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India’s central bank, the Reserve Bank of India (RBI), has warned about multiple risks cryptocurrency poses to the country’s financial stability. “They are also prone to frauds and to extreme price volatility,” the apex bank claims, stressing that “cryptocurrencies pose immediate risks to customer protection and anti-money laundering (AML) / combating the financing of terrorism … Read more
A Bank of International Settlements (BIS) executive, Benoît Cœuré, says that crypto is “growing very fast” and ”becoming mainstream in different ways.” Emphasizing that decentralized finance (defi) is a “wake-up call” for financial regulators, he said countries “are likely to agree on a global framework for crypto next year.” BIS Officer Sees Defi as a Wake-up … Read more
Direct exchanges between U.S. lawmakers and the crypto industry could be finally taking a constructive turn. Go to Source Powered by WPeMatico
Bank of France, the Swiss National Bank (SNB), and the Bank for International Settlements have successfully tested the application of wholesale central bank digital currency in cross-border payments. The project used distributed ledger technology and was realized with help from private firms. France and Switzerland Explore Direct Transfer of Euro, Swiss Franc Wholesale Digital Currencies … Read more
The Bank for International Settlements (BIS), a finance organization comprised of several central banks, has stated that while the objective of decentralized finance is to move control of financial tools away from current financial institutions, it just provides an ‘illusion’ of doing so. The organization argues that there is some kind of centralization around governance … Read more
Even though the total value locked in DeFi protocols has eclipsed $246 billion, it was not enough to please the BIS. Go to Source Powered by WPeMatico
Jerome Powell cited CBDCs and digital assets in his speech to open the New York Innovation Center at the Federal Reserve’s local offices. Go to Source Powered by WPeMatico
As House Democrats grapple over the infrastructure bill, the Biden administration and Federal Reserve eye stablecoin regulation. Go to Source Powered by WPeMatico
Cooperation between public and private sectors would be vital for a global CBDC system, says a new joint report. Go to Source Powered by WPeMatico
According to a report published by the Bank of International Settlements (BIS) and a group of central banks, digital currencies can lead to faster settlement and cheaper transfers. Moreover, the banking group leveraged a prototype that shows how money transfers can be done in seconds with very little processing fees. Inexpensive Transfers & Speed: Bank … Read more
