Stablecoins
ECB’s digital euro consultation says public worried over privacy
Nearly half of responses to ECB come from Germany
Payment innovation is top fintech research priority for central banks
CBDC ranked second as central banks explore wider implications of fintech for payments
Bank of Thailand reinforces stablecoin regulation
Firms wishing to issue baht-backed stablecoins must consult with the central bank
‘Do no harm’: central bankers warn against rush to issue CBDC
Agustín Carstens, Jerome Powell and Jens Weidmann highlight risks of acting too fast
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
Stablecoins could allow for ‘embedded supervision’ – BIS paper
But authors say CBDCs may be a more effective means of achieving the same goal
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
A 19th century bank failure holds lessons for stablecoin era – BIS paper
Bank of Amsterdam’s early “stablecoin” fell apart as the bank lent more freely, authors say
Eurosystem lays out retail digital payment strategy
Access to cash and level playing field for electronic payments are key elements – Panetta
FSB unveils ‘comprehensive plan’ to reform global payments
“Roadmap” for cross-border payments to be considered by G20 leaders this week
Bailey urges early intervention on stablecoin risks
BoE governor says multi-currency stablecoins do not appear to be viable payment systems at present
CPMI tracks further decline in correspondent banking
Number of active correspondents down over 20% since 2011, latest data shows
Facebook’s libra could disrupt collateral markets – IMF paper
Collateral used to back ‘stablecoins’ such as libra will be unavailable for reuse
FATF will set up global network of virtual asset supervisors
Current standards are sufficient to govern stablecoin activity, report says, but risks may grow
Libra reinvents itself in bid to overcome ‘fatal’ flaw
Pivot to present more of a payment-network image could save libra from regulatory haranguing. But at what cost for innovation?
Libra could cause central banks to lose control over monetary policy
Stablecoins linked to global reserve currencies could pose problems for monetary policy – research
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
Podcast: Financial innovation and stability in the US
In the latest episode of the FedSpeak podcast, the Atlanta Fed’s Larry Wall discusses stablecoins, reserve currencies and credit loss accounting through the lens of financial stability
The Central Bank Digital Currency Survey 2020 – debunking some myths
Most central banks believe there are retail uses for central bank digital currencies, but few plan to launch a CBDC in the coming five years, with most rejecting the use of blockchain
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
FSB outlines 10-point plan for tackling global stablecoin risks
Some powers already exist but stablecoins may cut across regulatory boundaries, report says
FedNow: the advantage of going last
While the Fed is late in developing instant payments, it can learn about fraud detection, interconnectivity and directory services strategies from Europe, the UK and Australia
ECB and BoJ point to major problem in DLT-based payments
Latest “Project Stella” report says central source of information could create single point of failure
Stablecoins present threat to monetary sovereignty – WEF panel
Panellists discuss the delicate balance needed between the private and public sector with regard to digital money