central bank

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 ...

In a bid for greater global recognition and domestic use of the Nigeria Payments System, the Director-General (DG) of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi, has stressed the importance of collaboration between NITDA, the Central Bank of Niger ...

In response to the feedback received on its proposed Digital Payment Token (DPT) regulations, the Monetary Authority of Singapore (MAS) laid down measures for DPT service providers to discourage speculation in cryptocurrency investments.The de-facto central bank of Singapore, MAS, announce ...

The image of a presidential candidate destroying a model of the central bank with a sledgehammer will not leave Argentines' memories for a long time. But once President-elect Javier Milei is seated on the throne on Dec. 10, will he still have the courage to follow a winding and risky path? ...

Argentina's Bitcoin (BTC)-friendly Javier Milei won the country’s presidential run-off election on Nov. 19, beating out his opponent Sergio Massa.With almost 99% of the vote counted, Milei won over 55% of the votes with a nearly 3 million vote lead according to Bloomberg data. ...

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 ...

The Monetary Authority of Singapore (MAS) has introduced five additional industry pilots into the Project Guardian to test various use cases around asset tokenization. Project Guardian is a collaborative initiative led by Singapore’s central bank that seeks to develop new financial in ...

Non-government organization Bitcoin Argentina presented a draft bill proposing to regulate the cryptocurrency market in a way that preserves decentralization and strengthens public trust.The proposed legal framework was pitched by Bitcoin Argentina's president Ricardo Mihura at LABITCONF 2 ...

Some of the largest United States banks are not able to facilitate customers deposits after one of the Federal Reserve’s payment systems suffered an outage on Nov. 3.The Federal Reserve said the bug was caused by a "processing issue" in the Automated Clearing House — a payment ...

The Swiss National Bank (SNB), six commercial banks and the SIX Swiss Exchange will work together to pilot the issuance of wholesale central bank digital currencies (CBDCs) in the nation, officially known as the Swiss franc wCBDC.The pilot project dedicated to wholesale CBDC, named Helveti ...

Historically, a Santa rally happens in the weeks leading up to Christmas when a collective sense of goodwill bleeds into equity markets. This is typically a seasonal blip and nothing to write home about. But this year, we could see a far more significant rally as the United States Federal Reserve ...

The Hong Kong Monetary Authority (HKMA) is gearing up for the second phase of the e-HKD (e-Hong Kong dollar) pilot program as it announced the successful completion of the Phase 1 trial of its in-house central bank digital currency (CBDC). The HKMA launched the e-HKD pilot program in ...

Billionaire investor Stanley Druckenmiller praised Bitcoin (BTC) for establishing a “brand” over last decade and half — admitting while he doesn’t own any Bitcoin, he ought to. The billionaire shared his latest thoughts on Bitcoin in an Oct. 30 interview with hedge ...

The Singapore entity for Upbit, South Korea’s largest exchange by volume, has been given in-principal approval for a Major Payment Institution (MPI) license in Singapore.On Oct. 16, Upbit Singapore said the Monetary Authority of Singapore (MAS) gave the in-principle license nod, allowing i ...

Agustín D'Attellis, the Director of the Central Bank of the Argentine Republic (BCRA), has publicly supported the promotion of a central bank digital currency (CBDC), referred to as the "digital peso" (PAD), as a remedy for the Argentine economy. D'Attellis believes that the traceability of CBDC tra ...

Fintech innovations and emerging technologies have been rapidly evolving worldwide, prompting global regulators to adapt and establish regulatory frameworks. In this landscape, Latvia, a small Baltic country neighboring Estonia and Lithuania, has been quietly joining the efforts to understand and re ...

Central bank digital currencies (CBDC) and blockchain technology are likely to displace traditional banks, according to a lawmaker in Russia.Anatoly Aksakov, head of Russia’s parliamentary financial committee and a major skeptic of Bitcoin (BTC), has predicted that the traditional banking ...

Bus and taxi operators in Jamaica are eager to use the country’s in-house central bank digital currency (CBDC) — Jam-Dex — as locals seek operational efficiencies and reduced costs and security risks.The Central Bank of Jamacia launched Jam-Dex, short for Jamaican Digital ...

News headlines have recently covered how China's struggling economy poses significant risk to global growth. Economic activity and the flow of credit in the region are weakening and analysts are not convinced that the Chinese government’s interventions are a sufficient fix for what appear to be s ...

Macroeconomist Lyn Alden has cast doubt on a proposal that would see five countries work together to develop a common BRICS currency — arguing it will likely struggle to get off the ground and fail to dethrone the United States dollar. In an interview with Cointelegraph just days before the BRICS ...

The typical Canadian has little reason to adopt a central bank-issued digital currency, which could cause problems with its broad acceptance, according to a new paper from the Bank of Canada. In the staff discussion paper released on Aug. 10, the central bank looked at a hypothetical scena ...

Warren Buffett and Bill Ackman are two of the most successful investors in the world, but they have taken opposing views on the bond market in recent months.Only one can be right. Billionaire investor Bill Ackman says he is shorting US ...

The Monetary Authority of Singapore (MAS), the country’s central bank, has announced that it is committing up to 150 million Singapore dollars (around $112 million), to support various financial technology solutions like Web3. In an announcement, MAS highlighted that the funds w ...

The Indian Supreme Court on July 27 reprimanded the Union government for the lack of crypto regulations in the country, according to a report in a local media outlet. The Supreme Court in its observation noted that it is “unfortunate” that the government has yet to release any clear g ...

The Namibian Government officially signed a law to regulate Virtual Asset Service Providers operating in the country last week, reversing its original 2017 decision to ban cryptocurrency exchanges.On July 21, the VASP-regulating law was inserted into the Gazette of the Republic of Namibia ...

San Francisco's Federal Reserve Bank is seeking a crypto architect for a central bank digital currency project, an Indeed job posting has revealed. According to the role description, the employee will work on CBDC research and development.The position is full-time and hybrid, wit ...

Myanmar’s first entirely crypto-based banking institution has announced a soft launch for July 22 — a move that could see the country’s shadow government given greater access to financial services and funding.The Spring Development Bank is named after the Spring Revolution, the opposition ...

United States presidential candidate Ron DeSantis once again criticized central bank digital currencies (CBDCs), arguing against the possibility of a digital dollar in the country. Speaking at the Family Leadership Summit on July 14, DeSantis promised to ban CBDCs in the U.S. if he is ...

A blockchain developer who claims to have reverse-engineered the source code of Brazil’s pilot central bank digital currency has discovered functions in the code that would allow a central authority to freeze funds or reduce balances. He has since argued, however, that there cou ...

Here’s what happened in crypto today. South Korea passes crypto bill to tackle unfair tradingThe South Korean government is taking steps to protect cryptocurrency investors from implosions like Do Kwon’s Terra ecosystem by passing a new crypto bill.Chairman K ...

The United States Federal Reserve ’s emergency fund for embattled banks has seen its highest level of distressed asset redemptions since its inception three months ago.The emergency lending program — known as the Bank Term Funding Program (BTFP) — was introduced ...

Central bank digital currencies (CBDCs) may not solve any problems faced today, but could be the answer to ones not even fathomed yet, says the executive spearheading Australia’s CBDC pilot. Dilip Rao, a former Ripple executive who’s now spearheading Australia’s CBDC rese ...

The American central bank has determined that all 23 of the country’s largest banks would be able to survive a severe recession following its “stress tests.”The report issued on June 28 also showed relative weakness among the midsize and regional banks, however, the stress test only requir ...

Italy’s top banking authority has called for a “robust, risk-based” regulatory framework for stablecoins, which could help prevent a worst case scenario — a “run” on stablecoins. The central bank’s recently released “Markets, Infrastruct ...

Stablecoins have a lot of potential to harm emerging markets and developing economies, the Reserve Bank of India (RBI) claimed in its latest Financial Stability Report, released June 28. The report listed six threats that stablecoins present.The RBI has been a steadfast critic of cryptocur ...

Fabio Panetta, an executive board member of the European Central Bank (ECB), has suggested a dark future for cryptocurrencies, in which the digital assets may be used for little more than gambling among investors.In written remarks for a panel at the Bank for International Settlements Annu ...

Slovakia will codify the right to use cash as a method of payment after a vote to amend the nation’s constitution passed in parliament on June 15. The new legislation was sponsored by the Sme Rodina party, also known as the “We Are Family” party, and was reportedly drafted as a precau ...

Banco de la República, Colombia’s central bank, is partnering with Peersyst and Ripple to pilot blockchain technology on the XRP ledger. The Ministry of Information and Communications Technologies (MinTIC) in Colombia will oversee the project, which will use Ripple’ ...

The European Union signed the Markets in Crypto-Assets (MiCA) regulations into law on May 31, making way for the landmark regulatory guidance on crypto assets and service providers to come into effect.First drafted in 2020, the EU’s regulatory package will govern the issuance and sco ...

De-dollarization, the decline of the United States dollar as the world’s dominant reserved currency, is underway, and it’s gaining momentum. For over 100 years, the U.S. dollar has been the world reserve currency, which means it has been the dominant foreign currency held by central b ...

The bullish momentum that propelled Bitcoin (BTC) price to a 2023 high over $30,000 on April 11 is all but gone after a fresh wave of SEC-led regulatory enforcement against Coinbase followed the June 5 lawsuit against Binance exchange.The contraction in Bitcoin price follows a market-wide ...

Right as analysts thought that Bitcoin (BTC) was on the cusp of showing signs of a price breakout, the crypto market took a turn to the downside after the SEC presented charges against Binance exchange. This has led some analysts to believe that the BTC price bottom is not yet in. Bit ...

The Central Bank of Kenya received comments on a discussion paper on the potential issuance of a digital shilling, and hasn’t a definitive conclusion. In a June 2 announcement on Twitter, Kenya’s central bank said it received more than 100 comments from members of the publ ...

The global watchdog fighting money laundering and terrorist financing has slammed Qatar Central Bank (QCB) for making little effort to enforce its own regulations prohibiting virtual asset service providers. In a report published on May 31, the Financial Action Task Force (FATF) highlighted that ...

Blackrock CEO Laurence Fink believes the recent “drama” around the United States debt ceiling has deteriorated global trust in the U.S. dollar, something that other analysts predict could provide some tailwinds for Bitcoin (BTC).Fink’s comments came as U.S. House of Representatives on May ...

According to Bloomberg, the Hong Kong Securities and Futures Commission (SFC) is going to officially allow retail investors to trade in cryptocurrencies from June 2023. The relevant provisions are captured in a new set of rules. Thanks to the development of the cryptoc ...

The South Korean Central Bank is taking steps to increase its oversight of virtual asset service providers (VASPs) and cryptocurrency issuers. To better monitor these entities, the Bank of Korea will now request transaction data from cryptocurrency exchanges, a move that has been approved by the ...

The UAE Central Bank has announced a strategic partnership with G42 Cloud and R3 to facilitate the implementation of their CBDC (Central Bank Digital Currency) strategy. The CBUAE (Central Bank of the United Arab Emirates) representative has confirmed the successful completion of preliminary test ...

Debit banking Binance Card of the largest crypto exchange is issued with the aim of integrating traditional financial services with the global cryptocurrency ecosystem, according to the Brazilian regulator. Partners announced the launch of a joint project of the largest crypto exchange Binance an ...