The testing, which took place over three days at the start of December 2021, proved that issuing a wholesale CBDC on a DLT platform operated and owned by a private-sector company (Swiss stock exchange owner SIX, in this case) was both operationally possible and feasible under Swiss law, according to a press release. Source link … [Read more...] about BIS, Swiss National Bank, SIX Exchange Complete Wholesale CBDC Trial
BIS
BIS Names CBDC Expert as Head of Euro-Region Innovation Center
The Bank for International Settlements, the umbrella group for central banks, named an expert in central bank digital currencies (CBDCs) as the head of its innovation center for the euro region.Raphael Auer is currently an economist in the Innovation and the Digital Economy unit of the BIS’ Monetary and Economic Department, the Basel-based organization said in a statement … [Read more...] about BIS Names CBDC Expert as Head of Euro-Region Innovation Center
Valkyrie Counters BIS, Says Concern on Bitcoin ETF Front-Running Is Misplaced
“To successfully front-run, you need to be able to predict the short-term price moves of the underlying [asset] with relative confidence; the volatility of bitcoin and the crypto asset-class makes that a particularly difficult task, fraught with risk,” Sui Chung, CEO of CF Benchmarks said in a Telegram chat. “What makes crypto products unique, therefore, is that the volatility … [Read more...] about Valkyrie Counters BIS, Says Concern on Bitcoin ETF Front-Running Is Misplaced
BIS Experiment Finds CBDCs to Be Effective in Cross-Border Settlements
The report suggests that, based on the experiment, an intraday, wholesale CBDC could have a positive impact on financial stability and limited influence on monetary policy. But Sylvie Goulard, deputy governor of the Bank of France, said that the scale of the experiment was too limited to arrive at broader conclusions. Source link … [Read more...] about BIS Experiment Finds CBDCs to Be Effective in Cross-Border Settlements
DeFi’s Decentralization Is an Illusion: BIS Quarterly Review
The review warned that stablecoins like DAI, which are backed by crypto assets, are “exposed to market risk, because the value of these assets can quickly drop below the face value of stablecoins.” The crypto arena doesn’t have a fallback like banks that can provide liquidity at times of stress, the report said. Source link … [Read more...] about DeFi’s Decentralization Is an Illusion: BIS Quarterly Review