Scholz’s remarks concerning private digital assets—which arguably includes all cryptocurrencies and stablecoins—is just the latest confirmation that the financial system is improving as a way to protect itself from private competition.
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All the most important people together: G20 Finance Ministers and Central Bank Governors meeting, Spring 2019 (via the Japanese Ministry of Finance).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).
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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.
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Two things the Reserve Bank of India says shouldn't go together: crypto and rupees (via Shutterstock)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…
