Payments
Interview: Björn Segendorf
Riksbank senior adviser thinks it highly unlikely cash will disappear completely in Sweden, but says if it does, the central bank will continue to keep stocks of cash
ECB paper offers tiering solution to CBDC structural concerns
Separating CBDC functions between tiers could disincentivise use during crisis periods, but disintermediation of the banking sector still a risk, author warns
Eurochain: CBDC project seeks secure anonymity
Proof of concept blends anonymity with AML/CFT regulation
Bahamas rolls out first phase of CBDC pilot
Pilot will be rolled out to rest of country after June 2020, says governor Rolle, contingent on success of Exuma and Abaco case studies
Are we sleepwalking into a cashless society?
Cash could be crowded out of the payment landscape if current trends continue, but should central banks be responsible for ensuring its survival?
India’s approach to national biometric ID applicable to ‘all economies’
BIS paper examines how India created digital financial infrastructure as a public good
People: Logan to head NY Fed market ops; Norges Bank deputy departs
Lorie Logan and others get senior roles at the New York Fed; deputy steps down early from Norges Bank; payments firm Sia names new chairman
Riksbank to work with Accenture on e-krona pilot
First year will see development of user interface for mobile, card and watch-based payments
CBDC has been “over-hyped” – former RBI deputy
Focus on retail CBDCs is a potential distraction from core central banking functions, says Sinha
Lagarde promises wide-ranging review of ECB monetary policy
ECB to form digital currency task force as Lagarde calls for EU action on green finance
Forex market growing, but more risky – BIS review
Reduced reliance on PvP and heightened fragmentation threaten market resilience
Tensions emerge in Fed’s push for instant payments
The US Faster Payments Council is in a better position than the Fed to tackle key issues, some say. Others welcome the Fed’s muscle in promoting competition
Central banks should collaborate on multicurrency CBDC – research
Lithuania’s central bank notes national CBDC projects will not solve global payment inefficiencies
Bank of Israel proposes open banking rules to foster competition
Banks and credit card companies to allow supervised third parties access to their customers’ accounts
UK regulators weigh rules for ‘operational resilience’
Under proposals, firms will be expected to demonstrate their preparedness for operational issues
Carstens: Money without central banks is doomed to fail
Many “architectures” are possible but they must be built on a foundation of trust, BIS chief says; improving “two-tier” system may be best approach
Indonesia’s central bank pledges major infrastructure changes
Five-year plan aims to upgrade payments infrastructure and boost inclusion rates
Kansas Fed paper looks at weak US fraud controls
US has much higher ‘in-person fraud’ rates than three other developed economies, researcher says
Cœuré flags risks to ‘autonomy and resilience’ of European payments
Central banks need to resist payment market fragmentation, says ECB official; Banque de France’s Beau calls for experimentation with wholesale CBDC
Greek cash limits should be scrapped, ECB argues
ECB says some caps are illegal and calls on competent authorities to decide on cash payment rules
De La Rue faces uncertain future as profits collapse
Profits plummet 87% as firm scrambles to cut costs
Focus on cross-border payment systems, not CBDC – Bundesbank official
German central bank board member says “fast and efficient” payment network should take priority over digital currency development
Canada’s Poloz on monetary policy limits, transparency and cyber recovery
Bank of Canada governor Stephen Poloz speaks about stagflation risks from trade wars, the importance of market signals, Canada’s CBDC plans and why he is not a fan of minutes
Australia’s FMI supervisory oversight ‘not fit for purpose’
Proposal would transfer oversight of FMIs to central bank and securities regulator