Russia's central bank says the pandemic has accelerated regulators' interest ...
The pandemic-induced crisis is galvanizing new trends across all aspects of the global economy, including digital currencies. The COVID-19 pandemic has served both as an x-ray onto existing vulnerabilities in the global financial system, and as an accelerator for destabilizing tendencies, including higher sovereign and consumer debt in emerging markets. At an online meeting of the Central Bank Governors' Club, hosted this week by Bank of Russia Governor Elvira Nabiullina, representatives were unanimous in their expectations of the far-reaching consequences of the current crisis.At the....
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Central banks meeting in Russia said the coronavirus pandemic is a driving force behind growing interest in national digital currencies.
The Central Bank of Russia has turned down a proposal to allow the use of digital currencies for the purpose of sanctions evasion. The monetary authority believes this is hardly an option as Western regulators are already taking steps to prevent such transactions. Employing Bitcoin to Evade Sanctions Not Possible, Central Bank of Russia Says Bank of Russia considers it impossible to use cryptocurrencies to circumvent financial restrictions imposed over the military conflict in Ukraine. That’s according to a statement by the central bank’s First Deputy Governor Ksenia....
"There is also no doubt in our mind that a major central bank will soon launch a digital currency and we expect this to happen within the next three years," said Guardtime. Research from European blockchain company Guardtime suggests that the current pandemic may have accelerated the launch of a major central bank digital currency by up to five years.According to Guardtime, the company said the growth of many technology companies, improved use of networking and telecommunications platforms, and digitalization of the world in general could mean the first central bank digital currency, or....
The Canadian central bank would be a better steward of financial data than private stablecoin issuers, according to one deputy governor. The Bank of Canada is pushing ahead with digitizing its currency.In a speech today, BoC deputy governor Timothy Lane noted that the COVID-19 pandemic had accelerated the need to digitize cash. Lane said: "The pandemic may bring us to a decision point sooner than we had anticipated."Lane was, however, careful to specify that "a digital currency is by no means a foregone conclusion." In October, Lane that said central banks should stand by with digital....
The Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), has expanded the country’s cryptocurrency regulation after seeing “accelerated growth” in the use of crypto exchanges. The new regulatory framework is in line with the guidelines recommended by the Financial Action Task Force (FATF), according to the central bank. Philippine Central Bank Introduces New Rules for Crypto Service Providers The Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank, announced Tuesday that it has established new guidelines on virtual asset service....