BIS

BIS: Cryptocurrencies Are Often Used in Financial Crimes, Money Laundering, Ransomware Attacks

<div class=”featured_image_container”> </div> <strong>The Bank of International Settlements (BIS) says that it is now clear that cryptocurrencies are not money but speculative assets, emphasizing that in many cases they are used “to facilitate money laundering, ransomware attacks, and other financial crimes.”</strong> BIS Criticizes Cryptocurrencies, Bitcoin The Bank of International Settlements published its annual economic report …

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Bitcoinization: JPMorgan Notes ‘Similarly Situated’ Countries Could Make Bitcoin Legal Tender Like El Salvador

<div class=”featured_image_container”> </div> <strong>JPMorgan struggles to “see any tangible economic benefits associated with adopting bitcoin as a second form of legal tender.” Commenting on El Salvador’s bitcoinization, JPMorgan did not rule out that the country’s move to make the cryptocurrency legal tender may be “the beginning of a broader trend among similarly situated, smaller nations.”</strong> …

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Basel Committee Proposes Differentiating Regulation of Crypto Assets Based on Risks to Banks

<div class=”featured_image_container”> </div> <strong>The Basel Committee on Banking Supervision has proposed dividing crypto assets into two groups and regulating them based on their market, liquidity, credit, and operational risks to banks. Cryptocurrencies, such as bitcoin, will be subject to “a new conservative prudential treatment.”</strong> Crypto Regulation Proposed by Basel Committee on Banking Supervision The Basel …

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Swiss, French Central Banks to Trial Wholesale CBDC Settlements With BIS and Private Sector

<div class=”featured_image_container”> </div> <strong>The central banks of Switzerland and France are joining hands with the Bank for International Settlements to test wholesale central bank digital currencies in cross-border transactions. The experiment will be conducted with the help of a private sector consortium led by Accenture. </strong> European Central Banks to Collaborate on CBDC Project The …

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Fintechs Invited to Work on Georgia’s Central Bank Digital Currency

<div class=”featured_image_container”> </div> <strong>National Bank of Georgia (NBG) has issued a call for companies in the fintech sector, financial institutions and technology firms to support its efforts to create a digital currency. Georgia’s central bank wants to employ new technologies to raise the efficiency of the country’s payment system and promote financial inclusion. </strong> Georgia’s …

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Central banks representing a fifth of world’s population likely to issue CBDC in 3 years: BIS

Central bank digital currencies, or CBDCs, are entering the “advanced stages” of engagement as nations around the world look to capitalize on blockchain technology, according to a new report by the Bank for International Settlements. In its latest survey of CBDC development, the BIS shows that central banks representing roughly a fifth of the world’s …

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The ‘central bank of central banks’ is building a CBDC settlement platform

CBDC research has been announced as a top priority for the Bank for International Settlements’ Innovation Hub, or BISIH, in 2021. According to its annual work program, BISIH, plans to “explore the feasibility of faster and cheaper cross-border payments” using central bank digital currencies. BISIH also stated it will explore prototypes of “tiered retail CBDC …

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Did CBDCs affect the crypto space in 2020, and what’s next in 2021? Experts answer

It is hard to imagine that just two years ago, the general discourse around central bank digital currencies, or CBDCs, was mainly focused on the potential and possibility of issuing them. Even in 2019, the question was about whether we need state-owned cryptocurrencies, with only 70% of central banks worldwide studying the potential of issuing …

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Bank of Japan to begin digital currency proof-of-concept in 2021

The Bank for International Settlements (BIS), in collaboration with a group of seven central banks, published its first joint report into central bank digital currencies on Oct. 9, focusing on the foundational principles and core features of CBDCs. Alongside the report, the Bank of Japan, one of the members of the group, released a document …

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Not Like Before: Digital Currencies Debut Amid COVID-19

Famed currency speculator George Soros, who in 1992 broke the Bank of England to emerge a billionaire overnight by forcing the pound out of the European Exchange Rate Mechanism, believes: “We will not go back to where we were when the pandemic started. That is pretty certain. But that is the only thing that is …

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