Crypto no more in top 10 most-cited potential risks: US central bank report
The U.S.-China tensions, the Russia-Ukraine war, higher energy prices, rising inflation, the COVID-19 pandemic and cyberattacks came out as some of the most pressing financial risk concerns. While proponents of traditional finance remain keen on dismissing Bitcoin (BTC) and the crypto ecosystem as financial risks, a survey conducted by the Federal Reserve Bank of New York — one of the 12 federal reserve banks of the United States — revealed 11 factors that overshadow crypto in terms of risk in 2022.Geopolitical tensions, foreign divestments, COVID-19 and high energy prices were found to be....
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The Pakistani central bank governor, Reza Baqir, recently revealed that his organization has determined the risks posed by cryptocurrencies “far outweigh the benefits.” The governor, however, suggested that if solutions that address these potential risks emerge, the central bank “is open to looking at them.”
Crypto Said to Have No ‘Real Economic Benefits’ for Pakistan
The governor of the State Bank of Pakistan (SBP), Reza Baqir, recently said his institution had concluded that the potential risks that are associated with cryptocurrencies....
Earlier last week, the European Central Bank published a new report on the financial stability of the European Union. The report, titled the Financial Stability Review (FSR), detailed potential risks of Bitcoin and other crypto-related assets. In the context of the broader economy, the ECB stated that “signs of exuberance” in crypto assets were potentially […]
Is risk in the eye of the beholder? Canada's central bank, the Bank of Canada, recently put out a report on the risks and benefits of a central bank digital currency. "An anonymous token-based central bank digital currency (CBDC) would pose particular security risks," the Bank of Canada wrote in its Oct. 5 report. "These risks arise from how balances are aggregated and stored, how CBDC is used for transactions, and how various solutions such as e-wallets, crypto exchanges and banks compete to attract users."Over the past year or so, discussions have picked up and various governments have....
Chile’s planned start to its digital peso rollout in early 2022 has been held back while its central bank conducts more analysis to inform a new report by the end of the year. The Central Bank of Chile has delayed its plans for a central bank digital currency (CBDC) saying the issuance of a digital Chilean peso requires a deeper analysis of the benefits and risks, promising a new report towards the end of the year.A report from the bank published on May 11 included a preliminary evaluation of a Chilean CBDC and explored the country’s current payment system along with the benefits, risks,....
Thailand’s central bank is calling for public comments on its proposed plan to launch a sovereign digital currency within the next five years. The Bank of Thailand has set its agenda for a retail central bank digital currency with preliminary testing protocols scheduled to begin in Q2 2022.Thailand’s central bank made this known in a press release issued on Friday calling for public comments on the proposed CBDC roadmap. As part of its plans, the central bank published a preliminary report detailing its CBDC thesis. Explaining its motivation for creating a CBDC, the Bank of Thailand argued....