Fintech
Legal mandates for CBDC issuance remain rare among central banks
Some await parliamentary approval as framework examination commences in their jurisdictions
More than half of central banks have a fintech strategy
Implementation challenged by poor regulation and talent scarcity
Central banks face challenges in hiring and retaining fintech staff
Over half of institutions recruit fintech professionals internally
Riksbank HR system restored 17 days after ransomware attack
Other incidents using Akira software reported across the world since 2023
Hong Kong issues world’s first multi-currency digital bond
Digital green bonds available in US dollars, Hong Kong dollars, euros and yuan
Russia to onboard 17 more banks in digital ruble trials
Central bank in talks with "friendly countries" to link with their CBDCs and payments systems
Head of Romania’s central bank ‘deepfaked’ by scammers
NBR says fraudsters’ use of AI-generated video points to increasing risks from manipulated imagery
Russia hosts Brics talks over cross-border use of CBDCs
Summit takes place in Moscow with bloc’s new Middle Eastern and African members
Public perception is key for stablecoin peg – BIS paper
Market sentiment is important in determining whether currencies remain at par with fiat money
Swedish central bank affected by ransomware attack
Riksbank’s HR and payroll reportedly still impeded after hackers targeted third-party cloud provider
‘Digital pound’ enters next stage of design phase
BoE and Treasury outline how CBDC could work and try to allay concerns
Central banks face ‘black box’ effect in AI, warns BIS
Institution’s latest bulletin underlines the opportunities and challenges of machine learning
Venezuela shuts down state cryptocurrency
Petro overseer had been embroiled in scandals, including over $21.2 billion of missing oil payments
RBI proposes self-regulation for fintechs
Move comes as India hailed as one of sector’s “most significant operating countries”
BIS and partners will test digitising promissory notes
World Bank and SNB to work on project using distributed ledger technology
Generative AI set to profoundly change workforce – IMF research
Paper recommends retraining for workers whose jobs are susceptible to erasure
US monetary policy drives defi credit cycles, HKMA study finds
Automatic liquidation could amplify shocks and trigger runs, author say
HKMA proposes strict stablecoin regime
Algorithm-based stablecoins likely to be excluded under new rules, Hong Kong authorities say
ECB invites entrants for wholesale ‘digital euro’ trial
CBDC work in 2024 will test Banque de France, Bank of Italy and Bundesbank DLT solutions
BoJ’s CBDC designed to hold ‘minimum’ amount of user data
Offline solutions deemed to pose too great a risk of double spending and counterfeiting
Palau to launch national stablecoin after ‘successful’ pilot
Digital currency will be pegged to US dollar and backed by finance ministry
Basel Committee to consult on stablecoin capital requirements
Feedback also sought on interest rate risks and G-Sib “window dressing”