Bank of England to Study Central Bank Digital Currencies

Central Bank of England issued a working paper, which describes three types of possible digital currencies, that can be issued by a central banks
22 May 2018   620

he Bank of England published a working paper that examined various risks to economic stability associated with central bank digital currencies (CBDC). This is reported by Cointelegraph.

The paper examines three CBDC models that differ in coverage, starting with models that only banks and non-bank financial institutions can use, and to those that can be accessed by households and non-financial institutions.

In the first case, financial institutions will be able to interact directly with the central bank to buy and sell CBDC for conditioned securities. It is assumed that financial institutions will not provide access to such currencies to households and companies that are fully funded by the money of central banks.

With the expansion of the CBDC throughout the economy, access to them will be available from both banks and households, as well as from other companies. Thus, CBDC will be able to fulfill the role of money for all participants in the economy. At the same time, only banks and non-bank financial institutions will be able to buy a digital currency from the central bank, and the rest of the economy will be able to access it through specialized exchanges.

In the third option, only banks and non-bank financial institutions gain access to the CBDC, and at least one of them takes on the role of a "narrow bank", issuing an asset fully secured by CBDC and provided to households and other companies, but not involving credit rights.

Authorities to Study Bankrupt QuadrigaCX

Canada Revenue Agency sent a request for access to the tax info from Oct. 1 2015 to Sep. 30, 2018
18 September 2019   43

The Canadian Revenue Agency (CRA) intends to examine corporate declarations that ceased to exist as a result of the bankruptcy of the QuadrigaCX bitcoin exchange, The Globe and Mail reports.

CRA sent a request for access to the tax reporting of the exchange from October 1, 2015 to September 30, 2018, that is, on the date when QuadrigaCX tentatively began problems with the withdrawal of funds.

The E&Y auditor, acting as the trustee of the exchange, intends to discuss the tax request and obtain permission from the court to disclose information.

At the same time, the company noted that one way or another they are forced to comply with the CRA requirements, although this will take a lot of time and delay the payment of compensation to victims.

At the beginning of the year it became known that QuadrigaCX lost access to user funds by $ 190 million, and somewhat later, Indian authorities confirmed the death of the founder of the exchange, Gerald Cotten.