Digital currency
Digitalisation has complex impact on monetary policy – BoC paper
New technologies could affect policy transmission, communication and data tools
Custodia opens for business without Fed master account
Wyoming digital assets bank is continuing legal action against the US central bank
Russia starts digital ruble trials
Sanctioned banks are participating in CBDC pilot
Brazil’s CBDC to improve access to ‘intelligent financial services’
BCB expected to launch digital currency in 2024
Canadian CBDC would not improve inclusion, paper says
Bank of Canada research finds most citizens already have access to e-payments options
El Salvador’s central bank licenses Binance
Move comes despite growing international regulatory concern over crypto exchange firm
PayPal launches US dollar stablecoin
Company will publish reserves report in September
When £1 is not £1
Gabriel Stein examines the risks from introducing a CBDC should its value diverge from that of physical currency and bank deposits
Fed rate hikes propel ‘crypto cycle’ – IMF paper
Monetary policy more correlated with institutional investment in tech than finance
DeSantis attacks Federal Reserve
Republican candidate suggests he would name new Fed chair
Stefan Ingves on central bank failings on inflation and financial stability
The Riksbank veteran speaks about liquidity, interest rate and non-bank regulatory reforms, the importance of saying ‘no’, and the need for explicit legal definitions for digital money
Digital yuan transactions growing rapidly, PBoC says
But Yi Gang notes prototype CBDC currently takes up a very small share of cash in circulation
Guillermo Avellán on BCE independence, capacity-building and dollarisation
Central Bank of Ecuador general manager speaks about the need to bolster the central bank’s legal autonomy, dollarisation challenges, payments developments and monetising local gold production
Panama supreme court rejects crypto law
Judges agree draft law has unconstitutional provisions and was improperly passed
Senad Softić on governance, currency boards and EU convergence challenges
Central Bank of Bosnia and Herzegovina governor speaks about improving governance in a political vacuum, managing a currency board amid rip-sawing euro rates, resolving Gazprom’s local units, modernising payments and meeting EU convergence criteria
New York Fed completes global digital dollar proof of concept
Wholesale CBDC project tested 24/7 payment and settlement
BIS attacks crypto in report to G20 officials
But report promotes DLT for use in cross-border wholesale CBDC
IMF repeats warning on Marshall Islands’ fintech plans
Fund proposes Pacific island state could set up a ‘monetary authority’
BIS reports gaps in CBDC cyber security modelling
Over 90% of central banks now working on a CBDC project, survey finds
Crypto tax would be lucrative but challenging, IMF paper says
Authors say authorities face problems categorising and tracking cryptocurrency activity
World Economic Forum warns of CBDC ‘alliances’
Report recommends interoperability via “token switching” and common messaging standards
Nigerian central bank caps contactless payments
Move limits consumers’ daily contactless payments to $66
FATF finds global crypto AML failures
Most jurisdictions “struggle with fundamental requirements”
EC proposes legal tender status for digital euro
Legislation envisages digital wallet available on- and offline, while safeguarding cash