Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 8-20-24
Good Afternoon Dinar Recaps,
Bank of England to develop analytics data platform for ISO 20022
The Bank of England is working with the BIS Innovation Hub London centre on a project that will explore how technology can enhance the analytical use of ISO 20022 data to shed light on economic conditions, system liquidity and compliance.
The increased use of ISO 20022 standards for payment messages in Real Time Gross Settlement (RTGS) systems means many central banks will adopt the protocol in the coming years. The UK's high value payments system Chaps completed the cutover to the new data standard in June last year.
Project Keystone aims to develop a standardised data analytics platform focused on ISO 20022 data. As part of the project, two modules will be developed.
The first will address the complexities of handling the ISO 20022 data structure and the associated data storage requirements, and the second will provide analysis based on the data.
Keystone is intended to become an off-the-shelf component that payment system operators can integrate into their own systems.
The Bank of England believes that Keystone's support of analytics capabilities could enable payment system operators to utilize the enriched data contained within the ISO 20022 message scheme for greater understanding of economic conditions, system liquidity, and compliance with ISO 20022 standards.
In addition, as Keystone will create a standardised data platform, future users will be able to create and share additional analytics capabilities within the central banking community.
@ Newshounds News™
Source: FinExtra
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Nigerian tax authority to introduce crypto regulation bill in September: report
The Federal Inland Revenue Service, Nigeria’s tax authority, plans to introduce a bill to regulate the cryptocurrency sector by the end of 2024.
Speaking at a recent stakeholder engagement session with the National Assembly’s Finance Committees, FIRS Executive Chairman Zacch Adedeji said the country is set to propose a bill that would introduce laws to regulate the crypto sector, mitigate the risks involved, and benefit the nation’s economy, according to a Vanguard report.
Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service:
“Today, we cannot run away from cryptocurrency. But as we are here today, there is no law anywhere in Nigeria that regulates cryptocurrency. But it is the new thing that is happening, and we cannot run away from them.”
The new regulation is part of a broader effort to modernize existing laws in the taxation system to keep up with Nigeria‘s evolving economic landscape. Adedeji urged the FIRS’s collaboration with lawmakers to implement the bill, with the first iteration expected to be introduced in September.
@ Newshounds News™
Source: Crypto News
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