DeFi News Official TheBitTimes.com

Countries need clear legal framework s to implement central bank digital currencies (CBDCs), according to the head of the Bank for International Settlements (BIS) during a recent conference in Basel. The event focused on updating laws for the digital currency technology. In a speech held on Sept. 27, later published on their website, BIS General Manager Agustín Carstens said national laws must allow central banks to issue digital currencies if CBDCs are to meet public demand. Most countries currently prohibit or have unclear rules around CBDC issuance. Carstens said CBDCs can expand financial access and make payments faster and cheaper. However, they require updated laws on issues like privacy and anti-money laundering safeguards. It is simply unacceptable that unclear or outdated legal framework s could hinder [CBDCs’] deployment. The work to address these issues needs to begin in earnest. And it needs to proceed at pace. Agustín Carstens — BIS General Manager Carstens ...

The G20 has released a Presidency Note under India’s leadership, emphasizing the importance of consistent crypto regulation and guidance across different jurisdictions. Coordination and consistency Following the recommendations of the Financial Stability Board (FSB) and the commitment of the International Monetary Fund (IMF) to deliver a joint IMF-FSB synthesis paper as part of the comprehensive policies to help protect economies and investors in the crypto market, the G20 has released a Presidency Note to help steer the paper in a coordinated manner. Revealing that the G20 had previously guided on the topic, and despite the FSB and FATF recommendations and standards, there is still a “need for coordination in the consistent implementation of crypto regulations and guidance put in place by different jurisdictions.” You might also like: VASPs want to work with regulators after FTX collapse The body has hinted that the synthesis paper, expected at the end o...