BIS: 9 out of 10 Central Banks Worldwide Are Exploring Digital Currencies — Driven by Crypto Market

Nine out of 10 central banks globally are exploring central bank digital currencies (CBDCs), according to the latest survey by the Bank of International Settlements (BIS).

9 in 10 Central Banks are Eyeing CBDCs, BIS Study Shows

90% of apex banks have shown intentions of rolling out central bank digital currencies (CBDCs), according to a study by the Bank for International Settlements (BIS).

90% of surveyed central banks are exploring CBDCs — BIS

“Globally, more than two-thirds of central banks consider that they are likely to or might possibly issue a retail CBDC in either the short- or medium-term,” said the BIS. A survey conducted by the Bank for International Settlements, or BIS, suggested that many central banks around the world are looking into rolling out a central bank digital currency, or CBDC.In a paper released on Friday, the BIS Monetary and Economic Department said 90% of 81 central banks surveyed from October to December 2021 were “engaged in some form of CBDC work,” with 26% running pilots on CBDCs and more than 60% doing experiments or proofs-of-concept related to a digital currency.

Russia Plans to Use Digital Ruble for International Settlements

Amid the ongoing sanctions imposed by the West, Russia's central bank plans to introduce a CBDC by next year.

Four Central Banks To Launch Digital Currency Prototypes in Partnership With Bank for International Settlements

The Bank of International Settlements (BIS) is partnering with four financial institutions to develop central bank digital currencies (CBDCs).

Work on a Multi-CBDC Platform Has Revealed ‘More Questions Than Answers’ – BIS

  The Bank for International Settlements (BIS)'s central bank digital currency (CBDC) project, known as Project Dunbar, has created more questions than answers, the international body said today.

BIS joint pilot: Institutions can use CBDCs for international settlements

The experimental CBDC platform proved that the design approaches used to address three major issues: access, jurisdictional boundaries, and governance were effective.

Cambridge Centre for Alternative Finance Launches Digital Assets Research Project With 16 Banks

On Tuesday, Cambridge Centre for Alternative Finance (CCAF) at Cambridge Judge Business School announced a new research initiative focused on the “growing digital asset ecosystem.” According to CCAF, the newly launched collaborative effort involves 16 financial institutions such as the Bank for International Settlements (BIS), Accenture, EY, Goldman Sachs, and more.

Cambridge University launches crypto research project with IMF and BIS

Some regulators were recently concerned about the alleged lack of consistent and transparent data on crypto markets. The University of Cambridge is collaborating with some of the world’s top banking institutions and private companies to introduce a new project targeting cryptocurrency research.The Cambridge Center for Alternative Finance, or CCAF, has launched a research initiative aiming to bring more insights on the rapidly growing digital asset industry, the CCAF announced to Cointelegraph on Monday.Dubbed the Cambridge Digital Assets Programme, or CDAP, the project is a public-private collaboration with 16 companies including public institutions like the Bank for International Settlements Innovation Hub and the International Monetary Fund.

FSB wants more data to measure risks of Bitcoin, stablecoins, DeFi

Crypto market data reporting needs global standards to enable proper risk assessment, the FSB declared. The Financial Stability Board (FSB), a global financial authority funded by the Bank for International Settlements, has released a new report on the financial stability risks associated with cryptocurrencies.Published on Wednesday, the 30-page study details a number of financial risks related to various types of cryptocurrencies as well as the industry sectors, including private digital assets like Bitcoin (BTC), stablecoins like Tether (USDT) and decentralized finance (DeFi).The report refers to some common-cited risks like a potential failure of certain stablecoins, which poses a significant threat to the stability of the entire crypto ecosystem due to the dominant trading volumes of stablecoins.

BIS to Explore Potential Advantages of Defi on Small & Medium Enterprises in H.K.

As part of its research plans, the Bank for International Settlements (BIS) will explore if decentralized finance (DeFi) technologies can enhance financing for small and medium enterprises in Hong Kong.

BIS general manager: Central banks generate trust, not big techs or “anonymous ledgers"

According to the boss of the international institution owned by central banks, it is central banks that are best positioned to shape the future of money. In a speech entitled “Digital currencies and the soul of money,” Agustín Carstens, the general manager of the Bank of International Settlements,’ criticized private stablecoins and decentralized finance (DeFi), touting central bank-led financial innovation as the best possible path to the future of money.Carstens, who served as governor of the Bank of Mexico between 2010 and 2017, delivered his remarks at the conference on "Data, Digitalization, the New Finance and Central Bank Digital Currencies: The Future of Banking and Money" at the Goethe University in Frankfurt.The economist’s argument revolved around the institutional foundations of money and how, even in the digital age, central banks remain in a position to provide trust in money and ensure “an efficient and inclusive financial system to the benefit of all.” Alternative designs of monetary systems that emerged throughout history, according to the BIS’ top official, “have often ended badly.”To advance his point, Carstens discussed three plausible scenarios of financial innovation.

'Private people prefer trading in the crypto' to trading in the official currency

Former Vice-Chairman of Bank for International Settlements (BIS) Raghuram Rajan commented about the growing use of cryptocurrency in a recent interview.

Swiss central bank tests wholesale CBDC with commercial partners

The Swiss National Bank integrated wholesale CBDC in banking systems with five commercial banks as part of the second phase of Project Helvetia. Switzerland took another step to clarify the roadmap for integrating central bank digital currencies (CBDC) into the current financial system. The Swiss National Bank (SNB), the country's central bank, completed the second phase of Project Helvetia with its partners by integrating wholesale CBDC into the existing back-office systems and processes of five banks, namely Citi, Credit Suisse, Goldman Sachs, Hypothekarbank Lenzburg and UBS.The Bank for International Settlements and Swiss financial infrastructure service provider SIX joined as partners of SNB in Project Helvetia Phase II, which took place during the fourth quarter of 2021.

BIS Claims a CBDC Interoperability Victory – While US Congressman Bids to Block Digital USD

  The Bank for International Settlements (BIS) says it has made another breakthrough in its central bank digital currency (CBDC) interoperability project – claiming that it has “successfully tested” the integration of wholesale CBDC settlement with commercial banks....Read More: BIS Claims a CBDC Interoperability Victory – While US Congressman Bids to Block Digital USD

Iran to Permit Use of Cryptocurrencies in International Settlements, Reports Reveal

Authorities in Iran are preparing to allow the employment of cryptocurrencies for international settlements.

Bank for International Settlements Says Global Regulations for Crypto and DeFi Should Be Discussed for Next Year: Report

A high-ranking official at the Bank for International Settlements (BIS) is reportedly calling on financial regulators around the globe to agree on an international regulatory framework for cryptocurrencies next year.

BIS Exec Says Defi Is a ‘Wake-up Call’ for Regulators, Global Crypto Policy Expected in 2022

A Bank of International Settlements (BIS) executive, Benoît Cœuré, says that crypto is “growing very fast” and ”becoming mainstream in different ways.” Emphasizing that decentralized finance (defi) is a “wake-up call” for financial regulators, he said countries “are likely to agree on a global framework for crypto next year.” BIS Officer Sees Defi as a Wake-up […]

Central Banks of France, Switzerland and BIS Complete Cross-Border CBDC Trial

Bank of France, the Swiss National Bank (SNB), and the Bank for International Settlements have successfully tested the application of wholesale central bank digital currency in cross-border payments.