The Bank for International Settlements and the Federal Reserve are concerned about digital currencies, and international supervision is becoming more active
Source: Keith Communication
Event: The BIS and the heads of the six central banks will discuss the potential advantages and possibilities of digital currencies. The Federal Reserve Board believes that it is important for the central bank to stay ahead of digital currency research and policy development. The United States SEC Commissioner proposed to provide a "safe harbor" for cryptocurrency projects and proposed a three-year grace period for cryptocurrency sales.
The BIS and the heads of the six central banks will meet in April to discuss the potential advantages and possibilities of digital currencies. According to the Nihon Keizai Shimbun, in mid-April this year, the heads of the Bank for International Settlements (BIS) and six central banks will meet in Washington to discuss the potential for the issuance of national digital currencies. The Bank for International Settlements and the United Kingdom, Sweden, Switzerland, Canada, Japan, and the European Central Bank formed a working group with the Bank. CBDC) application and feasibility. The working group is expected to complete its interim report in June and final report in the fall.
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The Federal Reserve Board believes that it is important for the central bank to stay ahead of digital currency research and policy development. On February 5, Lael Brainard, a member of the Federal Reserve Board and a long-time researcher of crypto assets, revealed in Stanford's speech entitled "Payment and Currency Digitization" that the Fed's research on the issue of central bank digital currencies is deeper and more open. On the same day, Brainard said on the issue of central bank digital currency: The Federal Reserve is working with the central banks of other countries to improve their understanding of "central bank digital currency"; exploring a number of related issues, including policy, design, and legal considerations related to independent digital currency issuance; Some new players are outside the supervision of the financial system, and their new currency may pose challenges to combating illegal finance, privacy, financial stability, and monetary policy transition. At the same time, Brainard also believes that “digitalization may change the payment method to achieve higher value and more convenience at lower cost, but it has risks.” Obviously, Brainard ’s statement shows that the world ’s central banks are using private digital payments such as Facebook Libra Concerns about the rise of the system and currency have also been affected by the explicit proposal of digital currency plans by central banks such as China. Regarding whether the Fed is likely to issue digital currency in the future, she is also more open than ever.
The United States SEC Commissioner proposed to provide a "safe harbor" for cryptocurrency projects and proposed a three-year grace period for cryptocurrency sales. US SEC Commissioner Hester Peirce hopes that legitimate cryptocurrency projects will succeed without violating U.S. securities laws. On Thursday, Pierce formally proposed to provide a "safe harbor" for token projects at the International Blockchain Congress in Chicago. This will give these cryptocurrency projects more freedom to develop networks and communities without having to worry about regulatory restrictions. That is, cryptocurrency startups will have a grace period of three years from the initial coin sale to a level of decentralization sufficient to pass the agency's securities assessment, including the famous U.S. Supreme Court Howey Test ). Some tokens seem to meet the definition of securities when they are issued, but as the project develops to a certain degree, after passing the Howe test, it no longer meets the definition of securities. Therefore, if this proposal can be implemented, it will provide greater flexibility and broader development space for cryptocurrency projects.
Last week's market review: Chainext CSI 100 rose 11.81%, and the basic chain in the segment segment performed the best. From the perspective of subdivisions, payment transactions, entertainment and social networking, basic enhancement, basic chain, storage & computing, and AI performance are better than the average level of Chainext CSI 100, which are 16.14%, 17.44%, 14.63%, 19.74%, and 13.63%, respectively. , 14.66%; the performance of the Internet of Things & Traceability, commercial finance, and pure currency were all lower than the average level of Chainext CSI 100, which were 8.99%, 4.33%, and 8.64%, respectively.
Risk Warning: Uncertainty in regulatory policies, and the development of blockchain infrastructure is not up to expectations.
1. The Bank for International Settlements and the Federal Reserve are concerned about digital currencies, and international supervision is becoming more active
2. News from governments: Japanese lawmakers suggest preparing for digital currency issuance
3. Industry chain related developments: BTC mining revenues rose 3.0% MoM
4. Last week's market review: Chainext CSI 100 rose 11.81%, and the basic chain in the segment segment performed the best
This article is an excerpt from the report "Guo Sheng Blockchain | Bank for International Settlements, Fed Concerns About Digital Currency, International Supervision Trends," which has been released on February 10, 2020 by Guosheng Securities Research Institute. For details, please refer to the relevant report.
This article originates from " Keith Communications ".
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