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Bank of Russia Proposes Wide Ban on Cryptocurrency Use, Trade, Mining
21.1.2022
True to its hardline stance on decentralized digital money, the Central Bank of Russia is now pushing for a wide-ranging ban on crypto-related activities such as issuance, exchange, and mining. A consultation paper published by the regulator cites threats to financial stability and citizens’...
IMF: Crypto Could Soon Pose Risks to Countries’ Financial Stability
15.1.2022
Economists at the International Monetary Fund (IMF) say that “crypto assets are no longer on the fringe of the financial system.” In addition, they “could soon pose risks to financial stability especially in countries with widespread crypto adoption.” ‘Our...
British Lawmakers Say a CBDC Is Likely to Hurt Financial Stability — Digital Pound Benefits Overstated
14.1.2022
According to British lawmakers, a central bank digital currency (CBDC) is likely to raise the cost of borrowing while hurting financial stability. They insist the touted potential advantages of a digital pound are being overstated. Erosion of Privacy British lawmakers have said the use of a central...
India’s Central Bank RBI Says Crypto Is Prone to Fraud and Poses Immediate Risks to Consumer Protection
2.1.2022
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...
Turkey Reveals Scheme That Encourages the Conversion of Gold Deposits Into Lira Time Deposits
2.1.2022
The Central Bank of the Republic of Turkey recently revealed it made the decision to provide incentives to gold deposit and participation fund holders that request to convert these into lira time deposits, a statement from the central bank has said. Incentives Intended to Boost Financial Stability...
US Financial Stability Oversight Council identifies stablecoins and cryptos as threats to financial system
17.12.2021
"The Council recommends that state and federal regulators review available regulations and tools that could be applied to digital assets," says the FSOC
Fed Chair Jerome Powell Dismisses Cryptocurrencies as Financial Stability Concern but Warns They’re Risky
16.12.2021
Federal Reserve Chairman Jerome Powell says that he does not see cryptocurrencies as a financial stability concern. However, he noted that they are risky and “there’s big consumer issues for consumers who may or may not understand what they’re getting.” Fed Chair Powell...
Fed chair Jerome Powell says he isn't concerned about crypto disrupting financial stability in the US
15.12.2021
“Stablecoins can certainly be a useful, efficient consumer-serving part of the financial system if they’re properly regulated,” said Jerome Powell
Bank of England Deputy Governor Warns Crypto Prices Could Fall to Zero
15.12.2021
Bank of England’s deputy governor for financial stability, Sir Jon Cunliffe, has warned that the price of cryptocurrencies, including bitcoin, could fall to zero. Noting that the crypto industry is “growing very fast,” he stressed: “We really need to roll our sleeves...
Thailand Doesn’t Prohibit Crypto Use for Payments but Warns of Price Fluctuation
12.12.2021
Bank of Thailand’s officials say that using cryptocurrency as a means of payment is not illegal. However, they added that users “must be able to accept the risks,” including price fluctuation. Using Crypto to Pay for Goods and Services Is Not Illegal in Thailand Sakkapop...
Regulator Claims South Africa Set to Unveil Cryptocurrency Regulatory Framework in Early 2022
11.12.2021
In early 2022, South Africa will have a new regulatory framework that covers cryptocurrencies, a commissioner with a regulatory body has said. Highly Risky Products South Africa’s financial sector regulator, the Financial Sector Conduct Authority (FSCA) is set to unveil a new regulatory...
Bank of England’s Cunliffe: Crypto Threat to Financial Stability ‘Getting Closer’ — Urges Regulators to Act Now
16.11.2021
Bank of England’s deputy governor for financial stability, Sir Jon Cunliffe, has warned that cryptocurrency is getting closer to posing a threat to global financial stability due to the sector’s rapid growth. Crypto is also being integrated into the traditional financial system at...
Crypto poses imminent threat to financial stability: Bank of England Deputy Governor
16.11.2021
Bank of England's Sir Jon Cunliffe has urged British lawmakers to think “very hard” about the disruption integrating cryptocurrency with traditional finance could wreak
India’s Central Bank RBI Reiterates ‘Serious Concerns’ About Crypto — Governor Doubts Reports on Indian Crypto Investors
12.11.2021
India’s central bank, the Reserve Bank of India (RBI), still has “serious concerns” about cryptocurrency from a macroeconomic and financial stability standpoint. Furthermore, RBI Governor Shaktikanta Das says he doubts the veracity of the number of Indian crypto investors...
Digital Ruble to Give Russians What They Need, Bank of Russia Governor Says
11.11.2021
The digital ruble is what Russian citizens need as it will facilitate inexpensive and reliable payments, the head of Bank of Russia, Elvira Nabiullina, told participants in an international banking forum. The governor also warned that cryptocurrencies and fiat-backed stablecoins create risks...
Economics Professor Warns ‘Cryptocurrencies May Contribute to Monetary and Financial Instability’
16.10.2021
Cornell University’s professor of economics and former head of the IMF’s China division, Eswar Prasad, has warned that “Cryptocurrencies may contribute to monetary and financial instability.” He added that the risk is amplified if the industry is unregulated and lacks...
G7 Finance Ministers and Bankers Adopt Guidelines for Central Bank Digital Currencies
15.10.2021
Any digital currency issued by a central bank must support financial and monetary stability, finance leaders from G7 member states have insisted. State-issued coins should also ensure privacy, transparency, and data protection, the officials stated. The forum adopted 13 public policy principles...
Bank of England’s Deputy Governor Says Crypto Collapse Plausible, Regulators Need to Urgently Establish Rules
14.10.2021
Bank of England Deputy Governor Jon Cunliffe says that a collapse in the cryptocurrency market is certainly “plausible,” stating that regulators worldwide need to pursue crypto rules “as a matter of urgency.” While cryptocurrencies do not currently pose a threat to...
IMF reiterates more oversight for crypto in latest report on financial stability
12.10.2021
The group identified the crypto space at risk from hacking, “lack of transparency around issuance and distribution” of tokens, and operational risks including outages during periods of extreme volatility
Bank of England: Crypto Assets Pose ‘Limited’ Risks to Stability of UK Financial System
12.10.2021
The Bank of England says that crypto assets pose “limited” direct risks to the stability of the country’s financial system. “Cryptoasset and associated markets and services continue to grow and to develop rapidly. Such assets are becoming increasingly integrated into...