Tag: BIS

G20 finance ministers and central bank governors are meeting this month, and the Bank for International Settlements has findings to present. In preparation for a meeting of the G20 finance ministers and central bank governors this month, the Bank for International Settlements Innovation Hub (BISIH) submitted two reports — on cryptocurrency and central bank digital…

The institution cited rising exploits against DeFi as a need for more secure CBDCs. On July 7, the Bank for International Settlements (BIS), a financial institution owned by constituent central banks, published a framework for defending central bank digital currencies (CBDCs) against cybersecurity threats. The BIS wrote: “Recent examples of smart contract hacks, which have led to…

The Bank for International Settlements (BIS) Innovation Hub collaborated with central banks from Australia, Malaysia, Singapore, and South Africa to develop prototypes of two versions for an international settlement platform that uses different central bank digital currencies (CBDCs). According to the executive summary of the report, the project’s first phase was successful in developing functioning…

The Bank of International Settlements (BIS) and seven different central banks, including the Bank of England, Bank of Japan, European Central Bank, and U.S. Federal Reserve, published three new reports, which find that while a groundbreaking innovation to monetary policy, central bank digital currency (CBDC) pose many opportunities and uncertainties. Digital currencies backed by central…

The Bank for International Settlements (BIS), the International Monetary Fund (IMF), and the World Bank argue to the G20 that central bank-issued digital currencies (CBDC) will benefit worldwide development. In a new joint report, they have proposed to create a cross-border network of central bank digital currencies (CBDC), underpinned by efficient technological integration and proactive…