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“The economic forces that allow intermediaries to hold market power in traditional finance might still exist in the DeFi world,” added Makarov and Schoar, citing the examples of oracles – the links between smart contracts and the real world, which might be persuaded to collude and falsify data without the
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The BIS (Bank of International Settlements) is a Switzerland-based bank belonging to 63 national central financial institutions that recently revealed a new survey based on Bitcoin. Primarily, the BIS offers various banking services to several national central banks. Also, it creates a platform for regulatory policies and monetary discussions. The organization
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Bitcoin (BTC) investors are more likely enticed by the cryptocurrency’s rising prices, rather than their dislike of banks or its perceived use as a store of value, a new report from the Bank for International Settlements (BIS) suggests. In a “BIS Working Papers” report published on Nov. 14, the central bank
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The Bank for International Settlements (BIS) has released the full details of its mBridge pilot project to use central bank digital currencies (CBDCs) for foreign exchange. Commercial banks in four jurisdictions made cross-border transfers using CBDCs and distributed ledger (blockchain) technology in the project, which was heralded as a success.Twenty
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Central banks – based in Hong Kong, China, the United Arab Emirates and Thailand – issued over $12 million on the platform, allowing the commercial banks to conduct payment and foreign exchange payment versus payment transactions (PvP), the report said. The pilot was part of BIS's ongoing Project mBridge, a
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The Bank for International Settlements (BIS), the Hong Kong Monetary Authority and the United Nations Climate Change Global Innovation Hub presented the results of their “Genesis 2.0” initiative. The project aims to explore the use of blockchain, smart contracts and the internet of things (IoT) for a global environment cause. The
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A multi-jurisdictional Central Bank Digital Currency (CBDC) pilot has been marked “successful” by the Bank for International Settlements (BIS) after a month-long test phase that facilitated $22 million worth of real-value cross-border transactions.The central banks of Hong Kong, Thailand, China and the United Arab Emirates (UAE) took part in the
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A project involving multiple Asian central bank digital currencies (CBDCs) has been badged a success, facilitating over $22 million in foreign-exchange transactions, the Bank for International Settlements (BIS) said Tuesday. Source
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Governments across the globe see central bank digital currencies (CBDC) as a means to improve the existing fiat ecosystem. Cryptocurrency’s technical prowess supported by the central bank’s underlying trust is key to enabling a rich monetary ecosystem, suggests an International Monetary Fund (IMF) publication. “Digital technologies promise a bright future for
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Each of the CBDC access models has different implications around risks, efficiency, resilience and interoperability, the report continued, noting there is no “one size fits all” solution. For example, while compatibility might be the least costly form of interoperability, it may not achieve similar efficiency benefits to interlinking multiple systems
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