Tag: CBDC

Report, BFSI News, ET BFSI

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MUMBAI: The Reserve Bank of India‘s digital currency may see its pilot launch in the first quarter of the next fiscal year, a senior central bank officer said at the State Bank of India’s Banking and Economic Conclave as reported by a local newspaper.

“I think somewhere it was said that at least by the first quarter of next year a pilot could be launched. So we are bullish on that,” the Business Standard newspaper quoted P. Vasudevan, chief general manager at the Department of Payment & Settlement of the RBI as having said.

Central bank digital currencies, or (CBDCs) are digital or virtual currencies are basically the digital version of fiat currencies, for India that would be its domestic currency rupee.

Previously, the central bank governor had said a soft launch of the CBDC could be expected by December but there has been no official timeline committed to by the RBI.

“We are on the job and we are looking into the various issues and nuances related to CBDC. It’s not a simple thing to just say that CBDC can be a habit from tomorrow on,” Vasudevan said, adding that a CBDC could have a useful role depending on how it is implemented and there should be no hurry to launch it.

Vasudevan said the RBI was examining various issues related to which segment the CBDC should target – wholesale or retail, the validation mechanism and also other issues including distribution channels.

“The central bank is also checking if intermediaries can be bypassed altogether, and most importantly, checking if the technology should be decentralized or should be semi-centralised,” the RBI CGM said.

The RBI has repeatedly raised concerns over cryptocurrencies posing macro-economic and financial stability risks.



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Time to clear the air on cryptos

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While the government has had mixed and probably even alternating stance on cryptocurrencies, the currency regulator RBI had been silent for a long time and, of late, has shared its concerns on cryptos with the government.

The securities regulator SEBI could be the ideal regulatory candidate if cryptos were to be treated as an asset class.

The Indian investor community has been euphoric about the instrument, despite noise that crypto investing could become illegal or taxed harshly. All this, when the issue of crypto was purportedly settled last year with the Supreme Court of India lifting the RBI’s crypto ban of 2018.

A to G of crypto

Arbitrary actions and reactions will continue as the financial industry has showcased so far. A few months ago, some banks stalled operations or pass-through of the crypto exchanges; purportedly, as the market guesses, to avoid irritating their regulator. The day there is clarity on how crypto would be seen under Indian law, and if it is for holding crypto as an asset, every BFSI and fintech would jump onto the bandwagon.

The banking sector’s lack of understanding of cryptos continues. It is more about understanding the liquidity of various cryptos available. As long as the rules bring clarity on what other information other than KYC would be needed, the sector can chug ahead.

Crypto consumers will stay invested probably until they get hurt by crypto falsehood or misleading investments. It is rightfully the RBI’s endeavour to have consumer protection in mind. But as we regulate the sector, we also have to move to a market-led economy, where, as long as the consumers get into an investment position without being mis-sold or forced to invest, the industry should not be ostracised.

It is also worthwhile to mention that the RBI is planning to launch its own CBDC (central bank digital currency). Debt leverage worry of the lending community will continue until they are allowed by the regulator. End-usage fears that cryptos could potentially be used for terror financing, etc., seem far-fetched, considering the granularity of its traceability. Interestingly, usage of gold or realty seems far in the wrong end of illegal funding.

Functionality of its core, which is blockchain, cannot be brushed away. It has tremendous usage and potential across public finance, banking and financial services; this could help build a secure financing backbone for the entire country as we seek to expand the inclusive-nature of our financial offerings.

The government’s stand cannot vacillate on policy matters without taking wide range of inputs, not just from a commercial angle but also from a deeper technological understanding if it can bring potential good. Let’s remember that our grandparents could not have imagined mobile-payments or transactions without seeing/touching the monies or writing a cheque. So let us not discount the emerging digital monies, for the short term notion of “not wanting it happen in my watch.”

Any asset class’ trade-worthiness and consequent liquidity is determined by a crucial factor: “trust”. Regulations can offer confidence around legality of the asset class and its usage, but cannot determine public acceptance or asset pricing. Regulations can surely offer consumer confidence and consumer protection if they are light-touch and use latest digital supervisory capabilities.

It is essential that the government does not give into knee-jerk reactions of the stakeholders, and takes a pragmatic call. It has displayed tremendous initiative by adopting digital across various facets including financial markets, e-governance, public outreach, etc. It should engage in depth with various stakeholders to understand how digital finance can be used for larger public good, and not give in to short-term worries and lack of capacity.

It’s a good sign that the Parliamentary Standing Committee on Finance has invited crypto industry players to hear their views on the opportunities and challenges. If our regulators take a leaf from this and invite multi-stakeholder discussions and seek inputs about the draft Bill, it would be a comforting exercise.

In the spirit of democratic transparency, it would be welcome if the ‘Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ is put in public domain, and comments sought.

The writer is corporate advisor and markets commentator

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JP Morgan, BFSI News, ET BFSI

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A full-scale, multiple central bank digital currency (mCBDC) network could potentially save global corporations up to $100 billion in transaction costs annually, according to a joint research report from Oliver Wyman and JPMorgan.

The report estimates that of the nearly $24 trillion in wholesale payments that moved across borders via the correspondent banking network each year, global companies incur more than $120 billion in total transaction costs. This excludes potential hidden costs in trapped liquidity and delayed settlements. “The case for CBDCs to address pain points in cross-border payments is very compelling. The bulk of today’s wholesale cross-border payments process remains suboptimal due to multiple intermediaries between the sending and receiving banks, often resulting in high transaction costs, long settlement times, and lack of transparency on the status of the payments,” said Jason Ekberg, partner, corporate and institutional banking at Oliver Wyman.

Critical elements

The research specifically outlines four critical elements required for mCBDC implementation, which include (i) the building blocks, from minting and redeeming of CBDCs to FX conversion and settlement; (ii) the roles and responsibilities of central banks, commercial banks, and service providers; (iii) the key design considerations covering data, technology, privacy, and credit extension; and (iv) the governance framework.

Naveen Mallela, global head of coin systems at Onyx, said: “Central banks around the world who are at various stages of CBDC development are considering how to build an infrastructure where systems operate and work together with the necessary controls in place. In this report, we put forward robust design considerations for a successful mCBDC network and demonstrate how it can be practically implemented, using ASEAN corridors as an example.”

Opportunities for participants

Acknowledging that a mCBDC network challenges traditional correspondent banking systems, the report cites opportunities for participants – commercial banks, payment operators, market makers and liquidity providers – to add new capabilities, and welcomes new stakeholders like technology providers and other third-party service providers.

“The development of CBDCs brings new tangible opportunities such as subscription-based mCBDC corridor access or smart contract-enabled cash management services. The ability to pivot effectively and quickly is key, and ultimately we aspire for a cross-border payments system that is transparent, inclusive and efficient for all parties across central banks, corporates, and commercial banks,” Mallela said.



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Cash going to co-exist with central bank digital currency, says former RBI governor Subbarao, BFSI News, ET BFSI

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Former RBI governor D Subbarao on Monday said there is a strong motivation for the central bank to launch a digital currency and cash is going to coexist with the new-age currency. Addressing an event virtually organised by economic think tank NCAER, Subbarao further said cybersecurity is also one of the downside risks of the Central Bank Digital Currency (CBDC).

“There is a strong motivation for the RBI to launch CBDC… Cash is going to coexist with CBDC,” he said.

The former RBI governor also noted that privacy is also going to be a big issue when the RBI launches the digital currency.

Recently, RBI Deputy Governor T Rabi Sankar had said the central bank is working on a phased implementation strategy for its own digital currency and was in the process of launching it in wholesale and retail segments in the near future.

He had also said the idea of Central Bank Digital Currency (CBDC) is ripe, and many central banks in the world are working towards it.

While observing that if the RBI launches CBDC, the control of the central bank on money supply will be weakened, Subbarao said there is also issue of financial instability.

Replying to a question on cryptocurrencies, Subbarao warned that cryptocurrencies could become a vehicle for taking money out from countries like India and China.

“There is a certainly case for regulating cryptocurrencies..These cryptocurrency assets can be used for money laundering,” he said.

Subbarao, however, noted that cryptocurrencies are here to stay as speculative assets.

In India, a high-level inter-ministerial committee constituted by the Ministry of Finance has examined the policy and legal frameworks, and has recommended the introduction of CBDC as a digital form of fiat money in the country.

Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds, operating independently of a central bank.



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European Union’s digital banknotes are getting ready, BFSI News, ET BFSI

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-By Ishwari Chavan

The currency aims to reach a population of 340 million, if adopted by all of the nations part of the Eurozone.

The European Central Bank, in July 2021 launched a digital euro project. The investigation phase that will start this month and last for about two years will aim to address key issues regarding design and distribution.

Central banks around the world, including the Reserve Bank of India, have been contemplating the launch of their very own CBDC. A total of 81 countries, representing 90% of global GDP, are exploring CBDC as of May 2021, compared with 35 countries in May 2020, according to Atlantic Council, a US think tank.

“Some of the other countries, like the UK and Sweden, also have their own projects, which are more or less in a similar stage in terms of progress, following their own path in terms of policy and design,” Aleksi Grym, head of digitalisation at Bank of Finland said.

The currency aims to reach a population of 340 million, if adopted by all of the nations part of the Eurozone.

What is Digital Euro?

The Digital Euro would be a form of central bank money issued by the European Central Bank, and will remain its liability at all times.

According to the ECB, the Digital Euro would still be a euro, like banknotes but digital. It would be an electronic form of money issued by the Eurosystem (the ECB and national central banks) and accessible to all citizens and firms. It will not be a parallel currency.

“The broad consensus is that CBDC would complement rather than substitute any existing part of the financial industry,” said Grym.

The operational and legislative framework to introduce the CBDC will be discussed with the European Parliament and other European institutions, and the access to the digital euro will be intermediated by the private sector.

What are the reasons to issue a digital Euro?

The Digital Euro will be a viable option for the Eurosystem, in order to support digitisation in payments. It could act as a new monetary policy transmission channel and mitigate risks to the normal provision of payment services, the ECB said.

The bank further mentioned that it could serve as a response to a significant decline in the role of cash as a means of payment.

Furthermore, the bank said that it could reduce the significant potential for foreign CBDCs or private digital payments to become widely used in the euro area while fostering the international role of the euro.

What will it look like?

The ECB has not yet specified a particular design of a Digital Euro. It wants to fulfil a number of principles and requirements including accessibility, robustness, safety, efficiency and privacy.

Although, based on the possible features of a Digital Euro, two broad types have been identified that would satisfy the desired characteristics – offline and online.

“The design of the CBDC has to be compatible with the objective of monetary and financial stability,” Grym said.

“For the Eurozone, we primarily look at retail CBDC, and the reason for that is that we already have quite a sort of advanced infrastructure for the wholesale cases,” he added.

When will the Eurozone have its CBDC?

The CBDC project was launched in July this year. However, the ECB has said that the end of this project will not necessarily result in the issuance of this currency, and that the central bank is merely preparing for the possibility of its issuance in the future.

“From the European perspective, we kind of envision what the world will look like not today but in 10, 20 or 30 years. The idea is that we’re looking at moving towards a much more digitized world, which is moving faster.That’s where cbdc will be designed for not necessarily the work we see today,” Grym said.

The investigation phase will examine the advantages and weaknesses of specific types of digital euro and how they would meet the needs and expectations of European citizens, businesses and financial intermediaries.



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Cryptocurrencies rebound 10-fold since last yr, despite tough steps from China, India, BFSI News, ET BFSI

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Cryptocurrencies have rebounded with a total market value of $2.2 trillion in late September, despite tough restrictions imposed by countries like China and India, according to report by DBS Group Research.

This is a ten-fold increase since the beginning of last year. The launch of several digital asset exchanges, rollout of innovative wallets, changes in mining technology and wide issuance of stablecoins have kept the momentum strong for crypto, the report said.

Also read: China announces cryptocurrency bank – what does it mean for India?

Countries like India and China are keeping a close eye on crypto assets, as the scale and scope of this asset class are large enough to have systemic implications, it said.

Multiple reasons for the ban have been cited by the governments, such as security and governance, consumer protection, surveillance gap and monetary policy efficacy.

Also read: What are stablecoins, and how stable are they?

China’s central bank, in the last week of September, declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money. This was the second time the government announced a ban on crypto.

In March, it was reported that India would propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets. This, again, is not the first time when India is declaring its inhibition towards adopting crypto.

The resilience of crypto assets after the ban suggests that the market impact of China’s opposition to crypto could be declining. Year-to-date, Ether is outperforming Bitcoin by 400% in price return terms.

The ban has also led miners to migrate their businesses to crypto-friendly locations, which can offer cheap, reliable and greener sources of electricity, the report said.

Kazakhstan, US and Russia are some of the preferred locations.

According to experts, China’s ban was likely because the government wants to remove competition for its digital yuan. Adding to this, India’s Reserve Bank of India has also said that it was eyeing a phased implementation of its central bank digital currency (CBDC).

Also read: RBI eyes phased implementation of CBDC, will work in unison with payment infra, says RBI’s Ranjan

CBDC adoption will help drive future usefulness, acceptance by merchants and improve cross-border payments, according to banking regulators.

However, there is still a lot of time for countries to roll out their CBDCs. To maintain stability, CBDCs would need to have a careful design and implementation, the report said.



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CBDCs are designed to be very stable: IMF

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“About 80–100 Central Banks around the world, including in G20 nations, are exploring central bank digital currencies (CBDC) and are in some sort of pilot or testing stages,” said Tobias Adrian, Financial Counsellor and Director – Monetary and Capital Markets Department, IMF at the Global FinTech Fest.

The three-day Fest, which concluded on September 30, was attended by over 26,000 delegates from 121 countries. Policymakers, technocrats, investors, founders, economists, bankers, participated in the Fest. The event was organised by National Payments Council of India (NPCI), Fintech Convergence Councill (FCC), and Payments Council of India (PCI) of Internet and Mobile Association of India (IAMAI).

Differ from bitcoin

“CBDCs are designed to be very stable, stable in value, with a low transaction cost and backed by the Central Bank for added consumer confidence, very different from bitcoins which fluctuate in value and are more like an investment asset,” Tobias Adrian said.

Also see: The time for central bank digital currencies has come

There could be a lot of innovations in Central Bank issued digital currencies, especially across payments and lending platforms.

“CBDCs could indeed be somewhat similar, not necessarily the same, to bitcoin assets, could be based on blockchain technology, could be available in wallets. It depends on whether the design is based on existing payment systems or using very powerful blockchain technologies,” he added.

Drawbacks

Meanwhile, he warned that cybersecurity could be a major challenge for CBDCs. “You need to make sure that the system is resilient against cyberattacks.” It’s not the technology alone, but the intersection of technology and human.

Also see: Central bank digital currency can boost innovation in cross-border payments: RBI Deputy Governor

Secondly, CBDCs might undermine existing banks so banks need to upgrade their technologies to compete.

Finally, the lack of universal cellphone access may limit CBDC penetration.

On expensive cross-border payments, Adrian envisioned that cross-border transfers would be a lot cheaper for a small amount of payments. There are some wallet exchanges available that allow one to convert US dollar into rupee stable coin, with an implicit fee that is cheaper. However, there are a lot of discussions going on between Central Banks of various countries to make cross-border payments cheaper.

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How RBI’s CBDC will change the payments ecosystem

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The Central Bank Digital Currency (CBDC), currently being explored by the Reserve Bank of India (RBI) for retail and international trade payments, could have a much larger impact on the financial ecosystem, according to industry experts. It will be instrumental in promoting grassroots level financial inclusivity and modernising the banking sector apart from creating a cashless economy.

While many see CBDCs as a legalised replacement of private digital currencies or cryptocurrencies, in reality, CBDCs are just going to be a digital replica of the physical cash in circulation in the country. “RBI is creating a digital version of the fiat currency in circulation. Currently, the only alternative to physical currency is debit cards or credit cards, which are not accessible to all citizens,” Naveen Surya, Chairman, Fintech Conversion Council and Emeritus Chairman, Payments Council of India, told BusinessLine.

Also read: Why CBDC will not end bitcoin’s reign

“CBDC could be used directly through mobile phone. It can use blockchain technology but doesn’t necessarily need to be linked to a bank account to hold it. This will convert your mobile device into a wallet. In short, it will fast-track financial inclusivity while building a cashless economy,” Surya added.

India is in fact late to join the trend. Countries like Russia, Japan and China had started working on the same much earlier. According to a 2021 BIS survey, quoted in the RBI report, 86% of the central banks surveyed are actively researching the potential for CBDCs, 60% were experimenting with the technology and 14% were deploying pilot projects. “It took 4-5 years of multiple pilots before China could look into introducing digital currency,” Surya said.

Need for CBDC

“Today though we are doing e-payments and money transfers thinking they happen in real-time, but at some point, this money still has to be physically moved between the banks, known as ‘inter-bank’ settlement. With CBDCs, there won’t be the need for inter-bank settlement, your digital payments will be the final transactions,” Sharan Nair, chief business officer, CoinSwitch told BusinessLine.

Cryptocurrency exchanges lauded the move, saying that a possible widespread usage of digital currency will only boost their business and familiarise the masses with the technology and its varied forms. Though cryptocurrency isn’t necessarily looking to become a currency used for making payments. “Private cryptocurrencies are primarily seen as tradable assets. Though some countries have allowed Bitcoins to be used a mode of payment, NFTs and other cryptocurrencies are mostly assets. They don’t have the characteristics of currency and neither do they want to be,” Surya said.

Financial Transparency

A major use case for CBDCs will likely be in the insurance and lending space and also for managing non-performing assets (NPA). Using digital currencies will enable more transparency and traceability across levels for the financial services sector. The RBI at present is pondering upon the underlying technology on whether it should use distributed ledger or a centralized ledger, and a possibility of using blockchain. “In the case of lending, say if a farmer wants to take a loan to buy fertilizers and farming-related activities, at present, it is difficult of the government to verify how it is used. But with digital currency the government will be able to programme it in a manner that it can be used only for the fertilizers and not a car,” Nair explained.

“In international trade too, for instance, if an importer wants to settle a payment in the US, due to the time zone difference that will delay the transaction and due to change in dollar to rupee value, prices would have changed. CBDC can settle this in real-time without needing further intervention,” he added.

“Challenges of different vendors working with different merchants will subside once CBDC come into play. Merchants would want to use this, as this would eliminate third party payment gateway involvement, bringing down the cost of transaction fees,” Sathvik Vishwanath, Co-founder and CEO, Unocoin told BusinessLine.

Complex process ahead

Converting a part of paper money into digital currencies will surely come with its complexities and confusion. “To implement this the government authorities and the RBI would have to work on digitising the entire currency circulation model. Further, several other fundamental issues and monetary policies will have to accordingly be taken into account, as with CBDC there will be more traceability and transparency of the currency on digital network,” Surya said.

Additionally, blockchain technology in its current state might not be the most efficient way forward.

Vishwanathan said, “It doesn’t look like the RBI is looking to involve any cryptocurrency-related technology like blockchain. It will be more of a centralised wallet service like Paytm. Blockchain is not capable of handling millions of transactions per hour. Currently, bitcoin blockchain supports up to seven transactions per second and then there are some others that let a few thousand transactions per second. For a country like India, blockchain technology won’t be able to manage such an enormous volume of data.”

“Given that it is only the Indian government sponsoring this technology for its citizens which makes it a single-party creator, using blockchain will be as good as creating a regular database,” he added.

Also, increased traceability might introduce new challenges around privacy. “With blockchain, they (government) can get a partial biography of every person using the digital currency and what all he uses it to pay. That will be quite intrusive,” Vishwanathan said.

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Can’t wrap head around not having U.S. central bank digital currency, BFSI News, ET BFSI

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Federal Reserve Governor Lael Brainard laid out a range of reasons for “urgency” around the issue of developing a U.S. central bank digital currency, including the fact that other countries such as China are moving ahead with their own.

“The dollar is very dominant in international payments, and if you have the other major jurisdictions in the world with a digital currency, a CBDC (central bank digital currency)offering, and the U.S. doesn’t have one, I just, I can’t wrap my head around that,” Brainard told the Aspen Institute Economic Strategy Group. “That just doesn’t sound like a sustainable future to me.”

Fed officials are taking a deep dive into the digital payments universe, collecting public feedback on the potential costs and benefits as well as design considerations with a view to publishing a discussion paper in early September.

Fed Chair Jerome Powell in comments earlier this month described the analysis as a key step in accelerating the Fed’s efforts to determine if it should issue its own CDBC.

“One of the most compelling use cases is in the international realm, where intermediation chains are opaque and long and costly,” Brainard said on Friday.

But there are domestic reasons too for a U.S.-backed digital currency, she said: the dramatic rise in stable coins, a form of cryptocurrency pegged to a conventional currency such as the U.S. dollar but not backed by any government.

Stable coins could proliferate and fragment the payment system, or one or two could emerge as dominant, she said. Either way, “in a world of stable coins you could imagine that households and businesses, if the migration away from the currency is really very intense, they would simply lose access to a safe government-backed settlement asset, which is of course what currency has always provided.”

A CBDC could also help solve other problems, she suggested, including the difficulty during the pandemic of getting government payments to people without bank accounts, who also tend to be the very people who need the payments the most.



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It’s time for digital currency to counter crypto, says RBI, BFSI News, ET BFSI

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MUMBAI: The Reserve Bank of India (RBI) has said that it is working towards a phased implementation strategy for its digital currency and examining use cases where it can be deployed with little disruption. Making a strong argument in favour of a central bank digital currency (CBDC) for India, the RBI has said that it would reduce currency costs for the government and would help offset the threat of virtual currencies.

“Developing our own CBDC could provide the public with uses that any private virtual currency can provide and to that extent might retain the public preference for the rupee. It could also protect the public from the abnormal level of volatility some of these virtual currencies experience,” RBI deputy governor T Rabi Sankar said on Thursday at a webinar organised by the Vidhi Centre for Legal Policy. Sankar added that conducting pilots on CBDC in wholesale and retail segments may be a possibility in the near future. “As is said, every idea will have to wait for its time. Perhaps the time for CBDCs is nigh,” he said.

On the consequences of digital currencies on banks, Sankar said that while it could reduce the need for maintaining deposits, the impact would be limited as they cannot pay interest. “Thus, potential costs of disintermediation mean it is important to design and implement CBDC in a way that makes the demand for CBDC, vis-a-vis bank deposits, manageable,” said Sankar.

The key issues examined by the RBI include whether these should be used in retail payments or also in wholesale payments, whether it should be a distributed ledger or a centralised ledger, whether it should be token-based or account-based, whether it should be directly issuance by the RBI or through banks and the degree of anonymity.

In a strong attack against virtual currencies (cryptocurrencies), Sankar said, “Private virtual currencies sit at substantial odds to the historical concept of money. They are not commodities or claims on commodities as they have no intrinsic value, some claims that they are akin to gold clearly seem opportunistic. For the most popular ones now, they do not represent any person’s debt or liabilities. There is no issuer. They are not money.”

The deputy governor said 86% of central banks were actively researching the potential for virtual currencies and 60% were already experimenting with the technology, and 14% are deploying pilot projects. He said that interest had spiked to replace paper and avoid the more damaging consequences of private currencies.

The deputy governor’s statement comes at a time when the RBI has been forced by a Supreme Court order to withdraw a ban on bank services to cryptocurrencies. Although the RBI has earlier spoken about plans to launch a digital currency, this is the first time that the central bank has gone into so much detail. Central banks across the world have drawn up plans to launch their digital currency to battle cryptocurrencies. China has said that its e-CNY has been tested in 70 million transactions.



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