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CBDC Central Banks

Curacao and CBDCs

Jun 28, 2021 cryptorocks_editor

“This means that all interbank payments in Curaçao, Sint Maarten and Bonaire will soon be processed within ten seconds – 24 hours a day, 365 days per year. The Instant Payment transactions will be handled in Antillean Guilders and US Dollars.” Worldline

Centrale Bank Van Curacao en Sint Maarten

The CBCS site states the currency is the Netherlands Antillean guilder which is pegged to the USD.

There are efforts to digitize which has been reported. 

There are no immediate plans for CBDCs.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

CBDC Central Banks

Nicaragua and CBDCs

Jun 28, 2021 cryptorocks_editor

Banco Central de Nicaragua

The BCN run monetary policy. The currency is Nicaraguan Córdoba which is pegged to the USD.

There are no immediate plans to use CBDCs.

They use SNIPE and FinTech. Hence there is some progress towards digitization. 

 

 

 

 

 

 

 

 

 

“Likewise, as a result of technological advances, new financial technologies for payment services have been developed, included within the FINTECH, such as: digital wallets, mobile points of sale, electronic money, virtual currencies, trading and exchange of currencies electronically and / or fund transfers.” BCN

 

CBDC Central Banks

Panama and CBDCs

Jun 28, 2021 cryptorocks_editor

“As part of the Digital Country Partnership announced today with the Government of Panama, we’ll be implementing payment technologies across the public sector to support financial inclusion to address these issues.” Government of Panama

CBDCs

There is no specific evidence of a CBDC being planned. Panama has plans to digitize services and payments.

The USD is legal currency in Panama and the local currency – Balboa – is pegged to the USD.

 

 

 

 

 

 

 

 

 

 

  

 

 

CBDC Central Banks

Costa Rica and CBDCs

Jun 28, 2021 cryptorocks_editor

Banco Central de Costa Rica 

The BBCR runs the monetary policy in Costa Rica. The currency is the Colón which has a crawling peg to the USD.

There is no specific evidence of CBDCs being planned in Costa Rica.

But Costa Rica does have electronic payments.

 

 

 

 

 

 

 

 

 

 

 

“Carry out 100% of scheduled tasks in 2020 necessary to identify sources of information of the Economic Division and the level of digitization for the transfer of information from those sources.” BBCR

 

CBDC Central Banks

Suriname and CBDCs

Jun 28, 2021 cryptorocks_editor

Centrale Bank van Suriname

The CBVS has no specific stated CBDC policy.  But the Bank is involved in digitization and did attend FILAC (Financial Inclusion of Latin and Caribbean Countries).

The Suriname Dollar is the national currency. There was a swap agreement with China in 2015.

 

 

 

 

 

 

 

 

 

 

“The CBvS operates the national payments system of Suriname. At present, Suriname has no electronic inter-bank payment systems and all clearing and settlement of inter-bank payments (including cheques) is carried out semi-manually. In the near future, the Central Bank wishes to introduce a modern electronic payment system.” CBVS

 

CBDC Central Banks

Guyana and CBDCs

Jun 28, 2021 cryptorocks_editor

Bank of Guyana

The BoG controls monetary policy. 

The Guyanese Dollar is the national currency.

There is no specific evidence of CBDC eviolution but the BoG has considered modernization of its NPS.

The NPS was paper based until 2017 then with a loan they started electronic payments and have a policy to implement mobile payments.

 

 

 

 

 

 

 

“Guyana needs a modernized National Payments System to build a robust, safe, efficient and inclusive financial infrastructure that meets the current and future needs of the economy.” BoG

 

CBDC Central Banks

Pacific Alliance and CBDCs

Jun 28, 2021 cryptorocks_editor

 

 

Pacific Alliance

 

The Pacific Alliance consists of four countries in a bloc – Chile, Colombia, Mexico and Peru.

The following are seeking associate membership – Australia, Canada, New Zealand and Singapore.

It is not a customs union.

Of these economies, Mexico is the largest by GDP (1.5 trillion USD, #15 in the world).

These countries are all at the research stage of CBDCs and there is no stated interest in actually adopting CBDCs.

 

 

 

 

 

 

Chile has found success in diversification, reported by the IMF –

As suggested in this paper, this accomplishment reflects Chile’s strength in policy areas that foster non-mineral exports (including complex exports), making the country a role model in export diversification and complexity policies among emerging market countries.

The EU reports how Asia Pacific trade is the focus for the Pacific Alliance driven by China’s demand.

EU Report

FDI

Foreign Direct Investment is vital to growth and Mexico has experienced high growth in FDIs (over 29 billion USD). This is due to trade agreements via USMCA and the Pacific Alliance.

New Silicon Valley style of developments are happening in Latin America – in Chilecon (Chile), Medellin (Colombia), and Guadalamara (Mexico).

The one in Mexico is gaining a lot of interest with 78,000 IT staff.

 

Digitization

 There is a clear digital agenda for the Pacific Alliance, four axes: economy, connectivity, government and digital ecosystems; through permanent public-private dialogue.

The Development Bank of Latin America took a role in structuring the Pacific Alliance Infrastructure Fund  (PAIF) which has a digitzation component.

Cross-Border 

All Pacific Alliance members have bi‑lateral FTAs with one another. In addition, three of the four members – Mexico, Chile and Peru – are parties to the CPTPP. One of the main achievements of the Pacific Alliance to date has been the negotiation and successful implementation as of 1 May 2016 of the additional protocol to the Framework Agreement, which eliminated with immediate effect duties on 92 percent of originating goods traded between Mexico, Chile, Colombia and Peru. Duties on the remaining eight percent of goods are being gradually phased out, although sugar and certain other products have been excluded from the tariff liberalisation commitments.

 

Diversification

The Pacific Alliance FTA and its Modifying Protocol, signed in February 2014 by Colombia, Chile, Mexico
and Peru, also contain provisions on e-commerce.

The e-commerce chapter (Chapter 13) covers
measures affecting electronic transactions of goods and services, including digital products. 

 

 

 

Economic Outlook

The Pacific Alliance faces several challenges in the medium-term. First, it must successfully incorporate Costa Rica as a full member, the first accession since the Pacific Alliance was formed. Further, it must clearly define how to fulfill one of its driving forces: to serve as a bridge between Asian and Latin American countries on both sides of the Pacific.

ECLAC Report

 

 

 

Blockchain Latest Startup

Bogota and Blockchains

Jun 25, 2021 cryptorocks_editor

“With an investment of $ 2,800 million, this project will strengthen 100 companies. Those who participate in this program will receive advice to implement this technology within their company. Likewise, they can be part of the Blockchain academy where they will strengthen their knowledge and soft skills.” Bogota

Startup Money

Bogota offers 2.3 million USD for startups. There is a blockchain Hub option.

Cointelegraph reported this.

 

 

 

CBDC Central Banks

Bolivia and CBDCs

Jun 25, 2021 cryptorocks_editor

Banco Central de Bolivia

The central bank manages monetary policy.

The national currency is the

Boliviano.

The central bank has considered the CBDC matter and reported  about it.

There is no evidence of Bolivia being engaged in CBDC work.

“However, for its issuance, factors such as levels of
informality, penetration of communication networks (mobile and data), degree of financial education of the population, possible savings in the issuance and transport of cash, among others.” Central Bank

 

CBDC Central Banks

Paraguay and CBDCs

Jun 25, 2021 cryptorocks_editor

Banco Central del Paraguay

The Banco Central del Paraguay maintains monetary policy.

The national currency is the

Paraguayan Guaraní.
There is minimal information about digitization in Paraguay and not even the central bank’s website pages are indexed. 
There is no eviudence of any CBDC interest.

“Digital technologies can play an important role in the region’s recovery as well, while addressing the persistent challenge of low productivity. They can spur new connections between supply and demand, facilitate commercial transactions and job
matching, and create or modernise industries, for instance, into agriculture (Aggrotech),
banking and finance (Fintech) or automotive (Autotech) (see Chapter 2). ” OECD

 

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