Cryptocurrency
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
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
Taiwan central bank completes feasibility study on wCBDC
Deputy governor says CBDCs could form “foundation of trust” for future monetary system
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
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
IMF says Bahamas must tighten monetary financing rules
Country adopted new limits on central bank loans in April, but IMF says cap still too high
FSB warns of spillovers from ‘multifunction’ crypto firms
High risks and poor governance in crypto sector could impact traditional finance, report says
IMF launches CBDC handbook
More data and methodologies needed to understand impact of all new means of payments
Visa and Mastercard power Kazakhstan’s CBDC debit cards
Digital tenge also designed to ensure “targeted and efficient government spending”
No stablecoin has always been able to maintain parity – paper
Authors warn there is no guarantee that issuers can redeem stablecoins on demand
Regulators around the world join Singapore’s tokenisation project
Singapore, UK, Japan and Switzerland will collaborate on decentralised finance infrastructure
Sam Bankman-Fried takes the stand in wire fraud trial
FTX head says he doesn’t know how $9 billion in funds disappeared
Bénédicte Nolens on the latest mBridge developments
The head of the Bank for International Settlements’ Hong Kong Centre speaks about cross-border CBDC governance, ongoing FX challenges and evolving technology
BIS releases guide to tackle ‘complex’ offline CBDC design
Trade-offs include privacy and security to meet jurisdiction-specific objectives
Decentralised finance has outpaced regulation – ECB paper
Technology with ‘no legal personality’ poses financial stability risks
US Treasury division proposes crypto mixer regulation
Proposals target terrorism financing after Office of Foreign Assets Control sanctions Hamas
Stablecoins more vulnerable to runs, say Fed researchers
Authors point out similarities with MMFs and warn about financial instability risks
DeFi could improve payments and settlement – BoC research
Inefficient legacy systems hamper the smooth completion of these operations