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Raphael Auer @raphauer.bsky.social · 21d

Job alert: my current role. After 4 rewarding years leading the Eurosystem Centre, I’ll be moving back into a research role early next year. We’re also re-opening the search for the Nordic Centre Head — both applications close October 14:

www.bis.org/careers/vaca...

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Raphael Auer @raphauer.bsky.social · Jul 9

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!

Reposted by Raphael Auer

Raphael Auer @raphauer.bsky.social · Jul 7

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)

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Raphael Auer @raphauer.bsky.social · Jul 7

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)

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Raphael Auer @raphauer.bsky.social · Jul 7

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)

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Raphael Auer @raphauer.bsky.social · Jul 7

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)

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Reposted by Raphael Auer

Raphael Auer @raphauer.bsky.social · May 15

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...

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Raphael Auer @raphauer.bsky.social · May 15

... #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.

www.bis.org

Raphael Auer @raphauer.bsky.social · May 15

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...

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Reposted by Raphael Auer

Kevin Werbach @kwerb.com · May 9

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...

DeFiying gravity? An empirical analysis of cross-border Bitcoin, Ether and stablecoin flows

We investigate trends and drivers of cross-border flows of the two major native cryptoassets (Bitcoin and Ether) and the two major asset-backed stablecoins (Tether and USD Coin) between 184 countries ...

www.bis.org

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Reposted by Raphael Auer

Raphael Auer @raphauer.bsky.social · May 8

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...

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Raphael Auer @raphauer.bsky.social · May 8

Bitcoin and Ether remain predominantly speculative, influenced by global market volatility.

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Raphael Auer @raphauer.bsky.social · May 8

analyze 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...

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Raphael Auer @raphauer.bsky.social · May 8

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...

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Reposted by Raphael Auer

Raphael Auer @raphauer.bsky.social · May 2

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...

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Raphael Auer @raphauer.bsky.social · May 2

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...

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Reposted by Raphael Auer

Raphael Auer @raphauer.bsky.social · Apr 27

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?...

Deep Dive into LLMs like ChatGPT

YouTube video by Andrej Karpathy

youtu.be

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Raphael Auer @raphauer.bsky.social · Apr 27

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?...

Deep Dive into LLMs like ChatGPT

YouTube video by Andrej Karpathy

youtu.be

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Raphael Auer @raphauer.bsky.social · Apr 24

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....

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Reposted by Raphael Auer

VoxEU @ CEPR @voxeu.org · Apr 9

@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

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.

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Reposted by Raphael Auer

Thomas Sampson @thomsampson.bsky.social · Apr 3

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

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Reposted by Raphael Auer

Raphael Auer @raphauer.bsky.social · Mar 14

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)

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Reposted by Raphael Auer

Raphael Auer @raphauer.bsky.social · Mar 19

Submission deadline for #CEBRA25 is tomorrow 20.03: www.cebra-events.org/call-for-pap...

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Reposted by Raphael Auer

Raphael Auer @raphauer.bsky.social · Mar 18

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)...

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Raphael Auer @raphauer.bsky.social · Mar 19

Submission deadline for #CEBRA25 is tomorrow 20.03: www.cebra-events.org/call-for-pap...

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