Cryptocurrency
El Salvador to make bitcoin legal tender
President claims the move, a first for any country, will aid remittances and financial inclusion
Diem says it will ‘fade out’ stablecoin if Fed issues CBDC
Chief economist of Facebook-backed firm says public sector has “comparative advantage”
DNB acknowledges crypto KYC requirements were unlawful
Netherlands Bank reverses decision to mandate adherence to Sanctions Act
Bank of Canada voices concern over house prices
Financial regulator imposes minimum rate on new uninsured mortgages
Bitcoin plunges as China cracks down on crypto assets
Chinese industry bodies toughen restrictions on crypto services offered by financial institutions
Fed clarifies account access rules for fintech firms
Proposals address growing number of firms seeking access to the central bank’s balance sheet
AML/CFT regulation of crypto assets needs rapid reform – BIS report
Few jurisdictions are implementing “travel rule” for crypto assets, report says
Bank of Thailand reinforces stablecoin regulation
Firms wishing to issue baht-backed stablecoins must consult with the central bank
ECB pushes for greater crypto asset powers
Central bank suggests changes to afford it greater oversight of e-money issuers
Stablecoin issuer agrees to settle lawsuit over ‘deceptive’ trading practices
New York attorney general accuses Tether of lying about the backing of its crypto asset with US dollars
Bank of Canada may speed research into central-bank e-currency
Deputy governor says digital cash “not foregone conclusion,” criticises crypto
Philippine central bank gains powers over crypto assets
Revised regulations create “unbroken chain of regulated entities” for virtual asset providers
Dutch crypto firm takes legal action against DNB
Bitonic says new KYC requirements are disproportionate and threaten consumer privacy
Book notes: The currency cold war, by David Birch
Pleasant and interesting read on whether digital money will jeopardise the US dollar’s dominant role in global trade and finance
FCA fails to register crypto asset firms by cut-off
Regulator establishes temporary registration regime for firms which submitted an application on time
How can central banks secure the future of money?
Central banks should start tackling the accounting, legal and policy challenges related to CBDC. This work will shape the future of money, as could be witnessed in Albania
Regulators need common crypto asset standards – policy-makers
“Too many” crypto assets created to avoid regulation, official tells Central Banking summit
UK’s FCA bans crypto derivatives for retail investors
FCA says retail crypto assets have no reliable valuation basis and could increase financial crime
Lower financial literacy linked to crypto asset ownership – Bank of Canada
New cash survey shows financial literacy is positively associated with crypto asset awareness, but negatively associated with ownership
Norges Bank looks to narrow down CBDC options
Project enters third phase as central bank prepares recommendation on specifics of CBDC design
FATF will set up global network of virtual asset supervisors
Current standards are sufficient to govern stablecoin activity, report says, but risks may grow
People: Carmen Reinhart to be World Bank chief economist
Carmen Reinhart to take over from Penny Goldberg at World Bank; BIS picks Hong Kong hub head; Libra Association appoints chief executive
MAS will regulate token derivatives
Central bank updates securities legislation to regulate tokens offered by approved exchanges
Libra’s Disparte on big tech’s move into digital currency
Libra Association vice-chair Dante Disparte speaks about the decision to abandon a multi-currency reserve, stress-testing a global payment network and how the Facebook-backed body still has 3 billion customers in its sights