The Bank for International Settlements warns that crypto and stablecoins may destabilize finance and widen inequality, urging stronger regulation in response.
BIS News
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According to a BIS report, Jamaica, Nigeria, China, Sweden, the Bahamas and Peru have CBDC programs in various stages of development.
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The UK’s central bank wants to monitor the stability of crypto and set future policy; it has asked local firms to disclose their current and future crypto plans.
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BIS researchers concluded that liquidity provision is not decentralized apart from its technical implementation.
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Economic sanctions have a profound effect on international financial architecture, it turns out.
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Project Mandala uses zero-knowledge proofs to complete compliance checks across different jurisdictions.
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The Bank for International Settlements and the Financial Stability Board have similar views on tokenization — it could provide new benefits and familiar challenges.
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The large private companies will work with seven central banks on improving structural inefficiencies in international transfers.
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The proof-of-concept showed that real-time monitoring of stablecoin reserves could be achieved with cooperation among regulators, technologists and issuers.
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The committee is unveiling the standards later in July, culminating a yearslong process.
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Bank of Canada Governor Tiff Macklem said that as finance evolves, the industry must innovate and apply new skills, allowing Canadians to benefit from advancements.
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Central banks are increasingly adopting generative AI for cybersecurity, with a BIS report indicating that 71% are already using it and more planning to follow.
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Despite the criticism, TradFi institutions still prefer using public blockchains for real-world asset tokenization.
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The BIS introduced the unified ledger concept last year and has been singing its praises as a framework for better financial transactions.
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Uniform requirements are needed to integrate stablecoins into the international financial system.
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