Category: CBDC Development

admin Retail CBDC , , , , ,

Enable QR-Code Payment to Work Offline (Enhance Operational Resilience)

What we do

We help payment companies to enhance the operational resilience of their QR-code payment system by enabling offline capability.

Problem Statement

The future financial system, CBDC will be coming in the next few years. In order to stay competitive, operational resilience will be the key differentiation.

  • One of the challenges of CBDC is that “with enhanced operational resilience of the payment system, designed with offline capability, that allows some payments to be made without internet access and can be executed during natural disasters or other large disruptions”, US Federal Reserve.
  • As a replacement for M0, retail CBDC needs “to provide [resilient] cash-like payment experience, the ability to handle peak traffic as well as connectivity breaks or offline”, BIS.org.

Offline Solution

Benefits:

  • Enhance operational resilience against Internet network failure, system disruption, and natural disaster
  • Reduce the need for expensive payment data centers to maintain system availability and peak traffic handling
  • Avoid initial payment servers investment to expand globally
  • Financial inclusion: where the Internet infrastructure is poor.
  • Low or zero cost of transactions
  • Zero CO2 emission

To learn more, please contact us, at keith@ibonus.net

admin CBDC Development, References

iBonus Limited, the finalist for CBDC Track by HKMA

iBonus Limited was selected as the finalist from competitions around the world for the CBDC track organized by the Hong Kong Monetary Authority:

https://www.globalfasttrack.hk/cbdc-hkma

The CBDC track is created with the aim of further growing the CBDC ecosystem. CBDC solutions providers from around the world are invited to take part to showcase how they can put forward an innovative solution to at least one of the problem statements spanning these 8 focus areas.

admin Australia , , , , ,

14-01-21 Bitcoin in Race for Adoption Before CBDC in E-commerce: Australia’s Macquarie

With a runway of a year or more before the Federal Reserve and other major central banks can launch digital currencies, bitcoin and other private cryptocurrencies could gain a foothold in electronic commerce.

Central banks like the Federal Reserve and European Central Bank risk losing the digital-currency race if private cryptocurrencies like bitcoin become too entrenched in electronic commerce, according to a new research note from the Australian investment bank Macquarie.

https://www.coindesk.com/bitcoin-race-for-adoption-central-bank-digital-currencies

admin Australia , , , ,

16-11-20 There is currently no strong public policy case to introduce a CBDC for retail use.

The Reserve Bank of Australia (RBA) has announced a partnership with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys Software to explore the use of a wholesale central bank digital currency (CBDC) using distributed ledger technology (DLT).

The project is currently limited to the wholesale market, reflecting the RBA’s conclusion in a recent bulletin on the Design Considerations, Rationales and Implications of a Retail CBDC that there is currently no strong public policy case to introduce a CBDC for retail use.

admin Australia , , , , ,

26-09-20 Reserve Bank of Australia confirmed the Bank has no plans to issue a retail CBDC just yet.

Today at the UWA Blockchain and Cryptocurrency Conference, the Head of Payments Policy at the Reserve Bank of Australia, Tony Richards, confirmed the Bank has no plans to issue a retail central bank digital currency (CBDC) just yet. Instead, the Bank will continue with research into decentralized ledger technology (DLT) and its uses. 

https://www.ledgerinsights.com/reserve-bank-australia-cbdc-central-bank-digital-currency/