Subject: eCurrency Newsletter - June 2021

DRAFT

Newsletter | June 2021

Your source for CBDC development updates

JAMAICA CBDC PROJECT


PRESS RELEASE

Bank of Jamaica Announces Successful Completion of Phase 1 CBDC Pilot Project

June xx, 2021


The Bank of Jamaica (BOJ) has announced that after an extensive procurement process, the technology provider chosen to support BOJ in testing a central bank digital currency solution in the Bank's Fintech Regulatory Sandbox for a pilot in May to end December 2021 is eCurrency Mint Incorporated. eCurrency Mint will also be the provider when the national CBDC rollout begins in early 2022. Read

Interview with the Bank of Jamaica and eCurrency on CBDCs

June 11, 2021, The Paypers


The Bank of Jamaica and eCurrency delve into the topic of CBDCs, based on the pilot that currently tests a digital Jamaican Dollar

The article highlights:

  • Details about the digital Jamaican Dollar including the tender process, steps taken in planning phase and plans for implementation

  • Benefits CBDCs would bring to the local people and businesses in Jamaica 

  • eCurrency's technology, ideas and strengths

  • Preserving cash-like qualities in its digital counterpart.

  • Observations based on progress of pilot

  • Role of stablecoins, cryptocoins in Jamaica

  • Vision for the future of CBDCs

Read

DIGITAL US DOLLAR

Task Force on Financial Technology, US House Financial Services Committee

June 15, 2021

CEO, Jonathan Dharmapalan, is invited to testify as a witness at US House Committee on Financial Services, Task Force on Financial Technology Hearing. The virtual hearing is hosted by the Task Force on Financial Technology Chairman Lynch and Ranking Member Emmer and is entitled, “Digitizing the Dollar: Investigating the Technological Infrastructure, Privacy, and Financial Inclusion Implications of Central Bank Digital Currencies."

Watch

Fed explores 'once in a century' bid to remake the US Dollar

June 12, 2021, Politico

The rise of private cryptocurrencies motivated the Fed to start considering a digital dollar to be used alongside the traditional paper currency.

The Federal Reserve is taking what may be the first significant step toward launching its own virtual currency, a move that could shake up banks, give millions of low-income Americans access to the financial system and fortify the dollar's status as the world’s reserve currency.

Read

CENTRAL BANK OUTLOOK

Towards a digital Canadian Dollar

Over the years, Canada’s bank notes have evolved to become the state-of-the-art, award-winning currency that brings pride to our country. And the past few decades have brought about more and more ways of paying electronically. So, what’s next? Join us for a talk about how the Bank of Canada is preparing for the next evolution of money—a possible central bank-issued digital currency. Watch

The international role of the euro, June 2021

Special Feature, Section B of the report examines how issuance of a central bank digital currency (CBDC) could impact the international role of currencies. It stresses that the global appeal of currencies depends on fundamental economic forces which digitisation is unlikely to alter. Read

BIS Working Papers No. 948

Central bank digital currency: the quest for minimally invasive technology

CBDCs should let central banks provide a universal means of payment for the digital era. Atthe same time, such currencies must safeguard consumer privacy and maintain the two-tier financial system. Read

A Bank of Israel Digital Shekel

Potential Benefits, Draft Model, and Issues to Examine

The Bank of Israel has decided to accelerate its learning, research, and preparation leading to the potential issuance of a Bank of Israel digital currency in the future. Read

Central bank digital currencies - Third report of working group

Norges Bank and a number of other central banks are researching the introduction of a CBDC as a supplement to cash. For Norges Bank, the paramount question is whether introducing a CBDC is an appropriate measure for promoting an efficient and secure payment system and confidence in the monetary system. Read

eCurrencyTM

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