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Bank of England preparing for greater role of tokenization in finance, official says

17.4.2023
BoE deputy governor Sir Jon Cunliffe looked at stablecoin, CBDC and other forms of tokenization taking hold in the modern economy in a speech on financial innovation

BoE Considers Limits on Stablecoin Payments as Parliament Debates New Crypto Rules

17.4.2023
The Bank of England plans on releasing a consultation proposal by the end of the year, Jon Cunliffe said at Innovate Finance’s annual global summit

Tether market cap eyes record high after regaining 65% stablecoin dominance

17.4.2023
The market capitalization of Tether is nearly a billion dollar away from reaching a new lifetime peak while rival stablecoins struggle

Today in Crypto: Bhutan 'Cultivated a Secret Crypto Portfolio', Amber Group May Sell Its Japan Unit, Bank of Israel Mulling a Digital Shekel

17.4.2023
Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________... Read More: Today in Crypto: Bhutan 'Cultivated a Secret Crypto Portfolio', Amber Group May Sell Its Japan Unit, Bank of Israel Mulling...

China’s state-affiliated banks are on-boarding crypto companies in Hong Kong

17.4.2023
Chinese banks are opening bank accounts for regulated crypto companies, with several acting as a payment layer for these crypto platforms

US Treasury Secretary Janet Yellen Acknowledges Sanctions Weaponization Could Hurt Dollar Hegemony

17.4.2023
U.S. Treasury Secretary Janet Yellen talked about the dangers that sanctions based on the U.S. dollar might pose for the hegemony of the currency in international markets. According to Yellen, the government tries to use sanctions “judiciously,” as they can create a desire to find...

CBDC Debate Heats Up: BIS Project Sparks Controversy Among Critics; Lynette Zang Warns of Dangers of CBDCs

16.4.2023
During the weekend, discussions about central bank digital currencies, or CBDCs, trended on social media as many people believe the idea will result in increased financial surveillance and a totalitarian monetary system. In a recent interview, Lynette Zang, the chief market analyst at ITM Trading...

The Fall of Medici Bank: Lessons on Fractional Reserve Banking From 15th Century Italy

16.4.2023
Amid the banking chaos of the 21st century, some are looking back more than 600 years ago, to the Medici Bank — one of the most powerful banks of its time. It established its business and became one of the most respected banks in Europe during its prime, and the prominent Italian family of bankers...

Shapella Upgrade Hits, Economist Predicts Biggest Crash ‘in Your Lifetime,’ US Bank Lending Plummets — Week in Review

16.4.2023
In crypto news this week, the Ethereum network’s long awaited Shapella upgrade took effect, unlocking staked ether. In the broader financial world, economist Harry Dent has predicted a massive crash to hit by mid-June, bank lending plummeted by a record $105 billion in two weeks, and...

Report: Nigeria-China Currency Swap Agreement Fails to Ease Pressure on the Naira

16.4.2023
Nigerian economic experts have said the country’s five-year-old currency swap agreement with China has not eased the pressure against the Nigerian currency. According to one expert, implementation of the swap arrangement is being held back by the size of the trade imbalance between Nigeria...

G20 Finance Chiefs Agree Global Policy Responses to Crypto Are Required

16.4.2023
The G20 finance ministers and central bank governors have agreed that crypto regulation cannot be confined to one part of the world, said India’s finance minister. “Any action on crypto assets will have to be global,” she stressed, adding that the G20 finance chiefs’...

Economist Paul Krugman Criticizes Florida Gov. Ron DeSantis’ Opposition to Central Bank Digital Currency

15.4.2023
Economist Paul Krugman questioned why Republican Florida governor Ron DeSantis opposes a central bank digital currency (CBDC) in a recent opinion editorial. Krugman suggested that DeSantis may be motivated by “general paranoia.” He speculated that DeSantis may be influenced...

Blackrock CEO Expects Inflation to Persist, but No Major US Recession in 2023

15.4.2023
Blackrock’s CEO, Larry Fink, stated in an interview on Friday that he does not anticipate a “big recession” in the United States. However, he believes that “inflation is going to be stickier for longer.” In contrast to the U.S. central bank’s 2% goal, Fink predicts that...

Brazil and China Deepen Trade Integration to Move Away From US Dollar, as First Yuan-Based Settlement Is Processed

15.4.2023
Brazil and China have reached a milestone in their economic integration, as the first bilateral settlement in Chinese yuan was completed ahead of the visit of President Luis Inacio “Lula” da Silva to China. The settlement, which was processed by the Industrial and Commercial Bank...

Hong Kong’s Largest Virtual Bank Offers Crypto Conversion Services

15.4.2023
ZA Bank, Hong Kong’s biggest virtual-only lender, intends to expand its business into the region’s growing digital assets sector. The banking platform will offer crypto-to-fiat conversions and account services as the Chinese financial center is seeking to embrace the industry. ZA Bank to Provide...

C6 Bank’s Climate Tool to Track CO2 Emissions From Customer Transactions Prompts Debate on Future of Banking

14.4.2023
On April 13, a C6 Bank customer in Brazil shared screenshots of his online bank account, revealing that the financial institution was tracking CO2 emissions from his purchases and urging him to compensate monetarily. C6 Bank states that the new tool aims to inspire Brazilians to adopt more...

Stablecoins Cannot Function as Money Because They Have No ‘Assured Value’ — Bank of England Governor

14.4.2023
Andrew Bailey, the governor of the Bank of England, has asserted that stablecoins “will need to have the characteristics of, and be regulated as, inside money” before they function as money. Bailey also described crypto as a “highly speculative investment” with no intrinsic...