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"A key risk are the potential gaps in central banks’ internal capabilities and skills," the report by the BIS Consultative Group on Risk Management said. The central banks of Brazil, Canada, Chile, Colombia, Mexico, Peru and the United States are represented in the group. Source
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Issuance of a central bank digital currency (CBDC) requires adequate attention to security, the Bank for International Settlements (BIS) reminded central bankers in a report on Nov. 29. An integrated risk-management framework should be in place starting at the research stage, and security should be designed into a CBDC, the
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If a crypto firm starts acting like a bank, it should be regulated like one, which won't be easy, said Andrea Enria, chair of the supervisory board at the European Central Bank (ECB), during a Wednesday interview with four European Union media outlets. Source
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When considering the design of a CBDC, people will also have to grapple with difficult questions on choice, inclusion and stability, Skingsley said. But "innovation usually takes us to new places and opens up possibilities that were not there until a new technological breakthrough has happened," she added. Source
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More foreign banks have joined China’s digital yuan central bank digital currency (CBDC), the e-CNY, following British bank Standard Chartered’s entry on Nov. 27, bringing its total to four.According to local news reports, Hong Kong-based HSBC, Hang Seng Bank and Taiwanese bank Fubon Bank have also added e-CNY integrations to their
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A weaker dollar often becomes a tailwind to risk assets, including bitcoin, as occurred in the second half of 2020 and early 2021. The greenback is a global reserve currency, playing an outsized role in global trade and non-bank borrowing. When the dollar strengthens, it causes financial tightening worldwide, disincentivizing
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Metaco CEO Adrien Treccani agrees that adopting Ripple and Metaco’s solutions increases the chances of adopting XRPL as a protocol. The XRP community is excited at the increased growth prospects of the XRP blockchain since the RIpple-Metaco deal was sealed. Recall that Ripple announced a $250 million acquisition of Swiss crypto custody
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“Yes, there have been such discussions and we have spent recent months clarifying the situation with the banks,” Treccani said. “I think we have been successful. Going forward, you are going to see more tier one bank partnerships that we will soon be announcing in Europe, the U.S., APAC and
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Global banks have begun actively integrating crypto assets into their financial operations, and XRP has been one of their top preferences. This
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Canada’s Office of the Superintendent of Financial Institutions has initiated a consultation process to develop guidelines for how banks should report their exposure to crypto. The Office of the Superintendent of Financial Institutions (OSFI) in Canada is stepping up to address the growing role of cryptocurrencies in the financial world. The
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