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CATEGORY: international settlements


 Private firms to join global central bank CBDC project

Author: Cointelegraph by Arijit Sarkar
United States
Jun 06, 2024 12:00

Private firms to join global central bank CBDC project

As Project mBridge enters its MVP phase, the BIS is inviting private sector firms to propose new solutions and use cases to further develop and showcase the platforms potential.

 Philosopher Yuval Noah Harari warns of AIs risks in finance

Author: Cointelegraph by Derek Andersen
United States
May 08, 2024 12:00

Philosopher Yuval Noah Harari warns of AIs risks in finance

The bestselling author, philosopher and historian sees grim potential for AI to get out of control in the financial system.

Mar 29, 2023 02:10

Report: UAE Central Bank Implements Digital Currency Strategy

The central bank in the United Arab Emirates said it has started implementing its digital currency strategy with partners G42 Cloud and R3. According to the central bank, the digital currency initiative is expected to “further position and solidify the UAE as a leading global financial hub.” CBDC Strategy to Focus on Three Pillars The [...]

The post Report: UAE Central Bank Implements Digital Currency Strategy appeared first on Crypto Breaking News.

Jun 28, 2023 01:20

State Duma Chairman of Financial Markets Committee: Russia to Exert ‘Serious’ Control Over Crypto After Legalization

Anatoly Aksakov, chairman of the Financial Markets Committee of the State Duma, the lower chamber of the Federal Assembly in Russia, has remarked that the government intends to hold “serious” control over crypto after it is legalized. According to local reports, Aksakov also stated that crypto users were looking forward to this legalization to use

The post State Duma Chairman of Financial Markets Committee: Russia to Exert ‘Serious’ Control Over Crypto After Legalization appeared first on BTC Ethereum Crypto Currency Blog.

May 27, 2023 01:20

EAEU Official Urges BRICS and SCO for Joint Use of Digital Currencies, New Payment Card

Three integration unions with Russian participation, BRICS, SCO, and the EAEU, should adopt joint policies on the use of digital currencies, according to a top representative of one of them. He also believes the international organizations should develop a new payment system with its own bank cards. BRICS, SCO, and EAEU May Launch Common Payment

The post EAEU Official Urges BRICS and SCO for Joint Use of Digital Currencies, New Payment Card appeared first on BTC Ethereum Crypto Currency Blog.

May 24, 2023 10:30

Russia and China Carry Out Most Settlements in Yuan and Ruble, Russian PM Mikhail Mishustin Says

The larger portion of payments between Russia and China are now processed using the currencies of the two countries, Prime Minister Mikhail Mishustin revealed. Moscow and Beijing intend to increase mutual trade beyond the $200-billion target this year, added the head of the Russian government. Mishustin: 70% of Settlements Between Russia and China Conducted in [...]

The post Russia and China Carry Out Most Settlements in Yuan and Ruble, Russian PM Mikhail Mishustin Says appeared first on Crypto Breaking News.

Apr 23, 2023 02:15

Russia to Work With Digital Currencies of Other Nations

The platform developed for the digital ruble will be able to operate with different state-issued digital currencies, the Bank of Russia said. Mechanisms for interaction with digital coins minted by the central banks of other countries are already under development, the monetary authority unveiled. Digital Ruble Platform to Support Integration With Other CBDCs, Bank of [...]

The post Russia to Work With Digital Currencies of Other Nations appeared first on Crypto Breaking News.

Mar 09, 2023 05:05

Int'l Experiment Proposes Cross-Border Retail CBDC Run as Two Domestic Payments

<p>The Bank for International Settlement (BIS) and its partners, the central banks of Israel, Norway and Sweden have completed a joint experiment on cross-border retail central bank digital currency (CBDC). The experiment was tagged ‘Project Icebreaker.’ Retail CBDCs are government-backed digital currencies used for payment purposes by consumers and businesses.</p><p>The experiment, which studied the potential advantages and challenges of using retail CBDCs in international payment, found that <a href="https://www.financemagnates.com/forex/" target="_blank" rel="follow">foreign exchange (FX) providers</a> can be used to facilitate cross-border <a href="https://www.financemagnates.com/tag/cbdc/" target="_blank" rel="follow">retail CBDCs</a> by breaking down a cross-border transaction into two domestic payments. </p><p>‘The Hub-and-Spoke Model’</p><p>In a statement released on Thursday, BIS explained that it has developed a “hub-and-spoke solution” through which cross-border retail CBDCs never have to exit their systems. This system works by requiring many forex providers to submit quotes to a retail CBDC system’s hub which then selects the cheapest alternatives for end users to settle their transactions.</p><p>This model differs from most of the existing cross-border payment systems under which users or payers have no choice about the exchange rate or who provides the forex conversion, the international financial institution noted. BIS added that its new solution uses bridge currencies to fight the problems of insufficient liquidity for currency pairs, thereby preventing the attendant issues of higher fees and delay in cross-border payments. </p><p>“The project also demonstrated that the hub-and-spoke model can reduce <a href="https://www.financemagnates.com/terms/s/settlement/" class="terms__main-term" id="2dc6d2c7-1626-4ecf-811e-4c1aabbdb280" target="_blank">settlement</a> and counterparty risk by using coordinated <a href="https://www.financemagnates.com/terms/p/payments/" class="terms__secondary-term" id="f1d2a713-da14-4a6b-8fcd-e8f360d07f45" target="_blank">payments</a> in central bank money; and complete cross-border transactions within seconds,” BIS explained.</p><p>Furthermore, BIS said the new model means that countries considering the development of their domestic CBDCs can introduce these features and other innovative services into their cross-border transactions. It added that the project provides a “deeper understanding of the technologies that can be used and the technical and policy choices available.”</p><p>“Project Icebreaker is unique in its proposition. It first allows central banks to have almost full autonomy in designing a domestic retail CBDC. Then it provides a model for that same CBDC to be used for international payments,” explained Cecilia Skingsley, the Head of the BIS Innovation Hub.</p><p>US, Australia Make New Moves on CBDC</p><p>Meanwhile, the United States and Australia both recently provided <a href="https://www.financemagnates.com/cryptocurrency/us-australia-make-new-moves-on-cbdc/" target="_blank" rel="follow">new updates on their efforts</a> towards assessing the feasibility of a CBDC. While the United States says it is planning to establish a new Treasury Department-led working group to deliberate on the possible launch of a digital dollar, the Reserve Bank of Australia unveiled 14 firms that proposed various CBDC uses cases to be tested in its limited-scale CBDC pilot that “will take place over the coming months.”</p> This article was written by Solomon Oladipupo at www.financemagnates.com.

Mar 02, 2023 06:55

G20 Announces Standards for Global Crypto Regulation


G20 countries have announced that the Financial Stability Board, the International Monetary Fund, and the Bank for International Settlements will release recommendations on global crypto regulation by July. (Read More)

Dec 17, 2022 12:25

Central Banks to Enforce Standard on Banks’ Exposure to Crypto in 2025

<p class="MsoNormal">The Group of Central Bank Governors and Head of Supervision (GHOS) of the Bank for International Settlements (BIS) has endorsed a global prudential standard for banks’ exposure to crypto assets. The Group has also decided on January 1, 2025, as the implementation date for the standard.</p><p class="MsoNormal">The standard was developed by the Basel Committee on Banking Supervision, the BIS’ primary global standard setter for the prudential regulation of banks, the BIS said in <a href="https://www.bis.org/press/p221216.htm" target="_blank" rel="nofollow">a statement</a> released on Friday.</p><p class="MsoNormal">“Unbacked cryptoassets and <a href="https://www.financemagnates.com/tag/stablecoin/" target="_blank" rel="follow">stablecoins</a> with ineffective stabilization mechanisms will be subject to conservative prudential treatment. The standard will provide a robust and prudent global regulatory framework for internationally active banks' exposures to cryptoassets that promotes responsible innovation while preserving financial stability,'' <a href="https://www.financemagnates.com/tag/bis/" target="_blank" rel="follow">BIS</a> explained in the statement.</p><p class="MsoNormal text-align-justify">Low Banking System Exposure to Crypto</p><p class="MsoNormal">According to the BIS, the direct exposure of <a href="n" target="_blank" rel="nofollow">the global banking system</a> to crypto assets “remains relatively low.” However, the international financial institution noted believes that recent events have necessitated having “a strong global minimum prudential framework for internationally active banks to mitigate risks from cryptoassets.”</p><p class="MsoNormal">BIS noted that the GHOS has, therefore, tasked the Basel Committee with continuously assessing bank-related developments in cryptoasset markets, including the role of banks as stablecoin issuers, custodians of cryptoassets and as broader potential channels of interconnections.</p><p class="MsoNormal">“Today's endorsement by the GHOS marks an important milestone in developing a global regulatory baseline for mitigating risks to banks from cryptoassets. It is important to continue to monitor bank-related developments in cryptoasset markets. We remain ready to act further if necessary,” Tiff Macklem, Chair of the GHOS and Governor of the Bank of Canada, noted.</p><p class="MsoNormal text-align-justify">The New Standard</p><p class="MsoNormal">According to the BIS, <a href="https://www.bis.org/bcbs/publ/d545.htm">the standard</a> will be incorporated as a new chapter of the consolidated Basel Framework (SCO60: Cryptoasset exposures). The standard accommodates feedback from BIS' second consultation on the prudential treatment of banks’ exposures to cryptoassets carried out by the Basel Committee in June 2022.</p><p class="MsoNormal">Under the new standard, banks will be required to classify cryptoassets into Group 1 and Group 2, with Group 1 cryptoassets including digital assets such as tokenized traditional assets and stablecoins. On the other hand, Group 2 cryptoassets “pose additional and higher risks” compared to those in Group 1 and include assets such as unbacked cryptoassets.</p><p class="MsoNormal">“A bank’s total exposure to Group 2 cryptoassets must not exceed 2% of the bank’s Tier 1 capital and should generally be lower than 1%,” the standard says.</p><p class="MsoNormal">Furthermore, the standard prescribes a redemption risk test and supervision and regulation requirements for cryptoassets.</p><p class="MsoNormal">“This test and requirement must be met for stablecoins to be eligible for inclusion in Group 1. They seek to ensure that only stablecoins issued by supervised and regulated entities that have robust redemption rights and governance are eligible for inclusion,” the standard notes.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.

Nov 27, 2022 01:20

Putin Calls for International Settlements Based on Blockchain and Digital Currencies

Russian President Vladimir Putin believes a new system for international money transfers is needed to reduce dependence on big banks and third parties. He is convinced that cross-border payments relying on digital currency and distributed ledger technology will be “much more convenient.” Russia’s Head of State Urges for Blockchain-Powered International Payments President of Russia Vladimir

The post Putin Calls for International Settlements Based on Blockchain and Digital Currencies appeared first on BTC Ethereum Crypto Currency Blog.

May 06, 2022 08:50

BIS: 95% of World Central Banks Into CBDC

BIS initiates a survey of central banks.  Approximately 95% of central banks are into CBDC. The next two years will

BIS to develop multi-CBDC platform prototypes; collaborates with 4 central banks

Author: Aishwarya shashikumar
Estonia
Mar 24, 2022 07:10

BIS to develop multi-CBDC platform prototypes; collaborates with 4 central banks

The Bank for International Settlements (BIS) Innovation Hub collaborated with central banks from Australia, Malaysia, Singapore, and South Africa to develop prototypes of two versions for an international settlement platform that uses different central bank digital currencies (CBDCs). According to the executive summary of the report, the project’s first phase was successful in developing functioning prototypes and […]

Dec 08, 2021 02:50

Central Banks Plan Attack on DeFi

Central Banks are about to gaslight degens.  Covered: Central Banks v. DeFi Who Wins? What A Centralized Rug Pull Could Look like Central Banks v. DeFi Central Banks are clearly gearing up for an assault on their burgeoning rival, Decentralized Finance. We’re not just talking about one central bank, or two, or three even. We […]

The post Central Banks Plan Attack on DeFi appeared first on CryptosRus.

Sep 03, 2021 05:40

Australia, Singapore, Malaysia, and South Africa to Trial Cross-Border Digital Currency Payments

The central banks of Australia, Singapore, Malaysia, and the Republic of South Africa have set out to test the use of state-issued digital currencies in cross-border payments. The trial, led by the Bank for International Settlements, aims to establish whether they can simplify transactions and make them cheaper. Reserve Bank of Australia Teams Up With… More

The post Australia, Singapore, Malaysia, and South Africa to Trial Cross-Border Digital Currency Payments appeared first on BTC Ethereum Crypto Currency Blog.

Sep 03, 2021 02:55

Four Countries to Conduct Cross Border CBDC Payment Trials


The Bank for International Settlements (BIS) has joined forces with the central banks of South Africa, Malaysia, Singapore, and Australia to kick start a project dubbed Dunbar aimed at testing the use CBDCs in cross border payments. (Read More)

Jul 19, 2023 08:45

G20 ‘Welcomes’ Financial Stability Board’s Call for Tougher Crypto Rules

Intergovernmental forum, Group of Twenty (G20) welcomes the call made by the Financial Stability Board (FSB) for tougher rules to guide the global cryptocurrency industry, Nirmala Sitharaman, Finance Minister of India, said during a press conference held today (Tuesday) in India. India currently holds the G20 presidency,

Where Will G20 Stand on Crypto?

On Monday, FSB, whose member comprises the United States, the European Union, China and the UK, issued a regulatory framework to guide crypto-asset activities in the wake of the collapse of crypto exchange FTX and digital asset lender Celsius in 2022. The framework includes enhancements targeted at ensuring adequate protection of client assets, addressing the risks associated with conflicts of interest, and strengthening cross-border cooperations.

The recommendations focus on mitigating financial stability risks and do not exhaustively cover all specific risk categories related to crypto-asset activities, Finance Magnatesreported. Central bank digital currencies, viewed as digitalized central bank liabilities, are also not subject to these recommendations.

However, speaking on the recommendations, Sitharaman noted that the G20 during its third Finance Ministers and Central Bank Governors Meeting held on Tuesday in Gujarat, India, deliberated on the regulatory challenges posed by the crypto asset ecosystem.

“Members welcomed the high-level recommendations of the FSB on crypto asset activities and also the global stablecoin arrangement,” Sitharaman said during the press briefing held after the meeting.

The Indian Finance Minister pointed out that members of the forum discussed the country’s G20 presidency note on cryptocurrency, without specifying what was discussed.

“Members also discussed the presidency note that India has prepared and noted that it will be an important input toward prioritising areas of work essential for achieving a comprehensive, cohesive, and coordinated global policy and regulatory frameworks,” Sitharaman added.

Different Worldview

The G20’s positive gesture to the recommendations made by the FSB comes as the Bank for International Settlements (BIS) earlier urged the group to dismiss digital assets, noting that they have ‘inherent structural flaws’. The BIS, which is a group comprising the world's major central banks, added that there is a lack of accountability in the cryptocurrency ecosystem.

Meanwhile, recent developments across the crypto industry show that major stakeholders across the global financial market see digital asset regulation in a different light. While the European Union recently passed the Markets in Crypto-Asset (MiCA) regulation, becoming the first major jurisdiction to introduce a comprehensive law to regulate the crypto industry, the US federal securities regulator in recent months stepped up its campaign against ‘unregistered’ crypto exchanges, seeking their compliance with decades-old securities law through the court.

On the other hand, the UK recently sanctioned a new law that empowers public authorities to regulate digital assets and supervise crypto promotions. The new regulation is part of the country’s plan to turn the country into a crypto hub.

Similarly, in Asia, Hong Kong recently rolled out new rules for its crypto industry and has already captured the attention of 80 local and foreign digital assets firms. Singapore, another country in the region, has also stated interest in becoming a global crypto hub.

Binance and CS to cut staff; big banks partner on FX trading; read our latest news nuggets.

This article was written by Solomon Oladipupo at www.financemagnates.com.

Apr 19, 2023 02:10

Russia Developing Payment Gateways With Partners Like Turkey, Mulling Crypto Settlements

Bank of Russia is building a system of gateways with foreign payment networks and is now working with Turkey in this field. Russia’s monetary authority would also allow the experimental use of cryptocurrencies in foreign economic activities, its head was quoted as saying. Russia’s Central Bank ‘Actively Working’ With Turkey on New Payment Gateways The [...]

The post Russia Developing Payment Gateways With Partners Like Turkey, Mulling Crypto Settlements appeared first on Crypto Breaking News.

Jun 17, 2023 01:20

Russia to Trial Digital Asset Settlements in Foreign Trade

Bank of Russia plans to pilot cross-border payments using digital assets and central bank digital currencies, according to a deputy governor. The top executive believes these alternative instruments could increase efficiency in foreign trade while such settlements will not be permitted inside Russia. Russian Government Backs Initiative to Test Digital Assets in Payments Abroad The

The post Russia to Trial Digital Asset Settlements in Foreign Trade appeared first on BTC Ethereum Crypto Currency Blog.

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