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Shenzhen to Double Digital Yuan Giveaway in China's Latest Lottery Test
Shenzhen to Double Digital Yuan Giveaway in China's Latest Lottery Test
Shenzhen is giving residents the chance to win 20 million digital yuan in its another “red envelope” giveaway. On January 1, 2021 the lottery opened, allowing the city's residents to register through the "i Shenzhen" platform to be included in the draw. The lottery is aimed to test China's in-development central bank digital currency (CBDC) in the hands of the public. A total of 100,000 red envelopes will be distributed, with winners to be awarded 200 digital yuan each to spend from January 7 to 17 at around 10,000 physical merchants. https://mp.weixin.qq.com/s/6-h75iHj-P5mNYyy-krn9w
#Fintech#CryptoAssets#CBDC#DFC
·coindesk.com·
Shenzhen to Double Digital Yuan Giveaway in China's Latest Lottery Test
Ukrainian Ministry of Digital Transformation to facilitate CBDC infrastructure with the Stellar
Ukrainian Ministry of Digital Transformation to facilitate CBDC infrastructure with the Stellar
The Ministry of Digital Transformation of Ukraine and the Stellar Development Foundation signed a Memorandum of Understanding and Cooperation, within which they will work on the development of a strategy for virtual assets in Ukraine. The focus of the partnership will be on development of virtual asset markets, implementing stablecoin and regulation, and developing the Central Bank in Ukraine's digital currency (e-hryvnia).
#Fintech#CryptoAssets#CBDC#Stellar#DFC
·thedigital.gov.ua·
Ukrainian Ministry of Digital Transformation to facilitate CBDC infrastructure with the Stellar
Jean-Michel Godeffroy on Central Bank Digital Currencies – On the level
Jean-Michel Godeffroy on Central Bank Digital Currencies – On the level
The risks of issuing CBDC relate mostly to the lack of information about the latent demand for CBDC. If this demand is very low, for example because deposit insurance has blurred the difference between private money and central bank money, then central banks run a reputation risk in investing energy and money in a project with no future. If, on the contrary, demand for CBDC is very high, it would trigger bank disintermediation which could ultimately create financial stability problems and possibly impact on economic growth. This explains why central banks are very prudent! The risks of not issuing CBDC is the risk of leaving the payment system entirely in the hands of the private sector, and to rely only on regulation and supervision to solve competition and efficiency issues.
#Fintech#CryptoAssets#CBDC#DFC
·oecdonthelevel.com·
Jean-Michel Godeffroy on Central Bank Digital Currencies – On the level
Is CDBC the key to unlocking financial inclusion?
Is CDBC the key to unlocking financial inclusion?
Developed nations contemplating issuing CBDCs are apparently doing so primarily for financial stability and monetary policy reasons. However, a stronger case can arguably be made for the issuance of CBDC in developing economies. According to Jean-Michel Godeffroy, Chairman of the Central Bank Payments Conference and former Director General of Payment Systems and Market Infrastructure at the European Central Bank, ‘in many developing countries there is insufficient competition between banks, as well as a very loose network of bank branches and little or no deposit insurance. The business case of CBDC in developing countries is probably stronger than in most developed countries; in these parts of the world, the issuance of CBDC in parallel to banknotes could enhance economic growth and financial inclusion’.
#Fintech#CryptoAssets#CBDC#FinancialInclusion#DFC
·thepaypers.com·
Is CDBC the key to unlocking financial inclusion?
ECB digital euro consultation ends with record level of public feedback
ECB digital euro consultation ends with record level of public feedback
The European Central Bank (ECB) concluded the digital euro public consultation that was launched in October 2020. 8,221 citizens, firms and industry associations submitted responses to an online questionnaire, a record for ECB public consultations. An initial analysis of raw data shows that privacy of payments ranked highest among the requested features of a potential digital euro (41% of replies), followed by security (17%) and pan-European reach (10%). The ECB will publish a comprehensive analysis of the public consultation in the spring.
#Fintech#CryptoAssets#CBDC#DFC
·ecb.europa.eu·
ECB digital euro consultation ends with record level of public feedback
Ant Financial quietly conducted a digital yuan test in Shanghai via AliPay
Ant Financial quietly conducted a digital yuan test in Shanghai via AliPay
Ant Financial has quietly conducted a small-scale limited-time test of digital yuan via its AliPay mobile payment app in two tea stores at a shopping mall next to its Shanghai headquarters. This is the first known instance where China's digital yuan was tested inside a mobile app that's developed by a non-state-owned entity.
#Fintech#CryptoAssets#CBDC#DFC
·jiemian.com·
Ant Financial quietly conducted a digital yuan test in Shanghai via AliPay
China’s blockchain project BSN to pilot global CBDC system in 2021
China’s blockchain project BSN to pilot global CBDC system in 2021
China's government-backed Blockchain Service Network (BSN) is building a universal digital payment network (UDPN) to integrate various countries' central bank digital currencies (CBDC). Currently at the design stage, the beta version of UDPN is expected to launch in the second half of 2021. The BSN plans to complete the UDPN development in five years. With the UDPN, the BSN aims to enable a standardized digital currency transfer method and payment procedure. The new system intends to bring together systems like banking, insurance, enterprise resource planning and mobile apps through APIs to provide a cost-effective global payment solution.
#Fintech#CryptoAssets#Blockchain#CBDC#DFC
·cointelegraph.com·
China’s blockchain project BSN to pilot global CBDC system in 2021
Canadian Retail Central Bank Digital Currency Considerations
Canadian Retail Central Bank Digital Currency Considerations
Payments Canada has published Central Bank Digital Currency (CBDC): Retail Considerations, the latest in a series of educational papers on CBDC. This paper explores the design considerations for implementation of a retail CBDC in the Canadian payments environment. A retail CBDC is aimed to take on traditional attributes of physical cash and would be used by consumers and businesses (relative to wholesale CBDC, which would be used by financial institutions).
#Fintech#CryptoAssets#CBDC#Canada#DFC
·payments.ca·
Canadian Retail Central Bank Digital Currency Considerations
The European Commission and the European Central Bank cooperating on a digital euro
The European Commission and the European Central Bank cooperating on a digital euro
The European Commission and the European Central Bank (ECB) are jointly reviewing at the technical level a broad range of policy, legal and technical questions emerging from a possible introduction of a digital euro. Following the conclusion of the public consultation on January 12, 2021 and a period of preparatory work, the ECB will consider whether to start a digital euro project towards mid-2021. Such a project would answer key design and technical questions and provide the ECB with the necessary tools to stand ready to issue a digital euro if such a decision is taken.
#Fintech#CryptoAssets#CBDC#DFC
·ec.europa.eu·
The European Commission and the European Central Bank cooperating on a digital euro
Nice one CHAPS: how Bank of England card data are telling us more about consumer spending
Nice one CHAPS: how Bank of England card data are telling us more about consumer spending
The Bank of England is providing the UK Office for National Statistics (ONS) with anonymized and aggregated credit and debit card transaction data to better inform policy-makers about how people have been spending their money. The ONS says the new data wil act as "experimental faster indicators" for monitoring UK purchases. They track the daily CHAPS payments made by credit and debit card payment processors to around 100 major UK retailers, whether it be online, over the phone or in a store.
#Fintech#CBDC#DFC
·blog.ons.gov.uk·
Nice one CHAPS: how Bank of England card data are telling us more about consumer spending
Shenzhen to issue 20 million digital yuan in Spring Festival red envelopes
Shenzhen to issue 20 million digital yuan in Spring Festival red envelopes
Shenzhen will issue 20 million digital yuan as part of a pilot program to promote the application of the new form of currency. This is the third time the city will issue the currency in "red envelopes," worth 200 yuan each, via a random draw. In the previous rounds, 10 million yuan and 20 million yuan were issued in October 2020 and early January, respectively. The money can be used for shopping in over 3,500 designated businesses with a digital currency transaction system in place in Longhua District from February 1 to 9.
#Fintech#CryptoAssets#CBDC#DFC
·chinadaily.com.cn·
Shenzhen to issue 20 million digital yuan in Spring Festival red envelopes
Industry Consultation on Eswatini CBDC
Industry Consultation on Eswatini CBDC
"In 2019, the Central Bank of Eswatini in collaboration with Cenfri conducted the first phase of a four-phase diagnostic study to investigate possible use cases for the implementation of central bank digital currency in Eswatini. The study sought to understand the value that a CBDC would contribute to the Eswatini financial system and whether further exploration of CBDC and potentially conducting pilot-testing would be justified."
#Fintech#CryptoAssets#CBDC#DFC
·centralbank.org.sz·
Industry Consultation on Eswatini CBDC
BIS Innovation Hub sets out annual work program and launches Innovation Network
BIS Innovation Hub sets out annual work program and launches Innovation Network
The Bank for International Settlements' Innovation Hub (BISIH) set out its work program, focusing on six key areas; suptech and regtech, next-generation financial market infrastructures, central bank digital currency (CBDC), open finance, green finance, and cyber security. The CBDC theme will include a proof of concept platform using multiple wholesale CBDCs to explore the feasibility of faster and cheaper cross-border payments, and a technological research project and associated prototype(s) for tiered retail CBDC distribution architectures.
#Fintech#CBDC#DFC
·bis.org·
BIS Innovation Hub sets out annual work program and launches Innovation Network
Crunchfish and eCurrency join forces to make Central Bank Digital Currency more easily accessible to all
Crunchfish and eCurrency join forces to make Central Bank Digital Currency more easily accessible to all
eCurrency and Crunchfish are partnering to offer an offline central bank digital currency (CBDC) solution. The eCurrency retail CBDC platform enables central banks to issue secure digital bearer instruments utilizing the Digital Symmetric Core Currency Cryptography (DSC3) technology and supporting tiered distribution through existing banking and fintech ecosystems. Crunchfish offers digital cash solutions where payments can be made completely offline without compromising personal privacy.
#Fintech#CryptoAssets#CBDC#Offline#DFC
·news.cision.com·
Crunchfish and eCurrency join forces to make Central Bank Digital Currency more easily accessible to all
Digital Cash – Crunchfish
Digital Cash – Crunchfish
Crunchfish’s Digital Cash Solutions are built on two-tier offline vs. online settlement architecture. The heart of the solution is an offline wallet that may either use the secure element provided by the mobile OS or run as a trusted applications in V-OS virtual secure element. The offline wallet securely maintains an offline balance that is utilised for offline transactions. The transactions are cryptographically signed by the payer, assigned to the payee and guaranteed as they are debited against the offline balance. The payee verifies the guaranteed offline payments in an application running on a mobile, card terminal or personal computer. Transaction logs are settled when either party goes online.
#Fintech#CryptoAssets#CBDC#Offline#DFC
·crunchfish.com·
Digital Cash – Crunchfish
Central Bank Digital Currency: What is it, and does India need one?
Central Bank Digital Currency: What is it, and does India need one?
"Central banks across the world have started exploring Central Bank Digital Currency (“CBDC”). In a recent survey by the Bank of International Settlements[1], 80% of the 66 banks surveyed were engaged in research and pilot projects related to CBDC, including Canada,[2] USA[3] and Singapore[4]. In fact, as of May, 2020 China has started testing its digital Yuan (Digital Currency Electronic Payment)[5] in four of its states as a part of its attempts to achieve tech-supremacy. Before we dive any deeper, let’s first understand what a CBDC is."
#Fintech#CryptoAssets#CBDC#Primer#DFC
·ikigailaw.com·
Central Bank Digital Currency: What is it, and does India need one?
Chengdu is said to give away 50 million digital yuan in latest CBDC test
Chengdu is said to give away 50 million digital yuan in latest CBDC test
Chengdu is reportedly the next place to roll out another city-wide test of China's central bank digital currency (CBDC). The local government will give away 30 million digital yuan and JD.com will give away another 20 million that can be spent on online shopping. The free digital yuan will be issued via a lottery, which is the same with what the Shenzhen and Suzhou have done in previous tests since last October. The lottery is expected to start on January 27 while lottery-winners will be able to spend the free digital yuan in local merchants from February 4 to February 26 throughout the Lunar New Year festival.
#Fintech#CryptoAssets#CBDC#DFC
·theblockcrypto.com·
Chengdu is said to give away 50 million digital yuan in latest CBDC test
Ready, steady, go? - Results of the third BIS survey on central bank digital currency
Ready, steady, go? - Results of the third BIS survey on central bank digital currency
Most central banks are exploring central bank digital currency (CBDC) according to the third annual Bank for International Settlements (BIS) survey. Central banks are progressing from conceptual research to practical experimentation, but most have no plans to issue CBDCs in the foreseeable future. However, central banks collectively representing a fifth of the world's population are likely to launch retail CBDCs in the next three years. The Covid19 pandemic has added new motivations to this journey.
#Fintech#CryptoAssets#CBDC#DFC
·bis.org·
Ready, steady, go? - Results of the third BIS survey on central bank digital currency
Permissioned distributed ledgers and the governance of money
Permissioned distributed ledgers and the governance of money
A BIS paper explores the economics and optimal design of "permissioned" distributed ledger technology (DLT) in a credit economy. Designated validators verify transactions and update the ledger at a cost that is derived from a supermajority voting rule, thus giving rise to a public good provision game. Without giving proper incentives to validators, however, their records cannot be trusted because they cannot commit to verifying trades and they can accept bribes to incorrectly validate histories. Both frictions challenge the integrity of the ledger on which credit transactions rely. In this context, the examines the conditions under which the process of permissioned validation supports decentralized exchange as an equilibrium, and analyze the optimal design of the trade and validation mechanisms. It solves for the optimal fees, number of validators, supermajority threshold and transaction size. A stronger consensus mechanism requires higher rents be paid to validators. The results suggest that a centralized ledger is likely to be superior, unless weaknesses in the rule of law and contract enforcement necessitate a decentralized ledger.
#Fintech#CryptoAssets#Blockchain#CBDC#DFC
·bis.org·
Permissioned distributed ledgers and the governance of money
China's digital developments
China's digital developments
The BSN is a cross-cloud, cross-portal, cross-framework global infrastructure network used to deploy and operate all types of blockchain applications. It provides a shared blockchain resource environment with the twin goals of reducing the cost of technology adoption and supporting interoperability between different blockchain applications (DApps).
#Fintech#CryptoAssets#Blockchain#CBDC#China#DFC
·linkedin.com·
China's digital developments
Issuing Central Bank Digital Currency (CBDC) Using Algorand
Issuing Central Bank Digital Currency (CBDC) Using Algorand
"Investigate Algorand’s approach to issuing retail CBDC, including a detailed overview of relevant design considerations and examples of use cases facilitated by the Algorand platform. In particular, we present the critical use cases of issuing CBDC when connectivity is limited and adjustable privacy requirements for low- and high-value transactions."
#Fintech#CryptoAssets#CBDC#Algorand#DFC
·info.algorand.com·
Issuing Central Bank Digital Currency (CBDC) Using Algorand
Eswatini Central Bank Digital Currency diagnostic study
Eswatini Central Bank Digital Currency diagnostic study
"In 2019, the Central Bank of Eswatini (CBE) became one of the first Central Banks in sub-Saharan Africa to consider the potential and feasibility of CBDC through the application of a country diagnostic. Together with Cenfri, the CBE embarked on the first part of a three-part diagnostic. This study aimed to investigate and understand whether use cases existed for the implementation of a CBDC in the region, either as a retail or wholesale variety. Our primary research questions were: 1) what value would this instrument contribute to the Eswatini financial system? And 2) is there sufficient evidence to justify further exploration into its potential pilot-testing?"
#Fintech#CryptoAssets#CBDC#DFC
·cenfri.org·
Eswatini Central Bank Digital Currency diagnostic study