Forex News

UK think tank calls for global digital currency rules

2022.07.08 14:56

UK think tank calls for global digital currency rules
Bitcoin logo, representation of cryptocurrencies and rising stock graph are seen in this illustration taken, July 7, 2022. REUTERS/Dado Ruvic/Illustrations

LONDON (Reuters) – Global rules would allow central bank digital currencies to operate smoothly cross-border and speed up wholesale payments, a think tank backed by the City of London Corporation said on Friday.

Most central banks, including the Federal Reserve, the Bank of England and the European Central Bank, are studying the potential launch of a digital version of their currencies.

Britain has said any digital version of sterling would not be available under the second half of this decade, while the Fed has said a digital dollar could help maintain the greenback’s international standing.

“Key to realising the full potential of CBDCs is ensuring that they can operate across different markets to facilitate wholesale cross-border payments,” said Kay Swinburne, chair of the International Regulatory Strategy Group, a think tank backed by the City and TheCityUK.

“Global regulatory principles and collaboration will be needed to realise this vision.”

The IRSG said in a report https://www.irsg.co.uk/publications/irsg-report-the-use-of-central-bank-digital-currencies-cbdcs-in-wholesale-markets-2 published on Friday there are many benefits to including CBDCs in wholesale digital payments if they are made “interoperable” for cross-border transactions.

Harmonisation of rules would allow firms who are licensed in one jurisdiction to provide services in another, and stop countries trying to undercut each other with laxer rules, the report said.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 102,804.54 1.47%
ethereum
Ethereum (ETH) $ 2,314.91 12.95%
tether
Tether (USDT) $ 1.00 0.02%
xrp
XRP (XRP) $ 2.34 4.12%
bnb
BNB (BNB) $ 633.53 2.00%
solana
Solana (SOL) $ 170.31 6.58%
usd-coin
USDC (USDC) $ 1.00 0.00%
dogecoin
Dogecoin (DOGE) $ 0.203032 6.67%
cardano
Cardano (ADA) $ 0.780294 6.90%
tron
TRON (TRX) $ 0.261195 2.16%
staked-ether
Lido Staked Ether (STETH) $ 2,315.57 13.13%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 102,548.48 1.35%
sui
Sui (SUI) $ 3.89 1.18%
chainlink
Chainlink (LINK) $ 15.89 3.60%
avalanche-2
Avalanche (AVAX) $ 23.01 7.78%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,771.06 12.69%
stellar
Stellar (XLM) $ 0.295076 4.24%
shiba-inu
Shiba Inu (SHIB) $ 0.000015 6.57%
hedera-hashgraph
Hedera (HBAR) $ 0.198361 3.68%
hyperliquid
Hyperliquid (HYPE) $ 24.57 11.73%
the-open-network
Toncoin (TON) $ 3.25 1.09%
bitcoin-cash
Bitcoin Cash (BCH) $ 406.93 2.94%
leo-token
LEO Token (LEO) $ 8.69 1.35%
usds
USDS (USDS) $ 1.00 0.00%
litecoin
Litecoin (LTC) $ 98.35 5.67%
polkadot
Polkadot (DOT) $ 4.74 9.79%
weth
WETH (WETH) $ 2,318.86 13.16%
monero
Monero (XMR) $ 305.24 2.67%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,460.46 12.61%
bitget-token
Bitget Token (BGB) $ 4.46 0.27%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.997455 0.30%
pepe
Pepe (PEPE) $ 0.000012 20.01%
pi-network
Pi Network (PI) $ 0.718071 13.47%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.04%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 102,830.55 1.48%
whitebit
WhiteBIT Coin (WBT) $ 30.26 2.09%
uniswap
Uniswap (UNI) $ 6.30 13.46%
bittensor
Bittensor (TAO) $ 421.88 1.19%
near
NEAR Protocol (NEAR) $ 2.89 10.67%
dai
Dai (DAI) $ 1.00 0.01%
aptos
Aptos (APT) $ 5.49 5.09%
okb
OKB (OKB) $ 53.27 1.60%
ondo-finance
Ondo (ONDO) $ 1.01 6.23%
aave
Aave (AAVE) $ 207.55 8.98%
susds
sUSDS (SUSDS) $ 1.05 0.02%
ethereum-classic
Ethereum Classic (ETC) $ 19.18 8.10%
crypto-com-chain
Cronos (CRO) $ 0.1006 4.18%
blackrock-usd-institutional-digital-liquidity-fund
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00 0.00%
internet-computer
Internet Computer (ICP) $ 5.36 7.71%
official-trump
Official Trump (TRUMP) $ 13.86 11.82%