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France, Singapore Complete Cross-border CBDC Test
France, Singapore Complete Cross-border CBDC Test
"The Monetary Authority of Singapore and the Banque de France successfully completed a wholesale cross-border payment and settlement experiment using multiple central bank digital currencies (mCBDCs). The experiment between the two central banks, supported by J.P. Morgan’s Onyx, simulated cross-border transactions and cross-currency transactions involving a Singapore dollar CBDC and a euro CBDC, and was conducted using a permissioned, privacy-enabled blockchain based on Quorum technology." For more detail see: https://www.mas.gov.sg/news/media-releases/2021/monetary-authority-of-singapore-and-banque-de-france-break-new-ground-in-cbdc-experimentation
#Fintech#CBDC#mCBDC#CrossBorder#Eurozone#France#DFC
·forkast.news·
France, Singapore Complete Cross-border CBDC Test
Central bank digital currencies for cross-border payments
Central bank digital currencies for cross-border payments
This report, prepared by the Committee on Payments and Market Infrastructures, the Bank for International Settlements, the International Monetary Fund and the World Bank, analyses how central bank digital currency (CBDC) could facilitate enhanced cross-border payments, and how practical efforts are taking these considerations forward. It concludes that facilitating international payments with CBDCs can be achieved through different degrees of integration and cooperation, ranging from basic compatibility with common standards to the establishment of international payment infrastructures. The analysis highlights both the need for multilateral collaboration on macro-financial consequences as well as the importance of interoperability between CBDCs.
#Fintech#CBDC#CrossBorder#Payments#DFC
·bis.org·
Central bank digital currencies for cross-border payments
UAE Central Bank sets sights on digital currency launch
UAE Central Bank sets sights on digital currency launch
The Central Bank of the United Arab Emirates (CBUAE) has reportedly made central bank digital currency (CBDC) issuance a priority in its 2023-2026 roadmap. However, I’ve found no evidence of this roadmap on the CBUAE website, and we don’t know whether the focus will be on retail or wholesale CBDC.
#CBDC#Fintech#DFC
·gulfnews.com·
UAE Central Bank sets sights on digital currency launch
Central Bank Digital Currency (CBDC) Tracker
Central Bank Digital Currency (CBDC) Tracker
The CBDC Tracker team, which I recently joined, has released a new update of its comprehensive open source central bank digital currency (CBDC) database. Along with updated project information, many changes have been made to make it a more accurate, comprehensive, timely, and useful tool for CBDC research.
#Fintech#CBDC#DFC
·cbdctracker.org·
Central Bank Digital Currency (CBDC) Tracker
Survey Results on the Possibility of e-hryvnia implementation
Survey Results on the Possibility of e-hryvnia implementation
The National Bank of Ukraine (NBU) surveyed 100 financial market experts to determine the market niche and potential use cases for an NBU-issued central bank digital currency. Most respondents believe retail cashless payments and cross-border payments and settlements to be the most promising use cases for e-hryvnia. Second came G2P welfare payments, featuring smart contract technology to restrict the CBDC’s use to specific purposes or during a special period of time. There was also considerable interest in the potential of e-hryvnia as an instrument for virtual assets settlements.
#CBDC#Fintech#DFC
·bank.gov.ua·
Survey Results on the Possibility of e-hryvnia implementation
Eurosystem launches digital euro project
Eurosystem launches digital euro project
The European Central Bank (ECB) has decided to launch the investigation phase of a digital euro project. The investigation phase will last 24 months and aim to address key issues regarding design and distribution. It will examine the use cases that a digital euro should provide as a matter of priority to meet its objectives: a riskless, accessible, and efficient form of digital central bank money. The project will also shed light on the changes to the EU legislative framework which might be needed.
#CBDC#Fintech#DFC
·ecb.europa.eu·
Eurosystem launches digital euro project
Direct Express Debit MasterCard
Direct Express Debit MasterCard
Your federal benefits will be automatically deposited to your prepaid debit card account on the payment day. By choosing Direct Express® you have chosen a fast, convenient, and secure way to receive your benefit payments.
#Fintech#CBDC#UnitedStates#DFC
·usdirectexpress.com·
Direct Express Debit MasterCard
China releases digital yuan white paper, confirming it is not synthetic CBDC
China releases digital yuan white paper, confirming it is not synthetic CBDC
The People’s Bank of China (PBOC) published a white paper on its e-CNY central bank digital currency (CBDC). Among other things, it confirmed that it will be issued by the central bank and commercial banks merely distribute it, so it is not a "synthetic" CBDC. The paper outlines the primary objectives of the digital yuan, the first being to ensure financial inclusion and provide a public good digital cash while physical cash usage declines. The second objective is to promoting fair competition and interoperability between different forms of digital cash. It differentiates the e-CNY from other digital payment tools as being legal tender, not requiring a bank account, supporting offline payments and providing managed anonymity. The whitepaper states that the CBDC is “mainly” designed for domestic use, but it will be usable across borders, while acknowledging monetary sovereignty issues and the principle of “no detriment”. http://www.pbc.gov.cn/en/3688110/3688172/4157443/4293696/2021071614584691871.pdf
#Fintech#CBDC#DFC
·ledgerinsights.com·
China releases digital yuan white paper, confirming it is not synthetic CBDC
Let’s all please stop calling dollars ‘fiat money’
Let’s all please stop calling dollars ‘fiat money’
"You may believe that all those mortgages and credit card loans are meaningless assets. You may believe the US government will not be able to collect enough taxes to roll over those Treasury bills. If you are right, then yes, the dollar has no value. But we’re still not talking about trusting anyone’s fiat. We’re talking about credit analysis. So, please: let’s stop calling it fiat money. Let’s start calling it what it is: credit money. "
#Fintech#CBDC#Money#DFC
·ft.com·
Let’s all please stop calling dollars ‘fiat money’
Banque de France, Banque Centrale de Tunisie in wholesale cross border CBDC trial
Banque de France, Banque Centrale de Tunisie in wholesale cross border CBDC trial
An experimental wire transfer was carried out between two individuals, located respectively in France and Tunisia, in commercial bank money through transfer of wholesale central bank digital currency (CBDC) between Banque de France and Banque Centrale de Tunisie. The operation took place on the Instaclear interbanking transaction solution based on the private distributed ledger operated by Prosperus, and both central banks have exchanged CBDC tokens in secured conditions. Bank Wormser Frères, la Banque Internationale Arabe de Tunisie and its French subsidiary BIAT France, were also part of this operation.
#Fintech#CBDC#CrossBorder#Payments#Eurozone#France#DFC
·banque-france.fr·
Banque de France, Banque Centrale de Tunisie in wholesale cross border CBDC trial
Bank of Korea selects provider for CBDC blockchain simulations
Bank of Korea selects provider for CBDC blockchain simulations
Ground X reportedly won the tender to lead the Bank of Korea's central bank digital currency (CBDC) proof-of-concept work. Ground X, the blockchain subsidiary of Kakao, Korea’s largest social network, 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#CBDC#Ethereum#DFC
·ledgerinsights.com·
Bank of Korea selects provider for CBDC blockchain simulations
The Positive Case for a CBDC
The Positive Case for a CBDC
This Bank of Canada staff discussion paper discusses the competition and innovation arguments for issuing a central bank digital currency (CBDC). A CBDC could be an effective competition policy tool for payments. On innovation, it argues that a CBDC could be necessary to support the vibrancy of the digital economy by helping solve market failures and fostering competition and innovation in new digital payments markets. Overall, the paper finds that competition and innovation are valid supporting arguments for issuing a CBDC.
#Fintech#CBDC#Canada#DFC
·bankofcanada.ca·
The Positive Case for a CBDC
Digital yuan pilots expand to insurance industry for the first time
Digital yuan pilots expand to insurance industry for the first time
The People's Bank of China e-CNY is reportedly being piloted with Pingan Property Insurance, a subsidiary of China’s leading insurer, Ping An. The project involves a new insurance policy tailored to medical workers in Shenzhen’s Nanshan district, offering them various levels of compensation for diagnosis of or death due to COVID-19. Applicants are eligible for exclusive preferential allowance if they use the digital yuan wallet to make payments.
#Fintech#CBDC#China#DFC
·cointelegraph.com·
Digital yuan pilots expand to insurance industry for the first time
The time to embrace central bank digital currencies is now
The time to embrace central bank digital currencies is now
"Choices have to be made. In the process, old players may disappear and new ones emerge. But the fundamental requirement is the same as always, namely, reliable systems in which the public can place their trust. Central banks will play a leading role in ensuring this. They can do so by embracing the possibilities of the new technologies, while preventing a chaotic free for all. The BIS provides an excellent outline of the issues. Now is the time for progress."
#Fintech#CBDC#DFC
·ft.com·
The time to embrace central bank digital currencies is now
India Eyeing Phased Roll Out of Central Bank Digital Currency
India Eyeing Phased Roll Out of Central Bank Digital Currency
The Reserve Bank of India (RBI) is considering a “phased introduction” of a central bank digital currency (CBDC) including running pilot programs. CBDCs are desirable not just for the benefits they create in payments systems, but also might be necessary to protect the general public in an environment of volatile private virtual currencies. Hence, the RBI is currently working towards a phased implementation strategy and examining use cases which could be implemented with little or no disruption, including both retail and wholesale CBDC. Hence, it would appear that the RBI is still in the very early stages of it CBDC deliberations, even though it has been exploring the pros and cons of introducing CBDCs for quite some time. https://www.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1111
#Fintech#CBDC#DFC
·bloomberg.com·
India Eyeing Phased Roll Out of Central Bank Digital Currency
The dollar isn't a meme
The dollar isn't a meme
"What sort of credit is fiat money? There are many different kinds of credit instruments, from bonds to deposits to banknotes, each with its own unique features. To see where central bank money fits, I've made a chart that illustrates how credit instruments differ across three different criteria (click to expand)."
#Fintech#CryptoAssets#CBDC#DFC
·jpkoning.blogspot.com·
The dollar isn't a meme
CBN's digital currency CBDC set for October 1
CBN's digital currency CBDC set for October 1
The Central Bank of Nigeria (CBN) is reportedly launching a central bank digital currency (CBDC) proof of concept (PoC) by October 1, 2021. The source is said to be the information technology director for the bank, Rakiya Mohammed, who disclosed that the CBN had been researching since 2017 to develop and adopt the digital currency. The project called ‘GIANT’ will run on the hyper-ledger fabric blockchain. The announcement was supposedly made at the 306th Banker’s Committee meeting, but I have found no mention of it on the CBN website. Also there's some confusion about whether it's a pilot or PoC, because the article says that a "pilot" will be launched by October 1, but a PoC wouldn't happen until year end, which is obviously back assward. If anyone out there has more concrete information please pass it on!
#Fintech#CBDC#DFC
·gazettengr.com·
CBN's digital currency CBDC set for October 1
Chinese Electric Bills To Become Payable Using Digital Yuan
Chinese Electric Bills To Become Payable Using Digital Yuan
The People's Bank of China digital yuan wallet app will reportedly include an electricity bill payment feature designed by the country’s State Grid. Users will be able to pay their electricity bills through the digital yuan app directly and do not need to link payment to a bank card. The new function will be tested in nine cities and regions, including Xiong’an New Area, Suzhou, Chengdu, Shanghai, Xi’an, Dalian, Changsha and Qingdao, and at the Winter Olympics in Beijing in 2022.
#Fintech#CBDC#DFC
·forkast.news·
Chinese Electric Bills To Become Payable Using Digital Yuan
Mondex Memories and CBDC
Mondex Memories and CBDC
"We still feel that an offline capability is essential for a CBDC. Even though the world is obviously much more connected now than then, networks break, whether through lack of coverage, software or hardware failure, high demand or cyberattack (or even physical attack). It’s better if the wheels of commerce can keep turning in any of these circumstances."
#Fintech#CBDC#Offline#DFC
·chyp.com·
Mondex Memories and CBDC
Central bank digital currency for the UK
Central bank digital currency for the UK
This column summarizes the findings from a Centre for Macroeconomics survey of experts on the UK economy, who were nearly unanimous in agreeing that a Bank of England-issued digital currency would benefit the British economy. Half of the panel also believed that a digital currency would have limited impact on the UK banking system.
#Fintech#CBDC#DFC
·voxeu.org·
Central bank digital currency for the UK
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
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
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
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
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
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
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
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