Distributed ledger
WEF report calls for global standards on blockchain
Authors say it is time for ‘global action’ in fostering fintech innovation; task forces need to be created to create global standards, while funding should be provided to help research
Kazakh central bank to roll out blockchain-based savings
Central bank plans to allow members of the public to trade its short-term notes on a blockchain-based system by the end of the year
MAS’s DLT project posts successful results
Network issues digital Singapore dollars across a DLT network to settle interbank debts; problems with credit risk and liquidity will be addressed in future work, central bank says
Pure DLT systems not yet suitable for wholesale payments – Bank of Canada
The current state of distributed ledger technology makes it too inefficient to run as a pure system, though elements could still be useful, researchers say; details of RTGS project emerge
DLT expert: central banks should consider wider uses than just payments
Instead of payments, central banks should look to implement DLT for identity document transfer, says Michael Mainelli; expert takes more cautious view of the technology
Digital currency could remove need for positive inflation target, economists argue
Proposed digital framework eliminates the need for “inflation buffer” and promotes transparency of the balance sheet
BoE opts out of distributed ledger tech for new RTGS system
New central infrastructure needed for RTGS revival; wider range of settlement models could be integrated by adopting a broader group of participants
All aboard the blockchain
The underpinning architecture of bitcoin and other crypto-currencies – distributed ledger technology – has the potential to revolutionise digital payments, with some central banks working out how to harness ‘the blockchain’
Swift to ‘streamline’ cross-border payments with DLT framework
Swift to launch blockchain proof of concept later this year utilising the ‘hyperledger fabric’
BoJ’s Nakaso says digital currencies would allow ‘wider access’ to payments
Replacing banknotes with digital currencies would be “extreme”, deputy governor says, but would allow “wider access” to central bank payment infrastructure
Fintech not a danger to banking, say IMF panellists
Bank of Canada deputy says banks should be ready to embrace fintech, as the benefits for grow; IMF fintech working group hosts first panel at Spring Meeting
DLT not ‘mature enough’ for eurozone usage, ECB says
ECB’s annual report explores progress with distributed ledger technology, emphasising it is still in its infancy; DLT could eventually be used for Europe’s payment and securities settlement systems
HKMA investing in digital currency prototype
HKMA continues to build on its DLT research through digital currency venture with commercial banks; previous projects show potential to improve efficiency and transparency
New paper examines central bank digital currency models
Bank of Canada experiment proves distributed ledger networks can be used to settle payments; paper examines the difference between retail and wholesale models
MAS’s Menon stresses importance of fintech regulation timing
Fintech needs regulation, but it should not “front-run” innovation, says Menon; regulation should “kick in” only when fintech risk “crosses a certain threshold”
Bundesbank president: blockchain brings benefits and pitfalls
Technology has the potential to make financial markets “faster” and “more efficient”; its introduction should be accompanied by regulation
BoE collaborates with fintech firms to enhance payment system
BoE establishes new fintech community to discuss developments in the industry; next round of proof-of-concepts to examine ‘interledgers’ and threat intelligence
MAS unveils new DLT plans for securities and cross-border payments
Success of initial project leads authority to launch two 'spin-off' projects, including a possible cross-border application of central bank-issued digital currency
Fed’s Powell warns of central bank digital currency impact on private sector
Powell says digital currencies issued by central banks could “stifle” private sector payment innovation, though he is confident DLT will have benefits for faster payments
BIS creates DLT analytical framework for central banks
CPMI working group lays out important questions for central banks when implementing distributed ledger tech for payments and settlement; access is a key concern
Esma sets out risks and benefits of DLT
Market participants should reach “clear decision” on use of technology, watchdog says
Bundesbank DL project not yet viable – board member
The conceptual study is “far from market-ready”, says Carl-Ludwig Thiele
Fintech is threatening universal banking as we know it – Carney
Carney highlights how fintech could threaten conventional banking through the provision of services; BoE governor also explores the pros and cons of a centrally issued digital currency
Swift creates distributed ledger proof-of-concept
Swift, in conjunction with Hyperledger working group, will launch private distributed ledger network to help banks manage their cross-border payments