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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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The project is a first step in exploring privacy, security and scalability for central bank digital currency design, a report on the BIS initiative said. Original 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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"Digital euros are euros, but bank deposits are not euros. Deposits are just promises to pay euros, and if banks can't fulfill those promises, then you get crises emerging," he said, adding that a CBDC would have the benefit of stability, justifying the use of the digital euro instead of
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Ravi Menon says the country is instead clearing a path for CBDCs and regulated stablecoins. There will not be a place for private cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) in the monetary scene as many of them fail the “fundamental tests of financial services,” Monetary Authority of Singapore’s managing
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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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The Monetary Authority of Singapore (MAS) has released the final tranche of its responses to feedback on a consultation paper of proposed regulations for crypto service providers. Source
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The image of a presidential candidate destroying a model of the central bank with a sledgehammer will not leave Argentines' memories for a long time. But once President-elect Javier Milei is seated on the throne on Dec. 10, will he still have the courage to follow a winding and risky
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"I believe it is our responsibility – not only the central bank's, but also the financial industry's – to be ready to ensure that a service which is key to society's well-being, as the payment system is, does not come under threat. Therefore, and irrespective of the decision which is
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