• All the most important people together: G20 Finance Ministers and Central Bank Governors meeting, Spring 2019 (via the Japanese Ministry of Finance).
    Cryptocurrencies,  Regulation

    Beware of central bankers bearing crypto

    Central bank digital currencies are all the rage, but a new report finds they pose serious risks to financial stability in bad times—and to privacy at all times

    Central bank digital currencies are all the rage, but making them work is far easier said than done, according to a new report. While there are many potential benefits from a central bank digital currency (CBDC), they also bring serious financial risks, according to IBM Blockchain and the Official Monetary and Financial Institutions Forum (OMFIF).

  • Bank of England Governor Mark Carney, Canada's most important export after William Shattner (via Wiki commons).
    Europe,  Libra

    England’s central banker touts digital currencies over U.S. dollar

    Even Facebook’s Libra might be a good way to end America’s ‘domineering influence’ as the provider of the world’s reserve currency, said Mark Carney

    The governor of the Bank of England just touted digital currencies as a possible replacement for the U.S. dollar as the world’s reserve currency. Such a digital asset, whether backed by central banks or even Facebook’s Libra stablecoin, would “dampen the domineering influence of the US dollar on global trade,” Mark Carney said in a speech on August 23 to the 2019 Economic Policy Symposium in Jackson Hole, Wyo.

  • Bitcoin Rupees
    Asia & Australia,  Europe,  Regulation

    As India bans cryptocurrencies, Thailand, South Korea, Switzerland, and the EU embrace them

    India’s Supreme Court upholds Reserve Bank of India’s crypto ban

    India is thought of as a tech giant but there’s one technology it doesn’t like, even while other parts of the world do: crypto. India’s Supreme Court has decided to keep in place a cryptocurrency ban on regulated financial institutions announced by the country’s central bank three months ago. This basically dries up a large portion of the crypto market in the second-most populous nation in the world. On April 5, the Reserve Bank of India issued at statement saying, among other things: “In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any…

  • Retail investors
    Bitcoin,  Cryptocurrencies,  United States

    Dumb money keeps buying bitcoins from smart money, data comfirm

    Big financial institutions and money managers continue a bearish position in the cryptocurrency’s futures contracts

    “Smart money” continues to sell bitcoin to “dumb money”, according to the latest data compiled in the U.S. Commodity Futures Trading Commission’s (CFTC) Commitment of Traders report. Big financial institutions and money managers—with vast research and resources at their disposal—continue to hold positions in the cryptocurrency that will profit should bitcoin prices fall. They have been positioned that way since bitcoin contracts began trading more than three months ago. These institutions are net short some 1,833 contracts of bitcoin futures worth about $20 million on the Chicago Board Options Exchange (CBOE) as of February 27, 2018. A futures contract is an obligation for the “short” (the seller) to deliver on a…

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