Digital currencies
Taiwan’s Yang says central bank money remains global ‘anchor’
Governor says it is still ‘ultimate settlement asset’, notwithstanding development of tokenisation
BSP remains cautious about stablecoins as proposals roll in
Deputy governor says most submissions are for dollar-backed assets focused on retail use
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
Stablecoins should be tightly regulated – HSBC exec
John O’Neill says lender’s views on the assets are aligned with those of central banks
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
Prioritise CBDCs over stablecoins, RBI’s Malhotra tells central banks
Indian central bank governor says CBDC collaboration needed to boost cross-border payments
Digitisation of money brings more regulatory risks – IMF head
Georgieva says crypto regs are in early stages and not yet coherent internationally
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