Russians transact $5B in crypto each year, Bank of Russia says

Russian people are among the world’s most active participants of the cryptocurrency market, according to the country’s central bank. The Bank of Russia published a fresh review on financial stability on Thursday, pointing out the country’s growing role in the $2.8 trillion market. Citing estimations reported by major local banks in July 2021, the Bank of Russia suggested that the total annual volumes of crypto transactions of the Russian population amount to 350 billion rubles, or $5 billion. It is unclear whether the Bank of Russia has converted these estimations…

Crypto poses no big risk to economy so far, Bank of Canada official says

Cryptocurrencies like Bitcoin (BTC) do not pose any significant risk to the financial system at their current level of adoption, according to Bank of Canada’s Deputy Governor Paul Beaudry. Beaudry spoke about the risks to the stability of the Canadian financial system at the Ontario Securities Commission Dialogue 2021 on Nov. 23. When asked whether cryptocurrencies are a risk, the deputy governor responded that the Bank of Canada doesn’t think that crypto is “developing in a way that creates a systemic type of risk for a financial system” up to…

Bank of England sees CBDCs as a revolution for the future of money

In an event streamed live on Wednesday, Bank of England governor Andrew Bailey and deputy governor for financial stability Sir Jon Cunliffe answered questions from lawmakers from the Economic Affairs Committee. When asked about the growth of innovation surrounding digital currencies in the country, Sir Cunliffe gave the following comment:  “It’s quite difficult to predict how innovators will take money and actually use money going forward. But we are starting to see programmable money being used in the crypto world. And I would expect we would see a similar revolution in…

Sen. Elizabeth Warren calls crypto the ‘new shadow bank‘

United States Senator Elizabeth Warren, one of the most vocal cryptocurrency skeptics in the U.S. government, has called the cryptocurrency industry the “new shadow bank.” In a Sept. 5 interview with the New York Times, Warren said that the cryptocurrency industry offers “many of the same services” as shadow banks, but still lacks “consumer protections or financial stability that back up the traditional system.”  Warren expressed concerns over the rapidly growing market for stablecoins, a type of cryptocurrency whose value can be pegged to that of other assets, including fiat…

Crypto does not qualify as currency, says South Africa’s central bank governor

Lesetja Kganyago, governor of the South African Reserve Bank (SARB), has argued against classifying crypto as currencies. According to a report by MoneyWeb, the central bank chief likened crypto to assets rather than currency during an interactive session at the Wits Business School Leadership Dialogues. According to South Africa’s central bank governor, cryptocurrencies only meet two of the three currency criteria, stating: “A cryptocurrency is a store of value. It is a medium of exchange, but is not generally accepted. It’s only accepted by those who are participating in it.”…

Nigeria’s central bank partners with fintech firm Bitt Inc for CBDC rollout

Barbados-based fintech firm Bitt Inc will be working as the technical partner for the Central Bank of Nigeria for its proposed e-naira digital currency. In a Monday announcement, the Central Bank of Nigeria (CBN) said it had chosen Bitt Inc based on the company’s “technological competence, efficiency, platform security, interoperability and implementation experience.” It also considered the fintech firm’s experience in the development of the Eastern Caribbean Central Bank’s digital currency, DCash, which it launched in April. The partnership announcement comes the same day the CBN issued preliminary guidelines for its…

Singapore central bank shortlists 15 companies to develop retail CBDC

The Monetary Authority of Singapore (MAS) has shortlisted 15 “Global CBDC Challenge” participants to help build an in-house retail central bank digital currency (CBDC). An announcement shared by the MAS shows that the finalists include six companies from Singapore, four from the United States, and one each from Australia, Barbados, Germany, France and Switzerland, out of which only three winners will be selected for deploying a retail CBDC in Singapore. Soon after the Singaporean central bank announced cash prizes for digital currency ideas back on Jun. 28, the challenge reportedly…

Nigeria’s central bank issues draft guidelines on eNaira CBDC project

The Central Bank of Nigeria (CBN) has issued preliminary guidelines for its proposed eNaira digital currency. In a sensitization document sent to commercial banks in the country, the CBN outlined several design features of the central bank digital currency (CBDC). According to the document seen by Cointelegraph, Nigeria’s CBDC is codenamed “Project Giant” and will be pegged to the value of the naira. Thus, the eNaira will offer parity of value but will not be an interest-bearing currency. The eNaira will run alongside the country’s fiat currency with the CBN…

Swiss B2B bank InCore launches new tokenization tool using Tezos

Deutsche Boerse-backed digital asset firm Crypto Finance AG and Swiss business-to-business (B2B) transaction bank InCore are launching a new tokenization tool based on the Tezos blockchain. InCore Bank officially announced Tuesday a new collaboration with Crypto Finance AG and Swiss IT consulting firm Inacta to introduce new digital financial products based on Tezos, a decentralized, open-source proof-of-stake (PoS) blockchain network. The involved companies have developed a new Tezos token standard for asset tokenization built on the Tezos FA2 standard, a multi-asset interface for Tezos allowing developers to invent token types…