Indonesia central bank says ready to stabilise rupiah if needed
JAKARTA (Reuters) - Indonesia's central bank is ready to stabilise the rupiah, including through intervention if there was excessive volatility, an official said on Wednesday...
JAKARTA (Reuters) - Indonesia's central bank is ready to stabilise the rupiah, including through intervention if there was excessive volatility, an official said on Wednesday...
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According to Bloomberg, the Swiss National Bank (SNB) is exploring the use of tokenized central-bank money for transaction settlement. The institution's wholesale Central Bank Digital Currency (CBDC), which operates on the infrastructure of Swiss stock-market provider SIX, allows banks to use tokenized central-bank money to settle transactions such as bond purchases on the same platform. This method eliminates credit risk and enables users to leverage digital assets, potentially offering features like programmability. SNB's President, Thomas Jordan, spoke at a Bank for International Settlements conference in Basel on Monday. He outlined two other approaches to transaction settlement with tokenized assets that the SNB is considering. However, he noted that both methods have their pros and cons. The Real-Time Gross Settlement (RTGS) link might limit the potential to enhance the current system, while the backed private token money could pose regulatory challenges as it isn't a direct claim on the central bank but would be used as such. Jordan did not specify whether the SNB's pilot CBDC project would continue beyond its current end-date in June. He previously stated that the project has been successful so far.
According to PANews, Patrick McHenry, the Chairman of the House Financial Services Committee, has indicated that the US Congress may vote on the 'Financial Innovation and Technology Act of the 21st Century' (FIT21) before the end of May. FIT21 is set to grant the Commodity Futures Trading Commission (CFTC) jurisdiction over crypto commodities and the Securities and Exchange Commission (SEC) jurisdiction over cryptocurrencies provided in investment contracts. Furthermore, FIT21 has established rules for companies that must register with the SEC and CFTC. These rules include requirements related to customer disclosure, asset protection, and operations. The legislation aims to provide a clear regulatory framework for digital assets, addressing long-standing market regulation and consumer protection issues. It is reported that FIT21 is the most comprehensive cryptocurrency legislation passed by a congressional committee to date, marking a significant milestone in digital asset regulatory legislation.
According to PANews, Wells Fargo, the third-largest bank in the United States, has disclosed in a filing to the U.S. Securities and Exchange Commission (SEC) on May 10th that it holds 2,245 shares of Grayscale GBTC. In addition to this, Wells Fargo also holds a small amount of ProShares BITO and shares of Bitcoin ATM provider Bitcoin Depot. This information was initially reported by Bitcoin Magazine.
The Dow Jones Industrial Average (^DJI) ends the day and the trading week in the green, red-hot as it blazes a trail in its eight-day winning streak. As the market recovers from a downbeat April, Yahoo Finance Senior Markets Reporter Jared Blikre reviews the biggest patterns emerging in May, including market volatility for equities, the push in metal commodities, and the fortitude of the bond market. For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime. This post was written by Luke Carberry Mogan.