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Cartan Connections Issue #1


On 21 January 2020, six central banks together with the Bank for International Settlements (BIS) have created a group to share experiences and assess the potential use cases for central bank digital currencies (CBDC) in their home jurisdictions. These banks are:

  • The Bank of Canada
  • The Bank of England
  • The Bank of Japan
  • The European Central Bank
  • The Sveriges Riksbank 
  • The Swiss National Bank

A few days later, the BIS published an updated survey on how central banks across the world are progressing in this area. Key findings from the survey are:

  • Emerging market economies are reporting stronger motivations and higher likelihood than advanced economies to move from research to practical development (and issue) of CBDCs
  • 80% of respondents are engaging in some sort of work, 40% have progressed from research to experimentation or proof of concepts, and 10% have developed pilot projects – all are emerging market economies
  • Domestic payment efficiency, safety, and financial inclusion were considered very important for emerging market economies while only payments safety ranked as very important for advanced economies
  • 75% of central banks do not have or remain unsure of their legal authority to issue a CBDC

To learn more, please click here.

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On 7 Feb 2020, the Government of Australia released a National Blockchain Roadmap – a five-year roadmap that sets a number of signposts for the future, including bringing together regulatory frameworks, developing educational and upskilling programs, and improving international standards for blockchain technology. 

The roadmap highlights three initial applications to investigate and explore:

  • Offer transparency, data-sharing, and improved efficiencies in the agriculture supply chain sector. It can assist in inventory tracking and automate payments amongst supply chain members.
  • Manage trusted, professional credentials on an immutable registry. Credentials are produced by the education sector, by professional and trade associations, and by government.
  • Improve the Know Your Customer (KYC) process between the customer and financial services provider as well as the process for customers between financial services providers.

A Steering Committee will be formed to oversee the strategies arising from the roadmap, ensure a collaborative model is established and followed, and coordinate amongst government, research, industry, users, and policymakers.

To learn more, please click here.


The Bahamas is adopting its own digital currency as a part of the Bahamian Payments System Modernization Initiative, which began in 2000. The pilot run for the Sand Dollar began in Exuma, and the Abaco Islands are expected to follow by the end of February.  
The primary motive behind implementing a digital currency in the Bahamas is to increase accessibility to residents that do not have immediate access to banks.  The Sand Dollar also reduces the general risk associated with security and insurance of a cash operated business. 
The Sand dollar is a digital version of the Bahamian Dollar and will hold the same value. However, the Sand Dollar is different than many other digital currencies today and is not a cryptocurrency. It is not a stablecoin as it has no external reserves backing the currency, despite having the same value as the Bahamian Dollar. 
By the end of Q2, it is anticipated that all of the Bahamian Islands will have adopted the use of the Sand Dollar.

To learn more, please click here.
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Brandon Caruana
Brandon Caruana

Recognized for building bridges between technology and business divisions, Brandon forges successful working relationships with all levels of team members, encouraging communication and cooperation to effectively provide easy to use systems which improve efficiency and increase profitability.

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