Participants will be restricted to using the CBDC only for payment, without an option to store, exchange or send it to other users. The Bank of Korea (BOK) — South Korea’s central bank — has said it will invite 100,000 Korean citizens to purchase goods with deposit tokens as part of its central bank digital…
Read more
The answer again is regulation, although this time the suggested regulation looks a lot like central bank co-option. Stablecoins lack crucial mechanisms that guarantee money market stability in fiat, and an operational model that gave regulatory control to a central bank would be superior to private stablecoin, a study released by the Bank for International…
Read more
Stablecoins. Source: Adobe / Grispb Fiat-backed stablecoins are “not a safe store of value,” according to a new research report from the Bank for International Settlements (BIS). According to the report, the BIS found that from January 2019 to September 2023, fiat-backed stablecoins were able to maintain their peg ratio only 94% of the time,…
Read more
“Not one of the stablecoins assessed in this paper has been able to maintain their closing prices in parity with their peg,” wrote the Bank for International Settlements. The Bank of International Settlements (BIS), a coalition of the world’s central banks, criticized stablecoins as being “not a safe store of value” in its latest research…
Read more
In a Wednesday speech in Basel, Switzerland, Bank for International Settlements (BIS) chief Agustín Carstens argued that central bank digital currencies (CBDCs) will “sit at the core of the future financial system,” bringing innovation and meeting public expectations. While Challenges Remain, BIS Boss Agustín Carstens Insists CBDCs Will ‘Secure the Future Monetary System’ In February,…
Read more
Agustín Carstens called CBDCs the “central element” of central bank leadership in innovation. Central banks have a responsibility to keep pace with the digital age and lead innovation, Agustín Carstens, general manager of the Bank for International Settlements (BIS), believes. In his opening remarks at a conference in Basel, Switzerland, on Nov. 8, Carstens called…
Read more
Project mBridge has put together a slick publication with lots of new information to let the world know what the hottest project in CBDC is. The Bank for International Settlements (BIS) released a colorful and fact-filled Project mBridge update on Oct. 31. The publication combines technical and promotional discussions in a shift of tone as…
Read more
The Office of the Comptroller of the Currency highlighted the “emerging divide” between crypto and tokenization and strongly criticized crypto for being “marked by rampant scams.“ The United States Office of the Comptroller of the Currency (OCC), an independent bureau of the U.S. Treasury Department that supervises national commercial banks in the country, will host…
Read more
The mere fact that the Deutsche Bundesbank, BIS and other financial incumbents want such information now suggests a tacit acceptance of crypto. The Bank for International Settlements’ (BIS) Project Atlas report offers yet another indication that the worlds of crypto and traditional finance may be converging. On the surface, this proof-of-concept project backed by some…
Read more
IMF managing director Kristalina Georgieva says digitalization is “the most important way” to scale up financial inclusion. During her opening speech at the International Monetary Fund’s (IMF) seminar on financial inclusion in Marrakesh, Morocco, IMF Managing Director Kristalina Georgieva said digitalization is “the most important way” to scale up financial inclusion. “It is digital that…
Read more
