Chain News by Thebittimes.Com

Bank of Italy is calling for closer regulator scrutiny of stablecoins, which they say “have not proved stable at all.” Italy’s top banking authority has called for a “robust, risk-based” regulatory framework for stablecoins, which could help prevent a worst case scenario — a “run” on stablecoins. The central bank’s recently released Markets, Infrastructures and Payment Systems report for June 2023 has called on regulators to apply the same financial conduct standards to stable coin issuers in the industry. #Bankitalia #26June Alessandra #Perrazzelli discussed about the evolving regulatory landscape for #DigitalAssets at @pointzeroforum Panel “State of Global Digital Asset Regulation: Navigating Opportunities in an Evolving Landscape”#PZF2023 #PointZeroForum @sif_sfi @elevandi pic.twitter.com/Jm0OBeifZh — Banca d'Italia (@bancaditalia) June 26, 2023 The bank said the rise of cryptocurrencies, coupled with several “boom and bust cycles” in a largely unregulated environment has ...

The Swedish krona-based Climate Awareness Bond will be issued on a blockchain that incentivizes node operators to improve environmental footprint of infrastructure. The European Investment Bank (EIB) has issued a blockchain -based digitial bond powered by environmentally-incentivized node infrastructure. An announcement from the financial institution outlined the key points of a ‘digital native green bond’ denominated in Swedish krona. The 1 billion kr bond is set to offer a 3.638% fixed rate over two years to institutional investors. The Climate Awareness Bond is also being touted as the first blockchain -based bond to be registered on the Luxembourg Stock Exchange Securities Official List and displayed on the Luxembourg Green Exchange. The bond will operate on the recently launched sustainable blockchain digital bond platform So|bond. As Cointelegraph previously reported, the platform allows issuing, trading and settlement of digital bonds using pro-environmental incentives for it...

The State Bank of Pakistan signed in new laws for Electronic Money Institutions — non-bank entities offering digital payment instruments — to ensure the timely issuance of a CBDC in the next three years. Regulators worldwide see Central Bank digital currencies (CBDCs) as a way to enhance fiat capabilities by inheriting the financial prowess of technologies that power cryptocurrencies. Pakistan joined this list by announcing new regulations to ensure the launch of an in-house CBDC by 2025. The State Bank of Pakistan (SBP) signed in new laws for Electronic Money Institutions (EMIs) — non-bank entities offering digital payment instruments — to ensure the timely issuance of a CBDC in the next three years. The World Bank helped Pakistan design the new regulations, according to local media Arab News. In addition to timeline adherence for the CBDC launch, the regulations warrant preventive measures against money laundering and terror financing while considering consumer protection and repor...

One of the design options for the Ukrainian CBDC describes the e-hryvnia available for usage in crypto exchange operations. The National Bank of Ukraine (NBU) has introduced a draft concept for its Central Bank Digital Currency (CBDC) candidate digital hryvnia , or e- hryvnia . Ukraine’s central bank on Nov. 28 released a statement on the concept of e-hryvnia, which aims to perform all the functions of money by supplementing cash and non-cash forms of the hryvnia as its key purpose. The NBU said it has presented the e-hryvnia concept and continues developing the CBDC project with participants of the virtual assets market, payment firms and state bodies. According to the announcement, the central bank is currently considering and developing three possible CBDC options, depending on design and main characteristics. The first option describes the e- hryvnia for retail non-cash payments with the possible functionality of “programmed” money through smart contracts. A retail e- hryvnia...

Brent Johnson. Source: a video screenshot, Real Vision / YouTube The Dollar Milkshake is a theory focused on USD and its global influence , and as such, it touches upon cryptocurrencies such as bitcoin (BTC) as well. There are arguments, however, that should the US central bank pivot, crypto may go up – and there are arguments that BTC may not benefit from the rise of USD. According to a Tokenhell report, investors and analysts found that the price movement of bitcoin and other cryptocurrencies has been moving in inverse proportion to the rise of USD. The report notes that “the main reason behind this is […] Dollar Milkshake because people have [begun] pulling out their investments from Bitcoins and put them into USD accumulation.” However, every time there is a speech by Jerome Powell, the Chair of the country’s central bank , the Federal Reserve (Fed), the crypto world and those beyond it are focused on the speech for signs about th...

JPMorgan, DBS Bank, and SBI Digital Asset Holdings have completed their first lives trades on a public blockchain using decentralized finance (defi), tokenized deposits, and verifiable credentials under the supervision of the Monetary Authority of Singapore (MAS). Singapore’s central bank is planning two more pilots that involve Standard Chartered Bank, HSBC, and UOB. JPMorgan, DBS Bank, SBI, Standard Chartered Bank, HSBC, UOB Participate in MAS Digital Asset Pilots The Monetary Authority of Singapore (MAS), Singapore’s central bank, announced Wednesday that “the first industry pilot under the MAS’ Project Guardian that explores potential decentralized finance (defi) applications in wholesale funding markets has completed its first live trades.” The announcement details that for this pilot: DBS Bank, JP Morgan, and SBI Digital Asset Holdings conducted foreign exchange and government bond transactions against liquidity pools comprising of tokenized Singa...

The U.S. Federal Reserve introduced another jumbo rate hike on Wednesday, Nov. 2, 2022, by hiking the federal funds rate (FFR) by 75 basis points (bps). The American central bank said on Wednesday that the hike aims to curb inflation and the Fed says “recent indicators point to modest growth in spending and production.” U.S. Central Bank Hikes the Federal Funds Rate by 75bps While U.S. president Joe Biden hosted an event called the “Infrastructure Talent Pipeline Challenge,” the country’s central bank increased the FFR once again by 75bps on Wednesday. Markets had priced in and predicted the 75bps increase well before the Federal Open Market Committee (FOMC) convened. Just before the rate hike, the White House reported that the Biden administration plans to allocate $13.5 billion to help low-income American households pay for heating this winter. This is due to the fact that red-hot inflation has contributed to U.S. consumers paying 28% more to he...

Source: AdobeStock / mrinal The Reserve Bank of India (RBI) will soon launch pilot tests for its upcoming digital rupee in a bid to increase awareness around its Central Bank Digital Currency (CBDC). The country's central bank   announced&nbsp ;the news on Friday, detailing that the digital rupee will be available for specific use cases during the pilot. In a statement, the RBI said the pilot program will help create awareness around the planned Features of the digital rupee . “It explains the objectives, choices, benefits, and risks of issuing a CBDC in India. The note also seeks to explain the Reserve Bank’s approach towards the introduction of the CBDC,” the central bank reportedly said. The RBI has also released a concept note for the digital rupee, which talks about key aspects of the CBDC, including its technology and design, potential use cases of the digital rupee, issuance mechanisms, and more. In addition, it explores how the intro...