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Even 'Safe' Stablecoins Might Pose Financial Stability Risk, New York Fed Says
3.10.2022
The rise of Circle’s USDC stablecoin – as opposed to the controversial Tether (USDT) – is a threat to the broader financial system, as it could increase the chance of run risks from smaller issuers, researchers at the Federal Reserve Bank of New York wrote in a new paper published Monday
Ghana Central Bank Announces Launch of Regulatory Sandbox
24.8.2022
Ghana’s recently launched regulatory and innovation sandbox is the latest proof of the central bank’s commitment to a regulatory environment that promotes “innovation, financial inclusion and financial stability,” a statement released by the Bank of Ghana has said....
UAE Now Requires Agents to Report Real Estate Transactions Where Virtual Currency Is Used as Payment
12.8.2022
The United Arab Emirates (UAE) has said it now requires real estate agents, brokers, and law firms to report to the Financial Intelligence Unit real estate transactions in which virtual currency is used as payment. Similarly, real estate purchases or sales where “the funds used in...
Bank of England Analysts See Crypto Having Important Roles in the Metaverse — Discuss the Need for Regulation
11.8.2022
Bank of England’s analysts say crypto assets could have important roles within the metaverse. “Widespread adoption of crypto in the metaverse … would require compliance with robust consumer protection and financial stability regulatory frameworks,” they added. Bank...
Bank of England’s Cunliffe Warns Crypto Is ‘Prone to Collapse’ — Touts ‘Same Risk, Same Regulatory Outcome’
17.7.2022
Bank of England’s deputy governor for financial stability, Sir Jon Cunliffe, has warned that cryptocurrencies are “very vulnerable to sentiment and prone to collapse.” He urged regulators to “get on with the job” and regulate crypto under the principle...
US Federal Researchers Say Digital Dollar Could Be Good for Financial Stability
12.7.2022
Though critics of a central bank digital currency have said it could amplify bank runs, the Office of Financial Research says it may actually help
G20 Watchdog Announces ‘Robust’ Global Crypto Regulation Coming in October
12.7.2022
The Financial Stability Board (FSB) says it is working on a “robust” regulatory framework for crypto assets and will report its recommendations to the G20 finance ministers and central bank governors in October. FSB to Present Robust Crypto Regulatory Framework to G20 in October...
Terra crash highlights stablecoin risk to financial stability: ECB
11.7.2022
A recent ECB report says stablecoins are not practical as a mode of payment and their current form isn't fit for use in the real economy
Regulatory Scrutiny Increasing as Crypto Becomes Financial Stability Risk – Report
6.7.2022
There has been a sharp increase in regulations targeting the crypto space, with regulatory bodies mainly in North America and Europe aiming for everything from non-fungible tokens (NFTs) to stablecoins and ordinary cryptocurrencies, found a global RegTech (regulatory technology) firm CUBE.
In...
Indian Central Bank RBI: Cryptocurrencies Are a Clear Danger — Financial Stability Risks Likely to Grow
4.7.2022
India’s central bank, the Reserve Bank of India (RBI), sees cryptocurrencies as “a clear danger.” However, the financial stability risks posed by crypto assets currently appear to be “limited.” RBI on Crypto’s Danger and Financial Stability Risks...
ECB Chief Lagarde: Crypto and Defi Could Pose ‘Real Risks’ to Financial Stability
24.6.2022
The president of the European Central Bank (ECB), Christine Lagarde, says crypto assets and decentralized finance (defi) have the potential to pose “real risks” to financial stability. She has some regulatory suggestions to supplement Europe’s Markets in Crypto Assets...
ECB Considers Capping Digital Euro in Circulation at 4,000 per Capita, Panetta Reveals
17.6.2022
With concerns about financial stability in mind, the European Central Bank (ECB) plans to limit digital euro holdings, according to Board Member Fabio Panetta. The plan is to have a maximum amount of digital cash in circulation similar to that of euro banknotes today, the official unveiled....
Report: Kenyan and Nigerian Central Bankers Attack Cryptocurrencies but Endorse CBDCs
13.6.2022
Cryptocurrencies are very unstable for them to become a widely used method of payment, the Nigerian and Kenyan central bankers have reportedly said. In addition, the bankers claim that cryptocurrencies also pose a risk to financial stability. Narrowing the Financial Exclusion Gap The Nigerian...
G7 financial officials call on Financial Stability Board to step up crypto regulation—report
19.5.2022
Chaos on the crypto market in the wake of the Terra collapse caused a heightened sense of urgency among the ministers to continue regulatory process
Bank of England’s Cunliffe Warns Crypto Will See Tough Times as Federal Reserve Tightens Financial Conditions
19.5.2022
Bank of England’s deputy governor for financial stability, Sir Jon Cunliffe, has warned of hard times ahead for cryptocurrency investors as the Federal Reserve and other central banks tighten monetary policy. Bank of England’s Executive Warns About Crypto Sir Jon Cunliffe, deputy...
This week’s Law Decoded: Is depegging a real threat to financial stability?
17.5.2022
Janet Yellen calls on lawmakers to develop a consistent federal framework for stablecoins, Hester Peirce urges to allow room for failure and more
UK Affirms Commitment to Regulate Stablecoins Following Terra Meltdown
16.5.2022
The British Treasury Department has affirmed its commitment to regulate stablecoins after the collapse of terrausd (UST) and terra (LUNA). “This will create the conditions for issuers and service providers to operate and grow in the U.K., whilst ensuring financial stability and high...
Report: Central African Banking Regulator Says Crypto Ban Still Effective
15.5.2022
An African regulator has told members of the six-nation Economic and Monetary Community of Central Africa (CEMAC) that a ban on cryptocurrencies is still effective. The regulator said the prohibition is designed to ensure financial stability is maintained within the economic bloc. COBAC to Set...
SEC Commissioner Expects Tighter Stablecoin Regulation — Yellen Says Stablecoins Not Real Threat to Financial Stability
15.5.2022
A commissioner with the U.S. Securities and Exchange Commission (SEC) expects to see stricter regulation on stablecoins. However, Treasury Secretary Janet Yellen says stablecoins are currently “not a real threat” to the country’s financial stability. SEC Commissioner...
Bank of Spain Governor Highlights Need for Fast Regulation in Defi and Crypto
13.5.2022
Pablo Hernández de Cos, governor of the Bank of Spain and chair of the Basel Committee on Banking Supervision, explained that the cryptocurrency space and decentralized finance (defi) need to be regulated swiftly to avoid risks of financial instability. Hernandez de Cos also mentioned how this...