G7 Finance Chiefs to Publish Common Rules for State-Issued Digital Currencies...
The G7 finance ministers and central bank governors have met and agreed to work towards common principles for state-backed digital currencies and publish their conclusions this year. They said these digital currencies “could act as both a liquid, safe settlement asset and as an anchor for the payments system.” G7 Setting Common Rules for Central Bank Digital Currencies The G7 finance ministers met in London on June 4-5, the first face-to-face meeting of finance chiefs since the G20 finance leaders met in Saudi Arabia in February last year. The meeting followed the one held....
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The US Conference of State Bank Supervisors (CSBS) has released the final version of its model regulatory framework for digital currencies. The organization, comprised of representatives from state-level banking regulatory bodies, released an initial draft version of its proposed digital currency regulations in December. The draft drew from comments made during a subsequent two-month comment period in which both the digital currency ecosystem as well as financial incumbents were able to weigh in on the proposal. While the framework is only a recommendation - state bank regulators can use....
Are marijuana, binary options and digital currency the flavors of the month for U. S. state securities regulators? You might think so based on warnings issued by Washington and Colorado state officials and reported as such by local media. Recently, CCN reported the Washington Department of Financial Institutions issued an alert warning consumers about investing in marijuana, binary options and digital currencies. The News Tribune in Tacoma, Wash. reported this alert, warning consumers against becoming victims of "the next big thing." Later in the day, I noticed the Colorado Securities....
Any digital currency issued by a central bank must support financial and monetary stability, finance leaders from G7 member states have insisted. State-issued coins should also ensure privacy, transparency, and data protection, the officials stated. The forum adopted 13 public policy principles for retail digital currencies and stressed that “CBDCs are not ‘cryptoassets.’”
CBDCs Must ‘Do No Harm’ to Stability, G7 Finance Chiefs Say
Recognizing the potential benefits of innovation in digital money and payments, finance officials from the....
Over the past couple of months, numerous central banks and national regulators have issued warnings against the use of bitcoin and other digital currencies. The US has not clamped down on bitcoin yet, though there are a number of restrictions hampering the adoption of digital currencies in the US. These include restrictive FinCEN rules, regulatory ambiguity and lack of a coherent policy at federal level. For the most part, it is up to states to regulate the matter. New York State will hold public hearings on bitcoin this week, but it is unclear whether they will result in any significant....
Tanzanian President Samia Suluhu Hassan has urged her country to be ready for emerging fintech by paving the way for cryptocurrencies. She also urged the country’s central bank to begin the necessary preparations for a step-change in global attitudes towards banking. However, in her address of the Tanzanian finance chiefs, Hassan acknowledges that not everyone in the country is embracing crypto. The 61-year-old leader still wants them to plan ahead. She said: I know that throughout the nation, including Tanzania, they have not accepted or started using these routes. However, my call....