BIS wants central banks to move faster with CBDC amid looming stablecoin pressure

The head of the Innovation Hub at the Bank for International Settlements (BIS) has called on central banks to step up their central bank digital currency (CBDC) efforts to compete with the quickly evolving stablecoins and decentralized finance.  In his speech at the Eurofi Financial Forum, Benoît Cœuré acknowledged that the world of finance is shifting drastically,… Continue reading BIS wants central banks to move faster with CBDC amid looming stablecoin pressure

BIS wants central banks to move faster with CBDC amid looming stablecoin pressure

The head of the Innovation Hub at the Bank for International Settlements (BIS) has called on central banks to step up their central bank digital currency (CBDC) efforts to compete with the quickly evolving stablecoins and decentralized finance.  In his speech at the Eurofi Financial Forum, Benoît Cœuré acknowledged that the world of finance is shifting drastically,… Continue reading BIS wants central banks to move faster with CBDC amid looming stablecoin pressure

BIS Unveils Blueprint for Instant Cross Border Payments System

The Bank of International Settlements (BIS) has released the blueprint of its instant cross-border payments solution dubbed Nexus. The BIS Innovation Hub says the Nexus solution will connect with Instant Payment Systems (IPSs) across nations to offer users superfast cross-border payments. BIS Launching Cross-Border Payments System The proliferation of distributed ledger technology (DLT) is fast… Continue reading BIS Unveils Blueprint for Instant Cross Border Payments System

BIS Economist Recommends 'Technology-Neutral' Crypto Regulation, Low-Cost Supervision of Decentralized Markets – Regulation Bitcoin News

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 supervision,” adding that “The main aim is low-cost supervision of decentralized markets.” BIS Economist Suggests Regulatory Approach… Continue reading BIS Economist Recommends 'Technology-Neutral' Crypto Regulation, Low-Cost Supervision of Decentralized Markets – Regulation Bitcoin News

BIS and BOE Launch the Innovation Hub London Centre

The Bank of International Settlements (BIS) and the Bank of England (BOE) today announced the launch of the BIS Innovation Hub London Centre. BIS now has 4 Innovation Hubs across different locations. According to the announcement, BIS is planning to increase the global reach of its Innovation Hub. Earlier this year, the financial giant signed… Continue reading BIS and BOE Launch the Innovation Hub London Centre

BIS joins France and Switzerland’s central banks on cross-border CBDC project

The Bank of France and the Swiss National Bank are teaming up with the Bank for International Settlements’ Innovation Hub to test a wholesale central bank digital currency (CBDC) system dubbed “Project Jura.” According to a release by the Bank of France on Thursday, the Project Jura pilot study will also draw participation from a… Continue reading BIS joins France and Switzerland’s central banks on cross-border CBDC project

French and Swiss Central Banks to Test Cross-Border CBDC Payments

The Bank of France and the Swiss National Bank have joined hands to launch the trial of cross-border transactions using central bank digital currencies (CBDC). Announced on Thursday, the Bank of International Settlements (BIS) Innovation Hub is a partner of the two central banks in the trial, which will be the first of such kind… Continue reading French and Swiss Central Banks to Test Cross-Border CBDC Payments

Bond jitters putting markets in 'completely new light', BIS says

LONDON (Reuters) – The swift rise of borrowing costs on global bond markets over the last month could completely alter the outlook for financial markets, according to the central bank for the world’s central banks, the Bank for International Settlements.FILE PHOTO: Dividers are seen inside a trading post on the trading floor as preparations are… Continue reading Bond jitters putting markets in 'completely new light', BIS says

BIS Innovation Hub to Build and TesT PoC Platform for Cross-Border CBDC Settlements

The Bank of International Settlements’ Innovation Hub is looking to take further CBDC developments. The BIS Innovation Hub is developing a proof-of-concept (PoC) platform that explores the use of central bank digital currencies (DBDCs) in cross-border payments. The BIS, the global financial institution owned by central banks worldwide, has listed CBDCs as one of the… Continue reading BIS Innovation Hub to Build and TesT PoC Platform for Cross-Border CBDC Settlements

BIS Prioritizes Exploring CBDC Feasibility In 2021 Annual Work Program

The Bank for International Settlements (BIS), also known as the central bank of central banks, has included exploring Central Bank Digital Currency (CBDC) feasibility as one of the six key areas set out in its annual work program for 2021. The other five key focus areas set out by the BIS Innovation Hub (BISIH) are… Continue reading BIS Prioritizes Exploring CBDC Feasibility In 2021 Annual Work Program

BIS report suggests ‘embedded‘ monitoring tool for stablecoins

Facebook’s proposal for its digital currency, Libra, was a wake-up call for international regulatory agencies, finance ministries and central bankers. All these actors recognized that the company’s reach across its three platforms had the potential to accelerate adoption of a global stablecoin to an unprecedented extent. In a new paper from the Bank of International… Continue reading BIS report suggests ‘embedded‘ monitoring tool for stablecoins

CBDC Issuance Is 'Not a Reaction' to Libra, Says Central Bank Body

The Bank for International Settlements (BIS), the so-called bank for central banks, rejected the popular narrative that private-sector stablecoin proposals (read: Libra) have been key in spurring the issuance of central bank digital currencies (CBDC). Instead, the BIS, in a new digital payments chapter of its annual economic report published Wednesday, said central bankers have… Continue reading CBDC Issuance Is 'Not a Reaction' to Libra, Says Central Bank Body

Pope Francis calls El Paso bishop after BLM protests with 12 priests

Pope Francis calls El Paso bishop and thanks him for showing solidarity with George Floyd protesters after he took a knee and prayed silently for 8 minutes and 46 seconds during demonstrations Catholic Bishop Mark Seitz, of the Diocese of El Paso, was joined by 12 other priests as they knelt in silence for 8… Continue reading Pope Francis calls El Paso bishop after BLM protests with 12 priests

BIS: No Evidence of Mass Transition From CBDC Research to Pilots and Experiments

A new survey from the Bank of International Settlements (BIS) revealed that only 10% of central banks are likely to issue a central bank digital currency (CBDC) for the general public in the short term. According to a report the BIS shared with Cointelegraph on Jan. 23, the bank surveyed 66 central banks from around… Continue reading BIS: No Evidence of Mass Transition From CBDC Research to Pilots and Experiments

Central banks can't save the world from climate change, BIS says

BASEL/LONDON (Reuters) – Central banks can’t be expected to save the world from climate change, a new book by the Bank for International Settlement said on Monday, urging instead global co-ordination ranging from government policy to financial regulation. The book, titled “the Green Swan”, in a play on the idea of “black swan” events, warned… Continue reading Central banks can't save the world from climate change, BIS says

BIS Pushing for Bank-Backed Crypto, How Will Bitcoin React?

Central Bank-Backed Crypto? Bitcoin — and other early crypto assets by extension — were bred in the aftermath of the collapse of the U.S. economy in 2008. Known as the “Great Recession“, the market disaster saw many lose their life savings, and subsequently their faith in traditional finance, hence the whole “Occupy Wall Street” movement.… Continue reading BIS Pushing for Bank-Backed Crypto, How Will Bitcoin React?

BIS: Facebook’s Foray into Cryptocurrency Poses New Risks for Banks

The Bank of International Settlements (BIS) has warned that the financial services poised to be offered by big tech firms such as Facebook, Google and Amazon could generate new risks for the banking sector. The BIS — an international financial institution in Switzerland owned by 60 of the world’s central banks — published a report… Continue reading BIS: Facebook’s Foray into Cryptocurrency Poses New Risks for Banks

Bitcoin [BTC]: General manager of BIS says Bitcoin and blockchain technology should be explored to its limits

The debate about the credibility and mainstream acceptance of cryptocurrency ever since Bitcoin rose to fame in 2017 does not seem to have any conclusion. People involved in this discussion presented valid reasons both ‘for’ and ‘against’ the credibility and acceptance of cryptocurrencies. A recent addition to this discussion was the general manager of Bank… Continue reading Bitcoin [BTC]: General manager of BIS says Bitcoin and blockchain technology should be explored to its limits

Major Central Bank Institution BIS: Bitcoin Must Depart From Proof-of-Work

Bitcoin’s (BTC) problems are only solvable by departing from a proof-of-work (PoW) system, according to research published by the Bank for International Settlement (BIS) on Jan. 21. According to the paper, when in the future Bitcoin’s block rewards fall to zero — given that only a limited number of new Bitcoin will ever be created… Continue reading Major Central Bank Institution BIS: Bitcoin Must Depart From Proof-of-Work

Central Banks Cautious On Issuing Digital Currency: Report

A global survey shows that central banks are proceeding with caution on issuing their own digital currency, and most of them are only at a conceptual stage. Swiss-based Bank of International Settlements (BIS surveyed 63 of its members on central bank digital currencies (CBDC), a form of government issued digital money that might not necessarily… Continue reading Central Banks Cautious On Issuing Digital Currency: Report

Crypto Prices React Strongly to Regulatory News, BIS Analysis Shows

Regulatory news and reports about combating money laundering and terrorist financing significantly impact the market performance of Bitcoin (BTC) and altcoins, according to BIS economists Raphael Auer and Stijn Claessens. News about regulatory activities exerts a significant influence on cryptocurrency prices, the Bank of International Settlement (BIS) said in an analysis published on Sunday. The… Continue reading Crypto Prices React Strongly to Regulatory News, BIS Analysis Shows

Muh Monopoly! How A Banker's Talk Sparked All Kinds of Crypto Mockery

Last week, Agustin Carstens, the head of the Bank of International Settlements (BIS), widely considered the central bank of central banks – told cryptocurrency makers to “stop trying to create money.” And the crypto community promptly had a field day with those remarks. The BIS head has, to date, adopted a largely hostile tone toward… Continue reading Muh Monopoly! How A Banker's Talk Sparked All Kinds of Crypto Mockery

BIS Highlights Problems With Cryptocurrencies

Researchers from the Bank of International Settlements examined “whether cryptocurrencies could play any role as money.” They don’t think it looks promising. In a 24-page examination published on June 17, 2018, the Bank for International Settlements (BIS) provided a reality check for cryptocurrency investors and distributed ledger technology fanatics. The BIS described the functions of… Continue reading BIS Highlights Problems With Cryptocurrencies

Bank of International Settlements (BIS) Throws Major Shade at Crypto

The Bank for International Settlements (BIS), which specializes in servicing the world’s central banks, hammered crypto in a scathing new report. The international financial institution pointed out drawbacks such as scalability, energy use, and volatility. However, the BIS assertions seem unsurprisingly biased toward traditional banking, with many of their claims already having well-developed responses in… Continue reading Bank of International Settlements (BIS) Throws Major Shade at Crypto