Payments
Facebook may bow to regulatory pressure on libra
Basic goals have not changed, says tech giant, but reports suggest network will offer libra alongside other assets
FedNow: the advantage of going last
While the Fed is late in developing instant payments, it can learn about fraud detection, interconnectivity and directory services strategies from Europe, the UK and Australia
IMF urges caution on CBDCs in Eastern Caribbean
Scope to modernise payments, but central bank must proceed with caution, IMF staff warn
BIS research finds 20% drop in active correspondent banks
Retreat from correspondent banking could drive people into “unregulated channels”, authors warn
BIS paper lays out ‘crucial’ design choices for CBDC
Challenge is to design a currency that balances credibility and convenience, says Hyun Song Shin
Cunliffe spells out key questions to answer before launching CBDC
If central banks are to issue digital currency, they must think hard about the design, BoE deputy says
Ghana’s Addison on banking reform, innovation and the future of the eco
The Bank of Ghana governor speaks about the next steps in banking reform and why West Africa may need more time to start using a common currency
South Korean central bank tests blockchain for bond markets
Bank of Korea is the latest to test DLT-based system for transactions
New body will share EU intelligence on cyber-threats
ECB, Europol and the EU Agency for Cybersecurity join forum to share cyber security information
Cash usage falling rapidly in Denmark
Share of the population not carrying cash doubled from 2017 to 2019
Bank of Canada developing CBDC ‘contingency plan’
Central bank could issue CBDC if private sector alternatives become quickly dominant, deputy governor says
Why Bulgaria needs to deepen its currency board
The BNB’s currency board rules should be extended to transaction deposits at commercial banks, which could in turn issue digital currencies, even in the event of euro adoption
Bank of Korea will superheat banknotes to stop coronavirus
People looking to exchange currency will have to go through heat monitor
Swedish central bank will test DLT-based digital currency prototype
Sveriges Riksbank and Accenture project to use simulated agents to test ‘e-krona’
RBNZ governor: lawmakers must help preserve cash access
New Zealand governor says industry and politicians must respond to the rise of “less cash” society
Brazil to launch instant payments platform
System is set to become operational in November 2020 and will allow tax payments
Podcast: Bank of Finland’s Aleksi Grym on a 1990s’ digital currency
Avant was launched to establish a new payments network but failed due to competition from ATMs
BIS appoints heads of Switzerland and Singapore tech hubs
Cœuré says BIS’s Hong Kong hub will have head “in due course”
Bank of England launches new £20 banknote
BoE says the new polymer note is the “most secure” it has issued
Many new UK financial products lack consumer protections – FCA
E-money services are not covered by financial services compensation scheme, UK regulator says
Bank of Korea stops handling overseas cash as coronavirus spreads
Central bank says it will not accept cash from abroad until further notice
Stability versus solvency
There is still far too much regulatory forbearance on troubled bank debt. More on-site inspections and genuine writedowns are needed to fix the banking system
ECB and BoJ point to major problem in DLT-based payments
Latest “Project Stella” report says central source of information could create single point of failure
MAS to allow financial data transfer to US
Data-sharing agreement could see personal data shared across borders, as data localisation inhibits supervisory processes