with equivalent fair value, which is held in accounts with US regulated financial institutions.”
#Fintech#CryptoAssets#Stablecoins#Circle#USDC#DFC
·cointelegraph.com·
Coinbase removes ‘backed by US dollars’ claim for USDC stablecoin
Nigeria's E-Nairu Central Bank Digital Currency Details Leaked
Nigeria's E-Nairu Central Bank Digital Currency Details Leaked
The Central Bank of Nigeria (CBN) will reportedly launch a pilot of its e-nairu that will be run on the "two-tier" model whereby the central bank designs and distributes the digital currency (CBDC) and regulated financial institutions provide it to individuals and businesses. The CBN hopes that this strategy will help it “address interoperability risks that might be associated with the implementation.” The CBN reckons the risk of financial disintermediation can be addressed via the imposition of limits on e-naira holdings.
#Fintech#CBDC#DFC
·thisdaylive.com·
Nigeria's E-Nairu Central Bank Digital Currency Details Leaked
BoJ Mints First Batch of Jamaica's Central Bank Digital Currency
BoJ Mints First Batch of Jamaica's Central Bank Digital Currency
The Bank of Jamaica (BOJ) minted Jamaica’s first batch of central bank digital currency (CBDC). A total of J$230 million in CBDC will be issued to deposit-taking institutions and authorized payment service providers during the CBDC pilot exercise which ends in December. Minister of Finance and the Public Service, Nigel Clarke, said that legislative amendments to accompany CBDC will be in place before March 31, 2022, the end of the current fiscal year.
#Fintech#CBDC#DFC
·boj.org.jm·
BoJ Mints First Batch of Jamaica's Central Bank Digital Currency
Circle files to become a bank
Circle files to become a bank
Circle, the fintech company behind the USDC stablecoin, intends to become a US Federally-chartered national full-reserve commercial bank, according to its S-4 special-purpose acquisition company (SPAC) filing with the U.S. Securities and Exchange Commission. The firm said that a banking framework could reduce the risks around its business, including its reliance on third-party payment systems.
#Fintech#CryptoAssets#Stablecoins#Circle#USDC#DFC
·finextra.com·
Circle files to become a bank
Tether Is Backed by Nearly 50% Commercial Paper Says New Report
Tether Is Backed by Nearly 50% Commercial Paper Says New Report
Tether has released an assurance report that provides a breakdown of the company's consolidated assets on June 30, that shows that its $62.7 billion outstanding USDT stablecoin were fully backed. The report was conducted by Moore Cayman, a Cayman Islands-based auditor. Tether's latest attestation report provides much more detail on the composition of its assets, including its commercial paper (most of it which is rated A-1 or A-2). Also, its allocation to Treasury Bills has grown to around 24% from the 3% three months ago. It's very well footnoted, too.
#Fintech#CryptoAssets#Stablecoins#Tether#DFC
·decrypt.co·
Tether Is Backed by Nearly 50% Commercial Paper Says New Report
Central Bank of Venezuela Announces 'Digital Bolivar' Redenomination Plan
Central Bank of Venezuela Announces 'Digital Bolivar' Redenomination Plan
"The Central Bank of Venezuela announced the new redenomination plan for its fiat currency called “Digital Bolivar.” This new proposal seeks to simplify transactions by slashing six zeroes from the current value of the currency. While it is called digital, it has nothing to do with the proposal of a new central bank digital currency (CBDC), but it claims to have the development of a digital economy in the country as its objective."
#Fintech#CBDC#Venezuela#DFC
·news.bitcoin.com·
Central Bank of Venezuela Announces 'Digital Bolivar' Redenomination Plan
Cambodia aims to wean off US dollar dependence with digital currency
Cambodia aims to wean off US dollar dependence with digital currency
The National bank of Cambodia's (NBC's) Chea Serey, who leads the central bank's Project Bakong blockchain-based retail interbank payment system, said Bakong’s electronic wallet reached 200,000 users in June, doubling from three months earlier. Project Bakong, launched in October 2020, allows Cambodians to pay at stores or send money through a mobile app in riel or U.S. dollars. Serey said that the mission of Bakong is to "increase the usage of the local currency," with the long-term goal to "solely use our local currency." NBC is also exploring cross-border transactions through Bakong. Currently it is working on this with Malaysia's Maybank as well as Thailand's central bank.
#Fintech#Payments#CBDC#DFC
·asia.nikkei.com·
Cambodia aims to wean off US dollar dependence with digital currency
The international dimension of a central bank digital currency
The international dimension of a central bank digital currency
"A CBDC not only has domestic macroeconomic and financial implications for the issuing economy; it has also implications for the rest of the world.  Our simulations suggest that if a CBDC is available to non-residents, additional volatility in capital flows, exchange rates and interest rates resulting from its presence can be mitigated through holdings limits on transactions by foreigners or through flexibility in the CBDC’s remuneration rate.  Of the two policy tools, our simulations show the latter is the most powerful – price flexibility dominates quantitative restrictions.  That a CBDC increases asymmetries in the international monetary system by reducing monetary policy autonomy in foreign economies, but not domestically, suggests in addition that introducing a CBDC sooner, rather than later, could give rise to a significant first-mover advantage."
#Fintech#CBDC#DFC
·voxeu.org·
The international dimension of a central bank digital currency
How Tether Can Improve Its Pie Chart – AIER
How Tether Can Improve Its Pie Chart – AIER
"For its next edition of the pie chart, Tether should consider catering to this demand by providing a long list of explanatory notes. Tether will be publishing its next pie chart sometime in the middle of August. Given its flagging issuance, Tether has every reason to do a better job than before. The whole cryptocurrency world will be watching."
#Fintech#CryptoAssets#Stablecoins#Tether#DFC
·aier.org·
How Tether Can Improve Its Pie Chart – AIER
On the Economic Design of Stablecoins
On the Economic Design of Stablecoins
According to this paper co-written by the Diem Association's Christian Catalini, fiat-backed stablecoins must rely on reserves of high-quality, liquid assets and be subject to a framework that protects coin holders from credit risk, market risk, operational risk, as well as the insolvency or bankruptcy of the issuer. Although decentralized stablecoin designs eliminate the need to trust an intermediary, they are either exposed to death spirals, or highly capital inefficient, as they must be highly over-collateralized to account for the lack of an intermediary. While these trade-offs might be acceptable for narrow use cases within the cryptocurrency space, without a breakthrough in decentralized stablecoin design, they are likely to limit the usefulness of these coins for mainstream adoption.
#Fintech#CryptoAssets#Stablecoins#Facebook#Terra#DFC
·papers.ssrn.com·
On the Economic Design of Stablecoins
Fed Governor Waller ‘Highly Skeptical’ of a Fed Digital Coin
Fed Governor Waller ‘Highly Skeptical’ of a Fed Digital Coin
Federal Reserve Governor Christopher Waller said he is “highly skeptical” about the a U.S. central bank digital currency (CBDC). He remains "skeptical that a [it] would solve any major problem confronting the U.S. payment system." Waller also said he saw no reason why the dollar wouldn’t continue to dominate the international payment system even if other nations started using digital currencies for cross-border contracts. He also found it "implausible... that developing a CBDC is the simplest, least costly way to reach the [unbanked]."
#Fintech#CBDC#UnitedStates#DFC
·federalreserve.gov·
Fed Governor Waller ‘Highly Skeptical’ of a Fed Digital Coin
Samsung confirms support for digital currency
Samsung confirms support for digital currency
Samsung Electronics will reportedly participate in the Bank of Korea's central bank digital currency (CBDC) proof-of-concept (PoC) work reportedly co-managed by Ground X, a blockchain affiliate of messenger platform, Kakao. Ground X has partnered with ConsenSys to create the Klaytn Ethereum-based public-permissioned blockchain that the PoC will be run on. Ground X will start work in August, with the first phase to be completed by December.
#Fintech#CryptoAssets#CBDC#Korea#ConsenSys#DFC
·m.koreatimes.co.kr·
Samsung confirms support for digital currency
OceanBase Community Edition
OceanBase Community Edition
"OceanBase Community Edition is an open source distributed HTAP (Hybrid Transactional/Analytical Processing) database management system with a native distributed architecture and supports enterprise-level features such as financial-level high availability, transparent horizontal expansion, distributed transactions, multi-tenancy, and syntax compatibility. . The OceanBase core has passed the test of large-scale commercial scenarios, has served many industry customers, and is now continuing to build core technology competitiveness in the future."
#Fintech#CryptoAssets#CBDC#China#OceanBase#DFC
·open.oceanbase.com·
OceanBase Community Edition
Database of Databases - OceanBase
Database of Databases - OceanBase
"OceanBase is a distributed, scalable, shared-nothing relational DBMS developed by Alibaba. The goal of OceanBase is to serve for financial scenarios which are demanding on performance, cost, scalability, and requires database with high availability and strong consistency. It is designed and optimized for OLTP applications on relational structured data, though its shared-nothing structure also supports OLAP applications."
#Fintech#CryptoAssets#CBDC#China#OceanBase#DFC
·dbdb.io·
Database of Databases - OceanBase
U.S. SEC Chair Gensler calls on Congress to help rein in crypto 'Wild West'
U.S. SEC Chair Gensler calls on Congress to help rein in crypto 'Wild West'
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler called on Congress to give the agency more authority to better police crypto-asset trading, lending and platforms, a "Wild West" he said is riddled with fraud and investor risk. He said the crypto market involves many tokens which may be unregistered securities and leaves prices open to manipulation and millions of investors vulnerable to risks. He also focused on stablecoins and how they "may facilitate those seeking to sidestep a host of public policy goals connected to our traditional banking and financial system: anti-money laundering, tax compliance, sanctions, and... national security, too... Further, these stablecoins also may be securities and investment companies. To the extent they are, we will apply the full investor protections of the Investment Company Act and the other federal securities laws to these products." https://www.sec.gov/news/public-statement/gensler-aspen-security-forum-2021-08-03
#Fintech#CryptoAssets#DeFi#Stablecoins#Regulation#DFC
·reuters.com·
U.S. SEC Chair Gensler calls on Congress to help rein in crypto 'Wild West'
Analyzing Tether and USDC Usage Patterns
Analyzing Tether and USDC Usage Patterns
"USDC and other stablecoins are being adopted for many reasons, but one major benefit of stablecoins over traditional settlement infrastructure (e.g. Fedwire) is that they run on crypto-native payment rails that operate 24/7, 365. The heatmap below breaks down USDC activity by day of week. On-chain data show that USDC is mainly used during weekdays, but has some activity during the weekends when traditional infrastructure is largely unavailable."
#Fintech#CryptoAssets#Stablecoins#Tether#USDC#DFC
·coinmetrics.substack.com·
Analyzing Tether and USDC Usage Patterns
PBoC’s Digital Research Institute Partners With Ant Group
PBoC’s Digital Research Institute Partners With Ant Group
In April 2021, the Digital Currency Research Institute of the People’s Bank of China reportedly signed a strategic cooperation agreement with Ant Group. The two will jointly work on promoting the platform for the digital yuan. The platform will be based on Ant Group’s proprietary distributed database called OceanBase and mobile development platform mPaaS.
#Fintech#CBDC#AntFinancial#China#OceanBase#DFC
·news.8btc.com·
PBoC’s Digital Research Institute Partners With Ant Group
Fed's Brainard: Can't wrap head around not having U.S. central bank digital currency
Fed's Brainard: Can't wrap head around not having U.S. central bank digital currency
U.S. Federal Reserve Governor Lael Brainard reportedly laid out a range of reasons for "urgency" around the issue of developing a U.S. central bank digital currency (CBDC), including the fact that other countries such as China are moving ahead with their own. "The dollar is very dominant in international payments, and if you have the other major jurisdictions in the world with a digital currency, a CBDC offering, and the U.S. doesn't have one, I just, I can't wrap my head around that... That just doesn't sound like a sustainable future to me." She also pointed to the risk of stablecoins proliferating and fragmenting the payment system.
#Fintech#CBDC#Stablecoins#DFC
·msn.com·
Fed's Brainard: Can't wrap head around not having U.S. central bank digital currency
ECCB Launches DCash in Saint Vincent and the Grenadines
ECCB Launches DCash in Saint Vincent and the Grenadines
The Eastern Caribbean Central Bank (ECCB) has made DCash, the digital version of the EC Dollar, available for public use in Saint Vincent and the Grenadines, as part of its continuing central bank digital currency (CBDC) pilot launched on March 31, 2021. The initial rollout took place in Antigua and Barbuda, Grenada, Saint Lucia and St. Kitts and Nevis.
#Fintech#CBDC#DFC
·eccb-centralbank.org·
ECCB Launches DCash in Saint Vincent and the Grenadines
Ukraine central bank now officially allowed to issue digital currency
Ukraine central bank now officially allowed to issue digital currency
The National Bank of Ukraine (NBU) is now officially authorized to issue a central bank digital currency (CBDC). Ukrainian President Volodymyr Zelenskyy has signed a new Payment Services law, officially enabling the country’s central bank to issue a CBDC, the digital hryvnia. The new law authorizes the NBU to set up regulatory sandboxes for testing payment services and instruments based on emerging technologies. The new legislation also requires close collaboration between the Ukrainian central bank and local startups in the payment market, taking into account the demand of the private sector. https://www.president.gov.ua/ru/news/glava-derzhavi-pidpisav-zakon-pro-platizhni-poslugi-69849
#Fintech#CBDC#DFC
·cointelegraph.com·
Ukraine central bank now officially allowed to issue digital currency
IMF sees critical role as world transitions to digital money
IMF sees critical role as world transitions to digital money
International Monetary Fund (IMF) staff called for a ramping up of the institution's resources devoted to monitoring, advising on, and helping to manage the "far-reaching and complex transition" to digital money. According to one of the background papers, "the Fund has a critical role to play to help its members harness the benefits and manage the risks of digital money [which] must be regulated, designed, and provided so countries maintain control over monetary policy, financial conditions, capital account openness, and foreign exchange regimes".
#Fintech#Payments#CBDC#CryptoAssets#DFC
·mobile.reuters.com·
IMF sees critical role as world transitions to digital money
A Fed-issued digital dollar could print money — for the people
A Fed-issued digital dollar could print money — for the people
With such a system of “auto-stabilizers,” families would not need to wait for the political system to wrangle over ad hoc relief programs, nor suffer costs and delays inherent in our outdated payments system. The Fed could distribute funds directly to digital wallets held by households, and/or use regulated digital payment providers to help consumers set up digital wallets and custody their CBDC.
#Fintech#CBDC#DFC
·finance.yahoo.com·
A Fed-issued digital dollar could print money — for the people
A New Solution – Blockchain and eID
A New Solution – Blockchain and eID
"Eesti Pank carried out a research project into the technical possibilities for a digital euro alongside the European Central Bank and seven other central banks of the euro area. The experiment established that a novel blockchain-based solution could in theory support almost unlimited numbers of payments being processed at the same time with  a very large money supply and with a smaller carbon footprint than the card payment system. The blockchain-based solution would also permit a good balance between privacy and the need to meet anti-money laundering requirements."
#Fintech#CBDC#Eurozone#DFC
·eestipank.ee·
A New Solution – Blockchain and eID
Why is the United States Lagging Behind in Payments
Why is the United States Lagging Behind in Payments
According to this paper by Diem/Novi's Christian Catalini and Andrew Lilley there are at least three ways to remove frictions in payments and rapidly expand the number of individuals and businesses that can access the financial system and cheaply transact in real time. The first is to bring deposits on a single ledger through a central bank digital currency (CBDC), so that transfers between banks are not limited by external liquidity constraints or third-party rails. The second approach is to follow countries such as India and Mexico and increase the throughput of always-on real-time gross settlement (RTGS) systems, the model the US Federal Reserve is pursuing with the introduction of FedNow, targeted for 2023. The third approach is to facilitate the growth of interoperable, stablecoin payment rails by creating the right regulatory framework for these new types of networks to safely increase competition in payments.
#Fintech#CBDC#CryptoAssets#Stablecoins#PaymentSystems#DFC
·papers.ssrn.com·
Why is the United States Lagging Behind in Payments
Now is not the time for central bank digital currencies
Now is not the time for central bank digital currencies
Steve Cecchetti and Kim Schenholtz argue that rather than rushing to offer CBDC for fear of being left behind, central banks should go slowly to ensure a safe design. In our view, that means stopping well short of issuing universal, unlimited, interest-bearing CBDC.
#Fintech#CBDC#DFC
·ft.com·
Now is not the time for central bank digital currencies
Tether Executives Said to Face Criminal Probe Into Bank Fraud - Bloomberg
Tether Executives Said to Face Criminal Probe Into Bank Fraud - Bloomberg
A U.S. Department of Justice (DoJ) probe into Tether is homing in on whether executives behind the USDT stablecoin committed bank fraud, a potential criminal case that would have broad implications for the crypto-asset market. The DoJ is scrutinizing whether Tether concealed from banks that transactions were linked to crypto-assets.
#Fintech#CryptoAssets#Stablecoins#Tether#DFC
·bloomberg.com·
Tether Executives Said to Face Criminal Probe Into Bank Fraud - Bloomberg