{"id":553734,"date":"2023-10-02T11:04:40","date_gmt":"2023-10-02T11:04:40","guid":{"rendered":"https:\/\/wncen.com\/?p=553734"},"modified":"2023-10-02T11:04:40","modified_gmt":"2023-10-02T11:04:40","slug":"crypto-era-looms-bis-innovations-chief-calls-on-central-banks-to-prepare","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/crypto-era-looms-bis-innovations-chief-calls-on-central-banks-to-prepare\/","title":{"rendered":"Crypto Era Looms: BIS Innovations Chief Calls On Central Banks To Prepare"},"content":{"rendered":"

Central banks worldwide must be proactive in adapting to the fast-evolving crypto landscape, urged Cecilia Skingsley, the head of the Innovation Hub at the Bank for International Settlements (BIS).\u00a0<\/span><\/p>\n

Speaking at the New York Fed Conference on Fintech: Artificial Intelligence and Digital Assets in Manhattan, Skingsley emphasized the need for central banks to embrace technological advancements, <\/span>including cryptocurrencies and tokenization<\/span><\/a>.<\/span><\/p>\n

Skingsley highlighted the distinctive approach of the BIS Innovation Hub, which focuses on researching and investigating the impact of new technologies on central bank operations. <\/span><\/p>\n

Unlike other institutions, the Innovation Hub actively engages with emerging technologies, including cryptocurrencies, and shares its findings with the global community. Skingsley expressed pride in the Innovation Hub’s project portfolio, which sets it apart from similar initiatives.<\/span><\/p>\n

Related Reading: Solana Rebound Potential: Is $30 The Next Target?<\/a><\/div>\n

In their most recent report titled “BIS Blueprint for the Future Monetary System,” BIS researchers underscored the significant potential of tokenization in enhancing efficiency and transparency within financial markets. However, the report also questioned the current value proposition of cryptocurrencies themselves.<\/span><\/p>\n

Tokenization’s Promise And Crypto’s Limitations<\/strong><\/h2>\n

The report acknowledged that cryptocurrencies and decentralized finance (DeFi) have provided a glimpse into the potential of tokenization. Still, it criticized cryptocurrencies as a flawed system that cannot assume the role of the future of money. Despite these reservations, Skingsley stressed the importance of central banks preparing for a tokenized future.<\/span><\/p>\n

\n

“If the future is tokenized, if we’re going for a future where we will have tokenized assets on a broad scale, what would that mean for central banks?” Skingsley pondered. “What sort of infrastructure do you have to have?”<\/span><\/h4>\n<\/blockquote>\n

<\/p>\n

Bitcoin performs better today at $28,332. Chart: TradingView.com<\/a><\/pre>\n
SEC’s Role In Crypto Regulation<\/strong><\/h2>\n
In a related development, Paradigm, a prominent crypto investment firm, raised concerns about the US Securities and Exchange Commission’s approach to crypto regulation. Paradigm voiced its worries in an amicus brief filed in the <\/span>SEC’s lawsuit against Binance<\/span><\/a>, a major cryptocurrency exchange.<\/span><\/p>\n
Related Reading: Uniswap Soaring User Engagement: How It\u2019s Transforming UNI Price?<\/a><\/div>\n
Paradigm’s brief<\/span><\/a> highlighted the potential consequences of the SEC’s strict stance on crypto, warning that it could spill over into other asset markets beyond the SEC’s purview. The firm argued that the SEC’s interpretation of the securities laws could hinder the development of crypto technology in the United States and disrupt other significant markets.<\/span><\/p>\n
\n
“Here, and in other cases, the SEC has acted in excess of its statutory authority,” Paradigm stated in its brief, emphasizing the importance of correct interpretation of the Securities Laws.<\/span><\/h4>\n<\/blockquote>\n
As the financial world continues to grapple with the transformative impact of digital assets and tokenization, the calls for central banks to stay vigilant and adapt to this rapidly changing landscape grow louder. Skingsley’s message is clear: readiness is key in navigating the terrain of the digital future.<\/span><\/p>\n
Featured image from iStock<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Central banks worldwide must be proactive in adapting to the fast-evolving crypto landscape, urged Cecilia Skingsley, the head of the Innovation Hub at the Bank for International Settlements (BIS).\u00a0 Speaking at the New York Fed Conference on Fintech: Artificial Intelligence and Digital Assets in Manhattan, Skingsley emphasized the need for central banks to embrace technological advancements, including cryptocurrencies and tokenization. Skingsley highlighted the distinctive approach of the BIS Innovation Hub, which focuses on researching and investigating the impact of new technologies on central bank operations. Unlike other institutions, the Innovation Hub actively engages with emerging technologies, including cryptocurrencies, and shares its findings with the global community. Skingsley expressed pride in the Innovation Hub’s project portfolio, which sets it apart from similar initiatives. Related Reading: Solana Rebound Potential: Is $30 The Next Target? In their most recent report titled “BIS Blueprint for the Future Monetary System,” BIS researchers underscored the significant potential of tokenization in enhancing efficiency and transparency within financial markets. However, the report also questioned the current value proposition of cryptocurrencies themselves. Tokenization’s Promise And Crypto’s Limitations The report acknowledged that cryptocurrencies and decentralized finance (DeFi) have provided a glimpse into the potential of tokenization. Still, it criticized cryptocurrencies as a flawed system that cannot assume the role of the future of money. Despite these reservations, Skingsley stressed the importance of central banks preparing for a tokenized future. “If the future is tokenized, if we’re going for a future where we will have tokenized assets on a broad scale, what would that mean for central banks?” Skingsley pondered. “What sort of infrastructure do you have to have?” Bitcoin performs better today at $28,332. Chart: TradingView.com SEC’s Role In Crypto Regulation In a related development, Paradigm, a prominent crypto investment firm, raised concerns about the US Securities and Exchange Commission’s approach to crypto regulation. Paradigm voiced its worries in an amicus brief filed in the SEC’s lawsuit against Binance, a major cryptocurrency exchange. Related Reading: Uniswap Soaring User Engagement: How It\u2019s Transforming UNI Price? Paradigm’s brief highlighted the potential consequences of the SEC’s strict stance on crypto, warning that it could spill over into other asset markets beyond the SEC’s purview. The firm argued that the SEC’s interpretation of the securities laws could hinder the development of crypto technology in the United States and disrupt other significant markets. “Here, and in other cases, the SEC has acted in excess of its statutory authority,” Paradigm stated in its brief, emphasizing the importance of correct interpretation of the Securities Laws. As the financial world continues to grapple with the transformative impact of digital assets and tokenization, the calls for central banks to stay vigilant and adapt to this rapidly changing landscape grow louder. Skingsley’s message is clear: readiness is key in navigating the terrain of the digital future. Featured image from iStock<\/p>\n","protected":false},"author":557,"featured_media":553736,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[89543,1144,4925,8686,9272],"class_list":["post-553734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bank-for-international-settlements","tag-btcusd","tag-digital-assets","tag-ethusd","tag-tokenization"],"acf":[],"yoast_head":"\nCrypto Era Looms: BIS Chief Calls On Central Banks To Prepare<\/title>\n<meta name=\"description\" content=\"Central banks worldwide must be proactive in adapting to the fast-evolving crypto landscape, urged Cecilia Skingsley, the head of the Innovation Hub at\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Era Looms: BIS Innovations Chief Calls On Central Banks To Prepare","url":"http:\/\/wncen.com\/news\/crypto-era-looms-bis-innovations-chief-calls-on-central-banks-to-prepare\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/crypto-era-looms-bis-innovations-chief-calls-on-central-banks-to-prepare\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/a-6.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/a-6.png?fit=974%2C671"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bank for international settlements","btcusd","digital assets","ethusd","tokenization"],"dateCreated":"2023-10-02T11:04:40Z","datePublished":"2023-10-02T11:04:40Z","dateModified":"2023-10-02T11:04:40Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Era Looms: BIS Innovations Chief Calls On Central Banks To Prepare\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/crypto-era-looms-bis-innovations-chief-calls-on-central-banks-to-prepare\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/crypto-era-looms-bis-innovations-chief-calls-on-central-banks-to-prepare\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/a-6.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/a-6.png?fit=974%2C671\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bank for international settlements\",\"btcusd\",\"digital assets\",\"ethusd\",\"tokenization\"],\"dateCreated\":\"2023-10-02T11:04:40Z\",\"datePublished\":\"2023-10-02T11:04:40Z\",\"dateModified\":\"2023-10-02T11:04:40Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/a-6.png?fit=974%2C671","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/553734"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=553734"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/553734\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/553736"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=553734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=553734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=553734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}