Currency
Bank notes: October to December 2025
A round-up of news and salient issues that have affected central bankers in the past three months
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
Stablecoins should be tightly regulated – HSBC exec
John O’Neill says lender’s views on the assets are aligned with those of central banks
South Sudan opens new currency centre as UN warns of looming war
Efforts to decentralise ops come after General Assembly hears that political transition is ‘falling apart’
Taiwan’s central bank seeks oversight over stablecoin issuance
Deputy governor says potentially volatile assets could affect financial stability
Why Europe cannot afford to delay the digital euro
CBDC would counter the erosion of sovereignty as cash recedes, substitution by foreign digital monies and weaponisation of access, argue Biagio Bossone and Céu Pereira
Interesting developments in currency denomination structures
Antti Heinonen explores recent changes in currency structures and the reasons behind them
Prioritise CBDCs over stablecoins, RBI’s Malhotra tells central banks
Indian central bank governor says CBDC collaboration needed to boost cross-border payments
Do BIS volumes soar past the trend?
Average daily FX volumes have surged to $9.6 trillion in latest triennial survey, but are these figures representative?