Banque de France tests digital currency-based securities settlement.
The Bank of France has completed a central bank digital currency pilot for securities transactions in collaboration with Swiss crypto bank SEBA.
The central bank of France — Banque de France — is continuing its work on the development of a European central bank digital currency (CBDC).
On Monday the bank officially announced the successful completion of a CBDC experiment with major Switzerland-based cryptocurrency bank SEBA.
Conducted in collaboration with SEBA, Banque Internationale à Luxembourg, and Luxembourg central securities depository LuxCSD, the experiment used a CBDC to simulate the settlement and delivery of listed securities on TARGET2-Securities (T25), a European securities settlement engine.
SEBA purchased securities from Banque Internationale à Luxembourg, with post-trade settlement managed by LuxCSD.
Nathalie Aufauvre, general director of financial stability and operations at Banque de France, said that the latest CBDC test demonstrated the possibilities for conventional finance systems and distributed systems to interact. “It also paves the way for other alliances in order to benefit from the opportunities offered by financial assets in a blockchain environment,” Aufauvre said.
The bank noted that the new CBDC test is part of an experimental CBDC program launched in March 2020, that aims to test CBDC integration for settlements. The program’s other experiments will continue until mid-2021 as Banque de France, in addition to other central banks in Europe, tests the viability of CBDCs.
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Shiba Inu and Chiliz jump 33% and 26% on Coinbase Pro listings.
Memes and fan tokens were the order of the day after a Coinbase Pro listing sent SHIB and CHZ to significant gains.
The token prices of Shiba Inu (SHIB) and Chiliz (CHZ) jumped 33% and 26% respectively on Wednesday, following the announcement of the pair’s listing on Coinbase Pro.
Inbound transfers for Shiba Inu and Chiliz were announced alongside Keep Network (KEEP) by Coinbase Pro on Tuesday, June 15. Trading is set to begin on Thursday, June 17, assuming liquidity conditions are met. The trading pairs will launch in three phases: post-only, limit-only and full trading.
Shiba Inu burst onto the scene in late April, seemingly as a bi-product of the attention brought on meme cryptocurrency Dogecoin (DOGE) by Tesla CEO Elon Musk. The token’s imagery features a meme version of the Shiba Inu dog breed, similar to Dogecoin. The token’s dollar valuation, while still well in the sub-cent range, increased by over 2,000,000% in the runup to its recent peak in early May, when it was listed for trading on Binance and other exchanges.
The SHIB valuation climbed from $0.000007002 to $0.000009331 in the hour or so following the Coinbase announcement, and had retained most of its gains one day on, standing as the top gainer among the market capitalization top 100 on Wednesday.
Chiliz followed close behind after its coin price increased from $0.2773 to $0.3495 leading into Wednesday morning, following a sustained 26% surge. Chiliz is the token behind the Socios.com fan token platform which enables the purchase of branded tokens associated with major sports clubs and organizations. Chiliz has recently facilitated the launch of fan tokens in partnership with FC Barcelona, Manchester City and a host of major European football clubs.
The other token lined up for trading on Coinbase, Keep Network, experienced a brief 26% surge as its valuation climbed from $0.49 to $0.62 in the wake of the exchange’s announcement. By the time of publication, it had given up some of its gains on the way back to the $0.56 range.
Keep Network focuses on providing storage for private data on public blockchains. The Keep Network platform comprises off-chain containers for private data which are only accessible via the Ethereum-based KEEP token. The project recently added compatibility for Bitcoin (BTC) users with tBTC — a fully backed ERC-20 version of Bitcoin.
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Thai SEC bans exchanges from handling certain token types including NFTs.
Local exchanges now have until July 11 to update their rules for listing tokens in order to be in compliance with SEC guidelines.
Thailand’s Securities and Exchange Commission has approved guidelines prohibiting crypto exchanges in the country from supporting four different types of tokens in certain cases.
In a Friday announcement from the Thai SEC, the regulatory body said that Secretary-General Ruenvadee Suwanmongkol had approved crypto exchange guidelines, Notification 18/2564 on “Rules, Conditions and Procedures for Undertaking Digital Asset Business,” on Wednesday to go into effect. The new rules ban Thai exchanges from handling meme-based tokens, fan-based tokens, nonfungible tokens (NFTs) and exchange-issued tokens.
Source: Thai Securities and Exchange Commission For tokens issued by exchanges, the SEC said that any cryptocurrencies had to precisely conform to the descriptions in their respective white papers as well as any existing guidelines for digital assets. If exchanges cannot meet these conditions, the regulatory body said they would have to delist the token. According to the SEC, Thai exchanges have 30 days to update their rules for listing tokens to be in compliance with the new guidelines.
This change in policy would purportedly affect tokens including Dogecoin (DOGE), a meme-based cryptocurrency whose price has risen significantly since last year, as well as Bitkub Coin (KUB), the native token of the local crypto exchange of the same name.
Thailand’s Securities and Exchange Commission has issued a number of guidelines and statements for individual traders and crypto firms this year, sometimes with harsh backlash from the public. The regulatory body proposed a 1 million baht — roughly $32,000 — minimum annual income requirement for crypto investment in Thailand, and officials have hinted that investors should be required to attend a cryptocurrency trading training course or pass a test to prove their knowledge.
The Southeast Asian country has had a complicated relationship with crypto for years. In February, Thailand’s tourism board focused on targeting Japanese crypto holders, seemingly in an effort to revive the industry during the pandemic (many nationalities are unable to enter the country without quarantining.) However, the government has also proposed stricter Know Your Customer requirements in the country, requiring exchanges to physically scan chips embedded in Thai citizen ID cards.
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Bitcoin part of highest risk category in Basel's new bank capital plan.
The Basel Committee on Banking Supervision proposed tough requirements for banks that want to hold cryptocurrencies like Bitcoin.
The Basel Committee on Banking Supervision (BCBS), a global committee of banking supervisors and central banks, has proposed new requirements for banks that want to hold cryptocurrencies like Bitcoin (BTC).
In a consultation paper published Thursday, the committee provided preliminary proposals for the prudential treatment of crypto exposure by banks.
The paper built on the contents of the committee’s 2019 discussion paper and responses received from various stakeholders and international industry figures.
Crypto’s perceived volatility and potential for illicit use led the BCBS to recommend a 1,250% risk weight to Bitcoin. This essentially means that banks must hold one dollar in capital for each dollar worth of exposure it has to Bitcoin.
According to the paper, this would ensure that there is sufficient capital to absorb a full write-off of crypto asset exposures “without exposing depositors and other senior creditors of the banks to a loss.”
The BCBS proposed to split crypto assets into two broad categories: those eligible for treatment under the Basel Framework with some modifications; and assets like Bitcoin (BTC), which are subject to the new conservative prudential treatment.
The first category would include tokenized traditional assets as well as “crypto assets with effective stabilization mechanisms,” i.e. stablecoins.
The second group includes Bitcoin and other assets that “fail to meet any of the classification conditions” like applying a stabilization mechanism.
The BCBS noted that a high risk weight of 1,250% will lead to a “conservative outcome” for direct exposures of crypto assets. Regarding crypto derivatives, however, “care should be taken in defining what the ‘value’ is in the formula to ensure the outcome is similarly conservative,” the committee noted.