Posts in category

Central Banking


South Africa’s central bank has launched a program that will trial JPMorgan’s Quorum blockchain potential in interbank clearing and settlement. According to an official statement dated Feb. 13, the South African Reserve Bank (SARB) revealed it has established a fintech program that will prioritize, among other things, a project dubbed Khokha to explore a proof-of-concept …

0 38

A British Member of the European Parliament (MEP) has called on the City of London and the Bank of England to embrace blockchain technology as a means of staying relevant in the post-Brexit era. Kay Swinburne, who is also the most senior legislator on the EU’s Economic and Monetary Committee, told Business Insider that “the …

0 37

Mario Draghi, president of the European Central Bank, has said it’s not his institution’s job to regulate cryptocurrencies. As part of the ECB’s #AskDraghi video series, the former Italian central banker said he has seen many users on Twitter ask if the ECB would regulate or even ban bitcoin. In response, he said: “It’s not …

0 39

European Central Bank (ECB) executive board member Yves Mersch is coming out in support of comments made this week by Agustin Carstens, general manager of the Bank for International Settlements (BIS), in which he laid into bitcoin as a bubble, a Ponzi scheme and a threat to central banks. According to an FT report, Mersch …

0 37

The European Union’s top securities watchdog is has indicated that cryptocurrencies will be one of the agency’s top priorities in 2018. In its latest supervisory work agenda released on Feb. 7, the European Securities and Markets Authority (ESMA) outlined the five primary areas that the agency will focus on in the coming year. One of …

0 36

The head of the Bank for International Settlements (BIS) has blasted bitcoin as “a combination of a bubble, a Ponzi scheme” and, due to the energy consumption required for mining it, an “environmental disaster” Calling for more regulation in a speech today, Agustin Carstens, general manager of the BIS, warned that cryptocurrencies could become “parasites” on …

0 39

Italy’s economy minister struck a critical tone on cryptocurrencies Wednesday, remarking during an event that damage could arise should a market bubble “explode” even as central banks eye the technology. Speaking during an event at the Polytechnic University of Milan that was organized by energy giant Enel (which itself has trialed blockchain for energy trading purposes), …

0 38

Former New Hampshire governor and three-term senator Judd Gregg has said he believes bitcoin could alter how the world views currency. In an opinions piece published by The Hill yesterday, Gregg outlined why he thinks people believe in bitcoin, how bitcoin could be used and what it could mean for the global economy. Briefly comparing …

0 39

Swift has signed a memorandum of agreement with seven central securities depositories to look into how blockchain can be used for post-trade processes, such as proxy voting. Revealed today, the agreement is with U.S.-based Nasdaq Market Technology, Russia-based National Settlement Depository, Switzerland-based SIX Securities Services, South Africa-based Strate, as well as the Abu Dhabi Securities …

0 40

The People’s Bank of China has put to rest a rumor that it would order a domestic shutdown of bitcoin mining activities, according to a local media outlet. The report, published on Jan. 4 by the Chinese business publication Caixin, said that China’s central bank did not host any meetings to discuss a policy requiring …

0 36

Bitcoin should be regulated and even taxed, according to a European Central Bank (ECB) governing council member. Ewald Nowotny, head of the Oesterreichische Nationalbank, Austria’s central bank, said in an interview with German paper Sueddeutsche Zeitung that anyone who participates in a financial transaction should be clearly identified, on top of paying value-added tax (VAT). According …

0 38

A research unit established by the Bank of England (BoE) is investigating the introduction of a cryptocurrency linked to pounds sterling. The team involved expected to report back within the next 12 months, a Telegraph report says. If approved, the central bank-issued cryptocurrency would allow British users to keep their digital money with the central bank itself, …

0 37

Chun Yin Cheung is a partner in PwC China’s risk assurance practice, based in the Shanghai office, and a committee member of VeChain Foundation. The following article is an exclusive contribution to CoinDesk’s 2017 in Review, and represents the author’s personal view, not necessarily the opinions of his employer. In 2018, I forecast China will surprise the world (again) …

0 37

JP Koning is an avid blogger covering monetary economics and the history of money on his blog Moneyness.  The following article is an exclusive contribution to CoinDesk’s 2017 in Review. Central banks may be the 800-pound gorillas of the financial universe, but they have largely kept their hands off of bitcoin and other cryptocurrencies, preferring to monitor developments …

0 36

Malaysia’s central bank has published new draft regulations for cryptocurrencies that operate in the country. On Thursday, Bank Negara Malaysia announced the move in a release on its website, asking the public to weigh in on measures aimed at easing money laundering and terrorist financing concerns related to cryptocurrencies. The publication follows months of work …

0 36

The central banks of the United Arab Emirates and Saudi Arabia are reportedly launching a pilot initiative that will see the two institutions test a new cryptocurrency for cross-border payments. Regional news sources such as The National and Gulf Digital News report that Mubarak Rashid al-Mansouri, the UAE central bank’s governor, unveiled the initiative at …

0 37

The vice governor of the People’s Bank of China, Pan Gongsheng, has said that the country’s regulators took the right decision in cracking down on domestic cryptocurrency exchanges. Speaking at a financial book award event in Shanghai at the weekend, the central bank executive said it was “scary to think about” the scenario if the regulators …

0 35

The National Bank of Ukraine is expanding the team working to move the country’s national currency, the hyrvnia, to a blockchain. Revealed in an email to CoinDesk, the number of people added and who they are is being kept private for now, but the expansion shows a level of intent that hasn’t been seen at many …

0 35

The chief of the French central bank has today warned on the risks of investing in bitcoin. Francois Villeroy de Galhau, governor of the Bank of France, said the “speculative” asset is not a currency and, confusingly, not “even a cryptocurrency,” according to The Independent. Making the remarks at an event in China, Villeroy continued: “Its …

0 35

Digital currencies may pose a threat to financial stability as they gain popularity, said U.S. Federal Reserve vice chairman for supervision Randal Quarles. Speaking at the 2017 Financial Stability and Fintech Conference on Thursday, Quarles warned against the rise of cryptocurrencies, saying private decentralized currencies could have “spillover effects” on the broader financial system if they …

0 36