Currency
CBDC or tokenised reserves?
Sayuri Shirai explains why central banks are taking different paths towards the same goal
Renato Gomes on Pix, Drex and digital asset regulation
Brazil’s deputy governor speaks with Christopher Jeffery about pros and pitfalls of open finance, financial inclusion and crime on Pix, and the need to sideline DLT for Drex phase 3
Book notes: Money in crisis, by Ignazio Angeloni and Daniel Gros
This book should be essential reading for policy-makers at a time of uncertainty and technological change
Richard Doornbosch on central banking in a tempestuous climate
The president of the Central Bank of Curaçao and Sint Maarten speaks to Christopher Jeffery about addressing legacy financial scandals, transition to a Caribbean guilder, tapping gold holdings and managing a currency peg at a time of US policy uncertainty
Bank notes: October to December 2025
A round-up of news and salient issues that have affected central bankers in the past three months
The prospects for retail CBDCs
Open instant payments systems offer a quicker route to financial deepening, for now
IIF says China’s CBDC irrelevant to renminbi internationalisation
Economists say yuan’s use for payments growing, though it remains “stagnant” as reserve currency
Nigeria to discourage cash withdrawals and make deposits easier
Central bank says reform package aims to reduce cash usage and tackle money laundering
Taiwan’s Yang says central bank money remains global ‘anchor’
Governor says it is still ‘ultimate settlement asset’, notwithstanding development of tokenisation
Bowman and Hill say stablecoin rules are on their way
FDIC acting chair says regulation to establish application framework should come this month
Fiji launches first all-polymer banknote series
Crane Currency supplies five denominations that will enter circulation in January
PBoC emphasises stablecoins are illegal in China
Bank reiterates virtual currency ban and says pegged assets fail to meet identity and AML requirements
Gold and bitcoin buys triggered Tether downgrade, says S&P
Agency explains why it gave world’s largest stablecoin its lowest rating for stability
Hedge funds cut BoJ bets after torrid year in yen rates
Dealers see lighter positioning after shock October election saw more than $300m of losses, compounding April’s pain
Confidence in dollar undiminished since April, says BIS’s Shin
Institution’s head of monetary and economic policy says no hard evidence of shift from US currency
BSP remains cautious about stablecoins as proposals roll in
Deputy governor says most submissions are for dollar-backed assets focused on retail use
Cash is the tender of last resort – panel
Officials at Central Banking Autumn Meetings discuss risks of long-term outages in era of digital payments
Japan will not implement Basel crypto regs by 2026, says FSA
Regulator cites country’s limited exposure to digital assets as reason for not meeting deadline
MAS to issue tokenised bills and draft stablecoin law
MD says Singaporean banks completed first CBDC interbank overnight lending settlement
CBDC technical design has little impact on demand – BoK study
Working paper also finds that interest-bearing retail instruments attract more interest
Support for euro hits ‘record highs’ – ECB
Previously sceptical countries have grown to like shared currency, research suggests