Bank of England Deputy Governor Cunliffe on DLT securities settlement: Not so fast!

There’s more to crypto than just assets, Bank of England deputy governor Sir Jon Cunliffe reminded the Association for Financial Markets in Europe Conference in London on Sept. 28. The distributed ledger technology (DLT) behind crypto assets has far-reaching implications for traditional markets and interoperability.  DLT will touch on trading, clearing, settlement and custody as it is integrated into capital markets, Cunliffe said. One of the biggest differences Cunliffe identified in DLT was its speed. Instantaneous settlement can reduce risk by removing the chance of drastic market movements while a transaction is…

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Blockchain infrastructure firm Chain will sponsor New England Patriots football team

Chain, a blockchain infrastructure firm that offers developers Web3 services to build and maintain blockchain-based applications, will sponsor the New England Patriots football team as well as other venues and sporting clubs controlled by the Kraft Group. In a Thursday announcement, Chain said it will be the official blockchain and Web3 sponsor of the Patriots, the New England Revolution soccer club, Gillette Stadium in Massachusetts and the shopping center Patriot Place as part of a multi-year partnership deal with Kraft Sports + Entertainment, the marketing and events division of the…

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Law Commission for England and Wales proposes reforms for digital assets

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 grow in reach and use. The Law Commission announced the call for public consultation from legal experts, technologists and users on July 28. The proposal highlights the evolving nature and multi-faceted use of cryptocurrencies, nonfungible tokens…

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Crypto needs regulation to mitigate risks, says Bank of England exec

Bank of England (BoE) deputy governor for financial stability, Jon Cunliffe, recommended forming a set of regulations — similar to conventional financial systems — to tackle risks within the crypto ecosystem while improving investor confidence.  Speaking at a press conference, Cunliffe highlighted the recent downfall of the Terra ecosystem, pointing out that cryptocurrencies that fail to maintain their value induce stress across crypto markets. He compared his idea for a crypto regulatory framework to similar instances in traditional finance wherein regulations shelter investors from unrecoverable losses, adding: “For me, it underlines…

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MIT adds the Bank of England to its stable of CBDC digital currency research partners

The Bank of England announced Friday that it had reached an agreement with the Massachusetts Institute of Technology Media Lab Digital Currency Initiative, or DCI, on a joint twelve-month research project on Central Bank Digital Currency, or CBDC. The bank said in a statement that the new project was for research purposes only, and not intended to develop an operational CBDC. The bank began studying CBDC in 2020, releasing a discussion paper in March of that year, which the DCI responded to with a discussion of how a CBDC could…

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Bank of England and regulators assess crypto regulation in raft of new reports

The Bank of England Financial Policy Committee and other U.K. regulators are assessing crypto regulation after publishing reports on financial stability relating to cryptoassets and decentralized finance. The BoE report was released on Thursday, and the Financial Conduct Authority, or FCA, along with the Bank’s Prudential Regulation Authority, or PRA, also released documents simultaneously that all reference one another. The Bank’s committee, or FPC, stated in its 40-page report that cryptoassets and DeFi pose a “limited” risk to the stability of the UK financial system, but it saw that risk…

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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…

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Stablecoins not that radical, says Bank of England official

There has been much commotion about stablecoins among central bankers, regulators and lawmakers in recent years, most notably in the furor surrounding Facebook’s repeated attempts to launch variously designed stablecoins that would be native to its multiple social media platforms. Not everyone in the financial world is that perturbed though. A new speech for the Westminster eForum Policy Conference by Christina Segal-Knowles, executive director of the Bank of England’s Financial Market Infrastructure Directorate, is titled “What’s Old is New Again” and aims to tone down some of the excitement and agitation…

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Bank of England governor issues crypto investment warning

Andrew Bailey, governor of the Bank of England has warned crypto investors of the dangers of participating in the market. Speaking during a conference on Thursday, Bailey balked at the notion of “cryptocurrencies,” stating that “crypto assets” was a more suitable nomenclature for describing virtual currencies. The BoE governor espoused well-worn anti-crypto rhetoric, specifically the argument that cryptocurrencies lacked intrinsic value. “I would only emphasise what I’ve said quite a few times in recent years [and] I’m afraid they have no intrinsic value,” Bailey added. Delivering his stark warning to…

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Bank of England and UK Parliament get ‘Bitcoin fixes this’ treatment

One crypto user is seemingly taking exception to current monetary policy from the Bank of England, or BoE, and expressing their frustration with a laser projector. Reported by Twitter user Dominic Frisby, an unknown person projected “Bitcoin fixes this” and other messages on the exterior walls of both the BoE and the Parliament of the United Kingdom on Saturday. The message appeared underneath Big Ben as well as the front of the central bank surrounded by a red box with the artist’s hallmark, and the photo has already been turned…

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