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Distributed Ledger Technology and Digital Assets - Policy and Regulatory Challenges in Asia
Distributed Ledger Technology and Digital Assets - Policy and Regulatory Challenges in Asia
This report offers an analytical framework that allows for more systemic assessments of distributed ledger technology (DLT) and its applications. It examines the evolution and typology of the emergent technology, its existing and projected applications, and regulatory and policy issues that they entail. This report highlights the trends, concerns, and potential opportunities of DLTs, especially for Asian markets. It also identifies the benefits and risks to using DLT and offers a functional and proportional approach to these issues.
#Fintech#Blockchain#CryptoAssets#CBDC#Stablecoins#DFC
·papers.ssrn.com·
Distributed Ledger Technology and Digital Assets - Policy and Regulatory Challenges in Asia
Fed developing faster payments service to rival big banks' network
Fed developing faster payments service to rival big banks' network
The Fed's offering, called FedNow, will challenge a competing service already offered by The Clearing House, a private company owned by many of the country's largest banks. The Fed, which expects to launch its service in 2023 or 2024, said a publicly run offering is needed to ensure the entire nation can reap the benefits of real-time payments.
#Fintech#PaymentSystems#Stablecoins#CBDC#DFC
·spglobal.com·
Fed developing faster payments service to rival big banks' network
The Fed will build and operate the FedNow interbank 24x7x365 faster payment system
The Fed will build and operate the FedNow interbank 24x7x365 faster payment system
The Federal Reserve Board has announced that the Federal Reserve Banks will build and operate the FedNowSM Service, a new interbank 24x7x365 real-time gross settlement (RTGS) service with integrated clearing functionality to support faster payments in the United States. The decision to develop the new RTGS service (Off-site) was based on an assessment of public input and policy criteria regarding the Federal Reserve’s role in the payment system.
#CBDC#PaymentSystems#Fintech#Stablecoins#DFC
·fedpaymentsimprovement.org·
The Fed will build and operate the FedNow interbank 24x7x365 faster payment system
The IMF on How to Design Central Bank Digital Currencies
The IMF on How to Design Central Bank Digital Currencies
The IMF's Dong He and Yan Liu talk about central bank digital currency: the current level of interest among central banks in issuing them, what concerns they need to address when designing them, and how commercial banks might be affected, depending on the design of the CBDC. We discuss how privacy could be built into such a currency while also fulfilling anti-money laundering and counter terrorist financial regulations and how a CBDC could affect the IMF’s ability to achieve its goal of financial inclusion. Plus, we also cover how crypto assets being widely adopted could influence economies, as well as Facebook’s Libra.
#Fintech#CryptoAssets#AltCoins#CBDC#Stablecoins#Facebook#Libra#DFC
·unchainedpodcast.com·
The IMF on How to Design Central Bank Digital Currencies
Can Central Bank Digital Currencies Be Used to Fight Financial Crimes?
Can Central Bank Digital Currencies Be Used to Fight Financial Crimes?
Blockchain technology and digital currencies — seen today as a risk by the establishment, the authorities and others — could be an opportunity to relaunch the migration of the SDR's monetary architecture similar to the supranational currency “bancor,” conceptualized by the economist John Maynard Keynes.
#Fintech#CryptoAssets#AltCoins#Stablecoins#CBDC#DFC
·cointelegraph.com·
Can Central Bank Digital Currencies Be Used to Fight Financial Crimes?
Libra Has 'Supercharged' Central Bank Interest In Bitt
Libra Has 'Supercharged' Central Bank Interest In Bitt
"There are really quite stark differences between what Libra’s proposing and what we see as a central bank digital currency. On our side it is important to be regulated. You can with a central bank digital currency tell clients that it’s legal tender—meaning it has to be accepted and is regulated and backed by assets on a central bank balance sheet. This is really key."
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#PaymentSystems#MobileMoney#CBDC#Libra#DFC
·forbes.com·
Libra Has 'Supercharged' Central Bank Interest In Bitt
The Digitalization of Money
The Digitalization of Money
The ongoing digital revolution may lead to a radical departure from the traditional model of monetary exchange. We may see an unbundling of the separate roles of money, creating fiercer competition among specialized currencies. On the other hand, digital currencies associated with large platform ecosystems may lead to a re-bundling of money in which payment services are packaged with an array of data services, encouraging differentiation but discouraging interoperability between platforms. Digital currencies may also cause an upheaval of the international monetary system: countries that are socially or digitally integrated with their neighbors may face digital dollarization, and the prevalence of systemically important platforms could lead to the emergence of digital currency areas that transcend national borders. Central bank digital currency ensures that public money remains a relevant unit of account.
#Fintech#CryptoAssets#AltCoins#Stablecoins#CBDC#DFC
·nber.org·
The Digitalization of Money
Central banks urged to adopt DLT-based CBDC
Central banks urged to adopt DLT-based CBDC
A key question for adherents of DLT is why it offers benefits beyond traditional settlement mechanisms. Whelan suggested “smart contracts” could be one answer – contracts written in computer code that can be fulfilled automatically when certain conditions are met. He said such contracts had proven “extremely powerful” in trials.
#Fintech#CryptoAssets#AltCoins#Stablecoins#CBDC#DFC
·centralbanking.com·
Central banks urged to adopt DLT-based CBDC
Should central banks issue digital currency? Suddenly, it’s an urgent question
Should central banks issue digital currency? Suddenly, it’s an urgent question
In a recent blog post, IMF economists Tobias Adrian and Tommaso Mancini-Griffoli called on policymakers to take “prompt regulatory action” to address the “notable risks” posed by privately issued digital currencies, called stablecoins, that are designed to maintain a consistent value. More to the point: central banks may need to get into the stablecoin business themselves.
#Fintech#CryptoAssets#AltCoins#CBDC#Stablecoins#DFC
·technologyreview.com·
Should central banks issue digital currency? Suddenly, it’s an urgent question
We Sent a Man to the Moon. We Can Send the Dollar to Cyberspace
We Sent a Man to the Moon. We Can Send the Dollar to Cyberspace
Ex-CFTC Chair Giancarlo: “No perfect solution exists to address the challenges and promises of digital currency, nor can anyone predict all the technological advances these efforts will generate. The same was true when President Eisenhower proposed the National Aeronautics and Space Administration and when President Kennedy vowed to put a man on the moon. America must once again establish a team of the world’s brightest minds, this time to update a global economic order that ensures our freedom and prosperity.”
#Fintech#Stablecoins#CryptoAssets#CBDC#DFC
·wsj.com·
We Sent a Man to the Moon. We Can Send the Dollar to Cyberspace
Life after Libra: how regulators could fuel rise of digital currency
Life after Libra: how regulators could fuel rise of digital currency
This could logically mean a new enhanced role for the BIS, which coincidentally relies on a primitive kind of “stablecoin”: the BIS’s vast reserves, accounting for close to 7 per cent of the world’s total currency, are held via a BIS unit of account denominated in IMF special drawing rights, which in turn are pegged to a basket of convertible currencies. It would be a small step to ensure there is life after Libra, albeit with central banks in charge.
#Fintech#CryptoAssets#CBDC#Stablecoins#Facebook#SDR#Libra#DFC
·ft.com·
Life after Libra: how regulators could fuel rise of digital currency
Tommaso Mancini-Griffoli from IMF Pitches Synthetic Central Bank Digital Currency
Tommaso Mancini-Griffoli from IMF Pitches Synthetic Central Bank Digital Currency
"In a presentation entitled “The Future of Money: The Impact of Digitization" Tommaso Mancini-Griffoli, Deputy Division Chief in the Monetary and Capital Markets Department from the IMF pitched the concept of a “synthetic CBDC” (Central Bank Digital Currency)."
#Fintech#CryptoAssets#CBDC#Stablecoins#DFC
·crowdfundinsider.com·
Tommaso Mancini-Griffoli from IMF Pitches Synthetic Central Bank Digital Currency