With contributing reporting from Jimmy Aki.
Christine Lagarde, head of the International Monetary Fund (IMF), suggested a new course of action for central banks around the world: turn their fiat currencies digital.
The IMF chair gave a speech at the Singapore Fintech Festival on November 14, 2018, titled “Winds of Change: The New Case for Digital Currency.
Earlier this month, Turkish Central Bank Governor Murat Cetinkaya emphasized that bitcoin could contribute to global financial stability with its decentralized and peer-to-peer (P2P) financial network.
Turkish Central Bank Feels Threatened by Bitcoin
The decentralized structure and nature of bitcoin completely eliminates the necessity of central entities and authorities within the network to settle transactions between two parties.
The Central Bank of Russia has warned investors of risks surrounding cryptocurrencies in a report released on Tuesday.
According to state-owned news agency TASS, the latest ‘Financial Stability Report’ from Russia’s central bank has called on investors to be wary of a cryptocurrency market ‘bubble’ that could lead to losses.
An excerpt from the report, according to TASS read:
A ‘bubble’ on the cryptocurrencies market may result in substantial losses for consumers.
After issuing regulations for the cryptocurrency industry earlier this year, Philippine authorities are considering further steps to expand the use of digital currencies like bitcoin in the country.
In a news conference this week, the country’s Securities and Exchange Commission (SEC) commissioner Emilio Aquino revealed the authority’s intent to consider cryptocurrencies as securities, effectively bringing them under regulatory code, the Manila Times revealed.
The head of Malaysia’s central bank has revealed further details about the institution’s upcoming regulatory framework governing cryptocurrency usage in the country.
Speaking in Kuala Lumpur at a counter-terrorism financing summit on Wednesday, Bank Negara Malaysia (BNM) governor Muhammad bin Ibrahim expanded on the upcoming “clear guidelines” for participants in the cryptocurrency sector. With a focus on combating money-laundering and terrorism financing, Ibrahim revealed that beginning next year, those converting cryptocurrencies into fiat currency will be designated as “reporting institutions” compliant with certain mandatory rules.
The head of the Japanese central bank’s payments department doesn’t see digital currencies like bitcoin replacing physical cash anytime in the near future.
Speaking at a FinTech forum in Tokyo on Wednesday, Bank of Japan (BOJ) senior official Hiromi Yamaoka revealed he doesn’t see the conventional banking industry under any immediate threat from digital currencies. Yamaoka, who heads the Japanese central bank’s payment and settlement systems department, opined physical cash is here to stay despite major disruptive gains led by financial technologies in recent years.
The Monetary Authority of Singapore, the country’s central bank, is pressing ahead with regulation that will bring a handful of retail payment services, including bitcoin and cryptocurrency exchanges, under a single legislation.
With an announcement on Tuesday, the Monetary Authority of Singapore (MAS) launched the second consultation on its Payment Services Bill, a payments regulatory network proposing to streamline the regulation of all payment services under a single legislation.
The Reserve Bank of Zimbabwe says trade and usage of bitcoin for transactions in the country have not been legalized despite a surge in prices and values for the popular crypto-currency.
Bitcoin trade values on the only crypto-currency exchange platform, Golix had surged to $1 million for the month of October. On Tuesday, bitcoin prices on the Zimbabwean bitcoin exchange peaked at $14490 in morning trade on Tuesday against world averages of around $8000.
Regional news blog TechZim reported Tuesday that Zimbabwe’s central bank declared that bitcoin isn’t yet legal in the country.
A senior official from Russia’s central bank has pledged support for initial coin offerings, or ICOs, after underlining its “tremendous potential” for financing entrepreneurs and startups.
Sergey Shvetsov, the first deputy governor of the Bank of Russia, has said the central bank will “support the development” of ICO fundraising in Russia. According to Russian state news agency TASS, Shvetsov highlighted the “huge investment potential” brought on by ICOs, wherein startups or companies raise finances in cryptocurrencies in exchange for their own cryptographic tokens.
The central bank of Iran is undertaking a comprehensive study on cryptocurrencies with a particular spotlight on bitcoin.
In a news conference yesterday, the Central Bank of Iran’s deputy director of innovative new technologies Nasser Hakimi revealed the authority’s intent to examine all aspects of Bitcoin as a part of its research agenda. The central bank will then follow up its study with a complete review of its policies on cryptocurrencies.
Singapore’s central bank has announced a slew of initiatives during the ongoing FinTech Festival, including a notable partnership with the Bank of Canada on cross-border payments using blockchain.
On the second day of the week-long Singapore FinTech Festival today, Ravi Menon, director of the Monetary Authority of Singapore (MAS), Singapore’s central bank and financial regulator, spoke at length about Project Ubin – the central bank’s effort to place a tokenized Singaporean dollar (SGD) on a blockchain.
Hélder Rosalino, a director at Portugal’s Central bank, Banco de Portugal (BdP), recently spoke to Portuguese publication ECO about bitcoin, cryptocurrencies, blockchain technology, and Fintech in general. To Rosalino, it’s important that people know “a cryptocurrency isn’t a currency” to Portugal’s central bank.
Hélder Rosalino, the governor of Portugal’s Central bank, Banco de Portugal (BdP), recently spoke to Portuguese publication ECO about bitcoin, cryptocurrencies, blockchain technology, and Fintech in general. To Rosalino, it’s important that people know “a cryptocurrency isn’t a currency” to Portugal’s central bank.
The lead researcher at China’s central bank has claimed that a central bank cryptocurrency should be developed and issued at the earliest in the country.
According to statements reported by the South China Morning Post, People’s Bank of China (PBoC) lead researcher Yao Qian has expressed the immediate need for the central bank to develop and issue its own cryptocurrency as a means toward bolstering China’s digital economy.
An official for the Reserve Bank of India, the country’s central bank, has reaffirmed the authority’s stance in avoiding cryptocurrencies like bitcoin.
A director at the Reserve Bank of India (RBI) has drawn a line on the central bank’s current stance on bitcoin, predictably stating the authority isn’t interested in adopting the cryptocurrency.
RBI director Ganesh Kumar was speaking at a banking event when he fielded a query about bitcoin from the audience.
Jim Cunha, senior vice president of the Federal Reserve Bank of Boston, thinks distributed ledger technology (DLT) will have major implications on the U.S. payment system, in addition to financial regulations and cybersecurity. The Boston Fed posted Cunha’s comments on its website.
A 33-year Fed veteran, Cunha said DLT can fundamentally change many areas of financial services, including payments.
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