Russia’s Central Bank Is Considering Launching a Digital Currency

Russia’s Central Bank Is Considering Launching a Digital Currency

The head of Russia’s central bank has said the institution could one day launch its own digital currency. Chairwoman Elvira Nabiullina told a student conference that, while such a project “cannot be realized immediately,” various central banks, including Bank of Russia, are investigating the possibility, TASS reported Saturday. Key to the utility of a central bank digital currency (CBDC), she said, is that the technology must ensure “reliability and continuity.
Philippines Central Bank Warns on Risks of Growing Cryptocurrency Use

Philippines Central Bank Warns on Risks of Growing Cryptocurrency Use

The chief of the Philippines central bank has warned over the risks of growing cryptocurrency use in the country. On Monday, The Philippine Star quoted Benjamin Diokno, governor of the Bangko Sentral ng Pilipinas, as saying his institution would continue to address the use of cryptocurrencies, especially given the tech’s potential use in the funding of terrorism.
Bundesbank Chief Warns on Risks of Central Bank Digital Currencies

Bundesbank Chief Warns on Risks of Central Bank Digital Currencies

The head of Germany’s central bank has said central bank digital currencies could destabilize financial systems and worsen bank runs. In a speech at the opening of the Bundesbank Symposium in Frankfurt, Germany, on May 29, Deutsche Bundesbank president Jens Weidmann said the widespread use of digital central bank money could have “serious consequences” and should not be introduced without being well thought through.
ECB Official Says Wholesale Central Bank Digital Currency a ‘Viable Option’

ECB Official Says Wholesale Central Bank Digital Currency a ‘Viable Option’

A European Central Bank (ECB) official has come out generally in favor of wholesale central bank digital currencies (CBDCs). Vitas Vasiliauskas, a member of the Governing Council of the ECB and chairman of the board of the Bank of Lithuania, made the comments in a speech at a recent conference in the U.S., the text of which was published by the Bank of International Settlements on Monday.
Russian Central Bank to Consider Gold-Backed Cryptocurrency

Russian Central Bank to Consider Gold-Backed Cryptocurrency

Russia’s central bank will consider the use of a gold-backed cryptocurrency to facilitate international settlements, according to a Tass report. Elvira Nabiullina, governor of the Bank of Russia, said Thursday that her institution is to review a proposal for the development of the cryptocurrency. Nabiullina said at the nation’s lower house, or Duma: “As for mutual settlements, we will consider, of course, [the] proposal on … a gold-backed cryptocurrency.
Central Banks Settle Cross-Border Payments With Blockchain for First Time

Central Banks Settle Cross-Border Payments With Blockchain for First Time

The central banks of Canada and Singapore have concluded a trial of cross-border payments using blockchain technology and central bank digital currencies. The Bank of Canada (BoC) and the Monetary Authority of Singapore (MAS) jointly announced Thursday that the successful trial – the first of its kind between two central banks – showed “great potential to increase efficiencies and reduce risks for cross-border payments.
Over 40 Central Banks Are Considering Blockchain Currencies: Davos Report

Over 40 Central Banks Are Considering Blockchain Currencies: Davos Report

More than 40 central banks worldwide are experimenting with blockchain technology, says a new report by the World Economic Forum. Published Wednesday, the report analyzes how different central banks are either examining what blockchain can be used for or are outright experimenting with central bank digital currencies (CBDCs). “It’s very much the case that several central banks are looking at this,” said Ashley Lannquist, a project lead in blockchain and distributed ledger technology at the World Economic Forum and the primary author of the report.
Pakistan Central Bank Eyes Digital Currency Launch by 2025

Pakistan Central Bank Eyes Digital Currency Launch by 2025

The State Bank of Pakistan (SBP), the country’s central bank, is considering the launch of a digital currency by 2025. According to a report from news source Dawn on Tuesday, SBP deputy governor Jameel Ahmad said that the central bank is currently working on the digital currency concept in order to “promote financial inclusion and reduce inefficiency and corruption.
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.