Stablecoins
NY court orders world’s largest stablecoin issuer to prove reserves
Defendants accused of crypto market price manipulation
Australian senator introduces bill to regulate e-yuan
International use of the CBDC viewed as boosting China’s strategic power
Book notes: The Fed unbound, by Lev Menand
Instead of the Fed expanding its tasks to meet shadow banking needs, this book calls for charter-like oversight of NBFIs
UN warns against rapid adoption of crypto in developing nations
Tax evasion depletes resources for development, report finds
MAS to consult public on regulating stablecoins
Chairman says central bank will consider reserve requirements for stablecoin issuers
Basel Committee proposes capital add-ons for crypto exposures
Committee tightens proposed rules in several areas following high-profile crypto failures
BIS: the future of money is not crypto
Hyun Song Shin lays out vision of payments innovation backed by CBDC
Fed’s Waller joins chorus of concern over crypto
Growing number of central bankers now talking about crypto regulation
BoE set to gain stablecoin insolvency powers
Government proposal would amend existing rules for dealing with failed payment systems
Book notes: The future of money, by Eswar S Prasad
Prasad’s book is the best on the topic so far, providing the most complete description of issues and factors that will shape the future of money
How to stop stablecoins from hoarding precious collateral
Repo markets expert and crypto bank chief exec think Fed reserves are the right answer
Digital euro could be reality by 2026 – ECB’s Panetta
ECB will step up engagement with authorities and investigate means of issuing CBDC
Yellen calls for new stablecoin regulation amid algorithmic crash
Terra, a leading stablecoin, lost its dollar peg as several crypto-assets fell
Fed warns on crypto risks as major stablecoin breaks peg
CBDC could help protect against risks from crypto assets including stablecoins, Fed says
HKMA advances e-HKD exploration
Authority notes risks around cyber security and removing intermediary banks
Stablecoins revive US narrow banking debate
Legislators suggest simplified bank rules to regulate issuers, but Federal Reserve is cautious
IMF panel weighs up wholesale versus retail CBDC
Officials reflect on trade-offs involved in crypto assets and new payments technology
Systemic stablecoins may not need ‘bank-style’ resolution – BoE
Non-bank stablecoins set for “tailored” regulatory regime under plans by UK policy-makers
Central bankers see ‘potential’ in stablecoins
But John Williams, Cecilia Skingsley and Perry Warjiyo warn such systems must be better regulated
Digital money and central banks
Central banks must reflect on the monetary policy, regulatory and financial stability implications from crypto assets, stablecoins and CBDCs to stay relevant in the digital age of money
Markus Brunnermeier on the need for CBDCs
The Princeton academic co-authored a paper for the European Parliament exploring the potential pitfalls of CBDCs. But they are still needed, he says
Stablecoin risks raise need for CBDC research – Brainard
ECB’s Panetta says “stablecoins are not money”, as Brainard weighs CBDC as possible alternative
FSB warns of rising crypto asset risks
Sector could harm global financial stability if it carries on growing at current rate, FSB says