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Bank of Russia Supports Cryptocurrency Usage for International Settlements
16.4.2024
The Bank of Russia has announced that it will support accelerating the adoption of cryptocurrency payments for international settlements. According to Elvira Nabiullina, governor of the Bank of Russia, these crypto-based payments must be launched in a sandbox-style experimental regime. In contrast...
Central Banks to Explore Tokenization of Cross-Border Payments With Project Agora
3.4.2024
A consortium of central banks worldwide, led by the Bank for International Settlements (BIS), announced a new initiative "Project Agora" to explore the potential of tokenization to enhance existing financial systems.
The post Central Banks to Explore Tokenization of Cross-Border Payments With...
DeFi Borrower Behavior Key to Gauging Tokenization Risks: BIS Study
14.3.2024
The study was designed to look at the largely unexplored "intricacies" of user behavior and dynamics of decentralized finance lending, the authors said
Bank for International Settlements Releases Executive Summary of Global Stablecoin Recommendations
1.3.2024
The Bank of International Settlements (BIS) has released its recommendations for the regulation, supervision, and oversight of global stablecoin arrangements, according to an executive summary published on February 29.
The post Bank for International Settlements Releases Executive Summary of Global...
Exploring the Privacy Concerns Around CBDCs
23.1.2024
The future of money is digital and many countries are developing their own Central Bank Digital Currencies (CBDC). This in turn will have far-reaching implications on society, businesses, and banks, as the use of physical cash declines. Retail CBDCs are government-backed digital fiat money which...
BIS Chief Touts Benefits of CBDCs, Says Crypto Reveals ‘Poorly Designed and Poorly Supervised Financial Systems’
8.11.2023
In a Wednesday speech in Basel, Switzerland, Bank for International Settlements (BIS) chief Agustín Carstens argued that central bank digital currencies (CBDCs) will “sit at the core of the future financial system,” bringing innovation and meeting public expectations. While Challenges Remain,...
Banks Must Disclose Crypto Exposures, Global Regulator Says
17.10.2023
The guidance will ensure transparency and market discipline, the Basel Committee on Banking Supervision said
Banks Would Have to Disclose Crypto Holdings Under New BIS Plan
5.10.2023
The Basel Committee on Banking Supervision previously recommended swingeing capital constraints on holdings of unbacked cryptocurrency
Central Bank Group Unveils Data Project Mapping Crypto Transfers
4.10.2023
The new data source, which also maps off-chain flows, could underpin future crypto regulations, according to the German-Dutch central bank project
Hong Kong-Israel CBDC Project Examines Security, Privacy, Accessibility
12.9.2023
Central banks say their new technology can be secure and accessible while promoting privacy
Dollar Share in Reserves Drops Below 60%, Yuan Rises, Russian Diplomat Says
2.9.2023
The share of currencies other than the U.S. dollar and the euro in international reserves is on the rise, according to a Russian representative. The trend is being observed as a growing number of countries try to use their national currencies in foreign trade settlements, the official noted. Russia...
Crypto’s ‘Illusory Appeal’ Should Be Met by Regulation, Not Bans, BIS Study Says
22.8.2023
Bitcoin ETFs could boost adoption because digital assets offer an escape route for state-imposed capital controls, a grouping of central bankers from the Americas said
BIS Survey: 93% of the World’s Central Banks Are Engaged in CBDC Work
12.7.2023
The Bank for International Settlements (BIS), an organization that seeks to support the international cooperation of the world’s central banks, has released the results of its 2022 survey on central bank digital currencies (CBDC) and crypto. The survey found that 93% of the 86 banks surveyed...
Crypto Can’t Be Used as Money Due to ‘Inherent Flaws,’ BIS Tells G20
11.7.2023
Central bankers, wary of displacing their own fiat currencies, pointed to the past year's prominent hacks and collapses
15 Retail CBDCs Likely by 2030, BIS Study Says
10.7.2023
A survey conducted by the Bank for International Settlements found 93% of central banks worldwide were engaged in digital currency work in 2022
State Duma Chairman of Financial Markets Committee: Russia to Exert ‘Serious’ Control Over Crypto After Legalization
28.6.2023
Anatoly Aksakov, chairman of the Financial Markets Committee of the State Duma, the lower chamber of the Federal Assembly in Russia, has remarked that the government intends to hold “serious” control over crypto after it is legalized. According to local reports, Aksakov also stated that...
Russia to Trial Digital Asset Settlements in Foreign Trade
17.6.2023
Bank of Russia plans to pilot cross-border payments using digital assets and central bank digital currencies, according to a deputy governor. The top executive believes these alternative instruments could increase efficiency in foreign trade while such settlements will not be permitted inside...
Iran and Russia Talk Crypto Cooperation, Unveil Tool Streamlining Trade in National Currencies
12.6.2023
Experts and business representatives from Iran and Russia have discussed the potential uses of cryptocurrencies and blockchain. The two countries are also collaborating on implementing new financial instruments facilitating bilateral trade in their national fiats. Financial Expo Brings Together...
Russia’s Rosbank Launches Crypto Payments Solution for Cross-Border Settlements
5.6.2023
Rosbank has become the first large Russian bank to offer clients an option to use cryptocurrencies in international settlements. The solution, provided in tandem with a Russian fintech, is mostly intended to meet the needs of businesses working with foreign partners. Russian Companies to Be Able...
BRICS Nations to Encourage Use of Local Currencies in Trade
3.6.2023
Countries in the BRICS bloc intend to encourage the use of local currencies in cross-border trade, their foreign ministers revealed. The top diplomats, who met in South Africa, also emphasized the importance of financial inclusion, welcoming new technologies that support it. BRICS to Stimulate...