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Iran's President proposes crypto for Muslim nations as an alternative to the US dollar
Iran's President proposes crypto for Muslim nations as an alternative to the US dollar
Iran’s President Hassan Rouhani has proposed creating a cryptocurrency for Muslim countries as an alternative to the US dollar. Rouhani said the U.S. has used economic sanctions as the “main tools of domineering hegemony and bullying” of other nations. Last month, BRICS nations also proposed creating a cryptocurrency for settling payment transactions between the group "
#Fintech#CryptoAssets#CBDC#FinancialIntegrity#DFC
·theblockcrypto.com·
Iran's President proposes crypto for Muslim nations as an alternative to the US dollar
Some Questions Regarding the FedNow Project
Some Questions Regarding the FedNow Project
Instead of increasing its size and scope, the Fed should reconsider its priorities. There does not seem to be an urgent need for real-time payment technologies, which are already being offered and developed by the private sector. The role of public entities such as the Fed is not to compete with the market, but to provide and secure a good competitive environment for the market to develop.
#Fintech#CryptoAssets#CBDC#FastPayments#DFC
·aier.org·
Some Questions Regarding the FedNow Project
European Central Bank Announces New DLT Proof-Of-Concept Called EUROchain
European Central Bank Announces New DLT Proof-Of-Concept Called EUROchain
The ESCB’s EUROchain research network (with the support of Accenture and R3) uses distributed ledger technology. Based on the R3’s Corda platform, the project is a study on how privacy can be balanced with compliance procedures, like anti-money laundering rules, while DLT helps drive down the cost of transactions.
#Fintech#CryptoAssets#CBDC#Privacy#DFC
·forbes.com·
European Central Bank Announces New DLT Proof-Of-Concept Called EUROchain
Bahamas Central Bank Will Pilot Digital Currency Starting December 27
Bahamas Central Bank Will Pilot Digital Currency Starting December 27
The Central Bank of the Bahamas will introduce a digital version of the Bahamian dollar, starting with a pilot phase in Exuma in December 2019, and extending in the first half of 2020 to Abaco. This initiative has acquired the name Project Sand Dollar, with the sand dollar also being the name assigned to the proposed central bank digital currency (CBDC). This is a continuation of the Bahamian Payments System Modernization Initiative (PSMI), which began in the early 2000s.
#Fintech#CryptoAssets#CBDC#DFC
·centralbankbahamas.com·
Bahamas Central Bank Will Pilot Digital Currency Starting December 27
South Korea Forms Task Force for Central Bank Digital Currency Research
South Korea Forms Task Force for Central Bank Digital Currency Research
In its “Monetary Policy for 2020” brief the Bank of Korea said it will continue to build on its research into distributed ledger technology, crypto-assets, and central bank digital currency. The Bank will organize a CBDC-dedicated task force and recruit additional experts. https://www.bok.or.kr/viewer/skin/doc.html?fn=201912260255367880.pdf&rs=/webview/result/E0000634/201912#
#Fintech#CryptoAssets#CBDC#DFC
·bok.or.kr·
South Korea Forms Task Force for Central Bank Digital Currency Research
Anonymity Vouchers: An Improvement for Private Transactions
Anonymity Vouchers: An Improvement for Private Transactions
A recent ECB paper describe a hypothetical payments system in which citizens are provided with a monthly allotment of ‘anonymity vouchers’. The vouchers expire and cannot be traded. If users wish to make an anonymous payment, they must attach a voucher to each payment request. By doing so neither the issuing central bank nor the anti-money laundering authorities will be privy to the payor’s identity. Once the allotment is used up, payments can no longer anonymous. By rationing anonymity, the authors of the paper hope to allow for lower-value anonymous payments while filtering out larger ones.
#Fintech#CryptoAssets#CBDC#Privacy#DFC
·aier.org·
Anonymity Vouchers: An Improvement for Private Transactions
Introducing Digital Currencies to the Global Interbank Settlement System
Introducing Digital Currencies to the Global Interbank Settlement System
The proposed two models would be modest contributions to introducing digital currencies for the sole use of cross-border interbank clearing and settlement. The concerns about verification of AML, CFT, KYC and tax evasion would be addressed as participating banks are properly supervised by their respective supervisory authorities. Transactions in ‘bricks’ would be authorized and executed by them. This would be a China designed and operated cross-border payments infrastructure, first for BRICS countries and later for partner countries of the Belt and Road Initiative. Like this, China and its partner countries could wean themselves off an outdated USD based system, which needs to face the digital age in a reform of its own before long.
#Fintech#CryptoAssets#CBDC#CrossBorder#DFC
·imi.ruc.edu.cn·
Introducing Digital Currencies to the Global Interbank Settlement System
Money Creation in Fiat and Digital Currency Systems
Money Creation in Fiat and Digital Currency Systems
This IMF paper concludes that the mere disappearance of physical cash would not imply that monetary policy’s bearing on economic dynamics be in any way reduced. Hence, the disappearance of cash cannot be the argument for calling for CBDCs from that perspective. More relevant arguments for digital instead of physical cash include instead the objective to be better able to counteract money laundering and combat the financing of terrorism and tax evasion.
#Fintech#CryptoAssets#CBDC#DFC
·imf.org·
Money Creation in Fiat and Digital Currency Systems
Bahamas rolls out first phase of CBDC pilot
Bahamas rolls out first phase of CBDC pilot
“We chose Exuma because we wanted to perfect the experience in one of the islands where there is not full access to financial services,” governor John Rolle. “We also liked the structure of Exuma, it has a scattered geography, and it gives us the opportunity to build out and rely on a communications infrastructure for payments transactions.”
#Fintech#CryptoAssets#CBDC#DFC
·centralbanking.com·
Bahamas rolls out first phase of CBDC pilot
Tiered CBDC and the financial system
Tiered CBDC and the financial system
This ECB paper reviews the advantages and risks of CBDC issuance, and proposes two-tier renumeration to reduce the risk of structural disintermediation of banks and centralization of the credit allocation process within the central bank and (ii) risk of facilitation systemic runs on banks in crisis situations.
#CryptoAssets#Fintech#CBDC#DFC
·ecb.europa.eu·
Tiered CBDC and the financial system
Problems Escalate in Venezuela as Millions Rush to Spend Petros
Problems Escalate in Venezuela as Millions Rush to Spend Petros
According to the Venezuelan government, millions of families have used the petro, the country’s national digital currency, to pay for goods and services. As shoppers rush to spend their coins, merchants are reportedly struggling, effectively forced to sell goods at a deep discount. At least one merchant is said to have been arrested.
#Fintech#CryptoAssets#CBDC#Petro#Venezuela#DFC
·news.bitcoin.com·
Problems Escalate in Venezuela as Millions Rush to Spend Petros
The Democratic Digital Dollar: A Peer-to-Peer Savings & Payments Platform for Fully Inclusive State, Local, and National Money & Banking Systems
The Democratic Digital Dollar: A Peer-to-Peer Savings & Payments Platform for Fully Inclusive State, Local, and National Money & Banking Systems
This document sketches a smart-device-accessible peer-to-peer (‘P2P’) platform – the ‘Digital Dollar Platform’ – which, thanks to new payment technologies, can easily be put into place and administered by any unit of government with a view to supplying this critical commercial and financial infrastructure to all of its constituents.
#Fintech#CryptoAssets#CBDC#PaymentSystems#DFC
·papers.ssrn.com·
The Democratic Digital Dollar: A Peer-to-Peer Savings & Payments Platform for Fully Inclusive State, Local, and National Money & Banking Systems
Money's Past is Fintech's Future: Wildcat Crypto, the Digital Dollar, and Citizen Central Banking
Money's Past is Fintech's Future: Wildcat Crypto, the Digital Dollar, and Citizen Central Banking
As central banks worldwide upgrade their payments systems, the Fed will begin issuing a ‘digital dollar’ that leaves no licit function for what I call ‘wildcat crypto.’ But the imminent change heralds far more than a shakeout in ‘fintech.’ It will also make possible a new era of what I call ‘Citizen Central Banking.’ The Fed will administer a national system of what I call ‘Citizen Accounts.’
#Fintech#CryptoAssets#CBDC#PaymentSystems#DFC
·papers.ssrn.com·
Money's Past is Fintech's Future: Wildcat Crypto, the Digital Dollar, and Citizen Central Banking
China’s sovereign digital currency plan in doubt with concerns raised about wider application
China’s sovereign digital currency plan in doubt with concerns raised about wider application
Some have called for caution with regards to China’s digital currency, with the urgency to rush through Beijing’s own plan now lessened as Libra, which is perceived by Beijing as a major threat to China’s financial sovereignty, faces major regulatory obstacles worldwide.
#Facebook#Fintech#CryptoAssets#CBDC#Libra#DFC
·scmp.com·
China’s sovereign digital currency plan in doubt with concerns raised about wider application
Digital Dollar Project
Digital Dollar Project
The Digital Dollar Project has been created to formally lead the initiative of educating policy makers, organizing key industry stakeholders, and proposing a U.S. CBDC strategy.
#CryptoAssets#CBDC#DFC
·digitaldollarproject.org·
Digital Dollar Project
Central Bank group to assess potential cases for central bank digital currencies
Central Bank group to assess potential cases for central bank digital currencies
The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Sveriges Riksbank and the Swiss National Bank, together with the Bank for International Settlements (BIS), have created a group to share experiences as they assess the potential cases for central bank digital currency (CBDC) in their home jurisdictions.
#Fintech#CBDC#CryptoAssets#DFC
·bankofengland.co.uk·
Central Bank group to assess potential cases for central bank digital currencies