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BV Bank is involved in one of 16 pilots for the Brazilian wCBDC, DREX, to enable DvP settlement when buying a car. The bank, partnering with ConsenSys and Parfin, aims to link title transfer and payment in a DvP transaction. Future applications may include loan settlement, guarantee registration, and property transfer.
According to the President of the Central Bank of Russia, the digital ruble will not see serious scaling before 2025. The transition to mass use of the digital ruble is expected to take five to seven years after the pilot project, which will be expanded based on its results.
A research discussion paper by the Reserve Bank of Australia examines consumer preferences towards safety and privacy in a rCBDC in Australia. While consumers do not highly value the safety aspect, privacy features significantly impact the perceived value of the digital currency. The study provides insights for the potential introduction of a retail CBDC in Australia.
The ECB publishes multiple presentations about the progress made with the digital euro. One presentation covers an update on the design of an offline digital euro, emphasizing privacy preservation. It outlines device options and challenges, with a single technology provider integrating apps from payment service providers. Offline CBDC is intended for P2P payments and in-store PoS usage, and requires access to NFC, which may pose challenges with Apple's restrictions.
This research briefing by the Federal Reserve Bank of Kansas City examines the challenges faced by three rCBDCs launched in the Caribbean: The Sand Dollar, JAM-DEX, and DCash. It highlights the limited adoption of these rCBDCs and identifies three key takeaways: the impact of underlying technologies on adoption, the need to demonstrate value to users, and the importance of integration into the wider financial ecosystem.
The Chief Executive of the HKMA discusses the advantages and obstacles of rCBDCs, stablecoins, tokenized deposits, and wCBDCs. He stresses that these initiatives are not solely technological projects, as they carry significant implications for legal, regulatory, policy, financial stability, privacy, cybersecurity, and interactions with current payment methods.
The World Bank's treasurer discusses the possibility of issuing a Swiss Franc digital bond settled with a wCBDC during a Swiss National Bank event. He expresses interest in exploring opportunities with the SIX Digital Exchange, the DLT operator for the CBDC trials.
The Swiss National Bank (SNB) does not consider a rCBDC necessary, due to existing efficient payment instruments offered by the private sector. Chairman Thomas Jordan cites potential risks to the financial system and the role of central banks and commercial banks. However, the SNB is testing a wCBDC for financial institutions to speed up and reduce payment costs.
This article by the Atlantic Council highlights the need for international cooperation in developing standards for digital currencies, ensuring interoperability and creating a more efficient and inclusive financial system. It acknowledges the challenges in creating these standards, emphasizing the importance of flexibility, adaptability, and addressing privacy and security concerns.
This paper by the BIS examines regulatory responses to stablecoins. It discusses the benefits and risks associated with stablecoins and outlines key regulatory requirements for issuers. The document emphasizes the need for international cooperation and a harmonious regulatory environment for stablecoins and other digital assets.
The BIS announces Project Agorá, exploring how tokenization can enhance the global monetary system. The project brings together seven central banks to work with private financial institutions, aiming to investigate how tokenized commercial bank deposits can be integrated with tokenized wholesale central bank money. The project will also address some of the challenges associated with cross-border payments, such as KYC checks and AML safeguards.
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NEWSBLOG
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