New York Fed president says crypto poses challenging questions for central banks
John Williams responded to a presentation from Mark Carney, the former head of the Bank of Canada and Bank of England, about the potential for issuing central bank digital currencies. New York Federal Reserve Bank President John Williams believes the emergence of cryptocurrencies poses a significant challenge to existing regulations, highlighting the ongoing discussions policymakers are having about blockchain technology and central bank digital currencies, or CBDCs.Before central banks like the Federal Reserve can issue their own CBDC, several major questions pertaining to blockchain....
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The International Monetary Fund (IMF) warns that the rising popularity of cryptocurrencies poses new challenges to financial stability. “Cryptoization can reduce the ability of central banks to effectively implement monetary policy. It could also create financial stability risks.” IMF Sees New Challenges to Financial Stability From Crypto The International Monetary Fund (IMF) warned about the risks posed by the cryptocurrency boom in a blog post published Friday. The post, titled “Crypto boom poses new challenges to financial stability,” is authored by three....
Bitcoin and crypto adoption was all over the place last week and it seems like the trend might continue this week as well Following the recent events of El Salvador’s President Nayib Bukele announcing the acceptance of Bitcoin as a legal tender, this has sparked a domino effect of other Central and South American countries […]
India’s central bank, the Reserve Bank of India (RBI), has warned about multiple risks cryptocurrency poses to the country’s financial stability. “They are also prone to frauds and to extreme price volatility,” the apex bank claims, stressing that “cryptocurrencies pose immediate risks to customer protection and anti-money laundering (AML) / combating the financing of terrorism (CFT).”
RBI’s Assessment of Cryptocurrency
India’s central bank, the Reserve Bank of India (RBI), published its biannual Financial Stability Report....