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Kazakhstan Digital Tenge CBDC Project Update (LinkedIn)

Binur Zhalenov, Chief Digital Officer of the National Bank of Kazakhstan provided an update on the central bank’s digital tenge R3 Corda-based digital currency (CBDC) pilot project. The project centers on programmable public finance—enabling conditional, automated fund disbursement in government spending. In this model, allocated funds (such as those for infrastructure contracts) proceed through the payment chain only when predefined criteria are satisfied: supplier licensing, price compliance, and project plan alignment. Funds that fail verification are automatically blocked, while those reaching final recipients convert to unrestricted currency. The framework extends to social welfare payments, where beneficiary verification triggers direct payment to service providers, and to transaction types such as vehicle purchases. The team currently collaborates with the Ministry of Finance and Treasury on approximately 100 implementation projects applying these conditional “purpose-bound” payment mechanisms. [Source: LinkedIn]

#CBDC #Kazakhstan #Programmability #Corda #Fintech #DFC

·linkedin.com·Oct 15, 2025

Kazakhstan Digital Tenge CBDC Project Update (LinkedIn)

A Money View of Offline Payment Functionality (SSRN)

G+D's Lars Hupel argues that offline-capable retail payment systems should use a single issuer, not multiple bank issuers, in the context of CBDC and fast payment system design. The paper compares central bank CBDC, a multi-issuer commercial bank token model, and a single-issuer model for offline value transfer; it finds that multi-issuer offline tokens create foreign-liability, fungibility, and counterparty-risk problems, while a single-issuer structure more closely preserves cash-like bearer behavior. The policy significance is that offline functionality can be built without a central bank-issued instrument, but only if issuance, prefunding, settlement access, and anti-money-laundering controls are centralized enough to preserve finality and risk management. [SSRN]

#CBDC #Offline #Fintech #DFC

·papers.ssrn.com·Oct 15, 2025

A Money View of Offline Payment Functionality (SSRN)

The Potential Financial Stability Impact of the Digital Euro (ECB)

The European Central Bank (ECB) published an analysis of potential banking sector disintermediation associated with the introduction of a digital euro, finding that potential deposit outflows vary substantially by scenario. Under the business-as-usual scenario, outflows from banks are modest for all assessed holding limits, with total outflows well below stress thresholds—deposit inflows from payment digitalization until 2034 (about €127 billion) may actually exceed digital euro outflows for limits up to €3,000. In the flight-to-safety scenario—a highly unlikely, systemic confidence crisis—the maximum aggregate deposit outflow rises from €156 billion with a €500 holding limit to €699 billion with a €3,000 limit (representing up to 8.2% of retail sight deposits and 2.2% of total banking sector assets). For comparison, past real-world crises saw much higher retail deposit outflows: 20.9% in Cyprus (2013) and 25.9% in Greece (2015). Even under stress, most banks maintain liquidity and funding buffers well above regulatory minima, and only a handful would risk falling below these thresholds. The analysis underscores that careful design of digital euro holding limits is critical, as limits contain outflows and help maintain financial stability. [Source: ECB]

#CBDC #ECB #Eurozone #FinancialStability #Fintech #DFC

·ecb.europa.eu·Oct 11, 2025

The Potential Financial Stability Impact of the Digital Euro (ECB)

Assessment of Digital Euro Investment Costs for the Euro Area Banking Sector (ECB)

The European Central Bank (ECB) published an assessment of digital euro investment costs for the euro area banking sector, incorporating critical factors overlooked in previous industry studies. The ECB argues that significant cost synergies and mutualization opportunities exist within the payment industry, which could substantially reduce the €18 billion figure estimated by a previous study by PricewaterhouseCoopers (PwC). By accounting for external synergies through shared vendors, outsourcing arrangements, and collaborative infrastructures—as well as adjusting for specific digital euro design features—the ECB estimates that actual implementation costs could range from €4-5.77 billion total (€1-1.44 billion annually over four years). This analysis reveals that banking group synergies within Institutional Protection Schemes (IPSs) could achieve 90-98% cost savings, while market synergies for independent banks could yield 25-40% reductions depending on vendor concentration and collaboration history. The report emphasizes that banks already extensively use shared solutions for payment channels and compliance functions, and this model can be leveraged for digital euro implementation, bringing costs closer to the European Commission's original estimate of €2.8-5.4 billion. (PwC Report: https://www.pwc.de/de/finanzdienstleistungen/pwc-digital-euro-cost-study-2025.pdf; IPS: https://www.europarl.europa.eu/RegData/etudes/IDAN/2022/699511/IPOL_IDA(2022)699511_EN.pdf) [Source: ECB]

#CBDC #Eurozone #ECB #Fintech #DFC

·ecb.europa.eu·Oct 11, 2025

Assessment of Digital Euro Investment Costs for the Euro Area Banking Sector (ECB)

Eurosystem Selects Members for the Pontes Market Contact Group (ECB)

The Eurosystem has chosen a group of financial market participants and central banks to join the new Pontes market contact group, following a July call for expressions of interest. This group aims to facilitate focused dialogue around Pontes, a project designed to enable settlement of distributed ledger technology (DLT) transactions in euro using central bank money. Pontes will begin work in October 2025, initially targeting the pilot phase set for launch in Q3 2026, and later expanding its services. Pontes is a short-term solution for wholesale euro transaction settlement on DLT platforms, with a longer-term project, Appia, to follow, both building on the ECB’s earlier exploratory work regarding settlement using wholesale central bank digital currency (CBDC). [Source: ECB]

#ECB #Eurozone #Fintech #CBDC #wCBDC #Tokenization #Settlement #DFC

·ecb.europa.eu·Oct 11, 2025

Eurosystem Selects Members for the Pontes Market Contact Group (ECB)

Banque de France and Euroclear to Tokenize Short-Term Debt in Paris (Euroclear)

Banque de France and Euroclear announced the launch of "Pythagore," a joint project to tokenize Negotiable European Commercial Paper (NEU CP) using distributed ledger technology (DLT)—a major step to modernize the euro area’s largest short-term debt market, which has €310 billion outstanding. This initiative aims to enhance efficiency, transparency, and security in short-term financing. The pilot phase of the project is scheduled to start at the end of 2026, in line with the start of the Eurosystem "Pontes" project. [Source: Euroclear]

#Fintech #Settlement #DLT #France #Eurozone #DFC #Tokenization

·euroclear.com·Oct 11, 2025

Banque de France and Euroclear to Tokenize Short-Term Debt in Paris (Euroclear)

Bank of Uganda Publishes CBDC Consultation Paper (BOU)

[September 2024] The Bank of Uganda (BOU) released a central bank digital currency (CBDC) consultation report. Considering issuance models, the report examines the pros and cons of a direct (central bank to user), hybrid/intermediated (relying on commercial banks or payment providers as distributors), or synthetic model (where private sector issues digital money backed one-to-one by central bank reserves). For the structure and underlying format, the report explores whether the CBDC should be account-based (like a bank account, requiring identification for every transaction) or token-based (like cash, where possession alone may be sufficient for use), weighing trade-offs in privacy, security, resilience, and accessibility. The paper also discusses how programmability—embedding rules directly into digital currency—could support innovation, automate payments, or support government policy (such as restricting where aid money can be spent), but cautions that this adds complexity and may introduce risks that must be carefully managed. The paper emphasizes careful risk analysis and invites broad stakeholder input to guide the decision-making process, with the Bank adopting a phased and cautious approach toward any future CBDC development. [Source BOU]

#Fintech #CBDC #Uganda #DFC

·bou.or.ug·Oct 10, 2025

Bank of Uganda Publishes CBDC Consultation Paper (BOU)

Applying a Distinguished Framework to Ensure Privacy-by-Design and Composability in a Regulated Tokenized Multi-Asset Network (BBChain)

BBChain published a paper that presents a modular and privacy-by-design framework tailored for regulated tokenized multi-asset networks (RTMNs), focusing on the needs of decentralized finance (DeFi), central bank digital currencies (CBDCs), tokenized deposits, and multi-asset platforms such as Brazil’s Drex. Unlike conventional security models, which struggle with the distributed nature of these systems, the proposed framework enforces privacy and composability through cryptographically compartmentalized architecture—ensuring every network component can access only the data necessary for its function. Key features include transactional atomicity, programmability, settlement finality, and continuous, privacy-preserving auditing to meet regulatory requirements. The design supports integration with technologies like confidential computing, multi-party key custody, and quantum-safe digital signatures. Real-world applications discussed include Drex, BIS’s Project Agorá, and mBridge, all requiring solutions for asset interoperability, performance, privacy, and regulatory oversight. https://www.bbchain.com.br/en/blockchain-blog/composability-in-regulated-networks-of-tokenized-assets [Source: TechRxiv]

#Tokenization #CBDC #DeFi #DepositTokens #Fintech #Brazil #DFC

·techrxiv.org·Oct 10, 2025

Applying a Distinguished Framework to Ensure Privacy-by-Design and Composability in a Regulated Tokenized Multi-Asset Network (BBChain)

Predicting the Payment Preference for CBDC: A Discrete Choice Experiment (BIS)

The Bank for International Settlements (BIS) published a paper that examines consumer preferences for central bank digital currency (CBDC) as a payment method through a discrete choice experiment conducted with over 3,500 participants in South Korea. The authors varied nine payment attributes—including issuer, form, privacy, acceptance rates, loss risk, discounts, transaction speed, settlement timing, and fees—to estimate preferences that could predict CBDC adoption. Their findings indicate that monetary incentives (“cash” backs) and disincentives (monthly fees) exert the strongest influence on payment method selection. For example, setting CBDC cash-back rates equal to credit card reward rates, raises CBDC adoption from 19% (with no CBDC cash back or fees) to 27%. Contrariwise, when credit card fees are eliminated (and mobile payments money payment users get a 3% reward), CBDC adoption drops from the 19% to 17.9%, suggesting CBDC adoption is more sensitive to its own reward structure than to competitive adjustments by private payment providers. Non-monetary attributes, particularly the form of issuance (with smartphone apps valued substantially more than banknotes), also significantly affect choice. [Source: BIS]

#Fintech #Korea #BIS #CBDC #DFC

·bis.org·Oct 9, 2025

Predicting the Payment Preference for CBDC: A Discrete Choice Experiment (BIS)

(When) Will the Digital Euro be Launched? (FAZ)

According to this article in the Frankfurter Allgemeine Zeitung (FAZ), the launch of the digital euro has been significantly delayed due to the slow legislative process within the European Union. While the European Central Bank (ECB) is eager to move forward, the introduction depends on the alignment of the European Parliament, Council, and Commission. Although the Commission published a draft law in June 2023 and the Council plans to announce its position by the end of 2025, parliamentary activities have lagged, in part due to elections and changes in membership. The Committee on Economic and Monetary Affairs is now expected to finalize its position by the second quarter of 2026, followed by likely extended negotiations among the three EU institutions. As a result, the ECB’s original schedule cannot be maintained, and the digital euro is not anticipated before early 2029, given the additional time required to finalize technical and regulatory details even after the legislative act is completed. [Source: FAZ]

#CBDC #Eurozone #ECB #Fintech #DFC

·faz.net·Oct 8, 2025

(When) Will the Digital Euro be Launched? (FAZ)

Privacy, Retail CBDC and Beyond (SSRN)

Christian Pfister posted a paper on SSRN that examines the complex relationship between privacy and retail central bank digital currencies (CBDC), with a particular focus on the digital euro. He identifies three key stakeholder groups - the public (who strongly value privacy, contrary to the "privacy paradox"), intermediaries (merchants, banks, and Bigtech firms who generally prefer less privacy to access payment data), and public sector entities (with divergent priorities ranging from the government's tax enforcement goals to data protection regulators' privacy advocacy). Pfister evaluates three approaches to CBDC privacy design: a "technocratic" approach prioritizing efficiency but lacking political viability, a "political" approach seeking stakeholder compromise but potentially yielding suboptimal solutions, and a novel "demand-driven" approach that would allow both public and private payment systems to offer privacy features at market-determined prices. The paper argues that this demand-driven model could better accommodate diverse privacy preferences while avoiding the creation of artificial distinctions between public and private money, though it would require significant regulatory framework changes and might face resistance from governments and central banks concerned about reduced CBDC adoption. [Source: SSRN]

#CBDC #Privacy #AMLCFT #DFC

·papers.ssrn.com·Oct 5, 2025

Privacy, Retail CBDC and Beyond (SSRN)

Compliance Design Options for Offline CBDCs: Balancing Privacy and AML/CFT (IEEE)

The Institute of Electrical and Electronics Engineers (IEEE) published a paper that examines the design options for offline central bank digital currency (CBDC) that balance user privacy with anti-money laundering and counter-terrorism financing (AML/CFT) compliance requirements. The paper presents a compliance-by-design framework for evaluating technologies that can enable CBDC transactions without network connectivity while maintaining regulatory oversight. It classifies privacy design options and corresponding technical building blocks for offline CBDCs, along with their impact on AML/CFT measures, and outlines commonalities and differences between offline and online solutions. As such, it provides a conceptual framework for further techno-legal assessments and implementations. The paper finds that offline CBDC functionality introduces additional degrees of freedom for privacy design compared to purely online systems, with the highest privacy options limiting AML/CFT compliance to basic transaction thresholds and identity verification, while lower privacy models enable sophisticated monitoring including transaction screening, sanctions checks, and graph analysis. [Source: IEEE]

#CBDC #Privacy #AMLCFT #Offline #Fintech #DFC

·ieeexplore.ieee.org·Oct 5, 2025

Compliance Design Options for Offline CBDCs: Balancing Privacy and AML/CFT (IEEE)

CBRT and CBUAE Sign MoUs to Exchange CBDC Expertise and Facilitate Cross-Border Payments (CBRT)

The Central Bank of the Republic of Türkiye (CBRT) and the Central Bank of the United Arab Emirates (CBUAE) signed a memorandums of understanding (MoU) on the exchange of expertise in developing central bank digital currency (CBDC) platforms for individuals and institutions. Additionally, the MoU outlines the integration of the Türkiye’s FAST system with UAE’s instant payment platform (Aani) to enhance the efficiency of cross-border financial transactions. This includes linking electronic systems and switches in both countries to improve interoperability and operational effectiveness. [Source: CBRT]

#Turkey #UAE #CrossBorder #Payments #CBDC #DFC #FastPayments #Interlinking

·tcmb.gov.tr·Oct 2, 2025

CBRT and CBUAE Sign MoUs to Exchange CBDC Expertise and Facilitate Cross-Border Payments (CBRT)

ECB Selects Digital Euro Service Providers (ECB)

The European Central Bank (ECB) has selected service providers for five key components of the digital euro project, following a call for applications and tender process. However, the actual development of components will only proceed pending adoption of the Digital Euro Regulation and further ECB Governing Council decisions. No payments have been made yet, and the agreements include safeguards to adapt to possible legislative changes. Framework agreements have been signed for: (i) alias lookup (Sapient and Tremend Software Consulting), (ii) risk and fraud management (Feedzai), (iii) app and software development kit (SDK) development (Almaviva and Fabrick), (iv) offline payment solutions (Giesecke+Devrient), and (v) secure exchange of payment information (Senacor). Service requests will initially be directed to the above providers, but second-ranked providers may be approached if required (see press release for full list). [Source: ECB]

#CBDC #Fintech #Eurozone #ECB #DFC

·ecb.europa.eu·Oct 2, 2025

ECB Selects Digital Euro Service Providers (ECB)

Provisional Digital Euro Legislative Roadmap (LinkedIn]

Fernando Navarrete, the rapporteur responsible for shepherding the digital euro legislation through the European Parliament, posted the likely milestones. The report proposal is scheduled for publication during the last week of October 2025, and presented to the Committee on Economy and Monetary Affairs (ECON) on November 5/6. December 12 will be the deadline for submitting amendments that ECON will debate on January 28/29, 2026. That will be followed by negotiation meetings between political groups from January to April 2026, and then (provisionally) an ECON vote in May 2026. That will be followed by negotiations between the European Parliament, Council (of European Union finance ministers), and Commission to converge on a final, unified legislative framework for the digital euro. [Source: LinkedIn]

#CBDC #ECB #Eurozone #Fintech #DFC

·linkedin.com·Oct 1, 2025

Provisional Digital Euro Legislative Roadmap (LinkedIn]

Make the Digital Euro Work for Merchants to Ensure it Meets its True Potential (IRE)

Independent Retail Europe (IRE), part of the Merchant Payments Coalition Europe, urged European policymakers to ensure the digital euro is designed to benefit merchants as well as consumers. The coalition argues for a simple, uniform transaction fee capped at 4 cents, allowing merchants to incentivize adoption and keep payment costs low, and for digital euro transactions to be accessible both online and offline without added complexity. They recommend prioritizing in-store and e-commerce payments over person-to-person use, enabling merchants to hold and use digital euros for supplier payments, and building a single, standardized European payments infrastructure to foster competition and integration. The statement emphasizes that the digital euro's potential for innovation, cost reduction, and resilience depends on transparent, inclusive, and merchant-focused legislative and technical decisions. [Source: IRE]

#CBDC #Eurozone #Payments #Fintech #ECB #DFC

·independentretaileurope.eu·Sep 29, 2025

Make the Digital Euro Work for Merchants to Ensure it Meets its True Potential (IRE)

EU Finance Ministers Reach Agreement on Digital Euro Next Steps (European Commission and European Council)

European Central Bank (ECB) President Christine Lagarde and European Commissioner Valdis Dombrovskis reached an agreement on the next steps for the digital euro, at a meeting of European Union (EU) finance ministers (the "European Council") on September 18-19, 2025. Dombrovskis noted that, while progress has been slow but steady over the past two years, there is now increased urgency to resolve open issues and reach political consensus. He noted that a political agreement on the institutional framework for setting holding limits had been reached, ensuring that both the Council and the ECB have a role, which injects fresh momentum toward reaching a common approach by end-2025. Paschal Donohoe, the President of the Eurogroup of Eurozone finance ministers, confirmed that ongoing legal drafting will continue under the Council Presidency, with further presentations to ministers expected. [Source: European Commission and European Council] https://www.consilium.europa.eu/en/press/press-releases/2025/09/19/remarks-by-paschal-donohoe-following-the-eurogroup-meeting-of-19-september-2025/

#Eurozone #CBDC #DFC #Fintech #ECB

·ec.europa.eu·Sep 26, 2025

EU Finance Ministers Reach Agreement on Digital Euro Next Steps (European Commission and European Council)

e-CNY International Operation Center Officially Launched in Shanghai (PBOC)

The People's Bank of China (PBOC) officially launched the e-CNY International Operation Center in Shanghai, introducing three key business platforms: the Cross-Border Digital Payment Platform, the Blockchain Service Platform, and the Digital Asset Platform. This initiative aims to bolster cross-border connectivity and showcase Shanghai's role as an international financial center. The center, managed by the Digital Currency Institute of the PBOC, is tasked with building and operating infrastructure supporting e-CNY's international use and fostering digital financial innovation. [Source: PBOC]

#CBDC #China #Fintech #CrossBorder #Payments #DFC

·pbc.gov.cn·Sep 26, 2025

e-CNY International Operation Center Officially Launched in Shanghai (PBOC)

Digital Euro Innovation Platform Outcome Report: Pioneers and Visionaries Workstreams (ECB)

The European Central Bank (ECB) published a report on the digital euro innovation platform, established in October 2024 to foster collaboration with diverse stakeholders. The platform included “pioneers” (focused on technical trials) and “visionaries” (exploring long-term innovation). Visionaries proposed features such as integrated electronic receipts, pay-on-delivery systems, AI-powered wallets, and inclusive payment interfaces, emphasizing privacy and accessibility. Pioneers verified the technical feasibility of conditional payments, demonstrating how reservation-of-funds infrastructure could unlock advances in e-commerce, transport, public services, and business payments. Due to broad engagement and interest, the ECB will initiate a second round of experimentation in early 2026 to maximize further innovation and collaboration. [Source: ECB]

#ECB #Eurozone #CBDC #Fintech #DFC

·ecb.europa.eu·Sep 26, 2025

Digital Euro Innovation Platform Outcome Report: Pioneers and Visionaries Workstreams (ECB)

Digital Euro May Be Rolled Out in Mid-2029, ECB’s Cipollone Says (Bloomberg)

The digital euro could be launched by mid-2029, according to ECB Executive Board member Piero Cipollone, speaking at a Bloomberg Future of Finance event. A recent agreement among euro-area finance chiefs on customer holding limits has accelerated the project’s momentum, but the initiative’s progress now depends on the European Parliament passing required legislation. Cipollone suggests that the Parliament’s formal position may be ready by early May 2026, with broader agreement among EU member states likely by year-end. [Source: Bloomberg]

#CBDC #ECB #Eurozone #Fintech #DFC

·bloomberg.com·Sep 24, 2025

Digital Euro May Be Rolled Out in Mid-2029, ECB’s Cipollone Says (Bloomberg)

Pakistan Begins Trial of National Digital Currency (LCCI)

Accoording to Lahore Commercial Companies Index (LCCI) the State Bank of Pakistan has reportedly started trials of its central bank digital currency (CBDC). It will accessed via a mobile wallet app, allowing users to make instant payments with QR codes, register using their national identity card, transfer funds through phone numbers, and pay government fees directly. The initiative is designed to enhance regulatory oversight, and reduce fraud risks. [Source: LCCI]

#CBDC #Pakistan #Fintech #DFC

·lcci.pk·Sep 22, 2025

Pakistan Begins Trial of National Digital Currency (LCCI)

Chile’s Central Bank Considers CBDC to Settle Tokenized Assets (BCCh)

The Central Bank of Chile (BCCh) is preparing to launch a proof of concept to simulate the transfer of tokenized assets between agents on a blockchain ledger using a wholesale central bank digital currency (CBDC) as the settlement instrument. [Source: BCCh]

#Chile #Fintech #CBDC #Settlement #Tokenization #DLT #DFC

·bcentral.cl·Sep 20, 2025

Chile’s Central Bank Considers CBDC to Settle Tokenized Assets (BCCh)

The digital euro has enraged half of Brussels

Politico published an article about how the European Central Bank (ECB) push for a digital euro is provoking controversy across Brussels, especially among banks and right-leaning politicians. The legislative process, led by skeptical European Union (EU) lawmaker Fernando Navarrete, is mired in political debate: privacy advocates demand strong safeguards, some governments insist on offline use. Another ongoing debate is whether banks should be paid for distributing digital euros and ensuring their payment rails accept and profit from digital euro transactions. Also the lEuropean Parliament will have to work with the Council of the European Union, which represents member countries whose ministers are being lobbied by their respective banking industries. The final legislative framework likely won’t be ready before May 2026, so practical rollout is unlikely before 2028. [Source: Politico]

#CBDC #Eurozone #ECB #Fintech #DFC

·politico.eu·Sep 19, 2025

The digital euro has enraged half of Brussels

Wholesale Central Bank Money in the Context of Technological Innovation (BIS)

The Bank for International Settlements (BIS) published a report, produced by a group of seven major central banks, that examines the implications of technological innovation—especially distributed ledger technology (DLT) and tokenization—for wholesale central bank money (CBM) and settlement systems. The report finds that while wholesale CBM has existed for decades in the form of reserves, “wholesale CBM tokens” represent a new technical form enabling programmability and composability, but their fundamental economic function remains unchanged. The report lays out options and trade-offs for central banks, including whether to support private settlement solutions, enhance existing systems, or build new infrastructures—potentially with integration of multiple assets/tokens. While technological advances like DLT could improve efficiency, interoperability, and resilience, the report stresses that choices will differ by jurisdiction and caution is needed to avoid liquidity fragmentation, loss of central bank oversight, and inefficient duplication. Ultimately, central banks must balance innovation, risk management, and policy objectives when considering whether and how to make central bank money available for the settlement of tokenized wholesale transactions, with international cooperation seen as important for navigating trade-offs and possible next steps. [Source: BIS]

#Fintech #CBDC #wCBDC #Tokenization #DFC

·bis.org·Sep 19, 2025

Wholesale Central Bank Money in the Context of Technological Innovation (BIS)

Revisiting National, Economic, and Monetary Sovereignty (SSRN)

In a paper posted on SSRN, Ulrich Bindseil (ex-ECB) and Richard Senner (Swiss National Bank) examine national, economic, and monetary sovereignty, defining sovereignty as the ability of a community to make and implement collective decisions in its people's interest. They argue that sovereignty remains highly relevant despite challenges from globalization, digitalization, and international organizations, as states retain fundamental legislative and enforcement powers, particularly over legal frameworks governing money and finance. They distinguish between domestic sovereignty (freedom from internal impairments like corruption or institutional weakness) and international sovereignty (ability to manage cross-border relations and exclude external interference). The paper gives special attention to monetary sovereignty, which encompasses the state's capacity to regulate currency, conduct monetary policy, and organize payment systems. Drawing on historical analysis from Bodin through Knapp's State Theory of Money, the authors demonstrate that money is fundamentally a legal construct requiring state involvement, while acknowledging ongoing debates between those favoring stronger public roles (progressives) versus market-based solutions (libertarians). They conclude that effective monetary sovereignty—understood normatively as serving societal welfare rather than maximizing state power—requires nations to actively address challenges like payment system dominance by foreign firms, crypto-assets facilitating illicit transactions, and the balance between central bank independence and democratic accountability. [Source: SSRN]

#Sovereignty #Fintech #CBDC

·papers.ssrn.com·Sep 15, 2025

Revisiting National, Economic, and Monetary Sovereignty (SSRN)

Chilean Central Bank to Start CBDC Proof-of-Concept Work (BCCh)

[August 5, 2025] The Central Bank of Chile (BCCh) published its annual payment systems report in which it announced that it will develop a proof-of-concept (POC) to study the technology behind a central bank digital currency (CBDC) by the end of 2025. The POC will involve controlled testing and simulated transactions in which the BCCh will be the sole participant. The BCCh began its CBDC work in 2021, and in March 2024 it published a report in which it gave an account of lessons learned from different stakeholders. [Source: BCCh]

#Chile #Fintech #CBDC #DFC

·bcentral.cl·Sep 14, 2025

Chilean Central Bank to Start CBDC Proof-of-Concept Work (BCCh)

Bolivian Central Bank to Publish CBDC White Paper (Vision360)

Banco Central de Bolivia (BCB) reportedly will publish a white paper on a prospective digital boliviano central bank digital currency (CBDC) by the end of September 2025. Motivations for this investigation include modernizing the domestic payment systems and facilitating cross-border transactions. While the BCB is late to the game, central bank officials emphasize that they have completed the necessary groundwork. [Source: Vision360]

#Bolivia #CBDC #Fintech #DFC

·vision360.bo·Sep 6, 2025

Bolivian Central Bank to Publish CBDC White Paper (Vision360)

Turkish Central Bank Call to Join the Digital Lira Project (CBRT)

The Central Bank of the Republic of Türkiye (CBRT) announced an open call for private sector entities to join the second phase of its Digital Turkish Lira Research and Development Project. The focus will be on developing innovative central bank digital currency (CBDC) applications in such areas as tokenization, programmable payments, self-sovereign identity, interoperability with existing systems, and machine-to-machine payments. Selected applicants will be invited to participate in sandbox experiments with the CBRT and its technology partners, furthering the development of digital currency infrastructure in Turkey. [Source: CBRT]

#CBDC #Turkey #Fintech #DFC

·tcmb.gov.tr·Sep 3, 2025

Turkish Central Bank Call to Join the Digital Lira Project (CBRT)

Is Programmable CBDC Money from an Ontology of Money Perspective? (Safe Bank)

A paper by Łukasz Hardt explores various philosophical theories about the nature of money and examines how these theories impact our understanding and development of programmable Central Bank Digital Currencies (CBDCs). It compares traditional and contemporary ontological perspectives, such as commodity-based, social constructivist, and abstract views of money, and discusses their relevance for digital innovations in central banking. By connecting theory to recent technological advances, the article highlights that a clear grasp of money’s fundamental nature is crucial for designing effective and widely accepted programmable CBDCs. [Source: Safe Bank]

#CBDC #Ontology #Money #Programmability #Fintech #DFC

·ojs.bfg.pl·Sep 1, 2025

Is Programmable CBDC Money from an Ontology of Money Perspective? (Safe Bank)

Implications of Financial Architecture Change (SNB)

Dirk Niepelt presented a paper at a Swiss National Bank (SNB) seminar that examines how shifts such as the introduction of retail central bank digital currencies (CBDCs) and private currencies can impact the economy. The paper identifies specific conditions—such as policy design, transfer mechanisms, and bank lending support—under which these changes can occur without altering real economic outcomes, a concept termed as “neutrality.” It argues that while a neutral transition to CBDCs is feasible through careful management, introducing private currencies poses greater challenges, often resulting in significant effects on resource allocation and market equilibrium. Ultimately, the economic impact of such financial innovation is not predetermined but depends on policy choices, institutional constraints, and underlying financial frictions. [Source: SNB]

#Fintech #Stablecoins #CBDC #DFC

·snb.ch·Aug 30, 2025

Implications of Financial Architecture Change (SNB)