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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?
Bank of Russia to Charge Fees for Digital Ruble Transactions
Bank of Russia to Charge Fees for Digital Ruble Transactions
Bank of Russia is reportedly planning to charge fees for all central bank digital currency (CBDC) transactions. However, the fees will be lower than those within Russia’s Faster Payments System (FPS), a service that lets individuals make instant interbank transfers. The FPS system allows users to transfer up to 100,000 rubles ($1,360) with zero commissions. For transfers beyond this amount, the system charges a 0.5% fee of the transfer amount, but no more than 1,500 rubles ($20) per one transfer.
#Fintech#CBDC#Russia#DFC
·financemagnates.com·
Bank of Russia to Charge Fees for Digital Ruble Transactions
Digital yuan being trialed for securities transactions
Digital yuan being trialed for securities transactions
China Galaxy Investment Management will run a digital yuan pilot for securities transactions in association with ICBC Bank. The central bank digital currency (CBDC) project will be used to pay fees for data, consulting and other services, and to settle over-the-counter stock transactions in the tripartite deposit management system.
#Fintech#CBDC#China#DFC
·ledgerinsights.com·
Digital yuan being trialed for securities transactions
4 key threats to the new central bank digital currencies
4 key threats to the new central bank digital currencies
"Cybersecurity, along with technical resilience and sound technical governance, are the most important elements of CBDC technical design. Failure to implement a robust cybersecurity strategy and consider the risks introduced above could compromise citizen data and funds, the success of the CBDC programme, central bank reputational risk and broader opinions of the new currency. Based on past experiences in cybersecurity failures, the bar for security is not only about “keeping the bad guys out” or minimizing unauthorized account access. It must be comprehensive and consider the full spectrum of risks, ensuring that the system works as it was designed and that its integrity remains intact. Only then will CBDC be successful in achieving its goals."
#Fintech#CBDC#CyberSecurity#DFC
·weforum.org·
4 key threats to the new central bank digital currencies
BOJ Closer To Rollout Of Digital Currency
BOJ Closer To Rollout Of Digital Currency
The Bank of Jamaica is reportedly slated to commence national rollout of its central bank digital currency (CBDC) platform during the first quarter of 2022. National Commercial Bank is currently the sole deposit-taking institution participating in the CBDC proof of concept (PoC) slated to conclude in December. The PoC is being run with staff and their family members, and individuals and small merchants will be added before this year end. They will test person to person and person to business transactions, and automated banking machines cash-ins and cash-outs.
#Fintech#CBDC#Caribbean#DFC
·jis.gov.jm·
BOJ Closer To Rollout Of Digital Currency
India seeks to block most cryptocurrencies in new bill, government says
India seeks to block most cryptocurrencies in new bill, government says
India is reportedly looking to bar most private crypto-assets when it introduces Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the winter session of Parliament. Through the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, India is also looking to set up the framework for the Reserve Bank of India to issue central bank digital currency (CBDC).
#Fintech#CryptoAssets#CBDC#Regulation#India#DFC
·reuters.com·
India seeks to block most cryptocurrencies in new bill, government says
India seeks to block most cryptocurrencies in new bill, government says
India seeks to block most cryptocurrencies in new bill, government says
India is looking to bar most private cryptocurrencies when it introduces Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the winter session of Parliament, according to a bulletin posted on Lok Sabha, the Indian parliament’s official website. However, the Bill will permit “certain exceptions” to promote the underlying technology of cryptocurrency and its applications. The Bill also includes the framework for the Reserve Bank of India to issue central bank digital currency (CBDC). Of note, the Bill's description is apparently identical to the one the government listed for the previous parliamentary session earlier this year.
#Fintech#CryptoAssets#CBDC#Regulation#India#DFC
·loksabhadocs.nic.in·
India seeks to block most cryptocurrencies in new bill, government says
Central Bank Digital Currency: Considerations, Projects, Outlook
Central Bank Digital Currency: Considerations, Projects, Outlook
The Centre for Economic Policy Research (CEPR) has published a freely-downloadable book that brings together contributions from academics and experts from monetary authorities and international organizations to provide a detailed and insightful overview of the key considerations of current central bank digital currency (CBDC) developments worldwide. Specific chapters discuss the economic, legal and political implications of CBDC implementation, as well as assessing existing initiatives and reflecting on the future of the digital financial landscape.
#Fintech#CBDC#DFC
·voxeu.org·
Central Bank Digital Currency: Considerations, Projects, Outlook
FOMO Drives Tanzanian Central Bank to Plan Own Digital Currency
FOMO Drives Tanzanian Central Bank to Plan Own Digital Currency
Governor Florens Luoga has reportedly revealed that the Bank of Tanzania has begun CBDC launch preparations, at the central bank-organized 20th Conference of Financial Institutions (COFI). As part of preparations the Bank is strengthening the capacity of its officials on digital currencies and expanding research.
#Fintech#CBDC#Africa#DFC
·bnnbloomberg.ca·
FOMO Drives Tanzanian Central Bank to Plan Own Digital Currency
Bank of Lithuania continues digital euro experiments by engaging market participants
Bank of Lithuania continues digital euro experiments by engaging market participants
The Bank of Lithuania is inviting payment market participants and technology vendors to develop a QR code-based payment solution that enables instant settlements in digital euro at points of sale. The solution should be based on an app running on mobile devices, but connectivity based on short-range wireless technologies (e.g., NFC or Bluetooth) so transactions can be done offline.
#Fintech#CBDC#Eurozone#DFC
·lb.lt·
Bank of Lithuania continues digital euro experiments by engaging market participants
Bank of Israel accelerating preparations for digital currency
Bank of Israel accelerating preparations for digital currency
The Bank of Israel is accelerating its study, research and preparation for the possible issuance of a digital shekel aimed at creating a more efficient payments system. Governor Amir Yaron said that, similar to other central banks, the Bank of Israel had not yet decided whether it will issue central bank digital currency (CBDC) and was still examining the issue. "Central banks have a unique role to play in preventing fragmentation and ensuring that the payment system becomes even more uniform and efficient. One way to do this is through CBDC."
#Fintech#CBDC#MiddleEast#DFC
·boi.org.il·
Bank of Israel accelerating preparations for digital currency
New York Fed Launches the New York Innovation Center
New York Fed Launches the New York Innovation Center
The New York Fed launched the New York Innovation Center (NYIC), to advance a strategic partnership with the Bank for International Settlements (BIS) Innovation Hub. As part of the New York Fed, the NYIC is collaborating with the Federal Reserve System, the BIS Innovation Hub, and public and private sector experts to validate, design, build, and launch new financial technology products and services for the central bank community.
#Fintech#CBDC#UnitedStates#BIS#DFC
·newyorkfed.org·
New York Fed Launches the New York Innovation Center
Bank Indonesia Wants to Introduce Digital Currency to ‘Fight’ Crypto
Bank Indonesia Wants to Introduce Digital Currency to ‘Fight’ Crypto
Bank Indonesia has reportedly been considering issuing a central bank digital currency (CBDC) since the start of 2021, as a tool to fight crypto, according to Juda Agung, an assistant governor at the central bank. He spoke in parliament while undergoing a fit-and-proper test to be named deputy governor. “We assume that people would find CBDC more credible than crypto. CBDC would be part of an effort to address the use of crypto in financial transactions.”
#Fintech#CBDC#CryptoAssets#DFC
·bloomberg.com·
Bank Indonesia Wants to Introduce Digital Currency to ‘Fight’ Crypto
Banco Central Do Brasil Lift Challenge
Banco Central Do Brasil Lift Challenge
"LIFT Challenge is a special edition of the LIFT Lab with a specific objective, carried out by Fenasbac in partnership with the Banco Central do Brasil (BCB). These challenges – focused on a mature audience of banks, payment institutions and fintechs – bring together market participants interested in developing a minimally viable product (MVP) that meets the objective of the edition and proposes innovative solutions that benefit the SFN (National Financial System) and the Brazilian population."
#Fintech#CBDC#SouthAmerica#DFC
·liftchallenge.bcb.gov.br·
Banco Central Do Brasil Lift Challenge
Why Central Bank Digital Currencies?
Why Central Bank Digital Currencies?
A NY Fed blog post considers several long-standing goals of central banks in their support and provision of retail payments, why and how central banks tackle these issues, and where central bank digital currency (CBDC) fit into the array of potential solutions. Because CBDCs are new and a range of approaches to implementation are being tried, central banks can learn more about the costs and benefits of CBDCs, relative to other approaches, by engaging in research and development. Answering these questions and uncovering new challenges would require a central bank to go far down the path of implementing a CBDC, whether that CBDC is ultimately adopted or not.
#Fintech#CBDC#UnitedStates#DFC
·libertystreeteconomics.newyorkfed.org·
Why Central Bank Digital Currencies?
Central Bank Digital Currency: functional scope, pricing and controls
Central Bank Digital Currency: functional scope, pricing and controls
This European Central Bank (ECB) paper discusses success factors for CBDC and how to avoid the risk of disintermediation crowding out private payment solutions. After examining ways to prevent excessive use as a store of value, the study emphasizes the importance of the functional scope of CBDC for the payment functions of money. The paper also recalls the risks that use could be too low if functional scope, convenience or reachability are unattractive for users. Finding an adequate functional scope – neither too broad to crowd out private sector solutions, nor too narrow to be of limited use – is challenging in an industry with network effects, like payments. The role of the incentives offered to private sector service providers involved in distributing, using and processing CBDC is discussed, including fees and compensation.
#Fintech#CBDC#Eurozone#DFC
·ecb.europa.eu·
Central Bank Digital Currency: functional scope, pricing and controls
Central Bank of Namibia to Explore CBDC Issuance
Central Bank of Namibia to Explore CBDC Issuance
According to its 2022-24 Strategic Plan, the Bank of Namibia will be assessing the viability of central bank digital currency (CBDC). This is part of a plan to automate, modernize and facilitate efficiency utilizing technology. The central bank also plans to set up an innovation hub to provide a conducive environment for the incubation of new fintech concepts without stifling start-ups and innovators, but doing so in a regulatorily responsible manner.
#Fintech#CBDC#Sandboxes#DFC
·bon.com.na·
Central Bank of Namibia to Explore CBDC Issuance
Raiffeisen, Erste Bank in Austrian wholesale CBDC simulations
Raiffeisen, Erste Bank in Austrian wholesale CBDC simulations
Oesterreichische Nationalbank (OeNB) is starting to work on the second phase of its wholesale central bank digital currency (CBDC) Project Delphi. The first phase focused on simulating delivery versus payment for an Austrian Treasury Bond issued on a blockchain and settled by commercial banks on the same platform using CBDC. The second phase will explore more advanced functionality, business models as well as non-fungible tokens and DeFi.
#Fintech#CBDC#wCBDC#Settlement#DFC
·ledgerinsights.com·
Raiffeisen, Erste Bank in Austrian wholesale CBDC simulations
US House to hold hearing on digital assets and the future of finance
US House to hold hearing on digital assets and the future of finance
The U.S. House of Representative's Committee on Financial Services will hold a hearing entitled, “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States” on December 8, 2021 at 10:00 a.m. ET. This hearing will have one panel with the following witnesses: Jeremy Allaire (Circle), Samuel Bankman-Fried (FTX), Brian Brooks (Bitfury), Charles Cascarilla (Paxos), Denelle Dixon (Stellar), and Alesia Jeanne Haas (Coinbase).
#Fintech#CryptoAssets#CBDC#UnitedStates#DFC
·docs.house.gov·
US House to hold hearing on digital assets and the future of finance
Central Bank Digital Currency: A Payments Perspective
Central Bank Digital Currency: A Payments Perspective
The World Bank published a guidance note to assist central banks and public authorities as they investigate the use of central bank digital currency (CBDC) as an instrument to strengthen or modernize their national payment systems. It articulates the analysis and decision-making process through five fundamental "W" questions (why, what, when, where and who) that should holistically determine whether to issue CBDC.
#Fintech#CBDC#DFC
·documents1.worldbank.org·
Central Bank Digital Currency: A Payments Perspective
Zimbabwe Central Bank Mulls Digital Currency, Spurns Crypto
Zimbabwe Central Bank Mulls Digital Currency, Spurns Crypto
Zimbabwe’s central bank is exploring the use of a digital currency rather than allowing cryptocurrencies as legal tender. Governor John Mangudya said that “we believe in central bank digital currency which is basically trying to say ‘how do we have an e-Zimbabwe dollar as opposed to cryptocurrency’.” The central bank plans to send a team to Nigeria to learn from their experiences in launching the first digital currency in Africa in October.
#Fintech#CBDC#Africa#DFC
·youtube.com·
Zimbabwe Central Bank Mulls Digital Currency, Spurns Crypto
Press release: BIS, Bank of France and Swiss National Bank conclude successful cross-border wholesale CBDC experiment
Press release: BIS, Bank of France and Swiss National Bank conclude successful cross-border wholesale CBDC experiment
The Bank for International Settlements, Bank of France and Swiss National Bank have shown that wholesale CBDC can be used to settle transactions between financial institutions across borders. The recently completed Project Jura explored settling FX transactions in euro and Swiss franc wholesale CBDC, and issuing, transferring and redeeming tokenized euro-denominated French commercial paper between French and Swiss financial institutions. Project Jura was conducted in collaboration with Accenture, Credit Suisse, Natixis, R3, SIX Digital Exchange and UBS.
#Fintech#CBDC#wCBDC#CrossBorder#Tokenization#DFC
·bis.org·
Press release: BIS, Bank of France and Swiss National Bank conclude successful cross-border wholesale CBDC experiment
Reserve Bank and Industry Partners complete Wholesale CBDC Research Project
Reserve Bank and Industry Partners complete Wholesale CBDC Research Project
The Reserve Bank of Australia, Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys, with input from King & Wood Mallesons, today jointly released a report to mark the successful conclusion of Project Atom. The project involved the development of a proof-of-concept (POC) for the issuance wholesale central bank digital currency (CBDC) to fund, settle and repay a tokenized syndicated loan on an Ethereum-based distributed ledger technology (DLT) platform. Integrating a wholesale CBDC on the same DLT platform enabled "atomic" delivery-versus-payment settlement of the drawdown, novation and repayment of the tokenized syndicated loan, demonstrating efficiency gains and operational risk reductions versus the normally highly manual and paper-based processes.
#Fintech#CBDC#wCBDC#Settlement#Blockchain#Tokenization#DFC
·rba.gov.au·
Reserve Bank and Industry Partners complete Wholesale CBDC Research Project
Australia Set for Massive Shakeup to Crypto Regulations: Treasurer
Australia Set for Massive Shakeup to Crypto Regulations: Treasurer
The Australian government will announce major reform to payment systems, including broadening the definition of services and products that can be regulated. Crypto exchanges will be brought within the regulatory perimeter, and the treasury will be working on a CBDC with the Reserve Bank. The proposed regulation will also take aim at “buy now, pay later” services.
#Fintech#CBDC#CryptoAssets#Regulation#BuyNowPayLater#DFC
·coindesk.com·
Australia Set for Massive Shakeup to Crypto Regulations: Treasurer
China’s PBOC: Link e-CNY & Hong Kong Faster Payment System
China’s PBOC: Link e-CNY & Hong Kong Faster Payment System
The People’s Bank of China is reportedly working with the Hong Kong Monetary Authority on adding cross-border payment features to China's e-CNY retail CBDC. They've run preliminary technical tests with a limited number of Hong Kong residents who could create e-CNY wallets with basic features, such as top-up, transfer and payments to certain merchants. And now they're exploring approaches for interlinking the e-CNY and the Faster Payment System in Hong Kong.
#Fintech#CBDC#CrossBorder#China#Asia#DFC
·forkast.news·
China’s PBOC: Link e-CNY & Hong Kong Faster Payment System