Crypto Assets
St Louis Fed’s Bullard warns about rise of multicurrency systems
Crypto assets may hamper monetary policy transmission and increase exchange rate volatility
US lawmakers slam Facebook’s ‘delusional’ Libra plan
Libra executive grilled at US hearing over Facebook’s history of scandals
Trump lashes out at Libra
US president says Facebook’s system will need a banking licence if it wants to be a bank
PBoC sounds alarm over Facebook’s Libra
Central banks must keep control of Facebook currency, senior officials say
FCA proposes ban on sale of crypto derivatives to consumers
Regulator cites lack of understanding of crypto assets by consumers
De Galhau unveils G7 task force on ‘stablecoins’
Banque de France governor says group will weigh up impact of Libra and other “stable” crypto assets
Regulators prepare response to Facebook’s Libra
Plans under way for G7 working group, as crypto asset plans draw criticism in Europe and US
Facebook unveils new ‘currency’
Social media group says it plans to “reinvent money” with payment system backed by liquid reserves
Regulators must do more to assess risk of crypto assets, says FSB
FSB members differ on how to tackle international co-ordination
Crypto assets have little impact on monetary policy, says ECB team
Task force concludes crypto assets do not fulfil functions of money
Draghi dismisses crypto assets
ECB head describes bitcoin as “very, very risky”
Bank of Samoa warns of crypto asset con
The Ponzi scheme is apparently spreading via churches
Basel Committee clarifies ‘expectations’ on crypto
Banks must meet certain minimum standards if they want to trade crypto assets
Bank of Spain paper rejects bitcoin as alternative to large-scale payment system
Objectives of crypto asset make it unsatisfactory as a payment network – research
US sanctions on Venezuela could be death knell for petro
Crypto asset is backed by oil reserves the country can barely commercialise
Book notes: Democratizing Money?, by Beat Weber
This is a timely book about ‘how money really works’
Dutch central bank and regulator call for AML law for crypto assets
But regulations should change to make crypto asset financing easier for small firms – DNB
Crypto assets hobbled by proof of work, finds BIS economist
Raphael Auer says bitcoin payments could take “nearly a year” to become truly final
Malta’s crypto asset plan means greater money laundering risks, IMF warns
Authorities must rapidly improve AML regime and guarantee FSA’s independence, mission says
AML/CFT regulation to cover crypto assets – Sarb
New proposals will construct a “limited” regulatory framework for crypto assets
EC should conduct ‘comprehensive’ crypto analysis, says EBA
Regulator says crypto assets fall outside the scope of current EU financial services regulation
Bahamas central bank draws up crypto asset regulations
Strict new guidelines will be applied to banks for customers wishing to trade and hold new instrument
Regulation could stabilise crypto asset market, experts argue
Uncertainty remains over what regulatory approach to take, but collaboration appears key
FSB views crypto assets as minor threat to stability
Report highlights possible risks posed by rapidly changing sector