“Canadians are well-served by the existing payment ecosystem, so we believe there is no need for the Bank of Canada to issue its own digital currency at this time. But the world can change very quickly, so we need to get ready in case one is needed… The Bank of Canada can imagine scenarios in which we would consider issuing a CBDC so we can continue to provide Canadians with trustworthy methods of payment.”
The coronavirus outbreak is reportedly delaying progress on China’s central bank digital currency (CBDC) project. However, officials say Beijing is keen to see the pilot test happen before the end of the year.
Despite considerable testing and research, the prospect of a central bank digital currency (CBDC) still raises significant concerns for central bankers in Ukraine. However, the central bank apparently is still concerned about such a currency’s effect on financial stability as well as the possible threat to the traditional banking system.
Fidelity spun off its data-aggregation business, Akoya, into its own company, giving financial institutions another tool to securely share customer data with third-party financial apps. Akoya collects data from banks on its network and provides a single entry point for third-party apps and data aggregators, such as Plaid and Yodlee. Akoya will be owned and operated by Fidelity, 11 major banks and The Clearing House. Some industry groups view the spin-off as a threat to competition because the new arrangement gives banks too much control of consumer data.
Caitlin Long, a former Wall Street executive and blockchain legislation advocate, is taking steps to set up the first crypto-focused bank in the United States. Announced by Long on Twitter, the bank will be named Avanti, meaning “forward” in Italian. She is now preparing to apply for a special purpose depository institution (SPDI) charter with Wyoming’s division of banking.
This note outlines EIOPA’s strategic priorities regarding the European cyber insurance market, as part of EIOPA’s broader mission to promote sound technological progress for the benefit of the European Union economy and its citizens, while safeguarding financial stability, market integrity and investors’ protection. The note puts EIOPA’s cyber underwriting strategy into context, discusses the work undertaken so far by EIOPA and outlines the proposed way forward.
Supervisory technology (SupTech) is the use of technology by supervisors to deliver innovative and efficient supervisory solutions that will support a more effective, flexible and responsive supervisory system. This note aims to define such a strategy and covers both prudential and conduct of business supervision, policy and interaction with entities, for insurance and occupational pensions sectors.
Utility Settlement Coin (USC), the blockchain-based payments system involving commercial and central banks, will be working with ConsenSys-backed startup Adhara, CoinDesk has learned. Adhara was behind Project Khokha, which used enterprise blockchain client Quorum to see how zero-knowledge proofs performed with the South African Reserve Bank (SARB).
Following a summit in the Saudi-Arabian capital Riyadh over the weekend, representatives from G-20 financial institutions pressed countries that have not done so already to align themselves with global cryptocurrency standards from the intergovernmental organization, the Financial Action Task Force (FATF).
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The Kiffmeister is a former Senior Financial Sector Expert at the International Monetary Fund.
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