Subject: DRAFT eCurrency Newsletter - December 2019

DRAFT

Newsletter  |  December 2019

FOCUS ON CBDC ADOPTION

Drivers for CBDC Adoption 
The accelerated development of private digital money is challenging the authority of central banks in the digital age.  This is likely to result in a more forceful official response, which will propel CBDC adoption to maximize the full positive impact of the digital revolution while minimizing its risks.

Globalization of Digital Payments
The introduction of multiple stablecoin initiatives has stepped up the conversation of central bankers, regulators and standards bodies to how best to implement an instant digital payments method for faster, efficient, frictionless international remittances. eCurrency introduced its eSDR Solution that makes it possible.

Bank of Ghana
The Bank of Ghana is in discussion with key stakeholders to explore a pilot project on CBDC with the possibility of issuing an e-cedi in the near future, said Dr, Ernest Addison, Governor of Bank of Ghana.
Norges Bank
A Norges Bank working group has completed the second phase of a study of CBDCs and has published findings on purposes for CBDC and how to achieve these purposes.

GLOBAL FORUMS

ITU Contributions to Digital Future of Currency
The ITU Focus Group Digital Fiat Currency has published results of its 3-year long discourse in standardizing a central bank issued digital currency. Among other aspects of standardizing, a working group focused its efforts on providing the industry with common vocabulary. The members of the working groups gathered in Geneva in July 2019 to summarize the results.

Fighting Corruption with CBDC
The International Monetary Fund placed focus on anti-corruption initiatives at the IMF/ World Bank Annual Meetings. Corruption is of concern to the greater public good. These meetings provided a forum to discuss its framework for combatting corruption and launching an anti-corruption challenge.
International Conference on Fintech
The BCEAO and World Bank jointly held a conference on Fintech in Dakar late October of 2019. Several central banks and key stakeholders gathered by invitation to share "challenges, opportunities and perspectives".  Opening remarks were delivered by Governor Koné of the BCEOA.

RECOMMENDED READING
OMFIF Report on Retail CBDCs
OMFIF and IBM have published a report on advocating on the prospects of a retail Central Bank Digital Currency.  The report draws on extensive research with contributions from 23 leading central banks and technology companies. This article highlights the key findings of the report.


IN THE NEWS
Outdated rules are holding bank financial innovation
An article by Vikram Pandit looks at how Central Bank Digital Currency would pave the way for revolutionary change.

Why China's Digital Currency is a 'Wake-Up Call' for the U.S.
China has accelerated its efforts to launch a digital currency in the wake of Facebook's announcement of Libra. This Fortune article studies the implications of PBoCs next steps.


Why Central Bankers Got Serious About Digital Cash
In this Bloomberg article, the writer walks through what has changed in the digital currency landscape to prompt more central banks to take a more active role in the study and adoption of CBDC.



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