BIS report suggests ‘embedded‘ monitoring tool for stablecoins
After proposing automated ways to monitor global stablecoins like Libra, a new report from BIS argues that a better solution may ultimately be central bank digital currencies. Facebook’s proposal for its digital currency, Libra, was a wake-up call for international regulatory agencies, finance ministries and central bankers. All these actors recognized that the company’s reach across its three platforms had the potential to accelerate adoption of a global stablecoin to an unprecedented extent.In a new paper from the Bank of International Settlements, three analysts have proposed that the....
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The South Korean regulator noted that popular stablecoins used by the public might become a primary tool for laundering using digital assets. South Korea’s financial watchdog, The Financial Service Commission (FSC), would monitor crypto whales with assets of over 100 million won ($70,000) to prevent money laundering efforts using digital assets.The FSC noted that the greater the proportion of virtual assets and stablecoins, the higher the money laundering risk. Thus, special focus should be placed on monitoring crypto whales with significant digital asset and stablecoin holdings under the....
The Chairman of the Securities Exchange Commission, Gary Gensler, showed his cards. He spoke with legacy-media-operation The Washington Post and host David Ignatius for their series “The Path Forward” and spilled the beans. We at NewsBTC saw the whole interview so you don’t have to. We selected the most crucial quotes, and present them in all their splendor for you all to read them and reach your own conclusions. Of course, we’re going to offer our two cents. We’re not made of steel. In general, though, you’ll get Gary Gensler’s unadulterated words. They’re shocking enough as....
Stablecoins backed by fiat currencies will be considered as a form of payment as regulators in the United Kingdom introduce new rules governing its use to the country’s parliament on Wednesday. The long-awaited Financial Services and Markets Bill will be supported by UK Finance Minister Nadhim Zahawi on Wednesday. One of the aims of the […]
A recent ECB report says stablecoins are not practical as a mode of payment and their current form isn't fit for use in the real economy. The European Central Bank (ECB) has released a report analyzing the growth of the cryptocurrency market over the past decade and the risks it poses to the existing financial system.A section of the report dedicated to stablecoins discussed the central role that it plays in the current ecosystem. Stablecoins are increasingly used to interlink various blockchain networks and play a critical role in offering liquidity to the decentralized finance (DeFi)....
A Russian company indirectly backed by Russia's largest bank will build a crypto tracking platform as part of a $200,000 procurement contract. Federal authorities in Russia are moving forward with a plan to closely monitor cryptocurrency activity for illicit transactions and deanonymize crypto users’ identities.The Russian Federal Financial Monitoring Service, also known as Rosfinmonitoring, has selected a contractor for developing a platform for tracking cryptocurrency activity. According to data from Russia’s state procurement website, the country will allocate 14.7 million rubles....