Systemic risk and digital assets
The impact of FTX's collapse may be largely restricted to the digital asset industry, but one effect the crisis had outside of the space was to put the concept of systemic risk back onto the agenda.
Latest Bank of England News
Bank of England invites applications for CBDC wallet proof of concept
The Bank of England has previously revealed that it would outsource the CBDC wallet to a private company and it’s now pledging £200,000 to a CBDC wallet PoC.
Bank of England deputy governor takes aim at FTX, code-is-law myths and so-called DeFi
While exploring the digital pound, BoE deputy governor John Cunliffe said the recent FTX collapse highlighted the need for financial institutions to be organized and the essence of regulations.
UK bipartisan group launches inquiry on digital asset regulations
The Crypto and Digital Assets All Party Parliamentary Group wants to hear from the public on regulations, CBDCs, the role of the FCA and BoE, and more.
Digital assets’ role in the metaverse poses risks to financial stability: BOE researchers
Bank of England researchers Owen Lock and Teresa Cascino highlighted how digital assets growing interconnectedness with metaverses could put bank profits and financial stability at risk.
Bank of England calls for ‘regulatory and law enforcement frameworks’ to address potential digital assets systemic risks
BoE said the United Kingdom needs to have "enhanced regulations" for the market even as it continues to grow and potentially poses a greater risk to financial stability.
Bank of England partners with MIT for 12-month CBDC research project
The BoE joins the U.S. Federal Reserve and the Bank of Canada, which has been working with MIT, but it insists that it’s just research and the two won’t develop a central bank digital currency.
Bank of England and FCA latest warnings and guidance target ‘crypto’ assets
The BOE noted that digital currency would pose a risk to the wider financial system as the industry grows, while the FCA spoke of several concerns that digital currency firms should keep in mind.
The CoinGeek Pulse Episode 76: US Treasury scrutinizes NFTs, CBDC grows globally, TAAL mines 3.87GB Bitcoin block
Enterprise blockchain services provider TAAL made history this week when it mined the biggest Bitcoin block at 3.87GB, which had 188,000 transactions and collected 9.7 BSV in fees.
Bank of England to decide on CBDC in 2022, but it won’t develop retail wallet
A senior executive at the bank said that while it may eventually pursue the central bank digital currency, it would relegate the development of a retail CBDC wallet to the private sector.
Bank of England wants tighter global regulation for digital currencies
The Bank of England is seeking to partner with its international counterparts to put in place stricter regulations for digital currencies, a top central bank official has revealed.
Bank of England warns digital currency growth could pose financial stability risks
In a recent report, the bank said that digital currencies make up a small percentage of assets in the U.K., but are growing rapidly and have to be regulated.