DFC

5301 bookmarks
Custom sorting
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
Stablecoins as a euphemism for full-reserve banking
Stablecoins as a euphemism for full-reserve banking
In a world where fully-reserved digital stablecoins reign supreme banks would have to pre-fund (by liquidating assets first), increasing the relative amount of liquid cash float the whole system needs to operate. The cash float being what it is (mostly government-debt backed), that amounts to even greater sums of guaranteed funding for the government instead of the private sector. That inevitably crowds out private investment simply because of who controls go-to “potential claims” on the economy.
#Fintech#CryptoAssets#Stablecoins#CBDC#DFC
·ftalphaville.ft.com·
Stablecoins as a euphemism for full-reserve banking
U.S. Fed Floats Rule Change Targeting ‘Narrow Bank’ Concept
U.S. Fed Floats Rule Change Targeting ‘Narrow Bank’ Concept
In March 2019 the U.S. Fed proposed amendments to its Regulation D (Reserve Requirements of Depository Institutions) to lower the rate of interest paid on excess balances ("IOER") maintained at Reserve Banks by "pass-through investment entities" (eligible institutions that hold a very large proportion of their assets in the form of balances at Reserve Banks). The Fed claims that PTIEs—could compromise its ability to conduct monetary policy by interrupting the transmission of IOER and Overnight Reverse Repurchase Agreement Facility rates to the federal funds rate. Also, a shift in deposits away from commercial banks could substantially reduce funding for loans, and that in times of financial stress, PTIEs could be procyclical in draining liquidity from the banking system.
#Fintech#CryptoAssets#CBDC#Stablecoins#DFC
·federalreserve.gov·
U.S. Fed Floats Rule Change Targeting ‘Narrow Bank’ Concept
British Virgin Islands Announces BVI~LIFE™ Digital Currency
British Virgin Islands Announces BVI~LIFE™ Digital Currency
The government of the British Virgin Islands, in partnership with LIFElabs.io, will be launching a government-backed stablecoin. The BVI is a British overseas territory that currently relies on the USD as its national currency. LIFEtokens will be pegged 1:1 against the USD and be accessible to both residents and tourists.
#Fintech#CryptoAssets#Stablecoins#CBDC#DFC
·businesswire.com·
British Virgin Islands Announces BVI~LIFE™ Digital Currency
Payments innovations and the role of central banks - addressing challenges posed by stablecoins
Payments innovations and the role of central banks - addressing challenges posed by stablecoins
"In Japan, the amount of cash outstanding is still increasing, and it does not seem that there is a demand for CBDC from the public at present. Nevertheless, the Bank of Japan has been conducting technical and legal research on this matter in order to stand ready when the need for CBDC may arise in the future."
#CryptoAssets#Stablecoins#CBDC#PaymentSystems#Fintech#DFC
·bis.org·
Payments innovations and the role of central banks - addressing challenges posed by stablecoins
Brace for the Digital-Money Wars
Brace for the Digital-Money Wars
If China digitizes its currency, as it plans to do, and the North Koreans use it to finance their missile program, it’s a flow of money that circumvents U.S. sanctions. That would force the U.S. to grapple with its own now-antiquated currency.
#Fintech#CryptoAssets#Stablecoins#CBDC#DFC
·wsj.com·
Brace for the Digital-Money Wars
Changing USD Currency Not An Option For The BVI | Government of the Virgin Islands
Changing USD Currency Not An Option For The BVI | Government of the Virgin Islands
Contrary to media reports, the Government of the Virgin Islands is not in the process of developing or launching its own national cryptocurrency, neither by itself nor in partnership with any other entity, to replace the US dollar with a digital currency. The British Virgin Islands adopted the US dollar as its currency in 1959 and have made no commitments to replace it as the official currency in any form.
#Fintech#CryptoAssets#CBDC#Stablecoins#DFC
·bvi.gov.vg·
Changing USD Currency Not An Option For The BVI | Government of the Virgin Islands
Augmenting Fiat Currency with an Integrated Managed Cryptocurrency
Augmenting Fiat Currency with an Integrated Managed Cryptocurrency
In this work, we investigate how the governance features of a managed currency (e.g., a fiat currency) can be built into a cryptocurrency in order to leverage potential benefits found in the use of blockchain technology and smart contracts. The resulting managed cryptocurrency can increase transparency and integrity, while potentially enabling the emergence of novel monetary instruments.
#Fintech#CryptoAssets#CBDC#Stablecoins#DFC
·arxiv.org·
Augmenting Fiat Currency with an Integrated Managed Cryptocurrency
Stablecoins in Cryptoeconomics. From ICOs to CBDCs
Stablecoins in Cryptoeconomics. From ICOs to CBDCs
This Article aims to highlight the factual interconnections linking ICOs, cryptocurrencies, stablecoins and CBDCs: although these entities belonging to different contexts (securities law and capital formation, payment systems, monetary policy), they are intertwined and are part of the same evolution.
#Fintech#CryptoAssets#CBDC#Stablecoins#DFC
·papers.ssrn.com·
Stablecoins in Cryptoeconomics. From ICOs to CBDCs
The Reserve Bank of Australia on crypto-assets, stablecoins and central bank digital currency
The Reserve Bank of Australia on crypto-assets, stablecoins and central bank digital currency
The Reserve Bank of Australia believes a "digital Australian dollar" would be an unnecessary disruption to the existing financial system, particularly for retail use. The bank cites research by accounting firm Ernst & Young that also found a CBDC would be the least effective solution for promoting growth in the Australian fintech sector.
#Fintech#CryptoAssets#Stablecoins#CBDC#PaymentSystems#DFC
·aph.gov.au·
The Reserve Bank of Australia on crypto-assets, stablecoins and central bank digital currency
Where a retail digital currency could thrive
Where a retail digital currency could thrive
The introduction of a digital currency really requires a country-by-country approach, taking into consideration local needs, circumstances and policies. Nonetheless, the demand for digital currency is more likely to rise in those places where the financial system is less developed and more fragmented.
#CBDC#Stablecoins#Fintech#CryptoAssets#DFC
·think.ing.com·
Where a retail digital currency could thrive
Don’t Say Unbanked; Say Differently Banked
Don’t Say Unbanked; Say Differently Banked
If Walmart’s MoneyCard is any indication, many of America’s unbanked aren’t unbanked — they are differently banked. Instead of accessing banking services via traditional accounts, these people are connecting to it by prepaid credit cards, otherwise known as general purpose reloadable (GPR) prepaid cards. Walmart’s MoneyCard is one of the most well-known offerings. But even governments are sponsoring prepaid debit card programs, the Federal government’s DirectExpress card being the best example.
#Fintech#CBDC#Stablecoins#eMoney#PaymentSystems#DFC
·aier.org·
Don’t Say Unbanked; Say Differently Banked
France’s Deputy Governor Outlines A Path For Stablecoin Payment Systems
France’s Deputy Governor Outlines A Path For Stablecoin Payment Systems
Denis Beau, First Deputy Governor of the Bank of France, addressed the “What Ambitions For Europe” Stablecoin Conference. Paris Europlace and ConsenSys organized the event this January. Mr. Beau talked about the good and the bad. He outlined three tasks for regulatory authorities working on stablecoin adoption policies.
#Fintech#Stablecoins#CBDC#CryptoAssets#DFC
·forbes.com·
France’s Deputy Governor Outlines A Path For Stablecoin Payment Systems
Governing the Coin: World Economic Forum Global Consortium for Digital Currency Governance
Governing the Coin: World Economic Forum Global Consortium for Digital Currency Governance

"The Global Consortium for Digital Currency Governance will aim to increase access to the financial system through innovative policy solutions that are inclusive and inter-operable Opportunities for financial inclusion will be only unlocked if the space is regulated properly and includes public-private cooperation across developed and high-growth markets."

#Fintech#CryptoAssets#Stablecoins#CBDC#DFC
·weforum.org·
Governing the Coin: World Economic Forum Global Consortium for Digital Currency Governance