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Central Banking


The Bank of International Settlements (BIS) is dedicating two chapters of its forthcoming annual economic report to cryptocurrencies. BIS – considered to be the central bank’s central bank – will publish those two chapters this weekend on June 17, the institution announced this week. The full report will be published on June 24. The upcoming …

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An organization established by the European Commission to focus on blockchain research and development is soliciting questions from the general public about the nascent technology. The EU Blockchain Observatory and Forum announced through a Tweet on Monday that it is hosting a 90-minute AMA (Ask me anything) session on June 18, to address any concern …

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Bank of Thailand (BoT), the country’s central banking authority, is eyeing the adoption of blockchain technology in its interbank clearance and settlement system. According to a speech published on Wednesday, central bank governor Veerathai Santiprabhob indicated at an event in Singapore that developing a wholesale central bank digital currency is currently in the country’s pipeline as …

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South Africa’s central bank has announced some pretty astonishing results for a trial of its blockchain-based system for interbank clearance and settlement. According to a statement released Tuesday, the South Africa Reserve Bank (SARB) said it has completed a 14-week “realistic” proof-of-concept that managed to settle the country’s typical 70,000 daily payment transactions within two hours, taking an …

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China’s central bank has finished work on a blockchain-based system that digitizes checks issued by domestic businesses, according to a senior official. In an op-ed published by a local news source on Tuesday, Di Gang, deputy head of the digital currency research lab at the People’s Bank of China, said the department has “completed the infrastructure of …

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“Convergence” may mean different things to different people in blockchain, but it’s a word that’s appearing more in more in public rhetoric of late. For some, it simply means that innovations developed on a public blockchain powered by a cryptocurrency can be leveraged on a private blockchain used by enterprises, and vice versa. But to others, …

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The Hong Kong Monetary Authority (HKMA), the region’s de facto central bank, currently has no plan to issue a central bank digital currency (CBDC), a high-level government official said on Wednesday. During a council meeting with legislators in Hong Kong, Joseph Chan, acting secretary for financial services and the treasury, said the HKMA’s research on the …

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The High Court of Delhi has issued a notice to India’s central bank over its order barring banks from engaging with cryptocurrency services, following a petition from a bitcoin exchange operator. The company, Kali Digital Ecosystems, had planned to launch an exchange platform called CoinRecoil in August of this year. The firm filed the petition last week, seeking “an appropriate writ, …

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Bank of Japan (BoJ), the country’s central banking authority, currently has no plan to issue a central bank digital currency (CBDC), citing financial stability concerns. In a closing remark at a conference with the International Monetary Fund and Japan’s Financial Services Agency on Monday, the BoJ’s deputy governor Masayoshi Amamiya said issuing a digital currency directly …

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The Bank of England, the U.K.’s central banking authority, is developing a proof-of-concept (PoC) examining how to maintain privacy over a distributed ledger-based network while still allowing a regulatory overview of the data. Partnering for the project with Chain, a blockchain startup that develops infrastructure protocols, the Bank of England released a paper on Wednesday setting …

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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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A member of the Federal Reserve’s board of governors called bitcoin and other cryptocurrencies out for their “extreme volatility” on Tuesday, but made it clear that the new asset class does not pose a threat to the stability of the U.S. economy. Lael Brainard, who also sits on the central bank’s powerful interest rate-setting committee, …

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The Central Bank of Russia is considering using its Masterchain blockchain software to transmit SWIFT financial messaging across the Eurasian Economic Union (EAEU), an official said on Tuesday. Russia’s FinTech Association, formed under the oversight of the central bank, successfully carried out a trial of the ethereum-based software in 2016 and completed a working version …

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The National Bank of Kazakhstan wants to ban cryptocurrency trading and mining in the European nation, its chairman said. Speaking to Sputnik News, Daniyar Akishev said the central bank is “taking [a] very conservative approach” towards cryptocurrencies, looking for “extremely tough restrictions.” To that end, he told the Russian government news site, he wants to …

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China’s central bank has said cryptocurrencies will be one of its top priorities this year, in an effort to protect the national currency. According to an announcement Thursday, People’s Bank of China (PBoC) has outlined its agenda for the coming year during a conference call focused on monetary development. While Fan Yifei, the vice governor …

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China is still in the process of developing a state digital currency, the chief of a government-funded blockchain research center has said. According to a report by Shanghai Securities News Thursday, Zhang Yifeng, head of the China Banknote Blockchain Research Center, said the research and development of a digital fiat currency is on-going in China, adding …

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Blockchain systems for interbank clearance and remittance may not be as efficient as a centralized system just yet, according to a report released by the Central Bank of Taiwan. Announced by the bank’s new governor Yang Chin-long at a press event Thursday, the report outlined various explorations currently being conducted by the island’s central banking authority …

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The world’s economic leaders have set a July deadline for the first step toward unified regulation of cryptocurrency. Speaking Tuesday after the G20 meeting of finance ministers in Buenos Aires, Argentina Central Bank chair Frederico Sturzenegger said the member nations present agreed that cryptocurrencies needed to be examined, but that more information was needed before …

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Russian government officials and businessmen helped the Venezuelan government launch the world’s first state-backed cryptocurrency, Time Magazine reported Tuesday. Citing anonymous officials familiar with the matter, the report states that billionaires Dennis Druzhkov and Fyodor Bogorodsky advised Venezuelan president Nicolas Maduro in his efforts to build the petro. Further, Time reported that “senior advisers to …

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The US Department of the Treasury has just published five tips for building blockchain projects. According to the Bureau of the Fiscal Service website, the list is based on the lessons staff learned while working on a proof of concept blockchain system for tracking physical assets, such as computers or cars, which began last autumn. …

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