Distributed ledger
Consultancy and advisory provider of the year (data and regulatory management): BearingPoint
BearingPoint’s expertise in data and reporting has informed a number of high-level bodies over the past year, including the Basel Committee and the IMF, following groundbreaking work in Austria
Russia raises capital ratios, launches fintech consultations
Systemically important banks must increase capital ratios; smaller banks can choose “basic” or “universal” licences
Instant payments crucial to stop crypto disruption – Mersch
ECB board member reiterates concerns around viability of crypto-currencies, while encouraging banks to adopt instant payment networks
UK Royal Mint to use blockchain to track gold trades
System will track ownership of gold traded on new platform without the need of a central database; new system will charge small transaction fees but abolish storage fees
How crypto is my currency?
Richard Heckinger examines how central banks are grappling with new ideas on crypto-currency and distributed ledgers
DLT set to make central banks ‘obsolete’ as payment operators – report
Second phase of MAS’s Project Ubin deemed a success as central bank manages to deploy RTGS system on DLT fabric
DLT has ‘more potential for change’ outside US – Boston Fed VP
Jim Cuhna says distributed ledger technology can transform financial services not only in payments but also in securities settlement; challenge is finding use cases
Hong Kong and Singapore to collaborate on fintech
The first joint initiative of the two rival cities is to link the trade finance platforms with a DLT-backed interface
UK’s FCA claims success after first year of ‘sandbox’
Regulatory ‘sandbox’ has had high success rate, but there have been some issues, says regulator
Canada’s Project Jasper to explore clearing of securities in third phase
Central bank teams up with new partner for phase three of DLT project, with results expected in May 2018
Fintech is the future – Menon
Central bankers weigh in on potential of fintech, agreeing there is a need to separate use cases from the hype
Bank of Lithuania bans banks from virtual currency activities
Lithuanian financial firms must disassociate themselves from virtual currencies, says central bank, warning licences may be revoked
True potential of blockchain lies in cross-border transactions – Menon
Singapore is investigating two use cases of blockchain in the cross-border sphere; technology could be used to prevent duplication of invoices in trade agreements
Kuroda: future need not be fully centralised or decentralised
BoJ governor says both approaches to market infrastructure have pros and cons, and it is not necessary to have one or the other
DLT not ready for retail payments – Bundesbank
German central bank says retail payment systems are already sufficient to support fast transfers; DLT could be used to streamline global payment processes
All central banks may have to consider crypto-currencies – BIS
BIS economists examine the case of central banks issuing own digital currency in both the retail and wholesale landscape
Namibia weighs in on DLT debate
Central bank deems unregulated virtual currencies “unsafe” but sees merit in underlying technology
DLT not ‘necessary’ for central bank digital currency – BoE economist
BoE economist says there are many technological requirements for successful digital currency, but ultimately there are serious economic questions to answer too
Brazil’s central bank creates DLT-based failsafe for RTGS
New system, designed as last line of defence, lacks appropriate privacy, central bank concludes; established solutions also ruled out as alternatives
Central banks unlikely to issue digital money, argues author
David Birch’s book discusses how communities could be at the heart of the new electronic monetary system
Basel Committee offers guide to fintech revolution
Document offers guidelines to supervisors grappling with rapid innovation, and imagines some of the repercussions of a world without traditional banks
Fintech not an ‘immediate threat’ to monetary policy – paper
Research from the Bank of Canada explores the impact fintech could have on central banks’ responsibilities, deeming it “too early to judge” the effect on mandates
BoE distributed ledger project delivers cross-border payments success
Bank of England completes transactions across two RTGS networks using Ripple’s DLT solution; issues remain on how tech could be adapted for wholesale payments
Macedonia’s Kadievska: DLT could ‘completely replace’ some intermediaries
Maja Kadievska analyses the pros and cons of distributed ledger technology, noting it could have the power to cause disruption to existing financial market infrastructure