IMF Head Makes Case for Central Bank Digital Currencies In Recent Speech

IMF Head Makes Case for Central Bank Digital Currencies In Recent Speech

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.

Bitcoin is a “Highly Speculative Asset”, Says Federal Reserve’s Yellen

In her final press conference as Fed Reserve Chair, Janet Yellen called bitcoin “a highly speculative asset” that “doesn’t constitute legal tender.

Philippine Central Bank ‘Reviewing’ 12 Bitcoin Exchange Applications

The Philippine central bank is reportedly reviewing 12 applications for bitcoin exchange registrations.

UAE, Saudi Central Banks Work on a Cross-Border Cryptocurrency

The central banks of the United Arab Emirates (UAE) and Saudi Arabia are jointly working on a cryptocurrency to enable cross-border transactions between the two countries.

Bitcoin is Riding a “Speculative Mania”, Says Australia’s Central Bank Chief

The global fascination with bitcoin “feels like a speculative mania”, the governor of Australia’s central bank said on Wednesday.

Bitcoin and the Quantity Theory of Money – Why Bitcoin is Undervalued

If you were awake in your college economics class you might recall Milton Friedman’s classic theory: The quantity theory of money.

India’s Central Bank Issues Bitcoin Warning [Rinse, Repeat]

For the second time this year, the Reserve Bank of India (RBI) has issued a public caution on cryptocurrencies and, specifically, bitcoin.

Bitcoin-Friendly Philippines Plans ICO Regulation

After introducing regulations for bitcoin exchanges earlier this year, authorities in the Philippines are casting their eye on initial coin offerings (ICOs).

Indonesia’s Central Bank is Planning to Ban Bitcoin in 2018: Report

Indonesia’s central bank is reportedly planning regulation to enact a complete ban on cryptocurrencies like bitcoin.

China was Right to Shut Down Bitcoin Exchanges & ICOs: PBoC Official

A vice governor of China’s central bank has doubled down on the regulator’s sweeping ban on ICOs in September that also led to the shuttering of local bitcoin exchanges.

Turkey Central Bank Admits Bitcoin is a Threat to Global Banking System

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.

Russia’s Central Bank Issues Cryptocurrency ‘Bubble’ Warning [Rinse, Repeat]

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.

Philippines Could Regulate (Legalize) Bitcoin as a Security

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.

Malaysia’s Central Bank to Deem Cryptocurrency Exchanges as ‘Reporting Institutions’

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.

Cryptocurrencies “Too Far Off” to Kill Physical Cash: Bank of Japan Official

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.

Singapore’s Central Bank Includes Bitcoin in Singular Regulation of Payments Services

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.

Bitcoin Isn’t Legal, Says Zimbabwean Central Bank Official as Price Nears $15,000

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.

ICOs Have “Huge Potential” for Investments: Russian Central Bank Official

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.

Iran’s Central Bank Will Study “All Aspects” of Bitcoin

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, Canadian Central Banks Unite on Blockchain Cross-Border Payments

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.

Portugal’s Central Bank Director: Bitcoin Isn’t a Currency

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.

Portugal’s Central Bank Governor: Bitcoin Isn’t a Currency

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.

‘Crucial’ to Issue Central Bank Cryptocurrency ASAP, Says PBoC Research Lead

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.

India’s Central Bank isn’t Adopting Bitcoin for Payments or Settlements

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.

Boston Fed Official: Blockchain Can Fundamentally Change Payments

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.