Central Banking

France’s Central Bank: Keep Financial Institutions Out of Crypto

France’s central bank wants to keep banks and other financial institutions out of the cryptocurrency business. In a report published at the beginning of March, the Bank of France proposes to ban insurance companies, banks and trust companies from “taking part in deposits and loans in crypto-assets.” It also advocates prohibiting all Marketing of “crypto-asset” savings products to the public, save for the “most informed Investors.” The report, which provides an overview of the technology and suggests strict regulatory provisions, [...]

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Closing China’s Bitcoin Exchanges Was the Right Move, Says PBoC Official

The vice governor of the People’s Bank of China, Pan Gongsheng, has said that the country’s regulators took the right decision in cracking down on domestic cryptocurrency exchanges. Speaking at a financial book award event in Shanghai at the weekend, the central bank executive said it was “scary to think about” the scenario if the regulators had not stopped cryptocurrency exchanges from serving the local Market, Yicai Global reports. Gongsheng said: “If we didn’t shut Bitcoin exchanges and crack down on initial coin offerings [ICOs] [...]

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‘Massive Disruption’: IMF’s Lagarde Says Cryptocurrencies Must Be Taken Seriously

Christine Lagarde, managing director of the international monetary fund (IMF), has warned that central banks and financial services need to pay closer attention to cryptocurrencies. Speaking to CNBC at the IMF’s Annual Meetings in Washington D.C., Lagarde said: “I think that we are about to see massive disruptions.” According to Lagarde, cryptocurrencies could play a future role in updating the IMF’s own internal currency, a reserve asset named the Special Drawing Right (SDR). She said: “What we will be looking into is how this [...]

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