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Decrease font size Increase font size Print this page. Good morning everyone. I want to talk about the future of Money, Finance, and the Internet. But first, a little history. It is named after the Roman goddess of money, Juno, who carried the title Moneta.

Money has come a long way since: from bullion coins, to paper notes backed by the gold standard, to fiat currency backed by central banks, and now digital money. Finance or the intermediation of savings and investments existed in many ancient civilisations.

The Roman god of wealth, Plutus, comes closest to being the presiding deity for finance. Finance too has come a long way: foreign exchange markets and bills of exchange emerged in the Middle Ages, before modern finance took shape with fractional reserve banking, stock markets, mutual funds, and insurance.

The Internet is more recent. Its official birthday is 1 January , though the concept itself — namely a computer network which enables information sharing among users — goes back to the US defence industry in the s. Of course, the ancient Romans did not have a god for the Internet, but perhaps Mercury — the god of commerce and communications — comes closest. The future of Juno, Plutus, and Mercury is increasingly becoming entwined, in large part due to technology.

But before we can make sense of new money, let us refresh our understanding of existing money. Today, we keep money in two forms: physical cash in the form of notes and coins; and digital money in the form of deposits with commercial banks.

Most of our money is privately created by commercial banks and is in digital form. The commercial banks in turn place reserves with the central bank to settle inter-bank transactions arising from these electronic payments. Confidence in money is anchored by the central bank. Central banks conduct monetary policy to ensure low and stable inflation, which safeguards the purchasing power of our money. In addition, by regulating commercial banks and acting as lenders of last resort during crisis periods, central banks underpin the overall soundness of the banking system.

The credibility of money is underpinned by this two-tier monetary structure where commercial banks create money and central banks preserve its value. Three new developments have emerged over the past decade that fundamentally challenge this two-tier monetary structure: cryptocurrencies; stablecoins ; and central bank digital currencies.

Cryptocurrencies A cryptocurrency is a digital token issued and managed within a decentralised protocol, such as a distributed ledger or blockchain. It represents an asset in digital form that can be transferred or traded on the protocol. Indeed, the anonymity of crypto tokens has unfortunately made them well suited for facilitating illicit transactions, including money laundering. Cryptocurrencies have also helped to fuel ransomware — one of the fastest growing crimes in cyberspace.

Are cryptocurrencies money? So far, the answer must be no. Cryptocurrencies have performed poorly as a medium of exchange, a store of value, or a unit of account. MAS prefers to call them by their more accurate technical name: crypto tokens. We define tokens that are used for payments purposes as digital payment tokens, and entities which provide services related to such tokens in Singapore are subject to licensing and supervision by MAS, primarily for money laundering and terrorism financing risks.

MAS frowns on cryptocurrencies or tokens as an investment asset for retail investors. The prices of crypto tokens are not anchored on any economic fundamentals and are subject to sharp speculative swings.

Investors in these tokens are at risk of suffering significant losses. But MAS is also of the view that blockchains and crypto tokens can bring many potential benefits.

The blockchain is suited for applications where it is important to know the history of ownership and transfer of value but there is no trusted central party or reliance on a central party is too costly.

A potentially strong use case of crypto tokens is to facilitate cheaper and faster cross-border payments and trade finance. But to be regarded as money, crypto tokens need to be more stable in value and have credible backing. Hence, the emergence of stablecoins. Stablecoins Stablecoins seek to combine the credibility of fiat currencies with the advantages of the blockchain.

The more prevalent stablecoins are pegged to the US Dollar, promise to redeem at par, and claim to be backed by reserves.

Will Juno accept stablecoins as money? An encouraging sign is that stablecoins are beginning to find acceptance outside of the crypto ecosystem. Some technology firms have integrated popular stablecoins into their payment services. Or are stablecoins more akin to the Chimaera, a monstrous fire-breathing hybrid creature in Greek mythology?

Stablecoin issuers look like banks when they take money and offer to return it on demand, but if they do not intermediate credit, would bank regulation be appropriate for them?

They may seem like money market funds, but are capital market rules sufficient to ensure that reserve backing is really there behind these stablecoins? Stablecoins can potentially pose financial stability risks. For example, if there is a run on a significant issuer of a stablecoin, there could be contagion risks to financial markets should the reserve assets be rapidly liquidated. MAS has been thinking deeply about these issues, even as we license crypto token players and encourage experimentation in this space.

We have to approach the Chimaera with flexible regulatory chains which will allow us to harness its potential benefits but can be tightened quickly if the beast threatens to breathe fire. Central Bank Digital Currencies The history of privately issued money without public backing has not been inspiring. Will people put their faith in crypto tokens or stablecoins that are not backed by a central bank dedicated to protecting its value? At the same time, is there not a way to harness the potential benefits of distributed ledgers through some form of digital currency?

Hence, the global surge in interest in central bank digital currencies, or CBDCs. A CBDC is the direct liability of and payment instrument issued by the central bank. They have the potential to radically transform cross-border payments.

But since wholesale CBDCs by definition are not meant to be used as currency by the general public, they are not money. So let me focus on retail CBDCs for now. Retail CBDCs are essentially digital versions of cash.

Interest in retail CBDCs has risen sharply in the last two years. We have just released a detailed paper outlining our current thinking. There are three possible reasons for MAS to issue to the public a digital Singapore dollar.

First, a digital Singapore dollar would make available the benefits of using central bank money in the growing world of online transactions. Like notes and coins, a digital Singapore dollar issued by MAS will be safe, widely accepted, and bear the authority of the state. Cash is the ultimate risk-free asset, and means of final settlement. The rapid displacement of cash in favour of electronic payments based on bank deposits or e-wallets is one of the chief motivations for countries like Sweden and China to consider retail CBDCs.

Second, a digital Singapore dollar could possibly foster an efficient and inclusive payment ecosystem. It could make it easier for smaller firms to build new payments and related digital services.

Start-ups, for instance, can integrate with the retail CBDC and not need to build their own e-money and user base. This financial inclusion rationale has been a key motivation for countries like Cambodia and the Bahamas to adopt retail CBDCs. As these global digital currencies enter our market and become widely accessible in the future, they could potentially displace the use of the Singapore dollar in domestic retail transactions.

A digital Singapore dollar issued by MAS that is congruent with the needs of a digitalised economy could go some way to mitigate this risk. But issuing a retail CBDC is not a straightforward decision.

Retail CBDCs can potentially pose significant risks to monetary and financial stability. But we can likely manage these risks by designing the retail CBDC with sensible safeguards, such as stock and flow caps on the amount of digital Singapore dollars that anyone is allowed to place with MAS.

Why do I say that? A high proportion of Singaporeans have bank accounts and electronic payments in Singapore are pervasive, highly efficient, and competitive. The issuance of a retail CBDC is ultimately a socio-economic rather than a monetary consideration. Moving to a fully cashless society with all money in the form of bank deposits will not make a significant difference to the conduct of monetary policy.

The question is whether the public is comfortable with holding only bank deposits and whether there is public demand for a state-issued currency that is as safe as cash but in digital form. So for now, there is no strong case for a retail CBDC. MAS is therefore embarking on Project Orchid — to build the technology infrastructure and technical competencies necessary to issue a digital Singapore dollar should Singapore decide to do so in future.

We have received more than proposals from over 50 countries in response to the problem statements we posed. This afternoon, the finalists of the Global CBDC Challenge will demonstrate their solutions to an international judging panel. Finance is becoming increasingly digitalised, with new types of financial service providers, business models, and collaborations.

It enables banks to settle cross-border payments in different currencies in real time, using either commercial bank digital money or wholesale CBDCs. Project Ubin has also served as a foundation for Project Dunbar — a blueprint for a multi-currency settlement platform that operates across countries using wholesale CBDCs.

Commerical banks will be able to transact directly with one another using the wholesale CBDCs of their respective countries, eliminating the need for intermediaries and reducing the time and cost of cross-border transactions, if Project Dunbar succeeds. Not all cross-border payment improvements need CBDCs or the blockchain. But establishing bilateral payment linkages one jurisdiction at a time is hard work. We need a multilateral solution. MAS is therefore working with the BIS Innovation Hub on Project Nexus - a common blueprint for how countries can fully integrate their real-time payment systems onto a single cross-border network.

If it works, it will make PayNow globally interoperable much faster. Collaborative Data Platforms Industry collaboration through technology and data sharing platforms will become an important driver of innovation in the future of Finance. MAS has been promoting such collaboration since the beginning of our FinTech journey in Let me highlight three recent initiatives. First, ChekFin, a decentralised credentials platform to support partnerships between financial institutions and FinTech firms.

Financial institutions seeking collaboration with FinTech firms often have difficulty ascertaining their reliability and capacity.



Constitutional challenges to a complete cryptocurrency ban in India

Zuora Content Team. We asked dozens of recurring revenue-based companies about their biggest subscription billing mistakes, and these were the ones that kept surfacing to the top. Some of them sound pretty obvious credit cards can be problematic , but others are less so consider billing in advance versus in arrears. Implementing a new subscription business model is a fraught situation. Nerves are frayed. Thoughts are scattered. But the good news is that this hard-won knowledge comes straight from some of the most successful subscription-based businesses in the world.

Rather, Bitcoin and other cryptocurrencies are a form of digital currency used in electronic payment transactions—no coins, paper money or banks.

INDIA CRYPTOCURRENCY BILL

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Decentralized subscription payments with cryptocurrency

challenges for cryptocurrency subscription billing

Libby Hakim February 6, The Bitcoin boom means most lawyers have at least heard of this popular cryptocurrency. However, few understand how Bitcoin and other cryptocurrencies really work, how they are used and their potential to fundamentally change the way we do business. In this article, we look at why Bitcoin should be more than just a curiosity for lawyers, and the potential risks and opportunities it poses for law firms. This year, Piper Alderman became the first major Australian law firm to accept Bitcoin payments.

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By Aftab Ahmed , Nupur Anand. The measure is in line with a January government agenda that called for banning private virtual currencies such as bitcoin while building a framework for an official digital currency. Instead, the bill would give holders of cryptocurrencies up to six months to liquidate, after which penalties will be levied, said the official, who asked not to be named as the contents of the bill are not public. If the ban becomes law, India would be the first major economy to make holding cryptocurrency illegal. Even China, which has banned mining and trading, does not penalise possession. The Finance Ministry did not immediately respond to an email seeking comment.


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Skip Navigation. Big investors bought up bitcoin as hoped and in the process ruined its usefulness as a hedge. Tanaya Macheel Fri, Jan 28th Frank Holland Fri, Jan 28th Ryan Browne Fri, Jan 28th This 'crypto winter' might be different from previous ones, says blockchain firm. We'll continue to see volatility in bitcoin, but it's not the end of crypto, says FTX president. VIDEO

As with all federal rules, after the Treasury Department issues regulations to implement the law, there will be a period during which interested.

India to Ban Crypto as Payment Method but Regulate as Asset: Report

The Nova Scotia Securities Commission is warning Nova Scotians looking to invest with cryptocurrency about claims made by CoinRise, a crypto trading platform. In a news release Tuesday, the commission said www. It is illegal to solicit investments in the province without first registering with the commission. CoinRise claims on its website to be Canada's fastest growing crypto trading platform and says it offers wealth management and investment banking services.


Cryptocurrency Regulation in India: Is a Total Ban on Cards?

The official added that the government continues to consider all its options, even as the Reserve Bank of India is working on its own digital currency. Cryptocurrencies use methods of encryption in the trading of monetary units. Some of the most prominent such currencies include Bitcoin and Ethereum, but many other diffused ones have also proliferated across the world. Experts and key bodies have, however, favoured a tightly controlled cryptocurrency regime in India over a blanket ban which will have strict transaction protocols and also the imposition of taxes to help the government generate revenue. The country first began exploring cryptocurrency regulation in , when an inter-ministerial committee was set up to explore methods to regulate virtual currencies. I appreciate and acknowledge their contribution to this report.

A cryptocurrency , crypto-currency , or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank , to uphold or maintain it. Individual coin ownership records are stored in a digital ledger , which is a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.

Financial regulators have for years attempted to apply existing laws to the multitude of issues created by digital assets. In , leading federal regulators and members of Congress have begun to call for legislation to address these issues. As a result, may be the year when federal legislation finally addresses digital asset issues that have been growing since the mining of the first Bitcoin block in So far, Congress has left the task of addressing issues created by digital assets to regulatory agencies. Although a Congressional Blockchain Caucus formed in , House and Senate members introduced few bills addressing digital assets until As of October , Congress has not amended federal laws on financial regulation, which were last significantly revised by the Dodd-Frank Act in , to address digital asset issues.

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  1. Abdul-Hakam

    Bravo, what the correct words ..., a great idea