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OFFERING VALUE AT THE VANGUARD OF CBDC IMPLEMENTATION.
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ADVANCING THE ADOPTION OF DIGITAL CURRENCIES.
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BIS Publishes Project Sela Report
๐Ÿ‡ญ๐Ÿ‡ฐ ๐Ÿ‡ฎ๐Ÿ‡ฑ BIS - CBDC News - Source
Project Sela, a collaboration involving HKMA and BoI, aims to create an accessible and secure ecosystem for retail CBDCs. The report highlights the importance of public-private partnerships and outlines the architecture and key features of the Sela framework. The report emphasizes lower barriers to entry, interoperability with existing payment systems, and the need for strong cybersecurity measures.
HSBC and HKUST e-HKD Pilot Commences
๐Ÿ‡ญ๐Ÿ‡ฐ HONG KONG - CBDC News - Source
HSBC and HKUST Business School launch a one-week pilot program to explore the potential of a CBDC in Hong Kong. The pilot involves nearly 200 HKUST students and faculty members who will use a dedicated digital wallet to spend Hypothetical e-HKD tokens at on-campus merchants. The prototype digital token incorporates smart contract functionality and programmability for automatic rewards.
NRB Studies CBDCs
๐Ÿ‡ณ๐Ÿ‡ต NEPAL - CBDC News - Source
The Nepal Rastra Bank (NRB), is in the initial phase of studying the feasibility of a CBDC, which will be published in a year or two. The NRB is collaborating with other countries and global institutions, such as the BIS, and seeking technical assistance. The amendment of the Nepal Rastra Bank Act is underway to authorize the issuance of a CBDC.
Implications of Central Bank Digital Currencies for Monetary Policy Transmission
๐ŸŒ IMF - CBDC News - Source
This document focuses on the impact of R>CBDCs on financial conditions and the transmission channels of monetary policy. The analysis suggests that while the effects of CBDCs on monetary policy transmission are expected to be relatively small in normal times, they could become more significant during periods of low policy rates and financial market stress.
Capital Flow Management Measures in the Digital Age (2): Design Choices for Central Bank Digital Currency
๐ŸŒ IMF - CBDC News - Source
The document discusses the design choices for CBDCs and its potential impact on cross-border payments and capital flow management measures (CFMs). It explores different channels for acquiring foreign assets through CBDC and the implementation of CFMs. The document also highlights the importance of information collection, privacy concerns, and the role of smart CFMs in reducing costs and improving efficiency.
RBI Plans W>CBDC Use in Call Market
๐Ÿ‡ฎ๐Ÿ‡ณ INDIA - CBDC News - Source
The Reserve Bank of India (RBI) plans to launch a W>CBDC pilot for interbank borrowing by October. This move comes after the successful launch of the W>CBDC for secondary market transactions in government securities.
India's R>CBDC Status Update
๐Ÿ‡ฎ๐Ÿ‡ณ INDIA - CBDC News - Source
RBI Governor announces that their R>CBDC now has 1.5 million users, with over 300,000 merchants accepting payments in digital rupees. The pilot is being operated through 13 banks in 26 cities, and the RBI aims to achieve 1 million daily CBDC transactions by December. Currently, the figure sits at around 15,000 daily transactions.
SWIFT Begins CBDC Connector Testing
๐ŸŒ SWIFT - CBDC News - Source
SWIFT begins beta testing its CBDC connector solution with three central banks/monetary authorities (Hong Kong Monetary Authority, National Bank of Kazakhstan, and unnamed central bank). The focus is on interoperability and ensuring that digital currencies can coexist seamlessly with each other and with fiat-based currencies and payment systems.
BCG Global Payments Report 2023
๐ŸŒ BCG - Payments News - Source
The Global Payments Report 2023 highlights the evolving landscape of the payments industry. It discusses the rise of central bank digital currencies, disruptions faced by traditional players, the importance of regulatory compliance, and the need for agile strategies. The report emphasizes the integration of new technologies, collaboration with non-bank players, and the adoption of modular payment platforms.
Reserve Bank of Vanuatu Launches New Payment System
๐Ÿ‡ป๐Ÿ‡บ VANUATU - Payments News - Source
The Reserve Bank of Vanuatu launches the VANKLIA system, a national digital payment platform aimed at increasing access to banking and financial services in Vanuatu. The system consists of a RTGS component for high-value payments, and an Automated Clearing House component for low-value batch payments. The platform aims to enhance financial stability, efficiency, and support the growth of the digital economy.
Paper: NIST - Understanding Stablecoin Technology and Related Security Considerations
๐Ÿ“„ PAPER - Stablecoin News - Source
This report discusses the potential risks and vulnerabilities associated with stablecoin implementations, including blockchain exploitation and prudential risks. The document also explores different types of stablecoin architectures and their characteristics. It emphasizes the importance of maintaining reserves, managing collateral, and addressing potential attacks and manipulation.
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2023-03-01

CBDC NEWS UPDATE

WHY CHAVANNETE ?

We are creating the Financial Services Infrastructure for the Next Generation.

Finance has never seen a technological transformation of this magnitude.

Chavanette Advisors speeds adoption of emerging technologies to help regulators and financial services providers solve complex challenges.

Strong Commitment to Financial Inclusion

Expertise in Digital Banking and Financial Infrastructure Technology

Global Delivery Capability

What We Do

SERVICES

CBDC Services

OFFERING VALUE AT THE VANGUARD OF CBDC IMPLEMENTATION

We are a trusted partner for central banks and financial services provider seeking to provide clients with smooth access to central bank-issued digital currencies (CBDC). As an integral part of our CBDC Adoption Services, we provide strategic insights and guide you through the CBDC adoption & systems integration process.

Advisory Services

ADVISORY FOR THE DIGITAL ECONOMY

We engage in building future-focused technological solutions for traditional financial services organizations, digital banking, payments and central banks.

We advise our financial services and government clients on disruptive technology altering their operations and business models.

SOLUTIONS

The Universal Digital Payments Network

The UDPN is the first global payments messaging network that enables seamless and transparent digital currency transactions for banks, businesses, and their clients. The network supports regulated stablecoins and CBDC payments, bolstering market efficiency and financial inclusion. The UDPN decentralised infrastructure supports third-party smart contracts deployment and execution of value-added financial or payment-related services.

The BSN-Spartan Network of Virtual Datacenters

The BSN-Spartan Network is a public infrastructure network based on the lightweight BSN-Spartan data center software, which is open-source, free, and anonymous for anyone to install. Within the data center, the nodes of several Non-Cryptocurrency Public Chains can be installed and accessed. By removing the cryptocurrencies from public chains' layer one, the BSN-Spartan Networkโ€˜s mission is to provide Non-Cryptocurrency public chain services to all IT systems around the world to enjoy this kind of public IT system infrastructure.

ADVANCING THE ADOPTION OF
DIGITAL CURRENCIES

PARTNERS

TRUST โ€ข INTEGRITY โ€ข DELIVERY

Chavanette Advisors specialises in the creation and deployment of future-focused technological solutions.

We provide expert advice and project management to financial services and enterprise clients globally, engaging disruptive technologies that are transforming their operations and industries.

We help clients leverage emerging technology to solve complex business and technology problems, drive innovation, and produce market-leading products and services…

Articles

NEWSBLOG

CBDC: A Global Phenomenon

A Central Bank Digital Currency (CBDC) is the digital equivalent of a national (fiat) currency that is issued and backed by the central bank. It is a new form of currency that is designed to be used in digital transactions, and it is backed by the full faith and credit of the issuing country’s government.

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Are you ready for CBDCs?

These digital currencies may represent the most significant change to money since the introduction of cash. They have the potential to improve financial inclusion, speed up settlement and cross border payments, whilst reducing costs for end users.

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History of Money

Money has been a fundamental part of human society for centuries. It has come a long way from its early beginnings as a medium of exchange in the form of shells, stones, and other items to the more modern paper money and electronic payments we use today. . .

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Hong Kong

Comparing Cryptocurrencies and Retail CBDCs

As digital currencies become more prevalent, the rise of retail central bank digital currencies (CBDCs) has added a new dimension to the digital currency landscape. In this blog article, we explore the key differences between these two forms of digital currencies and answer the often-asked question of whether CBDCs are cryptocurrencies and how they compare to cash.

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Contact

For an initial discussion about what CBDCs and the Digital Economy mean for your business, contact us.

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