Stablecoins
Podcast: Fintech and the question of central bank autonomy
Central banks should ensure their fintech activities do not undermine transparency and independence, say Wouter Bossu and Arthur Rossi
CPMI and Iosco say systemic stablecoins must meet FMI principles
Stablecoins perform similar functions to other financial market infrastructures, say bodies
CPMI aims to ‘shape the future of payments’
Committee publishes work programme for first time, focusing on innovation and risks in FMIs
Waller ‘highly sceptical’ Fed needs a CBDC
Existing and planned payments system upgrades appear sufficient, governor says
Stablecoins neither stable nor coins – paper
Researchers argue stablecoins are not medium of exchange, and so are not money
Carney warns CBDC delays play into hands of big tech
Failure to launch CBDC risks entrenching power of tech firms, former BoE governor says
BoE says stablecoins must be as trustworthy as commercial bank money
Stablecoins may require tailored regulation and access to emergency liquidity facilities, paper says
Diem says it will ‘fade out’ stablecoin if Fed issues CBDC
Chief economist of Facebook-backed firm says public sector has “comparative advantage”
Benoît Cœuré on CBDCs, stablecoins and central bank fintech co-operation
BIS Innovation Hub chief voices concerns about the timing of stablecoin and CBDC roll-outs, fintech risks for supervisors and monetary policy, and details development plans for eight innovation locations
Diem shifts focus to US dollar stablecoins
Move away from Switzerland sees former Libra Association distance itself from original multi-currency plans
Zhang Tao on the IMF’s fintech agenda, CBDCs and big tech oversight
IMF deputy managing director speaks about the fund’s perspectives on CBDC operating frameworks, regulating big tech and macrofinancial oversight in a digital world
ECB’s digital euro consultation says public worried over privacy
Nearly half of responses to ECB come from Germany
Payment innovation is top fintech research priority for central banks
CBDC ranked second as central banks explore wider implications of fintech for payments
Bank of Thailand reinforces stablecoin regulation
Firms wishing to issue baht-backed stablecoins must consult with the central bank
‘Do no harm’: central bankers warn against rush to issue CBDC
Agustín Carstens, Jerome Powell and Jens Weidmann highlight risks of acting too fast
Stablecoin issuer agrees to settle lawsuit over ‘deceptive’ trading practices
New York attorney general accuses Tether of lying about the backing of its crypto asset with US dollars
Stablecoins could allow for ‘embedded supervision’ – BIS paper
But authors say CBDCs may be a more effective means of achieving the same goal
How can central banks secure the future of money?
Central banks should start tackling the accounting, legal and policy challenges related to CBDC. This work will shape the future of money, as could be witnessed in Albania
A 19th century bank failure holds lessons for stablecoin era – BIS paper
Bank of Amsterdam’s early “stablecoin” fell apart as the bank lent more freely, authors say
Eurosystem lays out retail digital payment strategy
Access to cash and level playing field for electronic payments are key elements – Panetta
FSB unveils ‘comprehensive plan’ to reform global payments
“Roadmap” for cross-border payments to be considered by G20 leaders this week
Bailey urges early intervention on stablecoin risks
BoE governor says multi-currency stablecoins do not appear to be viable payment systems at present
CPMI tracks further decline in correspondent banking
Number of active correspondents down over 20% since 2011, latest data shows
Facebook’s libra could disrupt collateral markets – IMF paper
Collateral used to back ‘stablecoins’ such as libra will be unavailable for reuse