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  • EBA Consults On Guidelines To Resolution Authorities On The Publication Of Their Approach To Implementing The Bail-In Tool

    Date 07/06/2022

    The European Banking Authority (EBA) launched today a public consultation on its draft  Guidelines addressed to resolution authorities for the publication of their approach to implementing the bail-in tool. The Guidelines aim to ensure that a minimum level of harmonised information is made public with regard to the mechanics underpinning the execution of the bail-in tool. The consultation runs until 7 September 2022. 

  • Jewel Bank Receives Bermuda Bank License To Serve Global Crypto Firms, Issue Stablecoins, Provide Real-Time Settlement Services - Jewel Will Be First Non-U.S. Digital Asset Bank To Issue Stablecoins And Serve Global Digital Asset Institutions With Real-Time Settlement Tied Directly To Bank Deposits

    Date 07/06/2022

    Jewel Bank, the global banking platform for the digital asset economy, has received approval from the Bermuda Monetary Authority (BMA) for its combined full bank license and digital asset business (DABA) license. Jewel Bank is Bermuda's first new bank in over twenty years and first digital asset bank. Jewel's services address the core banking, payments, and settlement needs of many of the world's largest global digital asset firms and exchanges, via API or web. As a full license Bermudian bank, Jewel Bank will service digital asset firms (B2B) around the world in any non-sanctioned jurisdiction, as well as the US.

  • 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.

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