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Subject: DRAFT -- eCurrency Newsletter - March 2021

Newsletter | March 2021

Your source for CBDC development updates

Press Announcement

The Bank of Jamaica has launched a pilot project to implement Central Bank Digital Currency powered by eCurrency technology...

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Jamaica's Minister of Finance, Dr. Nigel Clarke, announced plans for the CBDC pilot to start this year during his annual National Budget Debate speech on March 9, 2021. Dr. Clarke said, "The Government is concerned about the size of the unbanked population. Access to financial services is essential to improving productivity and well-being. There are individual benefits and there are also spillover benefits to the society, as well.” In the efforts to modernize Jamaica's economy, he said that "with recent innovations in technology, it is possible to introduce alternatives to cash that are cheaper, more secure, more efficient and that offers the prospect of increasing competition in the provision of financial services and of greatly increasing the financial inclusion in our society."

PARTNERSHIP ANNOUNCEMENT

Crunchfish and eCurrency join forces to make Central Bank Digital Currency more easily accessible to all

Crunchfish, a premier Digital Cash solutions provider, and eCurrency, the leading Central Bank Digital Currency technology company, announce a partnership to offer an offline CBDC solution. Read

CBDC DIALOGUE

Retail Central Bank Digital Currencies as an alternative to physical cash is an enticing prospect for many countries; it would significantly reduce costs associated with printing money, ensure the general public has access to central bank issued currency, and could counter illegal acts such as money laundering. Watch

CBDC: End of the Road for Cash? - a panel of experts discuss retail Central Bank Digital Currencies as an alternative to physical cash is an enticing prospect for many countries; it would significantly reduce costs associated with printing money, ensure the general public has access to central bank issued currency, and could counter illegal acts such as money laundering. Watch

IN THE NEWS

In early March the Bank of Jamaica (BOJ) Governor Richard Byles said plans are advanced to develop and implement the use of a central bank digital currency (CBDC). Governor Byles further stated that CBDC is a form of central bank-backed currency and is, therefore, legal tender. It is a fiat currency which means it can be exchanged, dollar for dollar, with actual cash, and is issued to licensed deposit-taking institutions on a wholesale basis. Read

The Indian government will soon introduce a Bill in Parliament that will explicitly ban private cryptocurrencies such as bitcoin, as it concurs with the central bank that enabling private parties to toy with currencies can potentially threaten the stability of the financial sector. Also, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, will facilitate the launch of an official digital currency and bolster an ecosystem around it. The Reserve Bank of India has been working on launching its own digital currency, a step the government's bill will also encourage. Read

CENTRAL BANK OUTLOOK

Preconditions for a general-purpose CBDC

The Federal Reserve note, which was first issued in 1914, is a relatively recent development by historical standards. Today, there are ongoing discussions on a new form of central bank money distinct from physical cash and limited-access central bank deposits. This report focuses on the potential for a general-purpose CBDC that can be used by the public for day-to-day payments. Read

Canadian Universities propose design for CBDC

The Bank of Canada engaged three independent project teams to conduct exploratory design work for a digital currency that, like a banknote, would be widely accessible, secure and denominated in Canadian dollars. Read

Evolution or Revolution? The impact of a digital euro on the financial system

In a speech on 10 February 2021, Fabio Panetta said "At the ECB we are considering whether to issue- alongside euro banknotes - a digital euro: a digital form of money that, just like cash and unlike other means of payment, would be a claim on the central bank instead of a claim on a private intermediary." And he vowed that in order to fully realize all the benefits of a central bank issued digital currency, that the ECB would consider all aspects of its design and also take into consideration the views of citizens, businesses, banks and all stakeholders. Read

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Subject: DRAFT -- eCurrency Newsletter - March 2021