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Bank Indonesia joins global central bank push for digital currencies
Bank Indonesia joins global central bank push for digital currencies
The Governor of the Bank Indonesia (BI) reportedly said that the central bank is planning to launch a digital rupiah and is assessing which platform it will use. BI is also examining how a central bank digital currency (CBDC) will help it meet its monetary policy and payment systems objectives, including by assessing the readiness of the financial infrastructure. The Governor said the rupiah will remain the only legally accepted currency for payment, and BI will regulate the digital rupiah the same way it regulates banknotes and card-based transactions.
#Fintech#CryptoAssets#CBDC#DFC
·reuters.com·
Bank Indonesia joins global central bank push for digital currencies
SARB commences feasibility study for a general-purpose retail central bank digital currency
SARB commences feasibility study for a general-purpose retail central bank digital currency

The South African Reserve Bank (SARB) has embarked on a study to investigate the feasibility, desirability and appropriateness of issuing retail central bank digital currency (CBDC) as electronic legal tender. The feasibility study will include practical experimentation across different emerging technology platforms, taking into account a variety of factors, including policy, regulatory, security and risk management implications. The CBDC feasibility study is expected to be concluded in 2022.

#Fintech#CryptoAssets#CBDC#DFC
·resbank.co.za·
SARB commences feasibility study for a general-purpose retail central bank digital currency
A digital euro to meet the expectations of Europeans
A digital euro to meet the expectations of Europeans
"A digital euro can only be successful if it meets the needs and expectations of European citizens2. The outcome of the European Central Bank’s public consultation on a digital euro, published on the ECB website3, will therefore provide valuable input for the Eurosystem’s decision – this summer – on whether we should start a digital euro project. The consultation will also inform future work on the design of a digital euro, if a project is launched."
#Fintech#CryptoAssets#CBDC#Privacy#DFC
·suerf.org·
A digital euro to meet the expectations of Europeans
Kazakhstan Digital Tenge (CBDC) Pilot Project
Kazakhstan Digital Tenge (CBDC) Pilot Project

The National Bank of the Republic of Kazakhstan plans to conduct a comprehensive study of the benefits and risks of issuing retail central bank digital currency (CBDC). It will start with the definition of the tasks solved by the digital currency, the method of its emission and distribution, the technology used, the impact on monetary policy, financial stability and the payment ecosystem.

[December 2021:] The National Bank of the Republic of Kazakhstan published the results of the first phase of its digital tenge (DT) retail CBDC pilot project. The first phase included proof-of-concept (PoC) testing based on R3's Corda distributed ledger technology-based platform. The PoC tested basic DT life cycle scenarios, from emission/distribution to purchases and transfers. Also, potential DT users were surveyed and interviewed to clarify priorities and needs in the development of new payment instruments.

#Fintech#CryptoAssets#CBDC#DFC
·nationalbank.kz·
Kazakhstan Digital Tenge (CBDC) Pilot Project
Riksbank begins cooperation with external participants in e-krona pilot
Riksbank begins cooperation with external participants in e-krona pilot
The Sveriges Riksbank announced the next phase of its R3 Corda-based distributed ledger technology-based e-krona pilot. This phase will move on from having only simulated participants, to involving external actors (Handelsbanken and TietoEVRY. ) as participants in the test environment, making it possible for the Riksbank to evaluate the integration between the participants’ existing systems and the technical platform for the e-krona pilot. The Riksbank will, for instance, be testing an integration of the payment flows developed during the first year of the pilot with the participants’ internal systems.
#Fintech#CryptoAssets#CBDC#R3#Corda#DFC
·riksbank.se·
Riksbank begins cooperation with external participants in e-krona pilot
Bank of Mauritius Plans CBDC Pilot in 2021
Bank of Mauritius Plans CBDC Pilot in 2021
The Bank of Mauritius (BoM) is targeting a year-end rollout for the island nation’s central bank digital currency (CBDC) pilot. It is in the midst of finalizing its position papers and would publish “concrete examples” of its initiatives in the near future. The International Monetary Fund (IMF) has been helping the BoM with its tentative digital currency plans, including advising on possible CBDC designs. Governor Harvesh Seegolam said that while CBDCs come with their advantages, they aren’t likely to replace cash but rather complement the existing monetary system.
#Fintech#CryptoAssets#CBDC#DFC
·coindesk.com·
Bank of Mauritius Plans CBDC Pilot in 2021
Bank of Canada: Towards a Digital Canadian Dollar - If, How, When
Bank of Canada: Towards a Digital Canadian Dollar - If, How, When
Scott Hendry: "It’s been apparent for many years now that, with technology modernizing so many other aspects of our lives, the physical nature of currency should also evolve to meet the changing demands of businesses and consumers. Recognizing this, the Bank started looking at the digitization of money almost a decade ago to prepare for a day when the Government of Canada may take a decision to issue a CBDC."
#Fintech#CryptoAssets#CBDC#Canada#DFC
·cbpn.currencyresearch.com·
Bank of Canada: Towards a Digital Canadian Dollar - If, How, When
Thailand's Central Bank Taps German Payments Giant to Design CBDC Prototype
Thailand's Central Bank Taps German Payments Giant to Design CBDC Prototype
The Bank of Thailand (BoT) has reportedly hired German technology company Giesecke+Devrient (G+D) for a retail central bank digital currency (CBDC) proof of concept project. The BoT announced on April 2 that it had begun accepting public feedback on its retail CBDC with an end date of June 15. http://process3.gprocurement.go.th/egp2procmainWeb/jsp/procsearch.sch?servlet=gojsp&proc_id=ShowHTMLFile&processFlows=Procure&projectId=64047234808&templateType=W2&temp_Announ=A&temp_itemNo=0&seqNo=1
#Fintech#CryptoAssets#CBDC#DFC
·coindesk.com·
Thailand's Central Bank Taps German Payments Giant to Design CBDC Prototype
Beijing to give away over $6 million in latest digital yuan test
Beijing to give away over $6 million in latest digital yuan test
The Beijing Local Financial Supervision and Administration Bureau is going to give away 40 million yuan in China's latest central bank digital currency (CBDC) test. 200,000 red envelopes, containing 200 digital yuan each, will be given away to local residents via a lottery run through apps of the Bank of China and the Industrial and Commercial Bank of China. To date, China has conducted 10 digital yuan lottery campaigns across 5 cities, according to The Block's. Those campaigns started in October 2020, and a total of 230 million digital yuan has been given away. http://jrj.beijing.gov.cn/jrgzdt/202106/t20210601_2403630.html
#Fintech#CryptoAssets#CBDC#China#DFC
·theblockcrypto.com·
Beijing to give away over $6 million in latest digital yuan test
ECB: Lack of Official Digital Currency Risks Loss of Control
ECB: Lack of Official Digital Currency Risks Loss of Control
A European Central Bank (ECB) report concluded that governments that don't offer central bank digital currencies (CBDCs) may face threats to their financial systems and monetary autonomy. Consumers and businesses in places that don’t have their own digital currency could end up being reliant on a small number of dominant payment-service providers, including foreign tech giants. That could affect the central bank’s ability to fulfill its mandate and act as a lender of last resort. https://www.ecb.europa.eu/pub/ire/html/ecb.ire202106~a058f84c61.en.html#toc18
#Fintech#CryptoAssets#CBDC#Eurozone#DFC
·bloomberg.com·
ECB: Lack of Official Digital Currency Risks Loss of Control
E-cedi: Bank of Ghana to pilot digital currency
E-cedi: Bank of Ghana to pilot digital currency
The Bank of Ghana is in the advanced stages of introducing a retail digital currency (CBDC). The e-cedi will go through three phases before it goes into circulation. The first phase, which is now underway, is focused on the design of the CBDC, and the second phase will look at implementation. In the final stage, a pilot would determine whether the digital currency will be feasible before it goes into circulation. https://www.youtube.com/watch?v=mJ6JggrtJyM
#Fintech#CryptoAssets#CBDC#DFC
·graphic.com.gh·
E-cedi: Bank of Ghana to pilot digital currency
Introduction to Economics of Privacy
Introduction to Economics of Privacy
A Bank of Japan paper [sorry, it's only in Japanese] surveys the literature on the economics of privacy." The economics of privacy teaches that market mechanisms can address issues such as how to determine socially desirable levels of privacy protection and how to deal with privacy infringements caused by the "negative externalities" of personal information data. It's difficult to solve. This perception can give important implications when considering how to proceed with the utilization of data while giving a sense of security to people who use digital payment systems.
#Fintech#CBDC#Privacy#DFC
·boj.or.jp·
Introduction to Economics of Privacy
Designing and delivering secure CBDC solutions | G+D
Designing and delivering secure CBDC solutions | G+D
Giesecke+Devrient's (G+D’s) hybrid-deployment Filia model of a value-based CBDC solution involves existing members of the currency cycle playing a vital role in. The creation and issuance of data files that represent monetary value take place in a highly secure offline environment at the central bank, while distribution is carried out by commercial banks or other financial service providers. Payment service providers can integrate Filia into their own offerings – as part of a larger payment ecosystem – to enable new business models, and to foster growth and innovation in an open system. Filia can be utilized through smartphones, smartcards, smartwatches, and other forms of digital wallets, without the need for a bank account, the disclosure of private data, or consumer fees. It also allows for secure offline consecutive offline payments.
#Fintech#CryptoAssets#CBDC#DFC
·gi-de.com·
Designing and delivering secure CBDC solutions | G+D
Africa's central banks are exploring digital currencies
Africa's central banks are exploring digital currencies
"Digitizing currencies is not an easy proposition, and it raises questions around accessibility, privacy and what architecture to use. Quartz spoke about these and more with Co-Pierre Georg, who is also a research economist with Deutsche Bundesbank, Germany’s central bank."
#Fintech#CryptoAssets#CBDC#DFC
·qz.com·
Africa's central banks are exploring digital currencies
Shanghai to Hand Out $3 Million in Digital Yuan Lottery
Shanghai to Hand Out $3 Million in Digital Yuan Lottery
The city of Shanghai is reportedly going to hand out 19.25 million yuan in digital currency. The money will be distributed among local consumers through a lottery system. Lottery winners will receive a total of 350,000 digital red envelopes. Each one of them will be loaded with 55 units of the Chinese central bank digital currency (CBDC).
#Fintech#CryptoAssets#CBDC#China#DFC
·news.bitcoin.com·
Shanghai to Hand Out $3 Million in Digital Yuan Lottery
Responses to the Bank of England’s March 2020 Discussion Paper on CBDC
Responses to the Bank of England’s March 2020 Discussion Paper on CBDC
The Bank of England published the feedback it received on the "Central Bank Digital Currency: Opportunities, Challenges and Design" discussion paper that was published in March 2020. In short, the feedback is encouraging the Bank to continue examining the case for a CBDC. But at the same time, the it received clear feedback that the use case for a CBDC, which might justify its introduction, needed further research, refinement, and articulation, to inform a comprehensive assessment of the pros and cons of what would be a major decision. Additionally, some respondents expressed doubt that a CBDC was needed at all, given they considered that the intended benefits could be achieved through other forms of payments innovation.
#Fintech#CryptoAssets#CBDC#DFC
·bankofengland.co.uk·
Responses to the Bank of England’s March 2020 Discussion Paper on CBDC
Broadening Narrow Money: Monetary Policy with a Central Bank Digital Currency
Broadening Narrow Money: Monetary Policy with a Central Bank Digital Currency
This paper jointly written by Bank of England and Bank for International Settlements staff, discusses central bank digital currency (CBDC) and its potential impact on the monetary transmission mechanism. It first offers a general definition of CBDC which should make the concept accessible to a wide range of economists and policy practitioners. It then investigates how CBDC could affect the various stages of transmission, from markets for central bank money to the real economy. It concludes that monetary policy would be able to operate much as it does now, by varying the price or quantity of central bank money. Transmission may even be strengthened for a given change in policy instruments.
#Fintech#CryptoAssets#CBDC#DFC
·ijcb.org·
Broadening Narrow Money: Monetary Policy with a Central Bank Digital Currency
Proceed with caution on central bank digital currency
Proceed with caution on central bank digital currency
"An oft-cited reason to create a digital dollar — preventing China’s digital yuan from emerging as an alternative reserve currency — seems overblown. Beijing’s controls on capital flows make the yuan unattractive as a store of value and will probably prevent the yuan from displacing the dollar."
#Fintech#CryptoAssets#CBDC#DFC
·washingtonpost.com·
Proceed with caution on central bank digital currency
Future-proofing Hong Kong for Central Bank Digital Currencies
Future-proofing Hong Kong for Central Bank Digital Currencies
The Hong Kong Monetary Authority (HKMA) will strengthen its research work to increase Hong Kong’s readiness in issuing CBDCs at both wholesale and retail levels. In addition to the continued effort on wholesale CBDCs, the HKMA has been working with the Bank for International Settlements (BIS) Innovation Hub Hong Kong Centre to research retail CBDCs and will begin a study on e-HKD to understand its use cases, benefits, and related risks. The HKMA will also continue to collaborate with the People’s Bank of China in supporting the technical testing of e-CNY in Hong Kong with a view to providing a convenient means of cross-boundary payments for both domestic and mainland residents.
#Fintech#CryptoAssets#CBDC#DFC
·hkma.gov.hk·
Future-proofing Hong Kong for Central Bank Digital Currencies
Central bank digital currency: the quest for minimally invasive technology
Central bank digital currency: the quest for minimally invasive technology
A Bank for International Settlements paper discusses the range of proposed central bank digital currency (CBDC) architectures, how they could complement existing payment options, and what they imply for the financial system and the central bank of the future. It sets out the requirements for a "minimally invasive" CBDC design – one that upgrades money to current needs without disrupting the proven two-tier architecture of the monetary system, which involves both the private and public sectors. It finds that technological developments inspired by popular cryptocurrency systems – based on anonymity and lacking a central authority – do not meet the requirements for a retail CBDC. Instead, digital banknotes that run on "intermediated" or "hybrid" CBDC architectures show promise.
#Fintech#CryptoAssets#CBDC#DFC
·bis.org·
Central bank digital currency: the quest for minimally invasive technology
Central Bank Digital Currencies and a Euro for the Future
Central Bank Digital Currencies and a Euro for the Future
The European Blockchain Observatory and Forum (EUBOF) published a report identifying and evaluating eight alternative design architectures for the digital euro against the core principles and requirements set by the ECB. It considers how the digital euro will differ based on whether it will account-based or token-based, or whether it's implemented atop existing eurozone-wide payment rails or atop novel technological architectures, such as blockchain. The paper also explores whether a digital euro should be exclusively coordinated by the central bank or distributed and managed in collaboration with Europe's commercial banks and other financial institutions. It addresses interoperability and programmability features, regulatory aspects and end-user experience, along with potential financial stability implications.
#Fintech#CryptoAssets#CBDC#DFC
·eublockchainforum.eu·
Central Bank Digital Currencies and a Euro for the Future
Cambodia's Serey clarifies: “Bakong is not a digital currency”
Cambodia's Serey clarifies: “Bakong is not a digital currency”
"Chea Serey, assistant governor and director general of the National Bank of Cambodia (NBC) was adamant to clarify that although the system is built on DLT, it is not a central bank digital currency (CBDC) that some may be quick to assume. Instead, the platform augments the existing Fast and Secure Transfer (FAST), real-time retail payment system and Cambodian Shared Switch (CSS) that facilitate mainly interbank transactions among commercial banks and MFIs. "
#Fintech#CryptoAssets#CBDC#Cambodia#DFC
·radio.finance·
Cambodia's Serey clarifies: “Bakong is not a digital currency”
BIS, Swiss National Bank and Bank of France to experiment with cross-border wCBDC
BIS, Swiss National Bank and Bank of France to experiment with cross-border wCBDC
The Bank for International Settlements (BIS) Innovation Hub, Bank of France and Swiss National Bank launched Project Jura that, together with a private sector consortium led by Accenture, will conduct an experiment using wholesale central bank digital currency (wCBDC) for cross-border settlement on a distributed ledger technology (DLT) platform. The private sector consortium includes Credit Suisse, Natixis, R3, SIX Digital Exchange and UBS. It will involve the exchange of financial instruments against a euro wCBDC through a delivery versus payment (DvP) settlement mechanism and the exchange of a euro wCBDC against a Swiss franc wCBDC through a payment versus payment (PvP) settlement mechanism. These transactions will be settled between banks domiciled in France and in Switzerland, respectively.
#Fintech#Blockchain#wCBDC#CBDC#Settlement#Eurozone#France#DFC
·bis.org·
BIS, Swiss National Bank and Bank of France to experiment with cross-border wCBDC
IMF sees legal, economic issues with El Salvador bitcoin move
IMF sees legal, economic issues with El Salvador bitcoin move
International Monetary Fund (IMF) spokesman Gerry Rice reportedly said Fund staff will meet later on Thursday (June 10) with El Salvador President Nayib Bukele to discuss the recently passed bitcoin law that gives bitcoin legal tender status in the country. Rice reportedly said “adoption of bitcoin as legal tender raises a number of macroeconomic, financial and legal issues that require very careful analysis.” El Salvador is also in discussions with the IMF seeking a near $1 billion program.
#Fintech#CryptoAssets#CBDC#Bitcoin#LegalTender#DFC
·reuters.com·
IMF sees legal, economic issues with El Salvador bitcoin move
CBN to launch own digital currency by year end: Official
CBN to launch own digital currency by year end: Official
The Central Bank of Nigeria (CBN) is reportedly planning to launch a central bank digital currency (CBDC) by the end of 2021. According to Rakiya Mohammed, the central bank’s IT specialist, the CBN has been exploring the technology for the last two years and has made tremendous progress. One of the reasons the CBN is exploring CBDC is to make remittances travel easier from abroad to Nigeria.
#Fintech#CryptoAssets#CBDC#DFC
·gazettengr.com·
CBN to launch own digital currency by year end: Official
CBDCs beyond borders: results from a survey of central banks
CBDCs beyond borders: results from a survey of central banks
This Bank for International Settlements (BIS) paper explores initial thinking on the cross-border use of central bank digital currency (CBDC) based on a survey of 50 central banks in the first quarter of 2021. While most central banks have yet to take a firm decision on issuing a CBDC, the survey responses show a tentative inclination towards allowing use of a future CBDC by tourists and other non-residents domestically. They have a cautious approach to allowing use of a CBDC beyond their own jurisdiction. Concerns about the economic and monetary implications of cross-border CBDC use and about private sector global stablecoins are taken seriously. At the wholesale level, 28% of surveyed central banks are considering options to make CBDCs interoperable by forming multi-CBDC arrangements. This involves arrangements that enhance compatibility, interlink or even integrate multiple CBDCs into a single payments system. Finally, almost 14% of respondents are considering an active role for the central bank in FX conversion.
#Fintech#CryptoAssets#CBDC#CrossBorder#DFC
·bis.org·
CBDCs beyond borders: results from a survey of central banks
Details about the digital yuan wallet officially disclosed
Details about the digital yuan wallet officially disclosed
The People’s Bank of China (PBOC) revealed the holding and transaction limit structures being applied to the wallets currently being used in its eCNY central bank digital currency (CBDC) pilots. There are anonymous wallets that can be registered with only a mobile phone number, with maximum holding limits of 10,000 yuan, single transaction limits of 2,000 yuan, and daily cumulative payment limits of 5,000 yuan. And then there are less anonymous wallets with holding limits of 500,000 yuan, single transaction limits of 50,0000 yuan, and daily cumulative payment limits of 100,000 yuan, requiring that the users link the wallets to a bank account and meet full know-your-customer (KYC) requirements. Also users can open sub-wallets to limit payments, set up conditional payments, and control information sharing. https://finance.sina.com.cn/meeting/2021-06-11/doc-ikqciyzi9071612.shtml
#Fintech#CryptoAssets#CBDC#China#DFC
·finance.sina.com.cn·
Details about the digital yuan wallet officially disclosed