Bank of England governor Mark Carney has posited the creation of a network of central bank digital currencies as a means of overcoming the destabilising dominance of the US Dollar on international trade.
Facebook's new digital currency, Libra, could "substantially improve financial inclusion and dramatically lower the costs of domestic and cross border payments," Bank of England governor Mark Carney has said in a speech during which he also revealed the central bank could open up access to its balance sheet to new payment providers.
Regulators, politicians and other crypto players have all responded to yesterday's unveiling of Facebook's Libra project and suggested that the social media giant's digital currency plans may face several challenges.
Banks would struggle to defend themselves against a state-sponsored cyber attack that corrupted their records over a period of months, according to a Bank of England (BoE) official.
The Monetary Authority of Singapore (MAS), Bank of England and the Financial Conduct Authority announced today that they would be working together to strengthen cyber security in their financial sectors.
UK regulators are to convene an industry-led 'Technology Working Group' to drive reforms in post-trade processing in a bid to encourage innovation, reduce complexity and increase systemic resilience.
The Bank of England has been hauled over the coals by a Common Select Committee in a searing critique of its outmoded technology estate, culture and procurement activities.
The Bank of England is to take supervisory action against Visa following a widespread outage last year that disrupted payments for millions of shoppers across Europe.
FairFX, the e-banking and international payments group, announces that, through its subsidiary Spectrum Payment Services (“SPS”), it has been granted settlement accounts with the Bank of England and, in turn, has become a Direct Participant of the UK Faster Payments Scheme (“FPS”).
The Bank of England welcomes the National Audit Office report on the Bank’s central services functions and its conclusion that the Bank is moving in the right direction.
© Finextra Research 2019