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AFIN Collaborates with R3 to Drive Central Bank Digital Currency Innovation
AFIN Collaborates with R3 to Drive Central Bank Digital Currency Innovation
The ASEAN Financial Innovation Network (AFIN), a not-for-profit entity jointly formed by the Monetary Authority of Singapore (MAS), the International Finance Corporation (IFC), and the ASEAN Bankers Association, has partnered with R3 to enable banks and FinTechs to build and test central bank digital currency (CBDC) applications. R3 Sandbox for Digital Currencies is underpinned by Corda, and provides an environment for central banks, commercial banks, exchanges, payment providers, FinTechs and more to collaborate and evaluate CBDC use cases, as well as to learn, transact, and test roll-out strategies. https://www.r3.com/digital-currency-sandbox/
#Fintech#CryptoAssets#CBDC#Corda#DFC
·apixplatform.com·
AFIN Collaborates with R3 to Drive Central Bank Digital Currency Innovation
The Big Difference Between a Digital Dollar and a CBDC
The Big Difference Between a Digital Dollar and a CBDC
"If transactional privacy were to be seen as an important design consideration in a future digital money, one could imagine a government crypto-dollar that users hold in digital wallets, like they hold their Bitcoin, that can be passed between two people without it showing up on any kind of centralized ledger."
#Fintech#CryptoAssets#CBDC#DFC
·bloomberg.com·
The Big Difference Between a Digital Dollar and a CBDC
Central Bank Digital Currency: An update on the Bank of England’s work - speech by Tom Mutton | Bank of England
Central Bank Digital Currency: An update on the Bank of England’s work - speech by Tom Mutton | Bank of England
Tom Mutton shares the Bank of England's latest thinking on central bank digital currencies (CBDCs). He looks into what they've learned so far, and how they are setting up their work for the future. He explains some of the principles that are guiding the Bank's work, and how they're approaching some of the big debates on CBDC."
#Fintech#CryptoAssets#CBDC#UnitedKingdom#DFC
·bankofengland.co.uk·
Central Bank Digital Currency: An update on the Bank of England’s work - speech by Tom Mutton | Bank of England
Why a Digital Euro should be Online-first and Bearer-based
Why a Digital Euro should be Online-first and Bearer-based
"We argue that operating a bearer-based payment system to complement an account-based CBDC in order to gain offline and privacy features is not a good trade-off. Adding permanent, regular offline capabilities via the bearer-based payment instrument constantly exposes the CBDC to the severe issues inherent in offline-capable payment systems. Instead, the offline mode of operation should be restricted to scenarios where it is actually required, which mitigates the risks."
#Fintech#CryptoAssets#CBDC#Offline#GNUTaler#DFC
·taler.net·
Why a Digital Euro should be Online-first and Bearer-based
Over 3,000 ATMs in Beijing can now convert digital yuan into cash
Over 3,000 ATMs in Beijing can now convert digital yuan into cash
The Beijing branch of the Industrial and Commercial Bank of China has reportedly become the first bank to fully enable the digital yuan exchange in the Chinese capital city by setting up more than 3,000 digital currency-compatible ATMs. The Agricultural Bank of China (ABC), another major bank involved in China’s CBDC tests, has also deployed more than 10 ATMs in the Wangfujing area, a major shopping street in Beijing.
#Fintech#CryptoAssets#CBDC#DFC
·cointelegraph.com·
Over 3,000 ATMs in Beijing can now convert digital yuan into cash
Nigeria could launch pilot digital currency by year-end - central bank
Nigeria could launch pilot digital currency by year-end - central bank
The Central Bank of Nigeria is reportedly preparing to pilot a central bank digital currency (CBDC) by as early as the end of this year. The central bank's director of information technology Rakiya Mohammed said the project had been in the works for two years, and more announcements were likely in the coming weeks.
#Fintech#CryptoAssets#CBDC#DFC
·reuters.com·
Nigeria could launch pilot digital currency by year-end - central bank
How To Keep The Digital Dollar Democratic: A ‘Treasury Dollar Bill’ / ‘Treasury Direct’ Plan
How To Keep The Digital Dollar Democratic: A ‘Treasury Dollar Bill’ / ‘Treasury Direct’ Plan
In March 2020, US House Democrats drafted plans to legislate into existence a digital dollar, along with a system of digital wallets. The plan Robert Hockett has been pushing can be instituted by municipal, state, or national authorities, and at the national level can be administered either by Fed or by Treasury. It is the latter – the Treasury – version that he emphasizes here, because it already has half of the requisite digital architecture in place. Treasury has a universal account system – ‘Treasury Direct’ – available to all citizens and legal US residents. It would be easy for Treasury to issue a new Fed ‘dollar bill’ equivalent – what Hockett calls ‘Treasury Dollar Bills’ – receivable into these accounts, then either facilitate easy convertibility into Fed dollar bills or – better yet – declare them legal tender as well. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3599419
#Fintech#CryptoAssets#CBDC#DFC
·forbes.com·
How To Keep The Digital Dollar Democratic: A ‘Treasury Dollar Bill’ / ‘Treasury Direct’ Plan
Central Bank Digital Currency: The Battle for the Soul of the Financial System
Central Bank Digital Currency: The Battle for the Soul of the Financial System
"To be clear, we are strong proponents of innovations that reduce costs and improve welfare. But the most important innovations—those that improve the payments system and the supply of credit, do not require universal CBDC and its inherent risks. So, why are central banks so intent on preparing? What is the purpose of such contingency planning? "
#Fintech#CryptoAssets#CBDC#DFC
·moneyandbanking.com·
Central Bank Digital Currency: The Battle for the Soul of the Financial System
Rwanda researching on digital currency
Rwanda researching on digital currency
The National Bank of Rwanda is reportedly studying the possibilities of issuing central bank digital currency (CBDC). According to John Karamuka, the Director of Payment Systems at the central bank, their assessment and study is looking at economic, financial and technology aspects related to CBDC as well as the operationalization model, taking into account the local context. “The study is also analysing the implication of the CBDC on monetary policy and financial stability.”
#Fintech#CryptoAssets#CBDC#DFC
·newtimes.co.rw·
Rwanda researching on digital currency
Bank of Israel Testing Ethereum Tech in Digital Shekel Trial
Bank of Israel Testing Ethereum Tech in Digital Shekel Trial
Bank of Israel Deputy Governor Andrew Abir reportedly said that Israel has conducted a pilot test of a digital shekel central bank digital currency (CBDC). However, a more recent Bloomberg report implies that it's actually an Ethereum-based proof of concept test. https://www.jpost.com/jpost-tech/israel-has-already-tested-a-digital-shekel-cryptocurrency-671639
#Fintech#CryptoAssets#CBDC#DFC
·bloomberg.com·
Bank of Israel Testing Ethereum Tech in Digital Shekel Trial
CBDCs: an opportunity for the monetary system
CBDCs: an opportunity for the monetary system
A Bank for International Settlements (BIS) paper examines how CBDCs can contribute to an open, safe and competitive monetary system that supports innovation and serves the public interest. Like the latest generation of instant retail payment systems, retail CBDCs could ensure open payment platforms and a competitive level playing field that is conducive to innovation. The ultimate benefits of adopting a new payment technology will depend on the competitive structure of the underlying payment system and data governance arrangements. The same technology that can encourage a virtuous circle of greater access, lower costs and better services might equally induce a vicious circle of data silos, market power and anti-competitive practices. CBDCs and open platforms are the most conducive to a virtuous circle. CBDCs built on digital identification could improve cross-border payments, and limit the risks of currency substitution. Multi-CBDC arrangements could surmount the hurdles of sharing digital IDs across borders, but will require international cooperation.
#Fintech#CryptoAssets#CBDC#DFC
·bis.org·
CBDCs: an opportunity for the monetary system
BIS: CBDCs now seem a matter of when not if
BIS: CBDCs now seem a matter of when not if
"If you already have a well functioning, retail fast payments system that already ticks the boxes in terms of serving the public interest, data governance, with all the safeguards you need on know-your-customer, then the additional mileage a national financial system would get from having a fully fledged retail CBDC, it’s not that great. If, on the other hand, you are a jurisdiction where you have a lot of very influential Big Tech companies, that are already a very large part of the financial landscape, . . . here a CBDC will be useful."
#Fintech#CryptoAssets#CBDC#DFC
·ft.com·
BIS: CBDCs now seem a matter of when not if
Palestinian Monetary Authority Mulls Digital Currency Launch
Palestinian Monetary Authority Mulls Digital Currency Launch
The Palestinian Monetary Authority is reportedly studying the possible issuance of a central bank digital currency (CBDC). Bound by 1990s accords with Israel, Palestine does not have a currency of its own. Instead, the Israeli shekel serves as the de facto currency, alongside the Jordanian dinar and the U.S. dollar. Palestinian banks are prohibited from making large cross-border cash transfers — including to Israel — and are often forced to borrow money to cover remittances. It is hoped that a Palestinian CBDC may address that issue.
#Fintech#CryptoAssets#CBDC#DFC#Palestine
·bloomberg.com·
Palestinian Monetary Authority Mulls Digital Currency Launch
MAS Partners IMF, World Bank and others to launch Global Challenge for Retail CBDC Solutions
MAS Partners IMF, World Bank and others to launch Global Challenge for Retail CBDC Solutions
The Monetary Authority of Singapore launched the Global CBDC Challenge, to seek innovative retail central bank digital currency (CBDC) solutions to enhance payment efficiencies and promote financial inclusion. Partners include the International Monetary Fund, World Bank, and the Organisation for Economic Co-operation and Development. Firms around the world are invited to submit innovative solutions that can address 12 problem statements centred on the CBDC instrument, distribution; and infrastructure.
#Fintech#CryptoAssets#CBDC#DFC
·mas.gov.sg·
MAS Partners IMF, World Bank and others to launch Global Challenge for Retail CBDC Solutions
Bank of Russia forms first digital ruble testing group
Bank of Russia forms first digital ruble testing group
The Bank of Russia announced the establishment of the first pilot group for testing the digital ruble, bringing together 12 Russian banks. The Bank also reaffirmed its plans to complete a prototype digital ruble platform by the end of 2021 and roll out testing in January 2022.
#Fintech#CryptoAssets#CBDC#DFC
·cointelegraph.com·
Bank of Russia forms first digital ruble testing group
Spain Considers National Digital Currency Alternative to Euro
Spain Considers National Digital Currency Alternative to Euro
I'm still investigating the accuracy of this story, but according to an article in the Spanish press, the Spanish Socialist Party (PSE), the governing political body in Spain, has proposed creating a national digital currency. According to the PSOE, a national digital currency would allow for more active Spain-specific monetary policy, such as providing a more direct mechanism to injecting liquidity directly into the system. However, it is my understanding that the European Central Bank has exclusive rights to issue general purpose currency in the Eurozone, so I'm not sure if this is even legally possible.
#Fintech#CryptoAssets#CBDC#DFC
·coindesk.com·
Spain Considers National Digital Currency Alternative to Euro
China's new digital yuan test shows it can be programed to confine utility
China's new digital yuan test shows it can be programed to confine utility
The Chengdu government is issuing 12 million eCNY through a lottery to 100,000 residents as part of the ongoing central bank digital currency (CBDC) test. However, the free e-CNY embeds a pre-programed utility for paying for subway and bus tickets through Chengdu's Tianfutong mobile app or for shared bikes on the Meituan mobile app, encourage users to take more public transportations. This appears to be the first time that eCNY programability is being tested, in this case to ensure that the e-CNY can only be spent for specific purposes.
#Fintech#CryptoAssets#CBDC#SmartContracts#China#DFC
·theblockcrypto.com·
China's new digital yuan test shows it can be programed to confine utility
Ukraine Puts CBDC On Par With Cash in New Payments Law
Ukraine Puts CBDC On Par With Cash in New Payments Law
The Verkhovna Rada, the governing body of Ukraine, reportedly passed a law regulating payment methods that officially puts central bank digital currency (CBDC) on par with cash, bank accounts and electronic payments. The law mentions the “digital money of the National Bank of Ukraine – electronic form of a unit of account in Ukraine, emission of which is run by the National Bank of Ukraine.”
#Fintech#CryptoAssets#CBDC#DFC
·coindesk.com·
Ukraine Puts CBDC On Par With Cash in New Payments Law
Banco Central do Brasil launches digital Real webinar series
Banco Central do Brasil launches digital Real webinar series
Banco Central do Brasil is running a series of public webinars to debate the general guidelines for a Brazilian central bank digital currency (CBDC), and discuss use cases that can benefit from a digital Real and the most appropriate implementation technologies. There will be seven sessions that will run from July 29 to November that will cover potential applications, identity and data issues, offline capacity, smart contracts, operational issues, cross border integration, platform technology and interoperability with existing payment rails.
#Fintech#CryptoAssets#CBDC#R3#DFC
·bcb.gov.br·
Banco Central do Brasil launches digital Real webinar series
Introduction to the Geopolitics of Central Bank Digital Currencies
Introduction to the Geopolitics of Central Bank Digital Currencies
"Central Bank Digital Currencies are a very special type of digital asset issued by a Central Bank as a legal tender. Everyone agrees that the introduction of a CBDC will increase the power over the national economy of the Central Bank issuing it. As national currencies are routinely used as an instrument of foreign policy, will CBDCs be ever used as offensive weapons?"
#Fintech#CryptoAssets#CBDC#DFC
·linkedin.com·
Introduction to the Geopolitics of Central Bank Digital Currencies
Roads for the future: central bank digital currency (CBDC) And innovative payments
Roads for the future: central bank digital currency (CBDC) And innovative payments
"Let me say it again: on both digital currency and payments, we in Europe must be ready to move as quickly as needed or risk an erosion of our monetary sovereignty – something we cannot tolerate. European citizens must have access durably to effective and independent means of exchange."
#Fintech#CryptoAssets#CBDC#DFC
·banque-france.fr·
Roads for the future: central bank digital currency (CBDC) And innovative payments
Liquidshare, BNP Paribas, Euroclear in CBDC trial for securities settlement
Liquidshare, BNP Paribas, Euroclear in CBDC trial for securities settlement
On June 18th and 25th, the Banque de France successfully carried out a fifth experiment on central bank digital currency (CBDC) with a consortium of actors driven by LiquidShare as part of the experimental program launched in March 2020. The experiment involved the simulation on a private blockchain of the issuance and settlement of unlisted securities and of the settlement of listed securities. Settlements of securities were simulated by CBDC issued on the blockchain. The experiment required the development and deployment of smart contracts so that the Banque de France could issue and control the circulation of CBDC tokens while ensuring that each transfer takes place simultaneously with the delivery of the securities. https://www.banque-france.fr/en/communique-de-presse/banque-de-france-conducts-successful-experiment-use-central-bank-digital-money-consortium-actors
#Fintech#CryptoAssets#Blockchain#Settlement#CBDC#France#DFC
·ledgerinsights.com·
Liquidshare, BNP Paribas, Euroclear in CBDC trial for securities settlement
To CBDC or Not to CBDC?
To CBDC or Not to CBDC?
"I’ve listened to all the arguments made for issuing a CBDC in Canada or the US. It seems to me that everything that a CBDC is supposed to fix can already be achieved by another existing process or institution—and these alternatives are typically cheaper and less risky."
#Fintech#CryptoAssets#CBDC#DFC
·aier.org·
To CBDC or Not to CBDC?
Vietnam plans to pilot central bank digital currency
Vietnam plans to pilot central bank digital currency
"Several news outlets in Vietnam have reported that country's prime minister, Phạm Minh Chính, has instructed the State Bank of Vietnam to pilot a national digital currency based on blockchain. While it seems this will be a central bank digital currency (CBDC), some have reported that it will be a cryptocurrency. That may in part relate to the semantics of the terms virtual or digital currency." However, I can find nothing about it on the prime minister's website. http://phamminhchinh.chinhphu.vn/
#Fintech#CryptoAssets#CBDC#DFC
·ledgerinsights.com·
Vietnam plans to pilot central bank digital currency
Reserve Bank sees no 'policy case' for digital Aussie dollar just yet
Reserve Bank sees no 'policy case' for digital Aussie dollar just yet
The Reserve Bank of Australia (RBA) is continuing to closely monitor the case for a retail central bank digital currency (CBDC) and is engaging with some other central banks on possible use cases, including for cross-border payments. So far, the central bank does not consider that a policy case has yet emerged for issuing a CBDC. The RBA has also been conducting research on wholesale CBDC at its in-house Innovation Lab, and is close to finalising a project with a number of external parties to explore the implications of delivery-versus-payment settlement on a distributed ledger technology platform as well as other programmability features of tokenised CBDC and financial assets. https://www.aph.gov.au/DocumentStore.ashx?id=c5918da2-21b6-4974-8ef8-29794479f488&subId=709664
#Fintech#CryptoAssets#CBDC#DFC
·zdnet.com·
Reserve Bank sees no 'policy case' for digital Aussie dollar just yet
BOJ to pilot digital currency roll-out in August
BOJ to pilot digital currency roll-out in August
The Bank of Jamaica will reportedly commence its central bank digital currency (CBDC) pilot in August. The delayed roll-out of the system, which was supposed to have started in May, will commence with a National Commercial Bank pilot, followed by more banks in September to December. The pilot will then be gradually expanded into a full-fledged launch.
#Fintech#CryptoAssets#CBDC#DFC
·jamaicaobserver.com·
BOJ to pilot digital currency roll-out in August
Reserve Bank of New Zealand consulting public on a potential CBDC
Reserve Bank of New Zealand consulting public on a potential CBDC
The Reserve Bank of New Zealand will open up public consultations regarding a central bank digital currency (CBDC) and the emergence of new digital forms of money including stablecoins. “The potential for a CBDC to help address some of the downsides of reducing physical cash use and services is something we want to explore for New Zealand. A CBDC, similar to digital cash, might well be part of the solution, but we need to test our assessment of the issues and proposed approach before developing any firm proposals." See: https://www.rbnz.govt.nz/news/2021/07/reserve-bank-confirms-consultations-key-to-the-future-of-how-new-zealanders-pay-and-save
#Fintech#CryptoAssets#CBDC#DFC
·cointelegraph.com·
Reserve Bank of New Zealand consulting public on a potential CBDC