Libra
G7 group warns of stablecoin risks as FSB sets out plans
Group’s final report says global stablecoins could generate “significant adverse effects”; FSB outlines plan for review of stablecoin regulation
FSB raises pressure on stablecoins as firms abandon libra
Several major payment firms have distanced themselves from the project amid intense regulatory scrutiny
BSP’s Diokno on forward guidance and cutting reserves
The Central Bank of the Philippines governor speaks to Christopher Jeffery and Alice Shen about fintech, efforts to wean Asia off the US dollar, and why he wants to cut policy and reserve requirement rates
Seven threats from big tech’s libra
Can central banks avoid a ‘big tech’ monetary meltdown?
Stablecoins raise ‘sovereignty challenge’, says de Galhau
French governor says rise of stablecoins highlights need for pan-European action on payments
ECB’s Cœuré weighs stablecoin risks
Executive board member calls for improved global payment systems, while preserving global policy priorities
30 years of central banking
Central banks face credibility tests on a number of fronts
Regulators meet in Basel to grill stablecoin backers
Conference convened by G7 stablecoins group included Libra Association, Fnality and JP Morgan
Overseeing China’s payments revolution
The PBoC has tried to strike a balance between facilitating bigtech innovation and reining in risks, amid an explosive growth in mobile payments
ECB’s Mersch attacks Facebook over ‘cartel-like’ libra structure
Senior ECB official accuses currency project of “treacherous promises”
Agustín Carstens on fixing the global monetary system
The BIS chief speaks about how to strengthen the global safety net, vulnerabilities in emerging markets and the challenges and opportunities posed by fintech
Central banks face loss of independence – Central Banking survey
A new survey of Central Banking’s Editorial Advisory Board points to central banks facing existential challenges with little change in their frameworks or toolkits
Mark Carney on joined-up policy-making, forward guidance and Brexit
BoE governor rules out negative rates and change to inflation targets, offers update on too-big-to-fail and use of CCyBs, highlights challenges of an asymmetric monetary system, hits out at cumbersome payments and warns Facebook’s libra cannot ‘learn as…
IMF’s Adrian on the big tech threat and why a ‘non-system’ works
The IMF’s financial counsellor speaks about risks from big tech’s move into fintech, the fund’s efforts to craft well-targeted policy guidance and why the current international monetary ‘non-system’ works
Ripple attempts to pacify US regulators after libra hearings
Payments service provider says crypto assets would be complementary to dollar
Do stablecoins like libra differ from other crypto assets?
Sayuri Shirai assesses the implications of stablecoins for stability, monetary policy and regulation
Quant Lipton pans Facebook’s Libra
Former Bank of America exec sees more potential in rival projects, such as utility settlement coin
Bundesbank takes light-touch approach to Libra
Governments should be “neutral” on some digital currencies, says German central bank
US lawmakers slam Facebook’s ‘delusional’ Libra plan
Libra executive grilled at US hearing over Facebook’s history of scandals
Trump lashes out at Libra
US president says Facebook’s system will need a banking licence if it wants to be a bank; Jerome Powell says Libra not likely to be allowed to launch in 12 months
PBoC gets go-ahead from China’s cabinet to develop CBDC
China’s central bank is developing its own CBDC, as officials voice concerns over Facebook’s Libra
FSB weighs options for tackling rise of non-banks
Randal Quarles says strict regulation is necessary if crypto assets like Libra become widely used
De Galhau unveils G7 task force on ‘stablecoins’
Banque de France governor says group will weigh up impact of Libra and other “stable” crypto assets