Crypto Assets
FSB: cryptocurrencies too small to be major threat
Limited links to real economy imply crypto assets may avoid regulatory crackdown for now; work continues on consumer protection
Lagarde says tech should be used for crypto regulation
IMF managing director says it’s time to “fight fire with fire”; DLT and AI could help enforce regulation on crypto assets
Malaysia imposes anti-money laundering rules on crypto exchanges
BNM orders digital currency exchanges to identify customers and monitor transactions
Cryptocurrencies are failing to displace money, Carney says
BoE governor says digital currencies are “virtually non-existent” as units of account
We don’t need cryptocurrencies – former St Louis Fed economist
Current payment infrastructure and physical cash already provide the benefits offered by cryptocurrencies, says Stephen Williamson
European authorities warn of dangers in cryptocurrency markets
Spanish and Dutch central banks warn of “misleading” data and unregulated markets
New York Fed economists unconvinced on crypto’s viable uses
Cryptocurrencies would work in dystopian world, economists say, but current environment means advanced economies have no need for them
BIS’s Carstens calls for cryptocurrency clampdown
Bitcoin has become “a combination of a bubble, a Ponzi scheme and an environmental disaster”
Do not ban cryptocurrencies – DNB
Central bank says a ban would be difficult to enforce and could impede innovation
Asian central banks crack down on cryptocurrency
Central banks in China, Korea, Malaysia and Singapore all taking action as cryptocurrency prices slump
Bank of Lithuania set to board the blockchain
Central bank in the process of creating blockchain-specific sandbox that will grant firms access to its own platform, LBChain; hoping to launch in 2019
Bank Negara Malaysia issues new digital currency regulation
Proposed regulation aims to hold digital exchanges to a higher standard of transparency, while ensuring they identify any AML/CFT risks that may arise
Venezuela to launch cryptocurrency as cash crisis continues
New cryptocurrency will be backed by Venezuela’s oil reserves and other raw materials; new ‘blockchain observatory’ has responsibility for oversight
Digital currencies may foster competitiveness in retail payments, research finds
But central banks should be cautious and implement non-anonymous models to preserve security
Instant payments crucial to stop crypto disruption – Mersch
ECB board member reiterates concerns around viability of crypto-currencies, while encouraging banks to adopt instant payment networks
How crypto is my currency?
Richard Heckinger examines how central banks are grappling with new ideas on crypto-currency and distributed ledgers
PBoC research head defends ICO ban
Central bank official stresses ban on ICOs will not hinder research on blockchain
Bank of Finland paper deems bitcoin ‘revolutionary’
Bitcoin cannot be regulated, say economists, who give the volatile cryptocurrency a glowing review
Central banks unlikely to issue digital money, argues author
David Birch’s book discusses how communities could be at the heart of the new electronic monetary system
Six large banks join UBS digital currency project
UBS announces the third phase of its digital currency project; analysts question whether the project can deliver all it promises
PBoC bans ICOs in latest crypto-currency battle
Price of bitcoin falls as China’s central bank takes action against projects that have raised 2.6 billion yuan; regulators in other areas also wary of ICO funding
BoE economist argues against benefits of cryptocurrencies
Cryptocurrencies have “failed” to compete with fiat currencies as an alternative store of value
Bank of Korea paper says digital currency will not displace hard cash
Digital currency could be used as a medium of exchange, but will not oust cash as a store of value, given the issues surrounding insurance and trust, authors of working paper find
Norway’s Nicolaisen: central banks must guard against e-money takeover
Private electronic money can bring drawbacks, especially in a crisis, Norges Bank deputy governor warns; central banks need to come up with better options