Cryptocurrency
Venezuelan public invited to invest in national crypto asset
President Maduro announces public will be able to invest in ‘petro’ as well as gold; $1 billion from the proceeds of first petro auction to go to the central bank
Public should be allowed to open accounts with central banks – research
St Louis Fed paper argues against central banks launching full-blown digital currencies, but says an electronic form of central bank money “would be easy to implement”
Philippines toughens rules on crypto-exchanges
Philippines is one of the few central banks to adopt formal regulations on crypto-asset exchanges
SNB rejects idea of retail central bank digital currency
Governing board member Andrea Maechler says central bank digital currency would bring “incalculable risks”, and denies that crypto tokens are “comparable with” money
RBI to consider launching digital currency
Reserve bank to investigate issuing a digital form of central bank money, as it unveils measures to “ring fence” regulated banks against crypto tokens
BoE and FCA to lead new ‘crypto-assets task force’
Regulators will manage the risks around crypto assets as well as “harnessing the benefits” of blockchain; robo-compliance on cards
Crypto tokens not yet a ‘significant risk’ – MAS’s Menon
The MAS is monitoring the crypto world using “unconventional” data-gathering methods
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
Central bank digital currencies could aid policy transmission – BIS
BIS says CBDC may boost transmission of rate changes, but could also lead to runs at “unprecedented speed and scale”
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
Sweden must ask fundamental questions on money – Ingves
Sveriges Riksbank governor Stefan Ingves says lawmakers must act to preserve the regulation of the payments system
ECB’s Mersch urges caution on regulatory sandboxes
The ECB board member is “not sure we have the right answers yet”
Book notes: How global currencies work, by Barry Eichengreen, Arnaud Mehl and Livia Chiţu
A comprehensive introduction to the history of global reserve currencies, with analysis of how advances in technology and the structure of trade have reshaped the landscape
UK lawmakers launch inquiry into DLT and cryptocurrency
Parliamentary committee is to investigate whether UK regulators have struck the right balance in regulating emerging technologies without stifling innovation
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