September 2021

• Visa Working on Blockchain Interoperability Hub for Crypto Payments (September 30, 2021)

  Continuing with its transition into the crypto industry, Visa will create a connection of blockchains to join multiple cryptocurrencies and CBDCs into one interface. Visa’s research team hopes that the project will allow users to transfer digital assets across different countries and protocols, as well as help connect CBDCs with stablecoin networks. Go to Article.

• Nigeria to Become First Country in Africa to Launch CBDC (September 28,2021)

  The Central Bank of Nigeria (CBN) has launched eNaira following widespread interest in Nigeria, and more broadly South Africa, in transitioning to a cryptocurrency economy. The CBDC is a digital form of cash that should ease remittance transfers, encourage economic growth, and offer better retail payment prospects. There are some concerns, however, about whether eNaira can complement or compete with existing digital currencies. Go to Article.

• China's BSN Builder Is Registering a Nonprofit in Singapore to Manage International Arm (September 25, 2021)

  In order to transition China’s Blockchain Services Network (BSN) into an international interface, BSN’s creator Red Date Technology has registered a nonprofit in Singapore. BSN has many benefits Red Date Technology hopes will help it be accepted globally, including allowing developers access to many protocols to help cheaply and efficiently make decentralized applications. Go to Article.

• Ukraine Joins the Comity of Crypto-Friendly Nations with New Regulation (September 24, 2021)

  The Ukrainian parliament has officially legalized cryptocurrency, a move that will provide opportunity for both Ukrainian and foreign crypto businesses to trade in the country. Ukrainian officials plan to regulate the crypto economy with Anti-Money Laundering policies and implement a CBDC, but will not dissuade private crypto companies from doing business. Go to Article.

• BIS Wants Central Banks to Move Faster with CBDC Amid Looming Stablecoin Pressure (September 17, 2021)

  The Bank for International Settlements (BIS) warns against the use of stablecoins in conjunction with DeFi protocols, urging central banks to adapt CBDCs as a safer, more transparent option that will insure democratic control of the currency. To this end, BIS has partnered with different central banks to help develop CBDCs, hoping that it will help them compete with privately issued cryptocurrencies. Go to Article.

• Turkish Central Bank Taps Local Tech Firms for Digital Currency R&D (September 15, 2021)

  The Central Bank of the Republic of Turkey (CBRT) has announced the formation of the “Digital Turkish Lira Collaboration Platform”, an organization of research and tech companies that will aid the CBRT in developing a digital lira that is expected sometime in 2022. The CBRT has yet to clarify details about the infrastructure of the project and whether the digital lira will lead to the ultimate digitization of Turkey’s currency. Go to Article.

• ECB's Jens Weidmann Says Banks Shouldn't Be Cosseted in Digital Money Plans (September 14, 2021)

  With the worldwide trend towards CBDC’s, Jens Weidmann urges major central banks not to be overly protective of commercial banks, who are concerned that their business models could be negatively impacted following a large-scale conversion of central bank money. Weidmann says usage limits for consumers would fix this problem, and overall CBDCs would encourage healthy competition between commercial banks. Go to Article.

• Digital Yuan Goes Head to Head With Alipay, WeChat in Beijing (September 14, 2021)

  The People’s Bank of China (PBOC) is promoting the use of the digital yuan to Beijing residents by introducing several gadgets, such as wearable devices embedded with a digital yuan chip. This promotion is intended to compete with advances from other popular e-currency companies, such as WeChat Pay and Alipay. Go to Article.

• Africa's Crypto Market Has Grown by More Than 1,200% Since 2020: Chainalysis (September 14, 2021)

  According to a report released by Chainalysis, Africa’s cryptocurrency market has increased in value by more than 1,200% with the largest share of the market’s overall transaction volume of any region. Possible reasons for this growth include crypto products’ conduciveness to P2P and international commercial transactions. Additionally, many individual countries in Africa are investigating the implementation of CBDCs. Go to Article.

• Nigeria's CBDC 'a Safer Option' Than Privately Issued Cryptocurrencies: Central Bank Official (September 14, 2021)

  Folashodun Shonubi, the Central Bank of Nigeria (CBN)’s deputy governor, assures that the eNaira will be a more stable and safe option than private cryptocurrencies, along with providing cheaper cross-border transactions. Despite possible risks in its implementation, the CBN is confident that the eNaira will function as a better version of the fiat naira and be able to compete with cryptocurrencies like Bitcoin. Go to Article.

• NatWest Chair Sees Digital Pound Piloted Within Five Years (September 14, 2021)

  According to NatWest chairman Howard Davies, Britain will be trialing their CBDC, a digital version of the pound, within the next few years. The digital pound’s implementation is mainly to reduce the cost of money transfers, a goal that Davies said would not be met in using private cryptocurrencies. Similarly, the European Central Bank has begun designing a digital euro, though the launch of this CBDC will likely be further away. Go to Article.

• South Africa Is Testing Central Bank Digital Currencies (September 13, 2021)

  The Bank for International Settlements (BIS) will lead Project Dunbar, a partnership between the central banks of South Africa, Australia, Singapore, and Malaysia. The project will trial cheaper and faster cross-border transactions using CBDCs. It’s probable that this initiative could motivate other central banks to develop CBDCs of their own, especially other African countries. Go to Article.

• Mastercard's CipherTrace Deal Brings Trust and Blockchain Forensics to Crypto Space (September 12, 2021)

  To combat fraud (specifically money laundering) and increase trust in the crypto economy, Mastercard plans to adopt cryptocurrency startup CipherTrace. The program would monitor crypto, digital currency, and NFT transactions in order to make the crypto space seem more approachable to potential users. Go to Article.

• JD.com Partners with Local Bank for Digital Yuan Giveaway (September 10, 2021)

  JD.com, one of China’s foremost e-commerce platforms, has embraced the popular trend of using lotteries to promote digital currencies by partnering with the Bank of Communications to give away $2.5 million in winnings. Users will be selected at random to receive a digital yuan package. The digital yuan is gaining popularity in China because of efforts like these to encourage easy use of the currency. Go to Article.

• Diem Struggling to Win Over Officials in Washington Despite Rebranding Efforts (September 10, 2021)

  The concept of Diem, Facebook’s digital currency project, has shifted from a global “Facebook Coin” to a US dollar-pegged stablecoin. Even with these efforts to appease regulators, however, Washington is still against privately issued stablecoins, preferring instead to focus on the development of CBDCs. Go to Article.

• As Bitcoin Debuts in El Salvador, Honduras and Guatemala Study CBDCs (September 9, 2021)

  Unlike El Salvador’s embrace of Bitcoin as a legal tender, the central banks of Honduras and Guatemala are choosing to study the possible implementation of CBDCs, with the Banco de Guatemala already naming their theoretical currency iQuetzal. The investigation will be lengthy, however, due to the central banks’ hesitancy to integrate a digital currency without thorough preparation. Go to Article.

• Digital Currencies Pave Way for Deeply Negative Interest Rates (September 8, 2021)

  It is likely that the Federal Reserve will issue a digital dollar, eventually replacing physical bank notes, making it easier for interest rates to fall below zero. While this will likely not occur directly after the implementation of a CBDC, developers warn that monetary caution won’t last long. Go to Article.

• Now That CBN Is Set to Launch eNaira (September 5, 2021)

  The Central Bank of Nigeria (CBN) is working to create the eNaira following a global trend of CBDC creation as central banks struggle to keep up with the rise in privately-issued cryptocurrencies. After an extensive selection process, the CBN has chosen to partner with Bitt Inc. for the launch of the eNaira based on its leadership position and technical abilities. Go to Article.

• BIS's Latest Project Urges Australia, Malaysia, Singapore, and South Africa to Test Cross-Border CBDCs (September 3, 2021)

  The Bank of International Settlements (BIS) has brought the design of CBDC’s onto the global scale with their Project Dunbar: a project involving Australia, Malaysia, Singapore, and South Africa to carry out cross-border CBDCs. BIS hopes that the initiative will decrease time and cost of international transactions. Go to Article.

• UK to Research Hardware Wallets for Tokenized CBDC (September 2, 2021)

  The creation of the UK’s Project Fire, a study into the consumer use of hardware devices to hold CBDCs, begs the question of whether a British CBDC would be account or token-based. Tokens would offer the user more privacy by being stored in a virtual wallet, while accounts would make transactions visible and connected to identities, something many users may be uncomfortable with. Go to Article.

• Bitt and Stellar Development Foundation Selected as Finalists for the Global CBDC Challenge (September 2, 2021)

  Financial tech company Bitt and non-profit Stellar development have been selected as finalists for the Monetary Authority of Singapore (MAS)’s Global CBDC Challenge that requires its participants to brainstorm retail CBDC solutions. Together, Bitt and Stellar hope to create a solution that helps central banks safely issue and manage CBDCs. Go to Article.

• China's New Blockchain Infrastructure to Digitize Securities and Futures (September 1, 2021)

  As the digital yuan grows in popularity among individuals and companies, Chinese regulators held a symposium to discuss blockchain technology and regulations. The China Securities Regulatory Commission (CSRC) discussed the development of new blockchain developments aimed to increase trust among users and better the CBDC’s security. Go to Article.