Response to HMT Consultation: Managing the Failure of Systemic Digital Settlement Asset (including Stablecoin) firms
The Digital Pound Foundation takes pleasure in responding to this consultation. The DPF is supportive of the UK government’s commitment to place the UK’s financial services sector at the forefront of cryptoasset technology and innovation, and to take a staged and proportionate approach to cryptoasset regulation, which is sensitive to risks posed and responsive to […]
Working Paper Series: Towards the holy grail of cross-border payments
Original Source: ECB Abstract The holy grail of cross-border payments is a solution allowing cross-border payments to be immediate, cheap, universal, and settled in a secure settlement medium. The search for such a solution is as old as international commerce and the implied need to pay. This paper describes current visions how to eventually find […]
Law Commission for England and Wales proposes reforms for digital assets
Original Source: Cointelegraph The Law Commission of England and Wales is proposing a number of law reforms to provide wider recognition and legal protections for cryptocurrency and digital asset users. The institution is reviewing existing legislation on digital assets at the request of the British government in an effort to accommodate the space as it continues to […]
US Stablecoin Bill Delayed by Congressional Committee Until After August
Original Source: Coindesk The legislation that could establish U.S. regulations for stablecoins has formally been delayed until after the August congressional break, according to Rep. Maxine Waters (D-Calif.), the chairwoman of the House Financial Services Committee. “Although the Ranking Member [Rep. Patrick McHenry], Secretary [Janet] Yellen and I have made considerable progress towards an agreement […]
House punts on stablecoin bill after Yellen raises flags over key provision
Original Source: Politico House Financial Services Committee lawmakers will delay the markup of a widely anticipated bipartisan stablecoin bill this week after Treasury Secretary Janet Yellen pushed for changes in a key provision of the legislation. The delay will push back the timeline for when Congress could start moving stablecoin legislation until after the August […]
UK Regulators to Introduce Rules for Stablecoins in New Markets Bill
Original Source: Coindesk Regulators in the U.K. are introducing rules for using stablecoins – cryptocurrencies whose prices are pegged to another asset – as payment tools to the country’s parliament on Wednesday. The rules are part of a long-awaited financial services and markets bill, aimed at strengthening the U.K. financial system post-Brexit, set to be […]
UK Finance Chief Executive responds to the Chancellor’s Mansion House speech
Responding to Chancellor Nadhim Zahawi’s speech at Mansion House, David Postings, Chief Executive of UK Finance, said: “The Chancellor’s vision in his Mansion House speech is for the UK to have a strong and internationally competitive banking and finance sector, which we strongly welcome. A successful financial services sector is critical for achieving economic growth […]
Digital Asset Series 2022: Navigating CBDC Unknowns
Original Source: Finextra Key trends currently driving CBDC discussions across the globe. The global pandemic and the emergence of cryptocurrencies and stablecoins have accelerated the work on CBDCs. While some nations are further ahead in their CBDC timelines than others, the UK, US and Europe (among many more) are treading carefully, paying careful attention not […]
Treasury Committee launches inquiry into crypto-assets
Original Source: UK Treasury The Treasury Committee today calls for written evidence as it launches a new inquiry into crypto-assets. Inquiry: The crypto-asset industry Treasury Committee In the inquiry, the Committee will explore the role of crypto-assets in the UK, as well as the opportunities and risks they bring to consumers and businesses. The Committee […]
South Africa’s central bank wants to regulate cryptos, possibly issue a CBDC
Source: Seeking Alpha South Africa’s central bank is seeking to regulate cryptocurrencies and possibly issue a central bank digital currency at a time when the decentralized space is getting increasingly scrutinized by regulators across the globe. For crypto, “Our view has changed and we now regard it as a financial asset and we hope to regulate […]
