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Central Bank estimates ‘north of $300K’ Sand Dollars in circulation
Central Bank estimates ‘north of $300K’ Sand Dollars in circulation
The Bank of Jamaica estimates that in excess of 20,000 individuals are currently utilizing Sand Dollars, with “north of $300,000” of the central bank digital currency (CBDC) currently in circulation. The central bank is nearing the end of ensuring there is interoperability with the automated clearing house (ACH) so there can be a pass-through link between Sand Dollar wallets and deposit accounts. Once that exercise is completed, the central bank along with the financial institutions, is going to be focusing on making an aggressive push to get more businesses enrolled in the infrastructure.
#Fintech#CBDC#Caribbean#DFC
·ewnews.com·
Central Bank estimates ‘north of $300K’ Sand Dollars in circulation
JP Morgan, Oliver Wyman predict CBDC to save $100 billion cross border payment costs
JP Morgan, Oliver Wyman predict CBDC to save $100 billion cross border payment costs
Oliver Wyman and JP Morgan published a joint report exploring how a multiple central bank digital currency (mCBDC) network could save corporates money. They estimate that corporate wholesale payments amount to $24 trillion a year and cost $120 billion, which could fall by $100 billion using an mCBDC network. The savings will come at the expense of banks, via the loss of correspondent banking fees and the reduction of corporate overnight balances by up to $10 billion. Plus, banks will have to pay to operate two sets of cross-border payment systems in parallel during this transition.
#Fintech#CBDC#mCBDC#wCBDC#CrossBorder#Payments#DFC
·ledgerinsights.com·
JP Morgan, Oliver Wyman predict CBDC to save $100 billion cross border payment costs
Digital yuan pilot surges to 140 million, 10% of population
Digital yuan pilot surges to 140 million, 10% of population
The People's Bank of China (PBOC) shared the latest statistics on their digital yuan (eCNY) pilot. The number of wallets opened has increased almost sevenfold since June to 140 million, and the number of merchants capable of accepting the digital renminbi is 1.55 million (see table). However, before launch, more work is needed on capacity expansion, security and risk management, and the legal/regulatory framework. For example, the digital forms of the renminbi have to be added to the People's Bank of China Law, and regulatory measures for eCNY need to be tailormade. [Read more]
#Fintech#CBDC#China#DFC
·ledgerinsights.com·
Digital yuan pilot surges to 140 million, 10% of population
Central bank digital currencies: motives, economic implications and the research frontier
Central bank digital currencies: motives, economic implications and the research frontier
The Bank for International Settlements (BIS) published a paper that gives a guided tour of the growing literature on central bank digital currency (CBDC) on the microeconomic considerations related to operational architectures, technologies and privacy, and the macroeconomic implications for the financial system, financial stability and monetary policy. A set of questions, particularly on the cross-border dimensions of CBDCs, remains unresolved, and calls for further work to expand the research frontier.
#Fintech#CBDC#DFC
·bis.org·
Central bank digital currencies: motives, economic implications and the research frontier
mBridge - Building a multi CBDC platform for international payments
mBridge - Building a multi CBDC platform for international payments
The BIS Innovation Hub published a brochure for its mBridge project with a comprehensive list of use cases contributed by 22 commercial banks across four different jurisdictions (China, Hong Kong, Thailand and the United Arab Emirates). The mBridge trial platform has shown that CBDCs can substantially increase the speed of cross-border payments from multiple days to near real-time, while also reducing cost. The project is using an agile and iterative development approach, plus a modular bricks design.
#Fintech#CBDC#mCBDC#wCBDC#CrossBorder#DFC
·hkma.gov.hk·
mBridge - Building a multi CBDC platform for international payments
EU central banks working on DLT-based asset settlement
EU central banks working on DLT-based asset settlement
Banca d’Italia and Deutsche Bundesbank have been ramping up their efforts to utilize distributed ledger technology (DLT) in central bank money settlements. The initiatives aim to complement current central bank money settlement practices with programmable trigger mechanisms that connect DLT-based assets, like tokenized securities, and cash to be settled via conventional payments systems. This could be seen as complementary to the Digital Euro, which is currently under consideration.
#Fintech#Blockchain#Payments#Settlement#Tokenization#CBDC#wCBDC#DFC
·cointelegraph.com·
EU central banks working on DLT-based asset settlement
NYC Coin: Municipal Finance's Next Frontier
NYC Coin: Municipal Finance's Next Frontier
This paper by Satoshi Capital Advisor's Josiah Hernandez explores the financial and technical feasibility of a New York City coin (NYC Coin) to be issued by the New York City government. New York City mayor elect Eric Adams introduced the NYC Coin concept during a radio interview on November 3. He said he wanted to turn New York into a crypto-friendly city and wagered a “friendly competition” with Miami and its Miami Coin cryptocurrency.
#Fintech#CryptoAssets#CBDC#DFC
·researchgate.net·
NYC Coin: Municipal Finance's Next Frontier
Fake News: Kaj Labs to Partner with Central Bank of Brazil to Launch Digital Real CBDC Trial
Fake News: Kaj Labs to Partner with Central Bank of Brazil to Launch Digital Real CBDC Trial
Banco Central do Brasil (BCB) is reportedly partnering with Seattle-based KaJ Labs, to launch the trail of its central bank digital currency (CBDC). However, there's no mention of it on the BCB website, and the Kaj Labs press release makes it sound more like the firm has merely initiated discussions with the BCB. Also, it's unclear whether they're discussing retail of wholesale CBDC. It sounds more like the latter, with a focus on using DLT to tokenize and settle bonds.
#Fintech#CBDC#SouthAmerica#wCBDC#Tokenization#Settlement#DFC
·prnewswire.com·
Fake News: Kaj Labs to Partner with Central Bank of Brazil to Launch Digital Real CBDC Trial
MetaMUI Sovereign Wallet Network
MetaMUI Sovereign Wallet Network
"Sovereign Wallet Network (SWN) Global is working to revolutionalize the global financial space and create an ecosystem of products that foster the future of finance through our MetaMUI self-sovereign-identity-based blockchain."
#Fintech#CBDC#DigitalID#DFC
·sovereignwallet.network·
MetaMUI Sovereign Wallet Network
METAMUI:Identity-based Blockchain to solve CBDC implementation and design issues
METAMUI:Identity-based Blockchain to solve CBDC implementation and design issues
"Sovereign Wallet Network (SWN) seeks to address the un-federated nature of digital currencies while also solving the scalability trilemma of the blockchain industry. MetaMUI is the 1st Identity-based blockchain to truly enable regulated, identity-based Peer-to-Peer (P2P) transactions, it can be used as the cornerstone for most financial offerings, with its high versatility and support for custom-developed use cases that enable Central Bank Digital Currencies (CBDC) implementation and issuance easily on the MetaMUI CBDC platform."
#Fintech#CBDC#DigitalID#DFC
·sovereignwallet.medium.com·
METAMUI:Identity-based Blockchain to solve CBDC implementation and design issues
Banque de France report on its wholesale CBDC experiments
Banque de France report on its wholesale CBDC experiments
The Banque de France published a report on its series of experiments with a wholesale central bank digital currency (#CBDC) but says its work has also thrown up new questions. The tests focused on ways of integrating CBDC into innovative procedures for the exchange and settlement of financial assets, based on new technologies such as distributed ledger technology (DLT), and in multi-currency and cross-border settings. The report covers nine experiments which were conducted as of September 2020 in conjunction with domestic and international private sector players, as well as other central banks and public authorities. Numerous technological partners were also involved, enabling the experiments to explore a broad range of technologies.
#Fintech#CBDC#wCBDC#Payments#Settlement#DFC
·banque-france.fr·
Banque de France report on its wholesale CBDC experiments
Russia to change laws for digital ruble, while central bank mulls 2022 prototype
Russia to change laws for digital ruble, while central bank mulls 2022 prototype
Russia will reportedly have reportedly a prototype of the digital rouble platform in early 2022 and pilot-test it next year before making a final decision on the launch of the country's digital currency. Also, Russian lawmakers will reportedly begin working on the legal adjustments needed to implement the digital ruble plan. At least eight federal laws and five codes must be changed for the digital ruble to take effect. The new rules will address several themes, such as the central bank's authority to establish circulation for the new currency, and its acceptance as a means of payment.
#Fintech#CBDC#DFC
·cointelegraph.com·
Russia to change laws for digital ruble, while central bank mulls 2022 prototype
MAS lays groundwork for digital Singapore dollar
MAS lays groundwork for digital Singapore dollar
The Monetary Authority of Singapore (MAS) is embarking on Project Orchid – to build the technology infrastructure and technical competencies necessary to issue a digital Singapore dollar should Singapore decide to do so in future. Managing Director Ravi Menon, said that while retail central bank digital currency (CBDC) has its upside, the case for it in Singapore is not urgent. However, he sees much promise in wholesale CBDC.
#Fintech#CBDC#Asia#DFC#Singapore
·mas.gov.sg·
MAS lays groundwork for digital Singapore dollar
Bank of China Reveals Machine That Converts Foreign Currency to Digital Yuan: Report
Bank of China Reveals Machine That Converts Foreign Currency to Digital Yuan: Report
The Bank of China has reportedly shown a machine that converts foreign currencies into digital yuan. The machine is likely in preparation for the 2022 Beijing Winter Olympics, when the CBDC is set to be introduced to the rest of the world. Users need to link their passports to the transaction, but don’t need a bank account, and it supports 17 foreign currencies.
#Fintech#CBDC#China#DFC
·coindesk.com·
Bank of China Reveals Machine That Converts Foreign Currency to Digital Yuan: Report
Statement on UK Central Bank Digital Currency next steps
Statement on UK Central Bank Digital Currency next steps
In 2022, the Bank of England and the UK Treasury will launch a consultation which will set out their assessment of the case for a UK central bank digital currency (CBDC), including the merits of further work to develop an operational and technology model for a UK CBDC. It will evaluate the main issues at hand, consider the high level design features, possible benefits and implications for users and businesses, and considerations for further work. The 2022 consultation will inform a decision on whether the authorities are content to move into a ‘development’ phase which will span several years. If the results of this ‘development’ phase conclude that the case for CBDC is made, and that it is operationally and technologically robust, then the earliest date for launch of a UK CBDC would be in the second half of the decade.
#Fintech#CBDC#UnitedKingdom#DFC
·bankofengland.co.uk·
Statement on UK Central Bank Digital Currency next steps
Libra Shrugged — Chapter 15: Central bank digital currencies
Libra Shrugged — Chapter 15: Central bank digital currencies
Here’s a book excerpt a year after its publication — because I keep referring people to this chapter. This chapter has stood up quite well through 2021. Sand Dollar, D-Cash and DC/EP are still in ever-growing pilot programmes. Nigeria has just launched its e-Naira CBDC as an alternate payment system. Consumer use cases for CBDCs are still thin on the ground."
#Fintech#CBDC#DFC
·davidgerard.co.uk·
Libra Shrugged — Chapter 15: Central bank digital currencies
Digital Euro ‘Likely’ to Become Legal Tender, ECB’s Panetta Says
Digital Euro ‘Likely’ to Become Legal Tender, ECB’s Panetta Says
A digital euro will probably be deemed legal tender, according to European Central Bank Executive Board member Fabio Panetta. “It would be quite awkward not to have legal-tender status for an additional instrument issued by a central bank” though he cautioned that achieving the status “should not be taken for granted.”
#Fintech#CBDC#Eurozone#DFC
·bloombergquint.com·
Digital Euro ‘Likely’ to Become Legal Tender, ECB’s Panetta Says
MAS Announces Winners of the Global CBDC Challenge
MAS Announces Winners of the Global CBDC Challenge
The Monetary Authority of Singapore (MAS) announced the results of the Global CBDC Challenge. The Challenge was aimed at identifying and developing retail central bank digital currency (CBDC) solutions that increase payment efficiencies, improve financial inclusion and support the broader digitalization drive in the economy.
#Fintech#CBDC#Asia#DFC
·mas.gov.sg·
MAS Announces Winners of the Global CBDC Challenge
Swiss Central Bank Ready to Run With wCBDC in January: ‘Just Takes a Policy Decision’
Swiss Central Bank Ready to Run With wCBDC in January: ‘Just Takes a Policy Decision’
The Swiss National Bank (SNB) will technically be ready to launch a wholesale central bank digital currency (CBDC) in January 2022, using Switzerland’s Six Digital Exchange (SDX). However, a policy decision has yet to be taken, and there is the question of whether the SNB can legally issue wholesale CBDC. Also, Thomas Moser, a member of the SNB’s governing board, says there are no plans for going live at this point in time.
#Fintech#CBDC#wCBDC#Settlement#Payments#DFC
·coindesk.com·
Swiss Central Bank Ready to Run With wCBDC in January: ‘Just Takes a Policy Decision’
140M Wallets Using Digital Yuan As China Denies Launch Date
140M Wallets Using Digital Yuan As China Denies Launch Date
The PBOC has reported that the average weekly transaction volume of e-CNY is growing by 3 billion yuan ($469 million) and consumers are opening private wallets at an average weekly rate of 8.5 million, according to October figures. However, China has no official timetable for launching the digital yuan, notwithstanding reports that an official unveil would coincide with the 2022 Winter Olympics in Beijing. As of Oct. 22, consumers have opened 140 million personal digital wallets with total transaction volume of about 62 billion yuan ($9.7 billion).
#Fintech#CBDC#China#DFC
·forkast.news·
140M Wallets Using Digital Yuan As China Denies Launch Date
BSP eyeing central bank digital currency use in 'near future'
BSP eyeing central bank digital currency use in 'near future'
The Bangko Sentral ng Pilipinas (BSP) is reportedly eyeing the use of wholesale central bank digital currency (CBDC) in the near future. Meanwhile, instead of looking at retail CBDC, the BSP is working on its other digital offerings, including InstaPay and PESONet electronic fund transfers, under its National Retail Payment System.
#Fintech#CBDC#DFC
·news.abs-cbn.com·
BSP eyeing central bank digital currency use in 'near future'
Israel starts development of digital shekel
Israel starts development of digital shekel
Israel has reportedly begun development of an Ethereum-based digital shekel. Bank of Israel Deputy Governor, Andrew Abir confirmed that a CBDC was in the works and that testing had taken place, but also admitted the pilot program has been met with some challenges. One of the biggest challenges was overcoming potential user privacy concerns and ensuring that the people will use it, as Israelis are still not that keen to completely dump physical cash.
#Fintech#CBDC#DFC
·uk.sports.yahoo.com·
Israel starts development of digital shekel
Five Observations on Nigeria’s Central Bank Digital Currency
Five Observations on Nigeria’s Central Bank Digital Currency
The IMF published five key observations on Nigeria’s eNaira central bank digital currency (CBDC) that launched on October 25. The article noted that the IMF was involved in the rollout process, including by providing reviews of the product design. The article also said that the IMF is ready to collaborate with the authorities on data analysis, cross-country studies, sharing the eNaira experience with other countries, and discussing further evolution of the eNaira including its design, regulatory framework, and other aspects.
#Fintech#CBDC#Africa#IMF#DFC
·imf.org·
Five Observations on Nigeria’s Central Bank Digital Currency
The ECB’s case for central bank digital currencies
The ECB’s case for central bank digital currencies
ECB Executive Board member Fabio Panetta pleaded the case for a digital euro in a Financial Times op-ed, arguing that, although Eurozone residents already have access to a vast supply of private digital means of payments that make a retail CBDC redundant. He views a digital euro as important to ensure that central bank money remains the trusted anchor of the payment system, to support financial stability and trust in the currency. This is crucial to preserving the transmission of monetary policy and thus protecting the value of money.
#Fintech#CBDC#Eurozone#DFC
·ft.com·
The ECB’s case for central bank digital currencies
India cenbank may launch digital currency pilot next year-report
India cenbank may launch digital currency pilot next year-report
The Reserve Bank of India (RBI) is reportedly going to pilot its CBDC in the first quarter of the next fiscal year. Previously, the central bank governor had said a pilot could be launched by December 2021 but there has been no official timeline committed to by the RBI.
#Fintech#CBDC#Asia#DFC
·reuters.com·
India cenbank may launch digital currency pilot next year-report
The Future of Payments: Cryptocurrencies, Stablecoins or Central Bank Digital Currencies?
The Future of Payments: Cryptocurrencies, Stablecoins or Central Bank Digital Currencies?
Tony Richards, Head of Payments Policy at the Reserve Bank of Australia (RBA) revealed that RBA staff are still not convinced that a strong policy case has emerged in Australia for a retail CBDC. Australia's existing electronic payments system already provides households and businesses with a wide range of safe, convenient and low-cost payment services. Also, much (if not all) of the innovation and new functionality that could potentially be enabled by a CBDC could in principle also be enabled by innovation based around commercial bank deposit accounts, e-money or stablecoins. But given the possibility that the balance could shift towards a case for issuance of retail CBDCs, the RBA has been stepping up its CBDC research.
#Fintech#CBDC#Australia#DFC
·rba.gov.au·
The Future of Payments: Cryptocurrencies, Stablecoins or Central Bank Digital Currencies?