Tag: Banks

Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

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The Central Bank of Russia has emphasized the importance of moving forward with its digital ruble project. According to a statement by a top representative, the monetary authority has no intention to delay the trials despite not all invited banks being ready to participate yet. Bank of Russia to Experiment With Digital Ruble Payments This Year The digital ruble is “very much needed,” First Deputy Chairman of Bank of Russia Olga Skorobogatova has recently remarked in a statement quoted by business news portal RBC’s crypto page. The regulator will…

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Private Banks Propose to Help Design Digital Currency in Mexico – Bitcoin News

[ad_1] Private banks in Mexico want to join efforts with the central bank of the country in the creation of a new digital currency. The president of the Mexican Bank Association (ABM) met with the governor of the Bank of Mexico to offer the help of the group of private banks for the creation of a national digital currency in the future. Private Banks Want to Be Involved in Potential CBDC Members of the Mexican Bank Association have stated their intention of helping the central bank of the…

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US banks partner with crypto custodians

[ad_1] Grayscale Investments’ latest report “Reimagining the Future of Finance” defines the digital economy as “the intersection of technology and finance that’s increasingly defined by digital spaces, experiences, and transactions.”  With this in mind, it shouldn’t come as a surprise that many financial institutions have begun to offer services that allow clients access to Bitcoin (BTC) and other digital assets.  Last year, in particular, saw an influx of financial institutions incorporating support for crypto-asset custody. For example, Bank of New York Mellon, or BNY Mellon, announced in February 2021 plans…

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When central banks seek public discussion, Jan. 17–24

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[ad_1] Last week, two central banks dropped public reports that can have a sizable impact on the crypto landscape in their respective countries and beyond. The U.S. Federal Reserve published a discussion paper entitled “Money and Payments: The U.S. Dollar in the Age of Digital Transformation,” which summarizes years of the Fed’s research on CBDCs. Meanwhile, the Central Bank of Russia released a report that called for a blanket ban on domestic cryptocurrency operations and mining. Both documents are framed as an invitation for public discussion, but the kinds of…

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Hong Kong Authorities Arrest Two Siblings Accused of Laundering $384 Million via Banks, Crypto Platform – Regulation Bitcoin News

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[ad_1] Authorities in Hong Kong have arrested two individuals accused of laundering about $384 million using various avenues including a cryptocurrency exchange trading platform. If convicted, the two face a maximum jail sentence of 14 years plus a fine of $5 million. An Indictable Offense Two people accused of laundering about $384 million using a cryptocurrency exchange platform have been arrested, the Hong Kong regional government has said. The arrest of the two, a 28-year-old woman and her 21-year-old brother, followed a raid on their residential premises conducted by the…

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Visa Opens Bitcoin Consulting Service for Banks

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[ad_1] Visa is launching an advisory and consulting service on Bitcoin and cryptocurrency for its institutional clients, according to multiple reports Wednesday. The payments giant will advise banks, fintech companies, and retailers looking to implement Bitcoin services. “Visa hopes its crypto consultancy can help further mainstream adoption of bitcoin,” according to a CNBC report. “Like rival Mastercard, the credit card giant sees cryptocurrencies as a key growth opportunity as it expands into areas beyond card payments.” Its advisory practice will reportedly be housed within its consulting and analytics division. Visa’s…

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If Stablecoins Are Going to Be Regulated Like Banks, They Should Enjoy All the Benefits – Op-Ed Bitcoin News

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[ad_1] The U.S. Treasury Department proposed regulating stablecoin issuers as banking institutions, which may be a great idea if stablecoin issuers are offered the same privileges as regulated banks. US Treasury Department Report: Stablecoins Regulation Is Urgently Needed The rise of stablecoins within the crypto ecosystem serves as a glaring reminder that cryptocurrencies and blockchain technology have outgrown their humble beginnings, gradually positioning themselves as challengers of brick and mortar finance’s existing hegemony. With the market capitalization of stablecoins expanding at an unprecedented rate, governments and financial regulators worldwide have…

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Nigerian Experts Question Selection of Bitt Inc as Central Bank’s Fintech Partner – Fintech Bitcoin News

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[ad_1] Nigerian fintech entrepreneurs have slammed the Central Bank of Nigeria (CBN)’s decision to select Bitt Inc as its fintech partner. They insist that the choice of Bitt Inc, a Barbados based firm, undermines central bank claims that it is “fighting for the naira in the forex market.” Bitt Inc’s Market Capitalization In fact, as the report by Itedgenews explains, some players in the country’s fintech industry are now lobbying for the CBN to rescind this decision. They cite the small number of people employed by Bitt Inc (three) as…

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Central Banks War Machine Government

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[ad_1] Central banks are a fundamental reality of the modern world, but it was not always so. The Bank of England (BoE) was founded in 1694, the first modern central bank. The BoE was born directly from the monetary overreach of the Stuart monarchs. Their military and political ambitions were constrained by the financial power that they could legally wield. The Bank was the end consequence of a series of questionable acts to get their royal hands on the needed money. In that sense, 1600’s England sounds very much like…

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Ghana Vice President Praises Central Bank’s CBDC Initiative, Says Digital Currencies Can Boost Intra-African Trade – Fintech Bitcoin News

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[ad_1] The Ghanaian Vice President, Mahamudu Bawumia, has implored African governments to start exploring digital currencies as such alternatives have the potential to enhance intra-African trade. In addition, such digital currencies allow African countries to carry out all cross-border payments smoothly, the leader explained. Ghana Government Backing for CBDC According to a report, Bawumia made these comments while addressing guests at the opening ceremony of the Ghana International Trade and Finance Conference (GITFIC) in Accra. The report also quotes Bawumia commending the Ghanaian central bank’s e-cedi project. He said the…

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