The week that was in CBDC ??
???? Peru's Central Reserve Bank (BCR) has partnered with Viettel Peru on its CBDC project towards potentially reshape the nation's financial landscape. This year-long initiative marks a significant leap towards modernizing Peru's economy and boosting financial inclusion. ??
?Key Highlights:
??? Future Implications:
??The Financial Stability Board (FSB) has released a comprehensive report on the cross-border regulatory and supervisory issues of global stablecoin arrangements (GSAs) in emerging market and developing economies (EMDEs). This pivotal analysis comes as stablecoins gain traction globally, presenting both opportunities and risks.
?Key Highlights:
? ?? Data suggests higher stablecoin activity in EMDEs compared to advanced economies
? ?? USD-pegged stablecoins dominate, raising concerns about "cryptoisation" in EMDEs
? ?? EMDEs face unique challenges in regulating stablecoins, including capacity constraints and cross-border issues
? ?? Foreign currency-pegged stablecoins pose potential risks to monetary policy and capital flow management in EMDEs
??? Recommendations for EMDEs:
? Implement comprehensive regulatory frameworks aligned with FSB recommendations
? Enhance cross-border cooperation and information sharing
? Address data gaps and improve digital payment infrastructures
? Consider listing requirements for offshore stablecoins and explore regulatory sandboxes
??The FSB emphasizes the need for targeted policy responses and international cooperation to address the unique risks faced by EMDEs in the evolving stablecoin landscape. As the global financial system adapts to these digital innovations, the report serves as a crucial guide for policymakers and regulators worldwide.
???? The Bangko Sentral ng Pilipinas (BSP) is spreading its wings in the digital currency space, with plans to launch a wholesale Central Bank Digital Currency (CBDC) by 2029. Project Agila, named after the Philippine eagle, is ready to leave the nest!
?Key Highlights:
? ?? Project Agila nearing proof-of-concept completion
? ?? Wholesale CBDC to operate on a private, bank-owned network
? ?? Hyperledger Fabric chosen as the underlying technology
领英推荐
? ?? BSP to release Project Agila report by year-end
? ?? Controlled testing of peso-pegged stablecoin also underway
?? Deputy Governor Mamerto Tangonan describes the CBDC as an "innovative payment instrument," set to revolutionize interbank, securities, and cross-border transactions. As Project Agila prepares for takeoff, the global financial community watches with keen interest to see how this digital peso will reshape the Philippine financial landscape.
???? Jordan is leaping into the future with the launch of its national blockchain network, MODEE DLT, marking a significant milestone in the kingdom's digital transformation journey.
Key Highlights:
? ?? MODEE DLT integrates with Sanad, Jordan's digital identity system
? ?? Over 800,000 users to benefit from enhanced government services
? ?? Blockchain to boost transparency, efficiency, and security in public sector
? ?? Digital Jordanian dinar project continues in parallel
??Launched under the umbrella of Jordan’s Digital Transformation Strategy (2021-2025), MODEE DLT aims to bolster the country's digital infrastructure. This initiative also involves the digitalization of government services and harnessing data to refine government policies.
????? Integrated with Jordan’s Sanad system—the nation's digital identity network that connects over 800,000 users to government services online—MODEE DLT is set to provide a decentralized digital ledger for transactions. By leveraging blockchain’s core attributes of accuracy, security, and confidentiality, the platform ensures that transaction data and user information remain private, protected, and free from the risk of manipulation by any single entity.
?? Research has consistently highlighted blockchain’s potential to revolutionize governance. Beyond its well-known applications in finance and identity management, ongoing studies and reports uncover new areas ripe for transformation, from the justice system to law enforcement. This aligns with Jordan’s exploratory ventures into blockchain, including their ongoing experiments with a digital Jordanian dinar, developed in partnership with the International Monetary Fund (IMF). ??
?? Banco Central do Brasil has set its sights on 2025 for the launch of an AI-integrated "super app" that will unify the nation’s digital financial services, incorporating the upcoming central bank digital currency (CBDC) known as “Drex.” ????
??? Announced by Central Bank President Roberto Campos Neto at the Blockchain Rio forum, the ambitious project aims to consolidate various banking functions into a single platform, leveraging AI similar to OpenAI’s ChatGPT. This super app promises to enhance financial inclusion, security, and convenience for all Brazilian citizens. The super app will feature real-time payment integration via Pix, aiming to reduce the need for multiple banking apps by aggregating financial data and offering personalized services. ????
?? Noted by Italo Borssatto from the Bank for International Settlements (BIS) as one of the most forward-thinking initiatives, the super app sets Brazil apart in the global race for CBDC adoption. Further, Brazil's Central Bank and Caixa Econ?mica Federal are exploring offline payment solutions using Drex, which will benefit areas with limited internet access by facilitating secure transactions without connectivity. ?????
?? The rollout comes amid regulatory debates, as the Brazilian Senate recently delayed a vote on AI regulation, highlighting the complexities of implementing such innovative tech. This regulatory framework will shape the AI landscape within the super app, making it crucial for the project's success. ?????
That’s a wrap on this edition of the CBDC Chronicles. Share your thoughts and drop them in the comments section below or send me a direct message.
?? Like this post: Your likes help me understand what content resonates with you.
?? Comment below: Your insights broaden the conversation and I appreciate your individual perspectives and encourage a healthy professional debate.
?? Reshare: If you find the content valuable, feel free to spread the knowledge amongst your connections.
See you in the next edition, until then, stay engaged and keep exploring! ????
?
Advogada especialista em Tokeniza??o e Defi. Autora dos livros livroCast, Livro O Guia jurídico da Tokeniza??o, Livro Offiline, Livro Experts e Livro Os sete passos da Tokeniza??o.
7 个月Apresento a você "O Guia Jurídico da Tokeniza??o", que recebeu em julho deste ano o selo best-seller, um livro que responde os conceitos, seguran?a jurídica, legisla??o e aplicabilidade da tokeniza??o. ???? Este guia, feito sob medida para entusiastas de tokeniza??o, Web 3 e finan?as descentralizadas, oferece respostas valiosas com uma linguagem acessível e prática. ???? Para você adquirir o livro físico e receber na casa casa ou a vers?o digital (ebook) acesse o link https://nftlopesezorzo.com