Digital currencies
Stablecoins should be tightly regulated – HSBC exec
John O’Neill says lender’s views on the assets are aligned with those of central banks
CNB joins Europe’s bank regulators to warn of crypto risks
Consumer interest driven partly by ‘aggressive’ promotion on social media, say authorities
South Korea planning to revive paused CBDC programme
Bank of Korea’s Rhee says CBDC may be used to distribute government subsidies
China to discuss stablecoins at cabinet level – report
Experts say allowing stablecoin issuance in mainland China unlikely to speed up yuan internationalisation
BoK governor expresses confidence in finance minister
Rhee’s comments follow apparent discord between bank and government over digital assets policy
HKMA stablecoin regulations take effect amid ‘market euphoria’
Markets eye further gains as Hong Kong’s de facto central bank tries to damp down ‘bubble-like trend’
Central banks’ CBDC sentiment can prove contagious – BIS study
Authors say Fed and ECB’s positions on digital assets affect how the currencies are perceived elsewhere
HKMA chief tries to temper stablecoin expectations
Yue says territory’s regulations will be tight and short-term profitability for first issuers is not guaranteed
Book notes: Beyond banks, by Dan Awrey
The book proposes thoughtful reforms to establish the same reliability for new monetary IOUs as currently exists for bank IOUs
Book notes: Central banking at the frontier, by Thammarak Moenjak
This well-structured book provides a comprehensive overview of the challenges digitalisation poses for finance and includes possible actions for central banks
The future of money
Central banks may require more flexible inflation targets and facilitate wider payments interoperability to maintain trust and the ‘singleness’ of money. By Sethaput Suthiwartnarueput
Book notes: Smart money: how digital currencies will win the new Cold War, by Brunello Rosa with Casey Larsen
This alarmist book, although lacking nuance, provides a lucid account of how CBDCs could play a decisive role in geopolitical dominance
Korean officials argue for stablecoin authorisation body
Central bankers warn of currency substitution and monetary policy risks
Rewriting the monetary balance sheet
Biagio Bossone and Massimo Costa write that a new accounting approach is needed for central banks and commercial money in the digital age
Bank of Israel may consider paying interest on future CBDC
Survey finds substantial interest in digital shekel, particularly from older Israelis
Finland’s fintech head on retail CBDCs versus instant payments
Payments unit leader Aleksi Grym discusses overlaps and synergies for retail CBDCs and instant payment systems in Finland and the eurozone
E-krona adviser on offline trials, legislative changes and rollouts of CBDCs
Sveriges Riksbank’s Johan Schmalholz speaks about latest CBDC developments on sidelines of Central Banking’s Windsor training series
ECB could go below r* when setting policy, says Panetta
Bank of Italy governor says eurozone has to return to “normal way of doing monetary policy”
Stablecoin issuers pose short-term outflow risk to lenders – study
Research finds crypto assets weaken liquidity coverage ratios
Digital euro ‘may require’ battery-powered cards for offline use
Eurosystem could develop its own app to manage digital euro accounts