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Central Bank’s Gold Purchases Make ‘Record Breaking Start’ in Q1 2023; 228.4 Tonnes Added to World Reserves
8.5.2023
Central banks have continued to consistently purchase gold during the first quarter of 2023, according to the latest report of the World Gold Council (WGC), the global gold statistics organization. Central banks added nearly 230 tonnes of gold to their national reserves, representing a 176% rise...
Digital Assets for 1 Billion Rubles Issued in Russia in a Month
7.5.2023
Platforms authorized by the Russian government issued digital assets worth around a billion rubles in April, the local press reported. The spike in the volume has been attributed to Russian companies experimenting with new financial instruments amid limited access to traditional capital. Russia’s...
Argentina's central bank halts cryptocurrencies from payment apps
5.5.2023
The ban is intended to reduce Argentina's payment-system exposure to digital assets, said the monetary authority
The Need for Clarity in Washington – Not Just on Crypto
5.5.2023
The recent ambiguous messaging from the Federal Open Market Committee's meeting, which left markets struggling to interpret signals from the FOMC statement and Chair Jerome Powell's comments, is typical of the abstruse signals that can be found in central bank policy-setting. But new tools, such...
Nigeria Passes ‘National Blockchain Policy,’ Industry Player Says Central Bank Unlikely to Lift Crypto Ban
5.5.2023
The Nigerian Federal government said on May 3 it had passed what it called the “national blockchain policy.” The Nigerian minister of communications and digital economy, Isa Pantami, said the new policy is a product of consultations with 56 institutions and personalities. Lucky Uwakwe...
Zimbabwe Central Bank Wants Citizens to Subscribe to Its Gold-Backed Digital Currency
5.5.2023
The Reserve Bank of Zimbabwe has said the tokens will be issued by May 8
ECB Raises Interest Rates by 25bps Amid ‘Too High’ Inflation, ‘No Pause,’ Lagarde Says
5.5.2023
The European Central Bank (ECB) raised its key interest rates by 25 basis points, slowing the pace from previous increases. However, as inflation in the euro area remains persistently high, future rate hikes may still be expected with the regulator insisting it will continue to seek a “timely...
Biden Aides Explore Minting $1 Trillion Platinum Coin as Solution to Impending Debt Default
4.5.2023
As the United States stares down the barrel of a potential debt default come June, a curious and intriguing solution has emerged: crafting a single $1 trillion platinum coin. This unusual tactic exploits a legal loophole that allows the Treasury Department to mint platinum coins of any value....
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?
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...
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,”...
First Mover Americas: BRC-20 Tokens Skyrocket
2.5.2023
The latest price moves in bitcoin (BTC) and crypto markets in context for May 2, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets
China Ramped Up Gold Production During Q1 Amidst Steady Demand From Central Banks
2.5.2023
Gold companies operating in China ramped up their production levels during the first quarter of 2023. According to industry reports, the Chinese gold industry managed to recover its extraction levels, reaching numbers it saw before the Covid pandemic, with the country engaging in a record streak...
US Central Bank Expected to Raise Lending Rate by 25bps: Experts Predict Final Hike of 2023
30.4.2023
After the most recent increase in the federal funds rate, the U.S. Federal Reserve is set to raise the lending rate by 25 basis points (bps) to 5.25% in three days, according to expectations. A recent poll of 105 economists revealed that 94 of them predict a 25bps rate hike will occur during...
Zimbabwe’s De-Dollarization: Central Bank to Issue Gold-Backed Digital Currency in Early May
30.4.2023
The Reserve Bank of Zimbabwe (RBZ) has said it will start issuing gold-backed digital tokens on May 8. The first phase of the launch will see the digital tokens being issued for “investment purposes with a vesting period of 180 days.” The RBZ also revealed that the gold-backed digital...
No Rate Hikes in Russia, Central Bank Keeps Interest Rate Level Again
29.4.2023
Bank of Russia decided to maintain the interest rate at 7.5% amid moderate inflation, estimated at 2.5% on an annual basis in April, although this may change later this year. The monetary authority improved its forecast for the Russian economy and now expects growth entirely in positive figures,...