@raphauer.bsky.social
Economist, Eurosystem Centre head BIS Innovation Hub; founder of CEBRA.org (own views) - research site: https://sites.google.com/site/raphaelauer/home
Happy to announce Leap Phase 2: together with Swift, Nexi, Banca d'Italia, Banque de France, and Bundesbank, we are exploring the implementation of post-quantum cryptography in a European payment system:
www.bis.org/about/bisih/...
Congrats to the Leap team for launching this initiative!
We must prepare our financial system for quantum threats. A new paper shows how: www.bis.org/publ/bppdf/b...
#Quantumcomputing poses a significant risk to global financial stability. This joint work with Donna Dodson, Angela Dupont, Maryam Haghighi, Nicolas Margaine, ... (1/3)
2. Strategic planning: cryptographic agility, phased migration, and hybrid models
3. Pragmatism: focus on existing solutions rather than hypothetical ones, as well as, on implementation complexities and infrastructure challenges.
#CyberSecurity #FinancialServices #QuantumSafe
(3/3)
Danica Marsden, Sarah McCarthy and Andras Valko sets out a framework for the transition to quantum-safe cryptography, emphasizing:
1. Immediate action: awareness and cryptographic inventory
...
(2/3)
We must prepare our financial system for quantum threats. A new paper shows how: www.bis.org/publ/bppdf/b...
#Quantumcomputing poses a significant risk to global financial stability. This joint work with Donna Dodson, Angela Dupont, Maryam Haghighi, Nicolas Margaine, ... (1/3)
How economically significant is decentralized finance (#DeFi)?
www.bis.org/publ/work126...
Total Value Locked (#TVL) aims to capture the size of any ecosystem by summing up the funds that are locked in a given ecosystem, much like the liability side of a bank’s balance sheet. However...
... #TVL can be inflated due to double-counting and reliance on off-chain data. We hence introduce Verifiable TVL, a more transparent and reproducible approach to measuring DeFi’s scale:
www.bis.org/publ/work126...
This is joint w Pietro Saggese, Stefan Kitzler, Michael F., Bernhard Haslhofer.
How economically significant is decentralized finance (#DeFi)?
www.bis.org/publ/work126...
Total Value Locked (#TVL) aims to capture the size of any ecosystem by summing up the funds that are locked in a given ecosystem, much like the liability side of a bank’s balance sheet. However...
Here's a new report from the Bank for International Settlements, showing the reality of digital assets with actual data.
Yes, most activity is pure speculation. BUT, there is legitimate transactional cross-border usage of stablecoins.
www.bis.org/publ/work126...
New data shows #Stablecoins are quietly emerging as a global transactional means and reshaping remittance flows.
Happy to share "DeFiying Gravity? An Empirical Analysis of Cross-Border Bitcoin, Ether and Stablecoin Flows," with Ulf Lewrick and Jan Paulick: www.bis.org/publ/work126...
We...
Bitcoin and Ether remain predominantly speculative, influenced by global market volatility.
08.05.2025 12:05 — 👍 1 🔁 0 💬 0 📌 0analyze a novel and extensive crypto transaction dataset across 184 countries and the four major crypto assets (USDT, USDC, #Ether, and #Bitcoin). We uncover substantial volumes but distinct roles: stablecoins serve transactional needs like remittances, while...
08.05.2025 12:05 — 👍 2 🔁 0 💬 1 📌 0
New data shows #Stablecoins are quietly emerging as a global transactional means and reshaping remittance flows.
Happy to share "DeFiying Gravity? An Empirical Analysis of Cross-Border Bitcoin, Ether and Stablecoin Flows," with Ulf Lewrick and Jan Paulick: www.bis.org/publ/work126...
We...
Join the BIS Innovation Hub in Frankfurt, Paris, Hong Kong, London, Basel, Stockholm, Singapore, or Toronto. We have a number of secondment opportunities. Duration is typically 6-18 months.
Find here more information on the job and how to apply:
lde.tbe.taleo.net/lde01/ats/ca...
Join the BIS Innovation Hub in Frankfurt, Paris, Hong Kong, London, Basel, Stockholm, Singapore, or Toronto. We have a number of secondment opportunities. Duration is typically 6-18 months.
Find here more information on the job and how to apply:
lde.tbe.taleo.net/lde01/ats/ca...
I found this video by MIT Professor Andrej Karpathy really worth the time (3½ hours). A non-technical walkthrough on creating an LLM chatbot like ChatGPT.
youtu.be/7xTGNNLPyMI?...
I found this video by MIT Professor Andrej Karpathy really worth the time (3½ hours). A non-technical walkthrough on creating an LLM chatbot like ChatGPT.
youtu.be/7xTGNNLPyMI?...
Unlocking seamless, instant, and safe FX settlements - read our brand new report on Meridian FX connecting DL3S, the Trigger solution, and TIPS Hash-link to the UK RTGS system: www.bis.org/publ/othp94....
24.04.2025 12:26 — 👍 1 🔁 1 💬 0 📌 0
Distributed ledgers are the embodiment of the vision of a decentralised notion of money. The key idea is to harness a network of self-interested ‘validators’ to perform the record keeping role of trusted intermediaries that underpin our current monetary system. This column examines the economic trade-offs in designing such systems, focusing on the interplay between decentralisation, finality, and scalability. A well-designed decentralised system aligns the interests of market participants with ledger maintainers. However, replicating validation across numerous validators can be cost-effective only in low-trust environments.
@raphauer.bsky.social, Cyril Monnet, & Hyun Song Shin discover that the economic gains from decentralisation of monetary ledgers are far from self-evident. One must balance decentralisation, security, and scalability.
cepr.org/voxeu/column...
#EconSky
For no particular reason, it might be a good time to repost my Starter pack of academic economists who study international trade
go.bsky.app/G3dqAYg
Is there an economic case for decentralization? Below, some takeaways from a paper with Cyril Monnet and Hyun Shin, now available in the JFE: www.sciencedirect.com/science/arti...
- Decentralization can provide benefits when validators are chosen from among the system’s users.... (1/3)
Submission deadline for #CEBRA25 is tomorrow 20.03: www.cebra-events.org/call-for-pap...
19.03.2025 08:51 — 👍 3 🔁 2 💬 0 📌 0
Please share! We are happy to announce up to 4 Adviser positions (Secondment). The BIS Innovation Hub Eurosystem Centre invites applications for Project Lead, Data Engineer, Economist, and Data Scientist.
These roles offer opportunities to (1/4)...
Submission deadline for #CEBRA25 is tomorrow 20.03: www.cebra-events.org/call-for-pap...
19.03.2025 08:51 — 👍 3 🔁 2 💬 0 📌 0until March 31th:
igam.escb.eu/oamcontext/p...
(Note that the above link only works from a Eurosystem PC)
...found here: www.bis.org/about/bisih/...
These are Secondment positions open to current Eurosystem employees only. Candidates will hold the title of Adviser at the BIS Innovation Hub and work in either Frankfurt or Paris. A relocation and cost of living top-up is provided. Apply here: ... 3/4
... join a great team and advance critical work in digital currencies, artificial intelligence, and financial technology through collaboration with the entire hashtag#Eurosystem and the global network of the BIS Innovation Hub. More information on our projects can be... 2/4
18.03.2025 16:49 — 👍 0 🔁 0 💬 1 📌 0
Please share! We are happy to announce up to 4 Adviser positions (Secondment). The BIS Innovation Hub Eurosystem Centre invites applications for Project Lead, Data Engineer, Economist, and Data Scientist.
These roles offer opportunities to (1/4)...
...becomes preferable when intertemporal incentives are weaker.
- We demonstrate these results within a general framework encompassing anonymous or identified participants, permissioned or permissionless access, and monopolistic or competitive ledgers.
www.sciencedirect.com/science/arti... (3/3)
This aligns incentives between those using the system and those maintaining it.
- Downsides include redundant validation costs and difficulties achieving consensus.
- On balance, centralized updating is optimal when long-term rewards are substantial, whereas decentralization...(2/3)
