Gold Price Nosedives Below $1,500 Following Central-Bank Deluge

The price of gold declined on Thursday, snapping a three-day winning streak after central banks around the world provided a muddied outlook on monetary policy. Gold Slides; Silver Follows The yellow metal fell by as much as 1.3% on Thursday, as investors reacted to central-bank statements in Washington, Tokyo and London. Futures for December gold … Read more

Bank of England Gov: Bitcoin Doesn’t Satisfy the Principles of Currency

Bank of England

By CCN.com: Dave Ramsden, deputy governor for markets and banking at the Bank of England, said in an interview with CNBC that crypto assets like bitcoin are too volatile to be a store of value and they do not meet the principles of currency. Citing the research of the Financial Policy Committee (FPC), Ramsden stated … Read more

Dow Gets Lost in the ‘Fog of Brexit’ as Stock Market Craters

dow jones S&p 500

The U.S. stock market declined sharply on Thursday after the Bank of England (BOE) slashed its growth outlook for 2019, citing underlying risks tied to Brexit. The United Kingdom is struggling to carve out a clear exit strategy from the European Union after Members of Parliament voted to reject Theresa May’s latest Brexit deal. DOW … Read more

Crypto is Worthless, Fails Basic Financial Tests: Bank of England Adviser

Huw Van Steenis bitcoin crypto bank of england

By CCN.com: Legacy banks are not worried about crypto because it has no value and fails the fundamental tests of financial services. That’s the assessment of Huw van Steenis, the senior adviser to Bank of England Governor Mark Carney. Van Steenis says while traditional banks are always trying to fend off competition from new fintech platforms, he’s … Read more

G20 Countries to Regulate Cryptocurrencies in Line with FATF Standards

The G20 Countries have signed a joint declaration in Buenos Aires, where it promises to regulate cryptocurrencies and combat its use for money laundering and the financing of terrorism in line with the Financial Action Task Force (FATF) standards, per a Saudi Gazette report. Section 25 of the declaration signed by the forum reads: “We … Read more

Central Banks of Canada, Singapore and UK Propose CBDCs for Cross-Border Payments

The reserve banks of Canada, Singapore and the United Kingdom have singled out central bank digital currencies as being one of the solutions that can be implemented in order to solve the challenges encountered when making cross-border payments. The report by the Monetary Authority of Singapore, Bank of England and Bank of Canada notes that … Read more

BOE’s Carney: Time to Hold Cryptocurrencies to Wider Financial System Standards

Bank of England Governor Mark Carney does not support a ban on cryptocurrencies, favoring instead what sounds a lot like patchwork regulation. Carney made his largely sanguine remarks on crypto virtually, seemingly on cue, March 2 before students at the inaugural Scottish Economics Conference, an audience who he pointed out may very well own bitcoin, … Read more

Next-Gen UK Payments System Will be Blockchain Compatible: BOE Governor

The governor of the Bank of England, the UK’s central bank, has revealed that an upcoming version of the UK’s main interbank payments system will be compatible for settlements in a distributed ledger, commonly known as a blockchain. BOE governor Mark Carney was speaking at this year’s International Fintech Conference in London today. The official … Read more

Bank of England Governor: Fintech Brings Great Promise and Risks

Fintech is democratizing financial services, creating new benefits for businesses and consumers, but also posing new risks, Mark Carney, governor of the Bank of England and chair of the Financial Stability Board (FSM), told the Deutsche Bundesbank G20 conference on “Digitizing finance, financial inclusion and financial literacy” in Wiesbaden, Germany. As the risks emerge, government … Read more

Bank Of England Ponders Blockchain for Real-Time Money Settlement

In order to safeguard the stability of the United Kingdom’s financial system, the Bank of England is exploring the next generation of its Real-Time Gross Settlement (RTGS) service, according to a bank document [PDF]. RTGS is the platform for providing sterling central bank reserves to provide safe final settlement for transactions between banks. The bank has … Read more

Bank Of England’s RSCoin: A Hybrid Digital Currency To Improve Global Trade

RSCoin

RSCoin, a cryptocurrency controlled by the Bank of England for the purpose of strengthening the country’s economy and global trade, combines the benefits of distributed ledger technology with the control of traditional, centrally managed currencies, according to The Deal Room, a financial news website. RSCoin was developed by University College of London researchers at the … Read more

Bank Of England Paper Quantifies Benefits Of Central Bank Issued Digital Currency

A staff working paper written for the Bank of England postulates that central bank issued digital currency (CBDC) of 30% of GDP could permanently raise GDP by as much as 3% from lower real interest rates, taxes and monetary transaction costs, according to a recently published paper. The CBDC would be issued against government bonds. … Read more

England’s Central Bank Seeks Bitcoin Clone in RSCoin

Bank of England

The Bank of England (BoE), the central bank of the United Kingdom has sought a digital currency of its own. A centralized, completely central-bank controlled bitcoin clone in the form of a cryptocurrency called RSCoin. While financial institutions such as securities exchanges are openly favoring and investing in blockchain technology, central banks are going a … Read more

Bank of England Dep. Governor: Digital Currency Puts Banks at Risk; Bitcoin Won’t Replace USD, GBP

The Bank of England’s deputy governor for monetary policy, Ben Broadbent believes that the issuance of digital currency by central banks will put commercial banking’s business model and practices at risk. He also stated that digital currencies (bitcoin etc.) are unlikely to replace established fiat currencies. Bank of England (BoE) deputy governor Ben Broadbent has … Read more