BIS advises central banks to plan in advance for CBDC security
Issuance of a central bank digital currency (CBDC) requires adequate attention to security, the Bank for International Settlements (BIS) reminded central bankers in a report on Nov. 29. An integrated risk-management framework should be in place starting at the research stage, and security should ...
BIS Innovation Hub presents its ‘private CBDC’ project
The Bank for International Settlements (BIS) Innovation Hub has presented the final report on its “private CBDC” initiative, Project Tourbillon. The prototypes, built in the project’s framework, could allow payment anonymity for central bank digital currency transactions.The 46-page report ...
South Korea to invite 100K citizens to test CBDC in 2024
The Bank of Korea (BOK) — South Korea’s central bank — has said it will invite 100,000 Korean citizens to purchase goods with deposit tokens as part of its central bank digital currency (CBDC) pilot. The testing will start “around September to October” of 2024 and last for three months. ...
‘Primitive’ stablecoin lacks mechanisms that maintain fiat stability: BIS
Stablecoins lack crucial mechanisms that guarantee money market stability in fiat, and an operational model that gave regulatory control to a central bank would be superior to private stablecoin, a study released by the Bank for International Settlements (BIS) found. The authors used a &ld ...
IMF head: CBDCs can replace cash, help financial inclusion
During her opening speech at the Singapore FinTech Festival, International Monetary Fund (IMF) Managing Director Kristalina Georgieva urged the public sector to “keep preparing to deploy” central bank digital currencies (CBDCs) and related payment platforms in the future.Georgieva expresse ...
Stablecoins ‘not a safe store of value’: BIS
The Bank of International Settlements (BIS), a coalition of the world's central banks, criticized stablecoins as being "not a safe store of value" in its latest research report dated Nov. 8.In outlining its reasons, the BIS explained that from January 2019 to September 2023, fiat-backed st ...
BIS general manager urges central banks to “lead innovation” for CBDCs
Central banks have a responsibility not only to keep pace with the digital age but to lead innovation, Agustín Carstens, General Manager of the Bank for International Settlements (BIS), believes. In his opening remarks at the conference in Basel on Nov. 8, Carstens called the central ...
Project mBridge reveals details of its workings ahead of MVP, commercial debut
The Bank for International Settlements (BIS) released a colorful and fact-filled Project mBridge update on Oct. 31. The publication combines technical and promotional discussions in a shift of tone as the project prepares to become a minimum viable project for commercial launch next year.T ...
U.S. Office of the Comptroller will discuss tokenization as opposed to crypto
The Office of the Comptroller of the Currency (OCC), an independent bureau of the Treasury Department that supervises “national” commercial banks in the United States, will host a symposium on tokenization in February 2024. The upcoming symposium is set to ignite a public dialogue on ...
IMF director urges ‘financial inclusion’ via digitalization
During her opening speech at the International Monetary Fund’s (IMF) seminar on financial inclusion in Marrakesh, IMF Managing Director Kristalina Georgieva said digitalization is “the most important way” to scale up financial inclusion. “It is digital that moves help to people, inves ...
Banks’ crypto exposure must be disclosed — BIS’ Basel Committee
The Basel Committee on Banking Supervision of the Bank for International Settlements (BIS) released a consultation paper on Oct. 17, proposing to make it compulsory for banks to disclose their crypto exposure. The Basel Committee comprises central banks and financial authorities from 28 ju ...
mBridge Cross-Border CBDC Project Progresses Toward MVP Launch
The mBridge project, which focuses on cross-border central bank digital currencies (CBDCs), is making progress toward its minimum viable product (MVP) launch. The project has recently announced plans to onboard new participants, potentially including central banks from Southeast Asian countries. Cur ...
German Financial Regulator Stresses Urgent Need for Global Cryptocurrency Regulation
Rupert Schaefer, the Executive Director of Strategy, Policy and Control at the German Federal Financial Supervisory Authority (BaFin), has emphasized the importance of global regulation for the cryptocurrency industry. In a blog post, Schaefer likened regulators to air traffic controllers, and he hi ...
BIS thinks DeFi has no use cases, but CZ is bullish: Finance Redefined
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.The past week in the DeFi ecosystem was filled with ups and downs, from the United States Commodity Fut ...
BIS releases unified ledger proposal for cross-border, tokenized asset transactions
The Bank for International Settlements (BIS) has released a chapter of its annual report early. That chapter, on the future of the monetary system, discussed “a new type of financial market infrastructure – a unified ledger.” The chapter was published June 20, one day after the International Mone ...