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The Bank for International Settlements (BIS) and the central banks of France, Singapore, and Switzerland have completed Project Mariana. Project Mariana focused on the cross-border trading and settlement of CBDC between financial institutions by applying the decentralized finance (defi) technology. The initiative was developed by three financial innovation hub centers (the Swiss,
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Project Mariana's proof of concept used a hypothetical euro, Singapore dollar and Swiss franc wCBDCs between simulated financial institutions. The project relied on "a common token standard on a public blockchain which facilitates interoperability and seamless exchange of wCBDC across varied local payment and settlement systems maintained by participant central
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United States Representative Tom Emmer spoke out against Securities and Exchange Commission Chair Gary Gensler during a hearing at the House Financial Services Committee on Sept. 27. According to the lawmaker, Gensler has been loyal to Wall Street “at the clear expense of innovation, competition, and everyday Americans.”Over four minutes
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Central Bank Digital Currencies (CBDCs) have become well-established as a major talking point in the academic mainstream and geopolitics — not to mention the crypto community and its rowdy public discourse on X. While national leaders and supranational financial institutions such as the World Bank and International Monetary Fund have
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The Federal Reserve Banks of Boston and New York published a staff report on Sept. 26 comparing stablecoins, such as Tether (USDT) and USD Coin (USDC), to money market funds. Key findings in the report include the observation that stablecoins and money market funds follow similar patterns during runs and
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With anticipation around Bitcoin ETFs from giants like BlackRock, Fidelity, and Invesco, and an expected halving in April 2024, forecasts for Bitcoin’s
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Central Banks around the world are grappling with the difficult task of managing excessive inflation while maintaining economic development. In recent times, Central Banks in the European Union (EU) are facing a triple dilemma that demands delicate balancing acts and strategic decisions following persistent high inflation that is threatening to cripple
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Silent Eight’s software is grounded in generative AI, similar to the technology behind the viral ChatGPT chatbot. Silent Eight, led by CEO Martin Markiewicz, has made it its mission to empower financial institutions to combat financial crimes more efficiently and effectively through the use of its Artificial Intelligence (AI) software. Among Silent
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The report, which follows allegations from broadcaster and former politician Nigel Farage that his bank account was shuttered over his political views, said "the most common reported reasons for personal and business account applications being declined, suspended or terminated were financial crime suspicions identified, due diligence concerns, and inactive/dormant accounts." Original
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The Hong Kong Monetary Authority has cautioned the public against crypto firms that describe themselves as banks or offer products termed as deposits. On Sept. 15, the Hong Kong Monetary Authority (HKMA) issued a public statement expressing concern over crypto companies labeling themselves as “banks” and offering what they describe as
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