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BIS Boss Coins ‘Finternet’ Term, Touts Tokenization as Tool for Solving Today’s Financial System Shortcomings
17.4.2024
BIS Head Agustin Carstens and Infosys co-founder Nandan Nilekani have proposed the idea of the “Finternet,” an interconnected financial system led by tokenized assets that would help to overcome today’s shortcomings in transacting financial assets. The core of this system would...
BIS Announces Project Agorá: Central Banks Bet on Tokenization for Cross Border Settlements
8.4.2024
The Bank for International Settlements, the central banks’ bank, announced the launch of Project Agorá, a joint private-public initiative seeking to examine the potential benefits of tokenization for improving cross-border settlements. Agorá includes the participation of seven central banks...
New BIS Plan Mandates Banks to Disclose Crypto Holdings
6.10.2023
The Basel Committee on Banking Supervision has unveiled a new plan that will require banks to disclose their cryptocurrency holdings.
This development comes on the heels of a tumultuous year that witnessed the collapse of several major crypto firms as well as crypto-focused lenders Signature...
Project Atlas: Bank for International Settlements Tackles Crypto Tracking with EU Central Banks – Here's the Latest
4.10.2023
The Bank for International Settlements (BIS) and four European central banks have rolled out a Proof-of-Concept (PoC) system to track the global flow of cryptocurrency assets.
The partnership with the BIS was struck with the European Central Bank, Banque de France, Deutsche Bundesbank...
Central Banks Successfully Test Cross Border Trading of Wholesale CBDC Using DeFi
28.9.2023
The Bank for International Settlements alongside the central banks of France, Singapore and Switzerland tested out using wholesale CBDC to conduct cross border trading
BIS Economists Recommend 3 Crypto Policies for Regulators Worldwide to Adopt
18.1.2023
Economists at the Bank of International Settlements (BIS) have recommended three policies regulators worldwide could adopt in order to deal with the risks posed by cryptocurrencies. “Authorities can now consider a variety of policy approaches and at the same time work to improve the existing...
BIS Economist Recommends ‘Technology-Neutral’ Crypto Regulation, Low-Cost Supervision of Decentralized Markets
2.7.2021
An economist with the Bank of International Settlements has found that cryptocurrencies are not sought as an alternative to fiat currencies or regulated finance, therefore a “technology-neutral regulation to this asset class” is recommended. The economist discussed “embedded...
BIS: Cryptocurrencies Are Often Used in Financial Crimes, Money Laundering, Ransomware Attacks
24.6.2021
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.” BIS Criticizes...
Basel Committee Proposes Differentiating Regulation of Crypto Assets Based on Risks to Banks
12.6.2021
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.”...
BIS Official Insists Bitcoin Fails Means of Payment Test, Calls El Salvador’s BTC Law ‘Interesting Experiment’
11.6.2021
An official at the Bank for International Settlements (BIS) and former member of the executive board of the European Central Bank (ECB), Benoit Coeure, insists that bitcoin has not passed the test of being a means of payment. He calls El Salvador’s move to make the cryptocurrency legal tender...