Subject: eCurrency Newsletter August 2018


Newsletter  |  August 2018

FOCUS ON STANDARDIZATION
Workshops and second meeting of the ITU Focus Group Digital Fiat Currency was held in New York City, USA, 18 - 20 August 2018.  Representatives from the Central Banks of Sweden, Norway, China, Brazil, Egypt and the Philippines shared their research and case studies on the issuance of a digital fiat currency. Several other Central Banks and ICTs were present to participate in workgroups and roundtable discussions.

POLICY AND TECHNOLOGY
The technical architecture and API of the eCurrency solution was presented during a plenary session and discussed in more detail in the reference architecture working group.  During this session, Thomas Kudrycki, CTO, announced the contribution of eCurrency API to the standardization of digital fiat currency. The reference architecture working group will work towards studying the technologies and architectures for the implementation of DFC.
A panel moderated by Bejoy Das Gupta, Chief Economist at eCurrency focused on the regulatory and economic impact of digital fiat currency. The benefits and drawbacks of the different approaches to digitization of currency with respect to risk, efficiency, implementation costs, monetary policy and financial stability implications were discussed.  Also debated were consequences of a token-based versus an accounts-based approach.

IN THE NEWS
Announcing the launch of ePiso, a digital cash in the Philippines
eCurrency issues a press release announcing the launch of Philippines digital cash, RCBCs digital money product, the ePiso. This product falls under the Bangko Sentral ng Pilipinas (Philippines Central Bank) regulatory sandbox initiative, it complies with the test-and-learn approach, and promotes innovation while managing risk.

An announcement released early this month demonstrates the eCurrency commitment to standardization efforts of the ITU.  eCurrency is honored to contribute its API for standardization of integration with existing payments systems for interoperability. 
In the July issue of CIO Review, Jonathan Dharmapalan, CEO and Founder, is featured and eCurrency is awarded 20 Most Promising Banking Technology Providers 2018. In the article, Jonathan highlights the benefits of a secure digital instrument with which to transact, and discusses a recent commercial launch.
An opinion piece authored by Bejoy Das Gupta, Chief Economist was published in LiveMint. It discusses the benefits of digital fiat currency in India's context and its relevance to PM Modi's digital India initiative.

AROUND THE GLOBE
Central Bank Invites Expressions of Interest (EOI) for Design and Implementation of A Digital Bahamian Currency
The Central Bank of The Bahamas invites submission of expressions of interest (EOI) from qualified firms to supply blockchain or other robust technology solutions for a central bank issued digital currency system.
Norges Bank Papers No.1 | 2018
This report prepared by a Norges Bank working group, provides an overview of aspects that should be given weith in assessing whether Norges Bank should issue CBDC,  A CBDC can be designed in various ways, depending on the desired aims. 

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