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  • BIS: Blockchain Scalability And The Fragmentation Of Crypto

    Date 07/06/2022

    Key takeaways

    • Permissionless blockchains work by providing monetary incentives to decentralised validators. Yet the mechanism for maintaining these incentives necessarily entails congestion effects and high fees. These high fees encourage the use of alternative chains, leading to a fragmentation of the crypto landscape.
    • Newer blockchains have higher capacity, even if these come at the cost of greater centralisation and weaker security. Differences in the design also preclude blockchain interoperability.
    • Limited scalability and a lack of interoperability not only prevent network effects from taking root, but a system of parallel blockchains also adds to governance and safety risks
    • Despite fragmentation, cryptocurrencies on different blockchains exhibit strong price co-movements, as they often share the same investor base, and growth is sustained by speculative buying of coins.

  • Cecilia Skingsley Will Join The BIS On 14 September.

    Date 07/06/2022

    • Cecilia Skingsley, First Deputy Governor of Sveriges Riksbank, appointed to head the BIS Innovation Hub.
    • Ms Skingsley will lead the Innovation Hub in its mission to foster international collaboration among central banks on innovative financial technology.
    • She will spearhead the Innovation Hub's efforts to build technological solutions to problems in the financial sector in such areas as central bank digital currencies, cyber security and green finance.

  • Testimony Of US Secretary Of The Treasury Janet L. Yellen Before The Committee On Finance, U.S. Senate

    Date 07/06/2022

    Chairman Wyden, Ranking Member Crapo, thank you for inviting me to discuss the Administration’s budget proposals. This budget prioritizes essential investments in education, medical care, and affordable housing, alongside tax reforms that enable deficit reduction and prioritize a fairer tax system.

  • Almost Half (48%) Of UK Risk Experts Have Regulatory Concerns About The Year Ahead: Kroll

    Date 07/06/2022

    • Over a quarter (26%) of UK respondents expect bribery and corruption risks for their company to increase in 2022
    • The primary factor driving risk is the impact of remote working and decentralised management, highlighted by 38% of respondents
    • The main areas of regulatory concern are around increased enforcement activity, new global regulatory requirements and legislation, and an increased focus on supply chain risk and digital operational resilience

  • Federal Reserve Announces It Will Soon Release Second Tool To Help Community Financial Institutions Implement The Current Expected Credit Losses (CECL) Accounting Standard

    Date 07/06/2022

    The Federal Reserve announced on Tuesday it will soon release a second tool to help community financial institutions implement the Current Expected Credit Losses, or CECL, accounting standard.

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