Bank of America Corp. published its first research coverage focused on cryptocurrencies and other digital assets on Monday, joining other mainstream financial institutions as they strengthen their involvement with the asset class. The move, earlier reported by Bloomberg News, was confirmed later by a BofA spokesperson. The “digital asset universe is too large to ignore,”…
Central Bank Digital Currencies Can Slash Cross Border Payment Time: BIS
September 28, 2021
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HONG KONG—Central bank digital currencies (CBDCs) can slash the time needed for cross border payments to seconds from days and cut costs, the Bank of International Settlements (BIS) said, citing a pilot scheme to test the digital forms of fiat currencies. The trial showed cross border transactions could be made in a few seconds, instead…
Regulators Not up to Speed on Banks’ Digital Marketplaces, EU Watchdog Says
September 21, 2021
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LONDON—Regulators have little understanding of risks from banks creating digital marketplaces with tech companies and a framework is needed to spot potential contagion if things go wrong, the European Union’s banking watchdog said on Tuesday. The European Banking Authority’s warning is the latest sign that financial regulators are starting to pay more attention to Big…
JPMorgan Takes on British Rivals With Launch of Digital Bank Chase
LONDON—JPMorgan is challenging British rivals on their home turf with the launch on Tuesday of its long-awaited digital retail bank, Chase, as part of what the U.S. lender hopes will be a global expansion. The launch marks the first foray into retail banking outside North America by one of the United States’ most dominant lenders,…
UK Seeks to Break Down Digital Trade Barriers, Says Minister
LONDON—Britain will look to break down digital trade barriers to help its businesses export their services, the country’s newly appointed trade minister Anne-Marie Trevelyan will say on Monday. Britain’s Department for International Trade last week published a report seeking to predict trends in global trade out to 2050 which forecast that demand for digital services…
ECB’s Weidmann Wants Digital Euro to Start Small
FRANKFURT—A digital euro, currently under design by the European Central Bank, should have a limited role initially as it could disrupt the bank sector and overly extend the role of central banking, Bundesbank President Jens Weidmann said on Tuesday. “A gradual approach might make sense given the risks involved—that means a digital euro with a…
Act Fast or Miss the Digital Payments Boat, BIS Tells Central Banks
LONDON—Major central banks should press ahead now with digital currency projects to avoid falling behind comparable private sector payment initiatives that are already taking root, a Bank for International Settlements official said on Friday. Corporate moves into digital payments, including Facebook with its diem stablecoin, have accelerated since the pandemic, as have contactless card transactions,…
EU Puts Digital Levy Plans on Hold in Face of US Criticism
BRUSSELS—In a gesture of goodwill to the United States, the European Union on Monday put work on plans for a digital tax levy on hold for the moment to concentrate on finalizing the historic tax decision endorsed by the Group of 20 nations over the weekend. In the face of criticism from U.S. Secretary of…
China’s Digital Yuan Will Not Topple the Dollar, SEC Official Says
April 29, 2021
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LONDON—China’s planned digital yuan will not dethrone the dollar, a top Securities and Exchange Commission official said on Thursday, citing the growth of so-called stablecoins backed by the greenback. The world’s biggest central banks, including the People’s Bank of China and U.S. Federal Reserve, are stepping up work on issuing digital cash, eyeing improvements to…
60 Years After Eisenhower’s Warning, Distinct Signs of a ‘Digital-Intelligence Complex’
In June 2019, Susan Gordon stood on a stage at the Washington Convention Center. Behind her loomed three giant letters, “AWS,” the abbreviation for Amazon Web Services, the cloud computing division of the giant Internet retailer. After three decades at the Central Intelligence Agency, Gordon had risen to one of the top jobs in the…
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