Stablecoins
FSB praises France’s efforts to monitor crypto market
Review calls on authorities to facilitate Mica implementation and enforce regulations faster
CBDCs may need to replace stablecoins – Treasury committee
US advisory body calls for creation of unified ledgers under central bank auspices
Three plans for digital payments: India, UK, and BIS
Das, Bailey, and Carstens discuss complementary tech, commercial bank innovation, and common platforms
M1 vs M0 in an instant payments world
Manmohan Singh explains how measurement of ‘narrow’ money is changing
Stablecoins are not ‘crypto safe haven’ – ECB paper
Shocks in crypto markets significantly reduce stablecoin market capitalisation, researchers find
Yellen highlights systemic risks from rise in non-bank lending
Treasury secretary says institutions’ share of credit now exceeds that of banks
Banknotes: July to September 2024
A round-up of news and salient issues that have affected central bankers in the past three months
EBA study calls for stablecoin reserves transparency
Authors say suspensions of withdrawals can prevent bankruptcy
Campos Neto on inflation targeting, independence and the future of financial intermediation
The Brazilian governor speaks with Christopher Jeffery about tackling inflation, the need for financial autonomy, and redefining the financial landscape with open finance, programmable Pix, deposit tokenisation and sound cross-border payments governance
Book notes: Easy money, cryptocurrency, casino capitalism, and the golden age of fraud, Ben McKenzie with Jacob Silverman
Casts light on how shady crypto characters defraud consumers but does little to identify and control such fraudsters while protecting the public
BIS: new platform can monitor stablecoins’ balance sheets
Institution says its Project Pyxtrial can track digital currencies’ assets and liabilities
Stablecoin issuers pose short-term outflow risk to lenders – study
Research finds crypto assets weaken liquidity coverage ratios
Innovate to defend status of central bank money, says BoE
Bank “exploring options” to widen access to settlement
Emerging markets at greater risk from stablecoins, FSB warns
Limited regulation, resourcing constraints and FX exposures create hazards for poorer countries
Basel Committee finalises crypto asset disclosure rules
Disclosure and prudential standards to be implemented by 2026
Automated market-makers create market integrity and stability risks – research
Canadian research warns of real economy impact, depending on level of interconnection
Basel Committee approves new stablecoin exposure framework
Details on new crypto asset and IRRBB rules, plus third-party risk consultation due out this month
Book notes: Fintech: finance, technology and regulation, by Ross Buckley, Douglas Arner and Dirk Zetzsche
An excellent overview of fintech 3.0 and 4.0 that also includes suggestions for smart regulation
US faces real estate risks, Fed report warns
Banks face funding stresses while uncertainty over policy is a risk, Federal Reserve says
Stablecoin rules are ‘diverse and fragmented’, FSI paper warns
BIS institute says it is “critical to align national regulatory frameworks”
Stablecoins show ‘flight to safety’ dynamics – NY Fed paper
Researchers argue these runs on stablecoins could cause wider financial instability