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India to tax crypto, launch central bank digital currency
India to tax crypto, launch central bank digital currency
India will begin levying a 30% tax on all income from crypto-asset transfers, according to the country’s Finance Minister in her budget speech. The 30% tax rate is double the 15% on short capital gains for stocks, but most crypto holders already fall into the 30% tax bracket. A 1% tax will be deducted at source on payments or fees paid in relation to the transfer of crypto-assets. Also the Finance Minister said that a digital rupee will be issued within the coming tax year ending March 2023. https://www.indiabudget.gov.in/doc/bh1.pdf
#Fintech#CryptoAssets#Asia#Taxation#CBDC#DFC
·coinjournal.net·
India to tax crypto, launch central bank digital currency
Central Bank of Jordan studying the launch of CBDC
Central Bank of Jordan studying the launch of CBDC
Governor of the Central Bank of Jordan reportedly confirmed that the bank is currently studying plans to issue a central bank digital currency (CBDC). These comments were made during a Lower House Economy and Investment Committee meeting on January 30, 2022.
#Fintech#CBDC#MiddleEast#DFC
·unlock-bc.com·
Central Bank of Jordan studying the launch of CBDC
The Boston Fed and MIT release CBDC technological research
The Boston Fed and MIT release CBDC technological research
The Boston Fed and the Massachusetts Institute of Technology Digital Currency Initiative released the initial findings of their Project Hamilton central bank digital currency (CBDC) technology platform research. The paper describes a theoretical high-performance, secure and resilient transaction processor for a CBDC by developing open-source research software (OpenCBDC). It's an experimental project aimed at creating a core processing engine for a hypothetical retail CBDC on two architectures. One of them is capable of handling 1.7 million transactions per second, with the vast majority reaching settlement finality in under 2 seconds. Both offer the flexibility to adjust to future policy direction
#Fintech#CBDC#UnitedStates#DFC
·bostonfed.org·
The Boston Fed and MIT release CBDC technological research
Pilot CBDC outage due to expired certificate, ECCB says
Pilot CBDC outage due to expired certificate, ECCB says
The Eastern Caribbean Central Bank (ECCB) has revealed that an expired certificate caused its pilot central bank digital currency (CBDC), DCash, to go offline from January 14. Karina Johnson, the ECCB project manager for the DCash pilot, said that “the version of Hyperledger Fabric (HLF)”, the network that hosts DCash’s distributed ledger, “had a certificate expire”. To install an up-to-date certificate, the currency’s operators are undertaking “a version change of HLF and associated systems.
#Fintech#CBDC#Caribbean#DFC
·centralbanking.com·
Pilot CBDC outage due to expired certificate, ECCB says
Myanmar Plans Its Own Crytpocurrency This Year to Lift Economy
Myanmar Plans Its Own Crytpocurrency This Year to Lift Economy
Myanmar’s military government reportedly plans to establish a digital currency to support domestic payments and boost the economy within the year and is assessing how to move forward. The director-general of Central Bank of Myanmar’s currency-management department, Win Myint, said “at this point, we are still learning about digital currencies and having discussions.”
#Fintech#CryptoAssets#CBDC#Asia#DFC#Myanmar
·bloomberg.com·
Myanmar Plans Its Own Crytpocurrency This Year to Lift Economy
CBDC must preserve defining features of physical money
CBDC must preserve defining features of physical money
"As sovereign issuers around the world contemplate the introduction of retail central bank digital currencies, a digital complement to physical cash, stakeholders face a once-in-a-lifetime opportunity to steward this evolution. Digital cash should not only embody the fundamental attributes of its physical counterpart but also offer additional enhancements that can serve the emerging needs of society. The dematerialisation of cash promises to unlock efficiencies and spur financial innovation. One such feature is the automated behaviour of money and transactions – programmability."
#Fintech#CBDC#Programmability#DFC
·omfif.org·
CBDC must preserve defining features of physical money
The Polish central bank remains ambivalent about a digital zloty
The Polish central bank remains ambivalent about a digital zloty
The National Bank of Poland (NBP) has reportedly admitted that it has been researching central bank digital currency (CBDC) since 2017, but so far is not seeing a clear case for moving ahead with issuance. In May 2021 the NBP published a special CBDC report which concluded that there are no sufficient reasons for the rapid introduction of the digital zloty. It found that there were no consumer or merchant payment media requirements that can't be satisfied by existing payment services. The central bank's restraint was also related to a lack of legal grounds to issue CBDC. https://www.nbp.pl/systemplatniczy/cbdc/raport-cbdc.pdf
#Fintech#CBDC#Europe#DFC
·money.pl·
The Polish central bank remains ambivalent about a digital zloty
BSP unlikely to issue digital currency
BSP unlikely to issue digital currency
Bangko Sentral ng Pilipinas (BSP) reportedly has "no plans to introduce a central bank digital currency (CBDC) in the near term primarily because the population remains heavily cash reliant given the country’s efficient and effective payment and settlement systems.” Governor Benjamin E. Diokno said the BSP’s technical working group has done consultations with other central banks, technological service providers, other institutions and even small businesses in relation to the use cases of a possible CBDC. For now, he said they are strengthening the domestic retail payment system.
#Fintech#CBDC#Asia#DFC
·bworldonline.com·
BSP unlikely to issue digital currency
Nepal initiates study on digital currency
Nepal initiates study on digital currency
The Nepal Rastra Bank (NRB) set up a task force to study the feasibility of introducing of issuing central bank digital currency (CBDC). Revati Prasad Nepal, executive director at the central bank's currency management department reportedly said that the task force is expected to deliver its concept note within the next two weeks, and that he expects it would take at least two-to-three years before a CBDC might be issued. The NRB has also formed a steering committee headed by deputy governor Bam Bahadur Mishra to make recommendations regarding the CBDC after discussing the concept note. https://www.nrb.org.np/contents/uploads/2021/10/Monetary-Policy-2021-22.pdf
#Fintech#CBDC#Asia#DFC
·phnompenhpost.com·
Nepal initiates study on digital currency
George Selgin on FRB CBDC Report
George Selgin on FRB CBDC Report
"I really hate to do this, @CaitlinLong_ as I count myself a fan of yours as well as a fan and friend of Manhoman Singh, whose work you mention. But I'm afraid your thread commending some aspects of Liberty Street's stablecoin post strikes me as more self-serving than accurate."
#Fintech#CBDC#sCBDC#UnitedStates#DFC
·twitter.com·
George Selgin on FRB CBDC Report
Central Bank Digital Currencies: Policy Issues
Central Bank Digital Currencies: Policy Issues
The U.S. Congressional Research Service (CRS) published a report on central bank digital currency (CBDC) is and how it would alter the current U.S. financial landscape, what steps the rest of the world is taking to develop CBDCs, the range of potential design features for a CBDC, and what policy issues are raised by CBDCs. The CRS serves as nonpartisan shared staff to congressional committees and Members of Congress. It operates solely at the behest of and under the direction of Congress.
#Fintech#CBDC#UnitedStates#DFC
·crsreports.congress.gov·
Central Bank Digital Currencies: Policy Issues
Zambia Explores Digital Currency
Zambia Explores Digital Currency
The Bank of Zambia reportedly expects to complete research on issuing central bank digital currency (CBDC) aimed at cutting transaction costs and boosting participation in the formal financial system by the fourth quarter. “The results of the research will form part of the input in the policy considerations on whether to introduce a central bank digital currency in Zambia,” Nkatya Kabwe, acting assistant director of communications at the regulator, said in response to Bloomberg's emailed questions.
#Fintech#CBDC#Africa#DFC
·bloomberg.com·
Zambia Explores Digital Currency
Reserve Bank of New Zealand commencing CBDC proof-of-concept design work
Reserve Bank of New Zealand commencing CBDC proof-of-concept design work
The Reserve Bank of New Zealand (RBNZ) is commencing CBDC proof-of-concept design work, based on public feedback received during a recent consultation. The work will be a multi-stage and multi-year effort, and no specific design decisions have yet been made. The high-level design principles include providing a platform for economic and financial innovation, including competition in the payments and settlement sector, cross-border transfers, and financial inclusion and capability building tools. Also, the RBNZ believes that a CBDC can be designed so that privacy can exist alongside design features that make it hard to be used for nefarious or illegal purposes.
#Fintech#CBDC#Asia-Pacific#DFC
·rbnz.govt.nz·
Reserve Bank of New Zealand commencing CBDC proof-of-concept design work
Minutes of the CBDC Technology Forum - January 2022
Minutes of the CBDC Technology Forum - January 2022
The Bank of England published the minutes of the January 24 CBDC Technology Forum meeting. The Forum operates alongside the CBDC Taskforce which coordinates the exploration of a potential UK CBDC. It consists of senior stakeholders from industry, civil society and academia to gather strategic input on CBDC functional requirements. This meeting discussed different ledger data structures across a range of design areas to understand advantages and disadvantages of each, and the trade-offs and risks associated with introducing programmability.
#Fintech#CBDC#UnitedKingdom#DFC
·bankofengland.co.uk·
Minutes of the CBDC Technology Forum - January 2022
Zimbabwe Exploring Central bank Digital Currency
Zimbabwe Exploring Central bank Digital Currency
The Reserve Bank of Zimbabwe announced that it is actively exploring the feasibility of issuing CBDC, including specific design considerations, opportunities and risks to the monetary and financial system. In this context, the Bank is developing a roadmap for adopting CBDC, encompassing the feasibility and assessment stage currently taking place, policy design stage based on results of the feasibility study and implementation modalities.
#Fintech#CBDC#Africa#DFC
·rbz.co.zw·
Zimbabwe Exploring Central bank Digital Currency
Behind the Scenes of Central Bank Digital Currency
Behind the Scenes of Central Bank Digital Currency
The IMF published a Fintech Note that shines a spotlight on six CBDC projects, discussing their key characteristics and lessons. Although the sample of countries remains small and country circumstances differ widely, the insights in this paper may inspire further investigation and allow countries to gain time by building on the experience of others. Unless a specific published source is cited, all information stems from interviews and workshops with members of CBDC project teams in each jurisdiction. (I was one of the authors.)
#Fintech#CBDC#IMF#DFC
·imf.org·
Behind the Scenes of Central Bank Digital Currency
A “Narrow” Path to Efficient Digital Currency
A “Narrow” Path to Efficient Digital Currency
"The narrow stablecoin alternative is a middle course: instead of having the Fed enter the retail CBDC business, it would have it offer its wholesale accounts and services to a broad set of retail digital currency or stablecoin providers—and not just to insured banks and thrifts."
#Fintech#CBDC#UnitedStates#sCBDC#DFC
·cato.org·
A “Narrow” Path to Efficient Digital Currency
China’s e-CNY pilot to boost Hong Kong as offshore yuan trading center
China’s e-CNY pilot to boost Hong Kong as offshore yuan trading center
Hong Kong will reportedly launch a pilot program for the retail cross-border use of China's e-CNY central bank digital currency (CBDC) soon after the Spring Festival, which ends on February 15, 2022. It will link with the city’s Faster Payment System (FPS), a payment infrastructure the HKMA introduced in 2018. The FPS allows instant cross-bank payments in the Hong Kong dollar and the Chinese yuan by simply entering the mobile phone number or email address of the recipient.
#Fintech#CBDC#China#Asia#CrossBorder#DFC
·forkast.news·
China’s e-CNY pilot to boost Hong Kong as offshore yuan trading center
Fintechs and Banks Pilot Cross-Chain Debt Transaction
Fintechs and Banks Pilot Cross-Chain Debt Transaction
Three UK Fintechs and two major European banks have successfully conducted a proof of concept showcasing the benefits of distributed ledger technology (DLT) in offering near-instant settlement in capital markets and payments. It was the first cross-chain pilot debt transaction on the public Ethereum and the Fnality Payment System (FnPS). Fnality expects to launch the FnPS, which is to be based on a wholesale synthetic CBDC (sCBDC), sometime in 2022. (However, I'll believe that when I see it, because issuing that sCBDC will require some hard-to-get central bank cooperation.)
#Fintech#CBDC#wCBDC#Blockchain#Fnality#DFC
·marketsmedia.com·
Fintechs and Banks Pilot Cross-Chain Debt Transaction
Central Bank of Kenya seeks public input on potential CBDC
Central Bank of Kenya seeks public input on potential CBDC
The Central Bank of Kenya published a discussion paper seeking public input on the potential benefits, risks and regulatory issues of introducing a central bank digital currency (CBDC) in Kenya. The paper seems skeptical regarding domestic use cases, given that the country already has a vibrant digital payments ecosystem. However, the paper highlights that using a CBDC might improve cross-border payments by making them more efficient and less expensive. https://www.centralbank.go.ke/2022/02/10/discussion-paper-on-central-bank-digital-currency/
#Fintech#CBDC#Africa#DFC
·cointelegraph.com·
Central Bank of Kenya seeks public input on potential CBDC
Digital euro bill due early 2023
Digital euro bill due early 2023
The European Commission is reportedly planning to propose a bill for a digital euro early next year. The bill will serve as the legal foundation for the European Central Bank’s ongoing technical work on the virtual version of a euro banknote or coin.
#Fintech#CBDC#Eurozone#DFC
·politico.eu·
Digital euro bill due early 2023
Project Hamilton: On The Report Published By The Boston Fed And MIT
Project Hamilton: On The Report Published By The Boston Fed And MIT
"This article was very challenging to write, as technical details had to be presented in a condensed way without losing too many of the nuances. The main thrust is what this project means for the story of money in the United States and globally, especially to interested generalists. Sometimes technical material has overwhelmed the telling of the story. However, comments on the presentation especially in social media are welcome, so that the text can be altered to make it more accessible to the general public."
#Fintech#CBDC#UnitedStates#DFC
·forbes.com·
Project Hamilton: On The Report Published By The Boston Fed And MIT
Say Hello To the Bank of Jamaica's JAM-DEX
Say Hello To the Bank of Jamaica's JAM-DEX
Bank of Jamaica’s central bank digital currency (CBDC) now has a name - Jamaica Digital Exchange or JAM-DEX for short, with the tagline “no cash, no problem!” The pilot was completed in December 2021 and launch is expected during the first quarter of 2022.
#Fintech#CBDC#Caribbean#DFC
·boj.org.jm·
Say Hello To the Bank of Jamaica's JAM-DEX
The Waning Case for a Dollar CBDC
The Waning Case for a Dollar CBDC
Making Payments Faster and Modernizing the Payment System: While perhaps relevant in some countries, this rationale looks increasingly inapt in the United States, where a real-time payment system grows in use, consumers happily pay each other with Zelle or Venmo, and PayPal and Square thrive. Thus, Federal Reserve Governor Waller has observed, “What problem would a CBDC solve? Alternatively, what market failure or inefficiency demands this specific intervention? After careful consideration, I am not convinced as of yet that a CBDC would solve any existing problem that is not being addressed more promptly and efficiently by other initiatives.”
#Fintech#CBDC#UnitedStates#DFC
·bpi.com·
The Waning Case for a Dollar CBDC
Speech by Governor Brainard on central bank digital currencies
Speech by Governor Brainard on central bank digital currencies
"The Board recently issued a discussion paper that outlines the Federal Reserve's current thinking on the potential benefits, risks, and policy considerations of a U.S. CBDC.12 The paper does not advance any specific policy outcome and does not signal that the Board will make any imminent decisions about the appropriateness of issuing a U.S. CBDC. It lays out four CBDC design principles that analysis to date suggests would best serve the needs of the United States if one were created. Those principles are that a potential CBDC should be privacy-protected, so consumer data and privacy are safeguarded; intermediated, such that financial intermediaries rather than the Federal Reserve interface directly with consumers; widely transferable, so the payment system is not fragmented; and identity-verified, so law enforcement can continue to combat money laundering and funding of terrorism."
#Fintech#CBDC#UnitedStates#DFC
·federalreserve.gov·
Speech by Governor Brainard on central bank digital currencies