Tagged: reserve banks

December 31, 2023 @ 1:39 pm By Omar Faridi  |  

Central banks will likely keep interest rates higher for longer in economies with persistently elevated core inflation (excluding food and energy prices), according to an update shared by the International Monetary Fund (IMF). The IMF noted that the high-interest-rate environment, which recently “triggered banking sector… Read More

October 22, 2023 @ 12:12 pm By Omar Faridi  |  

The Saudi Central Bank (SAMA) signed a cooperation agreement with the Monetary Authority of Singapore (MAS) in Riyadh, in the field of Fintech and innovation. The agreement was signed by Ayman Al-Sayari, Governor of SAMA, and Dr. Vivian Balakrishnan, the Minister for Foreign Affairs of… Read More

October 15, 2023 @ 11:21 am By Omar Faridi  |  

The Saudi Central Bank (SAMA) issued its semi-annual performance report of the finance companies sector and real estate refinance for H1 2023. According to the report, most of the indicators in the finance companies sector “grew at varying rates in H1 2023.” The paid-up share… Read More

October 12, 2023 @ 10:50 am By Omar Faridi  |  

The Central Bank of Jordan (CBJ) has taken a significant step towards modernizing the financial services landscape in the Kingdom by unveiling comprehensive guidelines for Open Finance services. These guidelines apply to all banks operating “within the jurisdiction of CBJ, as well as online payment… Read More

October 4, 2023 @ 7:40 am By Omar Faridi  |  

BIS, De Nederlandsche Bank and the Deutsche Bundesbank are creating a data platform that has potential to shed light on the macroeconomic relevance of crypto-asset markets and decentralized finance (DeFi). Project Atlas combines on- and off-chain information, “creating a layered approach to data vetting and… Read More

August 29, 2023 @ 7:22 am By Omar Faridi  |  

Bank Indonesia, Bank Negara Malaysia, and the Bank of Thailand have reportedly concluded three bilateral Memorandum of Understanding (MoUs) on 25 August 2023. These MoUs are the Framework for Cooperation to Promote Bilateral Transactions in Local Currencies between the countries. The scope of the framework… Read More

July 23, 2023 @ 11:38 pm By Omar Faridi  |  

dLocal has reportedly been licensed by Brazil’s central bank to serve as a payments institution in the South American country. This license, roughly equivalent to the European e-money issuer license, “allows dLocal to accept deposits from the public, manage e-wallets, and participate directly in Brazil’s… Read More

July 23, 2023 @ 2:34 pm By Omar Faridi  |  

The Banque de France recently shared key lessons from its wholesale CBDC experiments using distributed ledger technologies (DLTs). Following the publication of an initial report in 20211, the Banque de France is now “releasing a new set of conclusions and lessons learned, covering the first… Read More

July 10, 2023 @ 10:25 pm By Omar Faridi  |  

The Reserve Bank of India (RBI) is reportedly working on a new regulatory framework that should be more “developmental” and conducive for financial technology or Fintech firms. This, according to a deputy governor of the reserve bank (as first reported by Reuters this past Friday)…. Read More

July 8, 2023 @ 10:45 am By Omar Faridi  |  

The Bank for International Settlements (BIS) recently shared its seven-point plan developed to assist nations with preventing cybersecurity incidents/hacks as a response to the new wave of digital national currencies (or CBDCs) currently under development. Approximately 130 different countries are currently exploring the feasibility of… Read More

April 6, 2023 @ 10:43 pm By Omar Faridi  |  

The Central Bank of the UAE (CBUAE) has launched its Central Bank Digital Currency (CBDC) Implementation Strategy in collaboration with R3, G42 Cloud and Clifford Chance. For Phase 1, R3 and G42 Cloud have been “selected as the technology and infrastructure providers of the initiative… Read More

August 17, 2022 @ 9:39 pm By Omar Faridi  |  

The Federal Reserve Board on Monday (August 15, 2022) announced final guidelines that establish “a transparent, risk-based, and consistent set of factors for Reserve Banks to use in reviewing requests to access Federal Reserve accounts and payment services.” The final guidelines are substantially “similar to… Read More

December 2, 2021 @ 7:58 am By Omar Faridi  |  

Payments are faster and easier than ever before, the Chainalysis team writes in a blog post. As taps and texts continue to overtake cash and checks, they’re “increasingly digital, too,” the Chainalysis team adds while noting that thanks to the blockchain or distributed ledger tech… Read More

July 1, 2021 @ 7:08 pm By Omar Faridi  |  

The team at digital assets firm Kraken has released a new report on Inflation, which they refer to as the “insidious thief.” As mentioned in a blog post by Kraken, the concept of inflation is “front and center again for many market participants, but not… Read More

April 18, 2021 @ 5:51 pm By Omar Faridi  |  

A senior Bank of Japan (BoJ) official has stated that China’s digital renminbi will not be able to pose a threat to the US dollar’s dominant position as the global reserve currency. As reported by Bloomberg, Kazushige Kamiyama, who heads the BoJ’s payment systems division… Read More

September 20, 2020 @ 9:57 pm By Omar Faridi  |  

Benjamin Diokno, the Governor of the Reserve Bank of the Philippines, recently noted that the underlying technology behind digital tokens may streamline or enhance existing financial services. The nation’s central bank is looking into the feasibility of issuing its own virtual currency. Diokno believes that… Read More

August 7, 2020 @ 10:11 pm By Omar Faridi  |  

The Reserve Bank of India (RBI), the nation’s central bank that controls the issue and supply of the Indian rupee, is reportedly working on an offline digital transactions pilot, in order to get more consumers in rural areas, without internet connections, to adopt virtual payments…. Read More

July 26, 2020 @ 8:00 pm By Omar Faridi  |  

  We recently caught up with Sky Guo, a founding member at the OMFIF Digital Monetary Institute, the global central banking think tank that assists policymakers with understanding central bank digital currencies (CBDCs). Guo, who’s also the founder of Cypherium, which focuses on enabling interoperability… Read More

July 26, 2020 @ 6:41 pm By Omar Faridi  |  

  The Bank for International Settlements (BIS), a global financial institution owned by reserve banks that aims to support international monetary and financial cooperation and acts as a bank for central banks, notes that as financial technology, or financial innovation and digitalization, begin to transform… Read More

June 15, 2020 @ 11:52 pm By Omar Faridi  |  

Many developing and developed countries across the globe are considering or already developing and testing their own central bank digital currencies (CBDCs). China might be creating an East Asia virtual currency platform, according to a report from the Nikkei Asian Review. The new currency might… Read More