BIS Innovation Hub

BIS & FinTech

The BIS has been active in CBDC reporting and the Innovation Hub setup by the BIS is active in research led by central banks. 

There are several centres of this hub in London, Hong Kong, Stockholm, Switzerland, and Singapore.

The Nordic Centre involves co-operation between centrals banks of Denmark, Sweden, Norway, and Iceland – all of these have strong CBDC interests.

Details of the program were published by the BIS including details of the mCBDC bridge and multi-CBDCs.










“The BIS Innovation Hub’s work programme is currently focused on six areas: suptech and regtech; next generation financial market infrastructures; central bank digital currencies; open finance; cyber security; and green finance.” BIS   


Iraq & CBDCs

“Iraq’s population of 40 million people is largely cash-driven, with 99.8 percent of its $122 billion personal consumption expenditure made in cash in 2019.” Mastercard


The process of digitization is progressing in Iraq. It is a country dominated by cash usage (99 percent in 2019). There is 70 percent smartphone penetration.

Mastercard reports a contract with the CBI (Central Bank of Iraq) to provide digital services in Iraq. One of the motives is to improve financial inclusion.

CBDCs are not really expected at this time due to the high cash adoption, and limited digital payment infrastructure. But this could change as much of the Middle East prioritises financial inclusion.

The IQD is pegged to the USD.








OTC and Crypto


Cashing out may be difficult due to AML and banks being unwilling to accept profits from crypto based transactions. This video explains some of the ways to use OTC – 

  1. Silvergate
  2. Deltec (Bahamas)
  3. Frick (Liechtenstein)
  4. Capital Savings Bank (Cook Islands)
  5. QCP Capital (Singapore)
  6. Canadian Banks
  7. Eastern European Banks (EMI)
  8. Cayman Islands

Proof of Funds may be needed for deposits. If wealth comes from staking or yield farming, this may be harder to prove.

 Local Bitcoin solutions could also work.

Offshore Citizen


Turkish QR Codes

“The Regulation on the Generation and Use of the Turkish QR Code in Payment Services (Regulation”) was published in the Official Gazette dated 21 August 2020 and numbered 31220. The Regulation enacted by the Central Bank of the Republic of Turkey (“CBRT”) introduces the national QR Code of Turkey in order to establish a standard QR Code structure and common rules within the payment services ecosystem regarding this structure.” CMS Law-Now

TR QR Code in 2020

Turkey has a large unbanked population (31 percent) and that country has been under pressure to reform digital services.

This action is one more step by Turkey to meet PSD2 standards; these standards are part of more general regulatory framework involving RTS (regulatory technical standards) and SCA (secure customer authentication).

These standards are designed to product uniformity in commerce, achieve better accountability, and to protect customers.

The Central Bank in Turkey made the objectives clear which included making Turkey cashless – 

TR QR Code is intended to ensure OR code standardization in retail payments by promoting cashless payment at all levels, and eventually to support the use of less cash in Turkey. By means of these common rules, users of different payment service providers will be able to make payments with QR Code, and payments between different payment schemes, digital wallets and payment service providers will be facilitated. Also, adoption of the QR code as a payment method will be encouraged in merchants, including small ones.”