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Florida Takes a Stand Against CBDCs: Anti-CBDC Bill Receives Overwhelming Support in House and Senate

4.5.2023
In the wake of Florida Governor Ron DeSantis’ remarks in Jacksonville on Tuesday, both the Florida House of Representatives and Senate have approved the state’s anti-central bank digital currency (CBDC) legislation, dubbed SB 7054. The bill explicitly states that should the U.S. central...

Central Bank Digital Currencies Are Unexpectedly Becoming a Presidential Election Issue

4.5.2023
The U.S. has no plans to issue a digital dollar. So why are so many politicians coming out against the idea?

US Banking Industry in Turmoil: A Comprehensive Look at the ‘Great Consolidation’ and Largest Bank Failures of 2023

4.5.2023
2023 has been a rollercoaster ride for the U.S. banking industry. The collapse of three major banks has sent shockwaves through the financial world, with their combined assets surpassing the top 25 banks that crumbled in 2008. The following is a closer look at what has triggered a ‘great...

Russia Projected to Start Purchasing Chinese Yuan for Its Foreign Reserves as Soon as May

4.5.2023
Russia will start to purchase Chinese yuan for its international reserves as soon as this month, according to reports from Russian economists. While analysts state that the purchases will be small and symbolic in the beginning, these will supposedly demonstrate a turnaround in the economy of...

US regional bank shares sink despite Fed calling banking system 'sound'

4.5.2023
PacWest Bancorp was the hardest hit bank after-hours on Wednesday, falling over 50% following a reported plan to explore strategic options

Bitcoin Rises as Latest Teetering U.S. Bank Sends Traders to Crypto Haven

3.5.2023
The California-based regional lender is weighing strategic options, according to Bloomberg

Digitalization won’t displace commercial bank money any time soon: Moody’s

3.5.2023
Even as digitalization increases, the commercial bank’s place in the economy is solid and will be supported by some new forms of money, the credit rating agency says

Federal Reserve Raises Interest Rate by 25bps, Insists ‘US Banking System Is Sound and Resilient’

3.5.2023
The U.S. Federal Reserve, in conjunction with the Federal Open Market Committee (FOMC), announced on Wednesday that the central bank would raise the federal funds rate by 25 basis points (bps), as was widely expected by the market. This marks the tenth consecutive occasion in which the Fed...

Iran Sets Up Platform to Facilitate Crypto Payments for Imports

3.5.2023
Authorities in Iran are taking steps to make crypto payments easier for companies importing goods in the sanctioned country. A dedicated platform has been established to allow local businesses to transfer cryptocurrency for the purpose of cross-border settlements. Iran to Use Cryptocurrencies...

Russian Banks Set for Record Profits This Year, Central Bank, Rating Agency Say

3.5.2023
Bank of Russia raised its forecast for the profits of Russian banks in 2023, expecting results that may break the 2021 record. This year’s high numbers are coming after 2022 became the worst annual period in seven years for the sanctioned Russian banking sector in terms of financial outcome. Banks...

Analysts Warn of More Bank Failures, Possible Recession and Global Repercussions Caused by First Republic Bank Collapse

3.5.2023
The recent takeover of First Republic Bank, the fourth U.S. bank to fail this year, has awakened concerns about the possible repercussions this new failure might have on U.S. and international economies. While United States President Joe Biden has assured the public that the banking system remains...

FTX advisors billed the bankrupt firm for a whopping $103M in Q1

3.5.2023
After Sullivan & Cromwell, Consulting firm Alvarez & Marsal billed the second largest invoice for its finance and accounting work

Retail CBDCs bring unknown 'consequences' to financial system: IMF director

3.5.2023
The IMF's Kristalina Georgieva said wholesale CBDCs, on the other hand, have “fairly little space for undesirable surprises.”

Ron DeSantis Vows to Prohibit CBDC, ‘Woke Politics,’ and ‘Financial Surveillance’ in Florida

3.5.2023
Florida governor Ron DeSantis reiterated his call for a ban on central bank digital currencies (CBDCs) during a visit to Jacksonville on Tuesday. Last March, DeSantis pushed for legislation to prohibit a CBDC in Florida. At Tuesday’s event called “Government of Laws, Not Woke Politics,”...

Bitcoin Climbs Above $28.5K as Investors Weigh Fresh Bank Woes, Cool Jobs Data

3.5.2023
Ether also rose. Equity markets dropped, including stocks of two regional banks

Can the Bitcoin (BTC) Price Snap its Recent Run of Ugly May Returns?

2.5.2023
Since 2011, Bitcoin (BTC) has posted an average return of 18.3% in May, according to data presented by bitcoinmonthlyreturn.com. However, two of the worst three Mays in Bitcoin’s history have come in the last two years. In May 2021, Bitcoin shed a stunning 35.38% of its value. In May 2022...

Pacwest Stock Plummets Over 35% Following Release of Q1 Earnings Report Amidst Turmoil in Banking Industry

2.5.2023
Following the acquisition of First Republic Bank by JPMorgan Chase, several regional banks such as Pacwest and Western Alliance experienced a significant drop in their stock prices. On Tuesday afternoon, all four major U.S. benchmark stock indexes are in decline as regional bank stocks hit...