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The ECB and BoJ published the outcome of Poject Stella, their joint research on DLT-based synchronised cross-border payments system. It concludes that the safety of today’s cross-border payments could potentially be improved by using payment methods that synchronise payments and lock funds along the payment chain, but further reflections on legal and compliance issues, the maturity of the technology and a cost-benefit analysis would be required before the possible implementation of such new methods could be considered.
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Darrell Duffie examines key issues around the introduction of digital currencies and faster payment systems, including financial inclusion, payment system efficiency, control by central banks of monetary policy transmission, privacy and anti-monetary laundering, and competition for banking services.
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Central bank digital currencies could bring profound changes to the financial system, potentially crowding out commercial banks. They could also change the way monetary policy operates. The implications for monetary and financial stability need careful consideration.
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Brazilian banks will be implementing a new standardized blockchain identity solution co-developed by IBM and the central bank, CIP. It is reportedly to be integrated into the Brazilian Payment System.
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Bitcoin price fell below $8000 for the first time in over a week on June 4 after several huge transactions appeared to move markets artificially.
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The number of open contracts for the Chicago Mercantile Exchange’s (CME) bitcoin (BTC) futures is reportedly at an all-time high.
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Major cryptocurrency exchange Binance is apparently testing a British pound stablecoin on its native blockchain, Binance Chain.
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The U.S. SEC is suing Kik for allegedly running an unregistered securities sale when it launched an initial coin offering for its kin token in 2017. In a filing submitted June 4 in the Southern District of New York, the SEC said Kik violated Section 5 of the Securities Act of 1933, which requires offerings to be registered.
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The root cause of last Sunday’s Google outage was a configuration change for a small group of servers in one region being wrongly applied to a larger number of servers across several neighboring regions.
Kiffmeister’s Fintech Daily Digest 06/04/2019
