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Systems

Facebook’s Novi Taps Paxos, Coinbase Ahead of Diem Rollout

October 19 2021

“Facebook’s Novi wallet is ready to launch – but it won’t be launching with the Diem (formerly Libra) stablecoin. Novi, Facebook’s digital wallet subsidiary, will go live in the U.S. and Guatemala in a pilot program, allowing users to start trading the Paxos Dollar (USDP), the social media giant announced Tuesday. Crypto exchange Coinbase will […]
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Systems

Central Banks Must ‘Roll up Their Sleeves’ and Urgently Speed up Their Work on Their Own Digital Currencies Before Crypto Upends the Current Financial System, the BIS Says

September 13 2021

“The Bank for International Settlements is urging central banks to crank up their efforts in developing their own digital currencies while the current financial system is still in place, because stablecoins and cryptocurrencies are already a reality. Benoit Coeure, who is head of the BIS Innovation Hub, said central bank digital currencies (CBDCs) should be […]
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Systems

Digital Currency and Payments, and the ‘Last Mile’ for the Unbanked

August 5 2021

“Individuals and households without bank accounts are largely excluded from digital forms of payment, according to a report from the Federal Reserve Bank of Atlanta. Many digital platforms like Venmo, PayPal and Cash App require funds to be transferred from bank accounts, creating a last-mile problem for the unbanked, the report noted. Lawmakers have discussed […]
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Systems

IMF Sees “Critical Role” As World Transitions to Digital Money

July 30 2021

“The International Monetary Fund must ramp up its resources as it seeks to “monitor, advise on, and help manage this far-reaching and complex transition” to digital money, according to an IMF paper published on Thursday. Digital money can make payments more accessible, faster and cheaper, the paper said. But to make that happen, policymakers must […]
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Systems

Crypto Experts in Demand As Countries Launch Digital Currencies

July 19 2021

“Monetary authorities around the world are rushing to design digital currencies, and many are asking: Who knows how to do this? Some of the first governments to go digital have found an answer in cryptocurrency enthusiasts. For these rebels against traditional approaches to finance, the digital trend presents an opportunity to create virtual money for […]
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Regulation

Basel’s Crypto Capital Plan Could Boost Banks’ Interest in Stablecoins

June 22 2021

“Although banks are only starting to grapple with the rising popularity of cryptocurrencies, a framework from global banking regulators outlining possible capital charges for them is a likely preview of how financial institutions could soon come to view digital money. The Basel Committee on Banking Supervision issued a proposal this month laying out how regulators […]
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Systems

BoE Says ‘Stablecoin’ Payments Need Same Rules As Banks

June 7 2021

“The Bank of England said on Monday that payments with ‘stablecoins’ – a form of cryptocurrency usually pegged to a traditional currency – should be regulated in the same way as payments handled by banks if they start to become widely used. The central bank also said it had made no decision yet about whether […]

On The Wires

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