This is absurd - meaningless, unverifiable and unactionable. The world has lost its way when institutions of state commission and publish such banal work as if though it is useful analysis. What next - how about the equivalent distance travelled by car (electric, diesel or gas?) for a person's carbon consumption in generating the total taxes they pay in the EU?
11 Dec 2023 22:10 Read comment
great initiative - vive l'EURCV!
06 Dec 2023 17:47 Read comment
The Federal Reserve was formed in late 1913. Prior to that in the USA during the 19th century, first there were multiple forms of state bank notes, then multiple different national bank notes using a common design before Federal Reserve notes became the national standard in 1913.
My point is that there is precedent for multiple forms of private money to be standardised over time through legislation.
05 Dec 2023 15:48 Read comment
I published a LinkedIn article today with my cofounder at pingNpay arguing that CBDCs are more likely to follow a route of standardising private digital money such as fiat stablecoins that work in the market rather than centrally planned policy-driven initiatives seeing much success.
There are precedents for this such as the USA in the 19th century where competing forms of private money were standardised nationally as Federal Reserve notes in 1913. With different forms of USD stablecoins – USDT, USDC, TUSD, BUSD, PYUSD etc it is possible hitsory might repeat itself in the USA and in the UK too if private GBP stableocins take-off.
https://www.linkedin.com/feed/update/urn:li:activity:7137192181659770880/
04 Dec 2023 13:01 Read comment
This looks like a very positive step forward in providing regulatory clarity for the UK private sector on the use of digital money and innovations with it, but the 'devil is in the detail' which no doubt will come out over the next few weeks as everyone analyses these papers.
There is a lot to chew on - the FCA's discussion paper is 110 pages, the BoE's looks almost as long and the CEO's letter is very dense - I expect CEO's, or at least their strategy teams will need to read it multiple times to understand the implications.
A key immediate observation is banks may issue tokenised deposits but are prevented from issuing stablecoins unless branded under a different entity - this is fair enough, but a pound is a pound and I expect branding stablecoins separately may cause confusion e.g. US stablecoins include USDT, USDC, TUSD, BUSD, PYUSD, USDP to name a few!
06 Nov 2023 12:02 Read comment
this is an interesting product and I am sure we will see more tokenisation of real-world assets including company shares from financial institutions - but how is this different to a gold ETF? and how is a token holder guaranteed that the gold backing their token has no "double duty" as collateral for something else?
02 Nov 2023 13:40 Read comment
Nat West share price down 11% today and 40% so far this year
27 Oct 2023 11:45 Read comment
Does the SEC really understand what AI is, its capabilities and impact? Like most pronouncements on AI this story lacks any concrete evidence and robust reasoning, just fear-mongering about what might happen, which equally, given the lack of arguments presented, might never happen.
21 Oct 2023 23:22 Read comment
It's surprising that this is open in the public domain. Keeping it discreet would have allowed Modulr to work through ist issues with the FCA and customers, but making it public must make life for them ten times as difficult.
21 Oct 2023 23:12 Read comment
This is an admission of ignorance.
Talk to any senior exec responsible for an ISO20022 project or any pundit extolling its virtues and you are led to believe that adopting ISO20022 is a silver bullet for interoperability and global standardisation. They are unaware of details such as message formats, tooling, rules and technology protocols (e.g. XML) and their simplistic knowledge is exposed. ISO20022 had its genesis in batch processing in the early 2000s. It has taken over 20 years for execs to catch up, meanwhile the market has moved on with open API standards, blockchain and instant messaging. ISO20022 is a good basis for defining and modelling payments data and securities data but as this proposal from the BIS suggests, standardisation is far from a given and requires a lot of effort and rule-making.
21 Oct 2023 22:59 Read comment
EBAday
Paul KellyCo-founder at Logical Construct
Alexander Dunaevco-founder at ID Finance
Ignacio JavierreCo-founder at HUBUC
Dmitry PanovCo-founder at Whillet - BaaS for embedded finance
Nick HallCo-Founder at Stocknet Institute
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