Posts in category

Central Bank


Pakistan’s central bank issued a statement barring financial companies in the country from working with cryptocurrency firms, becoming the latest institution of its kind to bar the activity. In a statement posted to its website (and circulated via social media), the State Bank of Pakistan (SBP) said: “…all Banks/ DFIs/ Microfinance Banks and Payment System Operators …

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A member of the Swiss National Bank’s governing body said Thursday that central bank digital currencies (CBDC), if created, would pose risks to financial stability while offering few tangible benefits. Andrea Maechler, a member of the central bank’s three-person Governing Board, told an audience in Zurich that distributed ledger technology (DLT) – which she equated with …

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Singapore’s central bank reaffirmed its commitment to using Blockchain for international payments in an official speech March 15. Speaking during the Money20/20 Asia conference which finished on the same date, Monetary Authority of Singapore (MAS) managing director Ravi Menon told an audience that the city-state’s Blockchain plans, dubbed ‘Project Ubin,’ will “solve the challenge” of …

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Executives from the European Central Bank (ECB) and Bank of International Settlements (BIS) have said Bitcoin is “not the answer to the cashless economy,” in a statement released March 13. Writing in a commentary on a BIS report into so-called central bank digital currencies (CBDCs), Benoît Cœuré and Jacqueline Loh added that banks should improve …

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A new joint European banking report has poured cold water on the effectiveness of so-called central bank digital currencies (CBDCs). The report, submitted by two working groups under the auspices of the Bank for International Settlements (BIS) and European Central Bank (ECB), warns about the “adverse” effect of introducing a CBDC. It also advocates that …

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A central bank-issued digital currency (CBDC) could fuel faster bank runs during periods of financial stability, the Bank of International Settlements (BIS) said Monday. The institution – considered by some to be the “central banks’ central bank” – argued those looking to develop and launch a wholly digital currency should “carefully weigh” the implications of doing …

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The Central Bank of Malaysia (BNM) officially stated that they do not endorse crypto platform Coinzer and its unlicensed logo design on March 11. According to BNM’s press release, Coinzer used the unauthorized images of the BNM logo and the Malaysian coat of arms on the physical design proposition for the coin, its white paper, …

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Cryptocurrency exchanges in Malaysia must now fully identify traders after new central bank anti-money laundering legislation came into effect Tuesday, Feb. 27. A copy of the legislation and official press release from the Bank Negara Malaysia (BNM) states that any exchanges offering crypto-to-fiat, fiat-to-crypto and even crypto-to-crypto trading must “identify the customer and verify that …

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Yang Chin-long, the new governor of Taiwan’s central bank, indicated in a speech yesterday, Feb. 26, that the bank would be open to exploring Blockchain technologies. At the end of January, Taiwanese capital Taipei had announced that they intended to turn into a ”smart city,” utilizing Blockchain for providing technological advances like pollution sensors and …

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Iran’s central bank has split from previous pro-Bitcoin government announcements and is now looking to “prevent” cryptocurrency, according to a report published by the Iran Front Page news site Wednesday, Feb. 21. An article in local newspaper Iran quoted online by Iran Front Page cites the Central Bank of Iran describing cryptocurrencies as “highly unreliable …

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Last  Monday, Feb. 12 Chief Fintech Officer of the Monetary Authority of Singapore (MAS) Sopnendu Mohanty mocked the excessive speculatory activity that is “perhaps negatively impacting the whole experimentation of cryptocurrency.” He nevertheless confirmed his dedication to the Singapore central bank’s Blockchain project — “Ubin.” In Mohanty opinion, it is in two years when we’ll …

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The Central Bank of Poland has admitted to funding anti-cryptocurrency campaigns on social media, specifically Polish Youtuber Marcin Dubiel and his Dec. 2017 video, “I LOST ALL THE MONEY?!,” Polish news portal money.pl reports. The social media campaign against crypto was carried out by Central Bank of Poland in conjunction with Polish Youtube partner network …

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Distributed ledger startup Ripple has struck a deal with Saudi Arabia’s central bank on a pilot program that will see banks in the country trial the company’s tech. Announced today, the pilot with the Saudi Arabian Monetary Authority marks the second central bank to work with the startup, coming after the Bank of England, the …

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The European Central Bank (ECB) has moderated its stance on cryptocurrency regulation Wednesday, Feb. 7, describing it as “not exactly very high on its to-do list” in a brief interview with CNBC. The ECB’s Chair of the Supervisory Board Daniele Nouy added that although she had “no clue” whether new regulatory moves on crypto would …

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Augustín Carstens, the general manager of the Bank for International Settlements (BIS), called Bitcoin a “combination of a bubble, a Ponzi scheme and an environmental disaster”  and asked central banks to more closely regulate cryptocurrencies during a speech at Goethe University on Feb. 6. BIS is known as the “bank for central banks,” for it …

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The European Central Bank (ECB) says it “expects” cryptocurrency regulation to be high on the agenda at the G20 Summit in Buenos Aires this March. In comments at an event during the ongoing World Economic Forum 2018 in Davos, ECB board member Benoit Coeure added further weight to France’s economy minister Brune Le Maire’s vow …

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The Ministry of Finance of the Russian Federation (Minfin) has presented the Digital Assets Regulation Bill which defines and establishes a regulatory system for cryptocurrencies, ICOs, mining and trading, local media outlet TASS news agency reported today Jan. 25. Notably, the central bank of Russia disagrees with Ministry of Finance that cryptocurrency exchange should be …

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Danish finance and workers’ rights figures have threatened legal action against major bank Nordea after it announced this week that it will ban its employees from owning Bitcoin by Feb. 28. Speaking to local radio station Danmarks Radio (DK), Danish Financial Federation chairman Kent Petersen joined DJØF Union consultant Niels Mosegaard in condemning Nordea’s move, …

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One of the three major questions that the President of the European Central Bank will be answering via a series of videos on Feb. 12, 2018 is about cryptocurrencies and Blockchain. Mario Draghi will respond to the selected questions, whether Bitcoin offers a viable alternative to traditional currencies as well as comment on the ECB’s …

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On a day where confusing news continues to emanate from South Korea and China on new proposed bans and restrictions on Bitcoin, a member of the board of Germany’s Bundesbank has called for a united global regulatory front. Joachim Wuermeling of Bundesbank believes there is very little chance of containing this digital global phenomenon with …

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