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A collaborative initiative dubbed Project Sela sought to test and develop a central bank digital currency (CBDC) suited for mass retail use. The Bank for International Settlements (BIS), Hong Kong’s Monetary Authority (HKMA), and the Bank of Israel proved the feasibility of a secure retail central bank digital currency (rCBDC), according
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According to BIS research, 93% of central banks across the world are investigating the feasibility of issuing CBDCs. The Hong Kong Monetary Authority (HKMA) and the Bank of Israel (BOI) have partnered to address the privacy concerns associated with central bank digital currencies (CBDCs). This is according to a joint report
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“If central bank money is to go digital, cybersecurity is key,” Andrew Abir, Deputy Governor of the Bank of Israel, which is examining whether to issue a digital shekel, said in a statement. “The project proved the feasibility of the model we had in mind.” Source
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The need for an oracle in decentralized finance (DeFi) is a major impediment to adoption in the real world, according to the authors of a Bank for International Settlements (BIS) bulletin. The problems with oracles are both practical and principled, and the study’s authors saw no way around them.An oracle
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Cryptocurrencies like Bitcoin (BTC) have failed to reduce but rather have “amplified financial risks” in less developed economies, according to a new study published by the The Bank for International Settlements (BIS).On Aug. 22, the Consultative Group of Directors of Financial Stability (CGDFS) released a new report on cryptocurrencies, titled
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“Cryptoassets have so far not reduced but rather amplified the financial risks in less developed economies,” the study, published by the Basel-based Bank for International Settlements (BIS), said, adding that regulating the sector would be preferable to a full ban, given the difficulties of enforcement and risks of curbing innovation. Original
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The Bank for International Settlements (BIS) has introduced a cross-border payments interoperability and extension (PIE) task force, with Ripple, the blockchain-based digital payment network, being one of its notable participants. XRP, a cryptocurrency used by Ripple
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The Bank for International Settlements (BIS) has recently announced a cross-border payments interoperability and extension (PIE) task force which includes the blockchain-based digital payment network, Ripple. On Aug. 9, BIS announced the members of the PIE task force that will work to “enhance cross-border payments and meet the quantitative targets for
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The Bank of International Settlements (BIS) recently showed skepticism about the potential role of crypto in the global monetary framework, citing flaws that originate from the incentives of validators rather than the technology itself. In a comprehensive
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In preparation for a meeting of the G20 finance ministers and central bank governors this month, the Bank for International Settlements Innovation Hub (BISIH) submitted two reports — on cryptocurrency and central bank digital currencies (CBDCs) — on July 11. The reports reached very different conclusions about the related technologies.The
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