Banking and Blockchain
The global monetary system remains one of the least understood yet most consequential structures shaping modern economic life. Despite its centrality to financial stability, international trade, and monetary policy, the mechanisms through which money is created, distributed, and recycled across borders remain obscured by institutional complexity and academic neglect. This
Central Banks and CBDCs
The rise and fall of the shadow banking system—as chronicled by Zoltan Pozsar in his seminal 2008 article—offers a crucial case study in how modern financial innovation evolved under faulty assumptions, and ultimately destabilized the global monetary order. From a systemic perspective, the story is not merely one
Banking and Blockchain
The global trading system stands at a crossroads, as outlined in Stephen Miran’s study, A User’s Guide to Restructuring the Global Trading System. The study suggests that the persistent overvaluation of the U.S. dollar, driven by the inelastic demand for reserve assets, is at the heart of
* Utah prepares to pass a bill for Bitcoin reserves starting May 2025: https://legiscan.com/UT/text/HB0230/2025 * Montana planned to create a bitcoin reserve as early as July 2025, but the bill was rejected by House lawmakers on February 22 (voted 41-59): https://legiscan.com/MT/text/HB429/
The European Union's Digital Operational Resilience Act (DORA) is said to be transformative regulation for the financial sector. It aims to strengthen resilience against cyber threats and ICT disruptions, requiring financial institutions and their third-party service providers to implement comprehensive risk management, incident response, and continuous monitoring strategies.
Introduction The rapid evolution of cryptocurrencies has transformed them from niche financial instruments into a significant asset class. This development brings new opportunities for investors but also introduces complex legal and regulatory challenges. This article explores key aspects of the cryptocurrency landscape, including: Emerging Opportunities * Cryptocurrencies and blockchain technology as
The repurchase agreement (repo) market is a fundamental component of the global financial system, serving as a crucial mechanism for short-term funding and liquidity management. By allowing financial institutions to engage in collateralized borrowing and lending, the repo market facilitates efficient capital allocation, enhances market liquidity, and supports the functioning
Introduction The introduction of the Markets in Crypto-Assets Regulation (MiCAR) marks a watershed moment in the regulation of cryptocurrencies and related services within the European Union (EU). Effective December 30, 2024, MiCAR is directly applicable to all crypto-asset service providers across the EU. Its primary objective is to harmonize the
The Markets in Crypto-Assets (MiCA) regulation, adopted in 2023 and starting working in 2024, is already being described as a game-changing framework that, if it succeeds, may establish Europe at the forefront of global crypto regulation. While many celebrate its potential to bring clarity and uniformity to a fragmented market,
Activist Treasury Issuance (ATI) - a concept introduced by Hudson Bay Capital describes how the U.S. Treasury dynamically manages financial conditions by adjusting the maturity profile of its debt issuance. By tilting issuance toward short-term Treasury bills and away from long-term notes and bonds, ATI reduces the amount of
The recent post by Andreessen Horowitz’s a16z on the transformative potential of stablecoins in the payments ecosystem highlights a revolutionary shift in how value can be transferred globally, with stablecoins positioned at the heart of this transition. The article outlines several key points: stablecoins, leveraging blockchain technology, promise faster
The collaboration between the Digital Dollar Project (DDP) and the Depository Trust & Clearing Corporation (DTCC) represents a groundbreaking step toward modernizing post-trade securities settlement using Central Bank Digital Currency (CBDC). The project explored how tokenized securities and a simulated CBDC can reshape the settlement landscape, enhancing efficiency, reducing risks,
The dawn of the sixth technological wave heralds a profound transformation across all facets of human activity, from manufacturing and science to commerce and governance. This new era is defined not by discrete technological advancements but by the seamless integration of breakthroughs such as artificial intelligence, additive manufacturing, photonics, virtual
Understanding Foundational Blockchain Software Blockchain technology relies on essential software to function effectively. In this article, we’ll explore the foundational components of blockchain software, focusing on their usability, stability, and the challenges of implementation. Rather than delving into technical coding details, we’ll examine how popular crypto projects structure
Blockchain and crypto аре undoubtedly changing the world, and the first candidate for substitution is, of course, the financial system. The current financial system is in dire need of a major restructuring since it blew up in 2008 (hint: it was not the subprime issue, it was a global disaster)
