Blockchain
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
Fintech can give emerging markets an edge – PNG governor
Loi Bakani says the central bank is supportive of attempts to develop financial technology, though it present regulators with a “massive challenge”
Digital currencies could transform the role of central banks – Chilean governor
Marcel is wary of developments with CBDCs, but believes they are still a long way off; he urges central banks to keep pace with fintech innovation
Sarb denies fintech firms have joined ‘sandbox’
South African central bank denies claims a blockchain start-up has been accepted into the scheme, as it does not currently exist; a working group is in discussions on feasibility
Belarus turns to blockchain for information sharing
Central bank uses technology for new information sharing network with plans to deploy the tech to other areas, including securities market
BoE bloggers suggest central banks could use equity-financed QE
Economists raise ideas for future balance sheet innovations, including digital currencies, helicopter money drops and equity-based quantitative easing
WEF report calls for global standards on blockchain
Authors say it is time for ‘global action’ in fostering fintech innovation; task forces need to be created to create global standards, while funding should be provided to help research
Panellists divided on merits of central bank digital currency
Sweden and Singapore unsure whether digital currencies will supersede cash in the near future; fintech innovation has the potential to increase competition in financial services
Kazakh central bank to roll out blockchain-based savings
Central bank plans to allow members of the public to trade its short-term notes on a blockchain-based system by the end of the year
MAS’s DLT project posts successful results
Network issues digital Singapore dollars across a DLT network to settle interbank debts; problems with credit risk and liquidity will be addressed in future work, central bank says
DLT expert: central banks should consider wider uses than just payments
Instead of payments, central banks should look to implement DLT for identity document transfer, says Michael Mainelli; expert takes more cautious view of the technology
Digital currency could remove need for positive inflation target, economists argue
Proposed digital framework eliminates the need for “inflation buffer” and promotes transparency of the balance sheet
PBoC deepens interest in fintech with new committee
Fintech committee will be charges with investigating the pros and cons of financial innovation and producing guidelines where appropriate; China’s central bank deepens cooperation with IMF
Kashkari has inflation concerns about bitcoin
The potential of digital currencies lies with underlying infrastructure, Minneapolis Fed president says; the Fed is “paying attention” to the issue
All aboard the blockchain
The underpinning architecture of bitcoin and other crypto-currencies – distributed ledger technology – has the potential to revolutionise digital payments, with some central banks working out how to harness ‘the blockchain’
Swift to ‘streamline’ cross-border payments with DLT framework
Swift to launch blockchain proof of concept later this year utilising the ‘hyperledger fabric’
DLT not ‘mature enough’ for eurozone usage, ECB says
ECB’s annual report explores progress with distributed ledger technology, emphasising it is still in its infancy; DLT could eventually be used for Europe’s payment and securities settlement systems
HKMA investing in digital currency prototype
HKMA continues to build on its DLT research through digital currency venture with commercial banks; previous projects show potential to improve efficiency and transparency
New paper examines central bank digital currency models
Bank of Canada experiment proves distributed ledger networks can be used to settle payments; paper examines the difference between retail and wholesale models
G20 should create central bank blockchain group – think tank
Policy brief stresses the need for the G20 to be a leading figure in the blockchain debate; new consortium to discuss implications for monetary and fiscal policy
MAS’s Menon stresses importance of fintech regulation timing
Fintech needs regulation, but it should not “front-run” innovation, says Menon; regulation should “kick in” only when fintech risk “crosses a certain threshold”
Bank Negara Malaysia invites public to submit ‘fintech hacks'
Malaysia’s central bank extends research into fintech through public project; hopes regulatory sandbox will produce “game-changing results”
Bundesbank president: blockchain brings benefits and pitfalls
Technology has the potential to make financial markets “faster” and “more efficient”; its introduction should be accompanied by regulation
BoE collaborates with fintech firms to enhance payment system
BoE establishes new fintech community to discuss developments in the industry; next round of proof-of-concepts to examine ‘interledgers’ and threat intelligence