BoE Governor Mark Carney is suggesting that more thought should be given to creating a global electronic currency that could act as “synthetic hegemonic currency provided perhaps through a network of central bank digital currencies”.
In mimiciking MMMFs, Libra replicates their moral hazard: the MMMFs became too big to fail and many were bailed out. Central bankers wished they had followed the logic that if it looks like a duck, walks like a duck, it’s a duck (bank). They should not make the same mistake with Libra.
“The financial institutions that have invested in Fnality know liquidity management and settlement processes must take a quantum leap to rein in the current inefficiencies, market fragmentation and counterparty risks. These banks accept the need for change and are exploring the potential of technology, by holding tokenised assets on a blockchain to trade and settle with near-instant finality. “
The column argues that there are two fundamental factors that drive prices in the long run: the trustworthiness of the crypto’s blockchain and the adoption of the blockchain. Cryptos such as Bitcoin, Ethereum, and Monero are affected by these fundamentals. In some periods prices deviate, but eventually retrace the trend.
“Hotmine CEO Oles Slobodenyuk couldn’t have picked a better place to pitch his product: a bitcoin mining rig that doubles as a home heating appliance.”
Mr Jugnauth reiterated his vision of a cashless society to better secure financial transactions in Mauritius. MauCAS will be a real boost to e-commerce with its 24/7 payment system, he pointed out. The Prime Minister also announced the upcoming introduction of a “Central Bank Digital Currency”.
Posted from Diigo
. The rest of my favorite links are here
Published by kiffmeister
The Kiffmeister is a former Senior Financial Sector Expert at the International Monetary Fund.
View all posts by kiffmeister