Virtual currencies
Asian central banks crack down on cryptocurrency
Central banks in China, Korea, Malaysia and Singapore all taking action as cryptocurrency prices slump
Uruguay launches digital currency pilot
10,000 users will have access to the network, run in conjunction with the state-owned telecoms company and national payments system
MAS working to keep crypto-currencies and ICOs under control
Authority is mulling how to respond to the growth of crypto-currencies and initial coin offerings
Race against time for fiat currencies – Lagarde
IMF managing director envisages digital currencies taking over in countries with “unstable currencies”, but infrastructure has to be improved first
PBoC research head defends ICO ban
Central bank official stresses ban on ICOs will not hinder research on blockchain
Namibia weighs in on DLT debate
Central bank deems unregulated virtual currencies “unsafe” but sees merit in underlying technology
PBoC bans ICOs in latest crypto-currency battle
Price of bitcoin falls as China’s central bank takes action against projects that have raised 2.6 billion yuan; regulators in other areas also wary of ICO funding
Belarus turns to blockchain for information sharing
Central bank uses technology for new information sharing network with plans to deploy the tech to other areas, including securities market
It is too early to disregard cash – Croatia’s Vujčić
European governors wary of what the future of fintech will hold for both digital and hard cash
IMF paper backs issuance of central bank digital currencies
Fund finds large benefits to issuing own digital currency in terms of cost savings and efficiency gains, but issues around distribution remain
G20 should create central bank blockchain group – think tank
Policy brief stresses the need for the G20 to be a leading figure in the blockchain debate; new consortium to discuss implications for monetary and fiscal policy
RBI’s Gandhi thinks blockchain’s capabilities are being ‘overstated’
Deputy governor says virtual currencies issues on a blockchain network pose a number of risks; fintech industry starting to wake up to blockchain’s “exaggerated” benefits
PBoC issues second warning to bitcoin exchanges
Nine platforms told to enforce AML and forex regulation if they are to continue operating within China; bitcoin price holds firm against news
Philippines central bank enforces virtual currency regulation
Exchanges will have to apply for certificate of registration and implement specific risk management framework; central bank imposes transaction limit
PBoC to investigate bitcoin firms
Bitcoin price falls by 33% in January; PBoC to investigate four largest bitcoin companies
Fiat currencies stand firm against bitcoin
The cryptocurrency is a victim of its own success as strong demand pushes its price up, increasing speculative flows
Volatility in virtual currencies will not deter usage – new research
Model implies exchange rate will become less volatile as virtual currency becomes more established, questioning idea that volatility will impede use
EBA suggests anti-money laundering measures for virtual currencies
Major new legislation or amendments needed to regulate payments in virtual currency, EBA says; suggests changes to proposed extension of regulation and calls for deadline for implementation
Fed’s Brainard highlights potential in distributed ledgers
Policy-makers cannot afford to ignore the possibilities new technology could offer clearing and settlement systems, Lael Brainard says
Redesigned digital currency could keep central banks in control
Researchers at UCL launch “RSCoin” idea, highlighting its superiority over bitcoin; new digital currency framework would be controlled by central banks
Broadbent weighs pros and cons of digital currency
Issuing central bank digital currencies could make commercial banks safer but might also ‘impair’ their ability to make loans, BoE deputy says
ECB revisits virtual currencies in new report
Research concludes virtual currencies do not pose ‘material risk’ to central bank operations in eurozone, but could if they become more widely used or entwined with the real economy
Poll: Central bankers favour clampdown on bitcoin
Latest Central Banking poll shows most central bankers favour regulating or banning virtual currencies, despite most institutions so far just issuing warnings or advice
Payments achitecture fit for the 21st century
Globalisation, changes in FMIs and the emergence of new payment schemes will require ever closer co-operation to ensure the safety and efficiency of the underpinnings of the financial markets