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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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The Perverse Impacts of the Anti-Money-Laundering System Source
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The European Central Bank (ECB) says the introduction of digital cash in the form of central bank digital currencies (CBDCs) appears to be the "only solution" that will guarantee a "smooth continuation" of the current monetary system. The comments were made as part of an ECB Working Paper Series, which was published
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Monday's announcement would seemingly move the U.S. central bank one step closer to possibly allowing Wyoming trust companies, like Custodia and Kraken Bank, access to these accounts. The Fed first proposed guidance last year, opening up a request-for-comment process. Nearly 300 respondents filed comments, leading to a second public feedback
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FTX has announced that FTX Pay’s infrastructure has integrated with the social media and news aggregation forum Reddit’s Community Points system. The integration has been rolled out in the U.S., EU, Australia, and other countries worldwide. FTX Pay will also join Infura, P2P, Google Cloud, and other companies and projects
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Federal Reserve Vice Chair Lael Brainard has stressed the importance of establishing sound regulation for the crypto financial system “now before the crypto ecosystem becomes so large or interconnected that it might pose risks to the stability of the broader financial system.” Fed Vice Chair Brainard on Crypto Regulation Lael Brainard, the
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The body, which is responsible for ensuring the stability of the financial system in the EU, said in a statement on Thursday that while crypto assets currently have a limited hold on the financial system, ”these risks could materialize quickly and suddenly.” Source
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Currently, so-called "monolithic" blockchains, such as Ethereum, can not scale as there are too many tasks to perform (execution, settlement, and data availability). Scaling products, such as Avail, focus on just one part of the application requests at a time to speed up transactions. Source
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The BIS, an association of the world’s major central banks, dedicates a 42-page chapter in its 2022 Annual Economic Report to laying out a blueprint for the future of the global monetary system. In that vision, there is room for only some of crypto’s underlying technical features, like programmability and
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