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


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...

DeFi - CeFi Convergence & 'Explosive' Growth Are Coming - BIS Summit Panel


Decentralized finance (DeFi) and centralized finance (CeFi) are heading towards convergence as we are entering a period of rapid development for DeFi applications worldwide, according to the participants of a panel discussion at this year’s BIS Innovation Summit, an event hosted by the Bank...

Fed Chairman Jerome Powell Says Bitcoin Is a Substitute for Gold


Federal Reserve Chairman Jerome Powell sees cryptocurrency as a substitute for gold, rather than the dollar. However, he cautioned that crypto assets, including bitcoin, are highly volatile and not useful as a store of value. Fed Chair Sees Bitcoin as a Gold Substitute During a webinar sponsored...

BIS and SWIFT Intensify Race With Crypto For Cross-Border Payments


Major players of the traditional financial industry are looking for new ways how to keep their positions, threatened by the emerging cryptoasset and decentralized finance (DeFi) industries. The Bank for International Settlements’ Innovation Hub (BISIH) and the Society for Worldwide Interbank...

Crypto Fans 'LOL' At BIS GM Claims that Bitcoin 'May Break Down'


The crypto community has reacted with incredulity after a senior Mexican economist and the boss of the Bank for International Settlements (BIS) appeared to dismiss the notion of decentralized digital currencies such as bitcoin (BTC). In a recent speech, Agustín Carstens, the General Manager of...

86% Of Surveyed Central Banks Now Engage In CBDC Work - BIS


As the world’s central banks are increasingly looking into central bank digital currency (CBDC) projects, their focus is shifting into more advanced stages of CBDC engagement, with more banks moving from conceptual work to experimentation, according to a new report by the Bank for International...

Alongside CBDC Plans, BIS Reveals Tokenized Green Retail Bond Pilot


The headquarters of the Bank for International Settlements in Basel, Switzerland. The Bank for International Settlements (BIS) has announced that it will begin work on a new blockchain-powered tokenization incentive, and will intensify its central bank digital currency (CBDC) operations...

CBDCs: An Idea Whose Time Has Come?


Almost 50 monetary authorities and central banks are researching and developing wholesale or retail CBDCs. What does 2021 hold in store?

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