IMF Market Insights的动态

Breaking Barriers in Cross-Border Payments: ECB expands TIPS to Multi-Currency Settlements! The European Central Bank (ECB) is taking a major step toward seamless cross-currency instant payments! By expanding the TARGET Instant Payment Settlement (TIPS) service, the ECB aims to enhance interoperability between different currencies, enabling real-time transactions beyond national borders. To make this vision a reality, the ECB is inviting expressions of interest from financial institutions and market players to support the implementation of the TIPS cross-currency service. This initiative is set to improve efficiency, lower costs, and drive financial integration across Europe and beyond. As the demand for fast, reliable, and secure cross-border payments continues to grow, this development marks a significant milestone in the future of European and international payments. ?? What are your thoughts on the future of cross-currency instant payments? ?? How can financial institutions prepare for this shift? Join the conversation and shape the future of seamless payments! #PaymentsInnovation #CrossCurrencyPayments #InstantPayments #FinancialIntegration #ECB #TIPS #FutureOfPayments #Fintech #RealTimePayments https://lnkd.in/ebH8ZZmk

The Central Bank of Iceland Launches Feasibility Assessment on Implementing Eurosystem’s TARGET Services for Payments Read more: https://lnkd.in/d5rCCbrM #CentralBankOfIceland #Eurosystem #TARGETServices #Payments #FeasibilityAssessment #Finance #Fintech #FinancialIT

CBDCs by definition will protect and serve Central Banks, and the concept of "stability" has to be taken in the context of the continuation of the current monetary policies and reaching a full-fledged digital finanical feudalism. Only now, technology would enable the full tracking, control, and linking of transacitonal activities to behavioral and other metrics, such as, eligibility for certain government assistance based on the hsitory of flagged suspicious transactions. In a less extreme example, even without any punitive actions, central banks can exercise significant control over consumer behavior through, say, expiration of certain individual subsidies while requiring the CBDC amounts ot be spent in one particular way. So people may not need to go to the automotive store but will be forced to in order to not lose any money. As a result, one or more industry verticals may then see a forced price increase. CBDCs will inevitably bring more controls, not less control, over the individual. It is getting increasingly harder to imagine a net positive.

?? CBDCs: The Balancing Act The IMF explores how CBDCs will reshape the financial landscape. The real challenge? Ensuring these shifts strengthen stability rather than disrupt it. ??? Liquidity Risks In times of crisis, CBDCs could drain liquidity from banks. CBDCs need to be payment-focused, not just a store of value, allowing banks to maintain their critical role in credit funding. ?? Cross-border Game Changer CBDCs will reduce costs and speed up global transfers, streamlining international commerce. ?? Macroprudential Control Smart policy design is crucial. CBDCs must operate within a framework that maintains stability, focusing on transactional use. #CBDC #DigitalCurrency #FinancialStability #BankingInnovation #MonetaryPolicy #GlobalFinance #IMF

In case you missed it... ECB closes door on Latvia's legislative proposal that would have allowed CASPs to hold accounts directly with Latvian central bank but... leaves it ajar signalling a pending announcement of a pan-Eurosystem harmonised approach for non-bank payment service providers (and potentially some eligible CASPs) on access to central bank operating payment systems and safeguarding accounts. #EU #cryptoassets #financialservices #financialservicesregulation #EURegCORE #PwCLegal LAURA ēRK??E @andreas Traum https://lnkd.in/ek7u2SPs

Having possibility for CASPs to open account with Bank of Latvia certainly was one of the main pitching points when trying to attract CASPs for obtaining license in Latvia. And yes, it would have mean a great deal, but ECB holds a different view on this ?? More on European Central Bank argumentation why such accounts are not [yet] possible in the article by Michael Huertas ?? #MICAr #casp #crypto

Despite initial challenges with data availability and slow adoption, #PAPSS is gaining momentum. 13 central banks and over 115 commercial banks across Africa are now signed on. This growth, coupled with ongoing efforts to expand PAPSS to non-African users, highlights the increasing demand for a unified and efficient payment system to facilitate cross-border trade and drive economic integration. Read more from Thabelo Prayers Muleya ?? bit.ly/3NStRsq #intraafricantrade #localcurrency #economicintegration

Central Bank Digital Currencies and Financial Stability: Balance Sheet Analysis and Policy Choices This International Monetary Fund Working Paper offers a comprehensive analysis of the implications for financial stability of a central bank issuing a digital currency to the public at large. The authors start with a systematic analysis of balance sheet changes that arise from the new liability for the central bank and the banking system, and examine how they depend on preconditions, central bank choices, and banking system responses. Based on this, they discuss the range of implications for financial stability that may arise in steady state, in the context of adoption, and in crisis times. Threats to financial intermediation in steady state arise mainly in situations where the central bank balance sheet expands, and triggers adjustment mechanisms that lead to more costly or less stable funding of the banking system, while in crisis times run risk may increase. The analysis of policy choices to control these effects considers macroprudential policy, and an expansion of central bank lending to commercial banks, but finds that a main contribution needs to come from a design of the CBDC that encourages its use as a means of payment rather than a store of value.

I guess we now know what the surprise was in the BRICS business municipal forum that happened last week in Moscow!?‘Bombshell’ BRICS Payments Platform To Ditch US Dollar Gaining Support From Central Banks, Finance Ministries: Report.?According to the article "Central banks and finance ministries of all BRICS nations are discussing the launch of a new payments platform that would circumvent the US dollar, according to a new report.?According to Russian government-backed media publication Tass, Russia’s Federation Council Speaker Valentina Matviyenko told a press conference that a standalone payment system dubbed the “BRICS Bridge” is gaining support."?If it works it will be a bombshell globally, in the best sense. Perhaps it will be approved [in October], or at least the discussions will lead to a decision on when and in which format it should be finalized, meaning this is no longer just an idea, it is moving forward in practice.”?https://lnkd.in/dYP6dsze?

International Monetary Fund paper on CBDCs and Financial Stability ?? This paper offers a comprehensive analysis of the implications for financial stability of a central bank issuing a digital currency to the public at large. ?? They start with a systematic analysis of balance sheet changes that arise from the new liability for the central bank and the banking system, and examine how they depend on preconditions, central bank choices, and banking system responses. ?? Based on this, they discuss the range of implications for financial stability that may arise in steady state, in the context of adoption, and in crisis times. ?? Threats to financial intermediation in steady state arise mainly in situations where the central bank balance sheet expands, and triggers adjustment mechanisms that lead to more costly or less stable funding of the banking system, while in crisis times run risk may increase. ?? The IMF's analysis of policy choices to control these effects considers macro-prudential policy, and an expansion of central bank lending to commercial banks, but finds that a main contribution needs to come from a design of the CBDC that encourages its use as a means of payment rather than a store of value. Great work Romain Bouis, Gaston Gelos, Paavo Miettinen, Fumitaka Nakamura, Erlend Nier, and Gabriel S?derberg