Fintech
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”
Digital yuan pilot announced between China and Singapore
Central banks to co-ordinate on green finance as MAS-CSRC staff exchange programme resumes
BIS, World Bank and IMF to collaborate on tokenisation project
Digitisation of notes will facilitate transfer of development money to emerging economies
Solomon Islands launches CBDC pilot with Soramitsu
Prime minister says launching a CBDC could promote financial inclusion in the island nation and reduce transaction costs
Small Swiss city accepts invoice payments in bitcoin and tether
Crypto accepted for taxes, fines and services, regardless of the amount
Crypto, trade and environmental crime among AML/CFT risks – IMF
Staff propose increasing country assessments to twice per year
BIS says CBDC can be monitored without personal information
Project Tourbillon dashboard allows aggregate-level monitoring
Korea plans to run a CBDC pilot next year
Bank of Korea and financial regulators plan to involve 100,000 citizens in a real-world CBDC pilot in Q4
ECB prioritises IT outsourcing and cyber resilience supervision
Institutions lost $161 million due to poor-quality outsourced services in 2022
Carstens says ‘quantum leap’ needed to overcome legacy systems
BIS chief says tokenisation, CBDC and unified ledgers could ‘democratise’ finance