Digital dollar: Cryptocurrency for everyday commerce

Michael van Bemmelen

Contents

Foreword

Preface

Preface

Introduction: Suptech/regtech defined: Payments, sandboxes and beyond

1.

The uncertain prudential treatment of cryptoassets

2.

US regulatory certainty versus uncertainty for crypto and blockchain

3.

Bermuda: Suptech and regtech supporting the risk-based approach

4.

Suptech: A new era of supervisory philosophy

5.

Cloud computing in the financial sector: A global perspective

6.

DeFi protocol risks: The paradox of cryptofinance

7.

IT transformation in the Prudential Authority of South Africa: A case study

8.

Making the vision a reality: Perspectives from the Monetary Authority of Singapore

9.

Lessons from Hong Kong through the lens of the HKMA

10.

Technological change: Is it different this time?

11.

The ECB’s suptech innovation house: Paving the way for digital transformation of banking supervision

12.

China’s financing opening up and regulatory convergence with the world

13.

Disclosures and market discipline: The promise of regtech

14.

Regtech and new derivatives developments

15.

Fintech and regtech: Leading the evolution and regulation of alternative investments

16.

The role of artificial intelligence and big data in investment management

17.

The promise and challenges of machine learning in finance

18.

Data privacy and alternative data

19.

Digital ID and financial inclusion

20.

Strategic technology: Regulation and innovation of CBDCs

21.

Regulatory sandboxes: Innovation and financial inclusion

22.

Technology and sandbox development innovation in a transitional market: A case study

23.

Developing the regulatory ecosystem: The evolution of stablecoin

24.

Central bank digital currency, regtech and suptech

25.

Digital dollar: Cryptocurrency for everyday commerce

26.

CFTC regtech implications for virtual currency trading

27.

Fintech, regtech, suptech and central bank decision making

Everybody knows that the boat is leaking
Everybody knows that the captain lied

Leonard Cohen

The Bitcoin revolution started a global gold rush in the issuance of new digital money, mostly functioning as a digital store of value. In a parallel development, many existing and new companies claim to have developed superior technology to seamlessly transfer payments. This chapter will discuss the absence of incentives among these companies for providing much-needed innovation in the daily payment space with a digital medium of exchange. The chapter will then describe a new technology that can disrupt the US payment card duopoly, the nemesis of small business owners for over half a century. The innovation builds on a digital dollar (DG dollar) that is fully compliant with payment-processing regulation and can be used in daily commerce throughout the US.

As described in related patent filings,11 The technology described in this chapter was the subject of filings with the USPTO on April 12, 2016, and July 24, 2017. DG dollars can be stored in a register app on a smartphone. The digital dollar’s value is fixed at parity with the paper dollar and remains freely convertible

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