Deputy Governor of the Reserve Bank of Australia Guy Debelle was interviewed in the Australian press
The main gist was regulation:
- Banks that fail to sign up to a new global code of conduct for the $6.6-trillion-a-day foreign exchange market will be barred from dealing with central banks as well as with other signatories to the voluntary code
So, if you are a bank and haven't signed yet, just a heads up! (You're welcome, BTW)
On the economy and monetary policy the piece doesn't say anything. Apart for this:
- In his view the conduct of monetary policy isn't threatened by cryptocurrencies ...
- "To some extent we already have electronic money in the sense that the balances that the banks have with us to clear everything across their accounts - they are all electronic - so the technology of distributed ledger is not massively different from what we have.
- It's certainly something the central bank community is thinking about, but it's mostly a fairly modest technological upgrade of stuff we have."
Ummmm ... OK then. I think Mr. D might have some work to do here.
Article is here, may be gated: Banks told to sign up to forex deal or be shunned
Quiz time ... which one is Debelle?
(Yes, an easy one to begin the week :-D )