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Russia’s Largest Private Bank Launches Digital Asset Platform
5.2.2023
Alfa-Bank, one of the major Russian banking institutions, has established its own platform for digital financial assets. The launch became possible after Russia’s monetary authority added Alfa-Bank to its register of digital asset issuers this week. Privately-Owned Alfa-Bank Sets Up Digital Asset...
JPMorgan CEO Says BTC Is Fraudulent, a ‘Pet Rock;’ Bank of America Says CBDCs Are ‘Natural Evolution’ — Bitcoin.com News Week in Review
29.1.2023
JPMorgan CEO Jamie Dimon has reiterated his supposed skepticism of bitcoin, recently calling it a “hyped-up fraud,” and a “pet rock.” For it’s part, Bank of America has said that it views central bank digital currencies (CBDCs) and stablecoins as a “natural...
Coinbase Fined €3.3 Million in Netherlands, Exchange Considers Appeal
27.1.2023
The Dutch central bank has imposed a fine on crypto exchange Coinbase for providing services in the past without the necessary registration. The trading platform, which has until March to object to the measure, is currently considering an appeal against the move. Dutch Monetary Authority Fines...
Ghanaian Cedi Second Worst-Performing Asset Among Sub-Saharan Africa’s Top 15 Currencies
24.1.2023
In just the first 17 days of the new year, the Ghanaian currency reportedly depreciated by 12.7%, making it the second worst-performing among Sub-Saharan Africa’s top 15 currencies. While one U.S. dollar bought 13.10 units of the cedi on the parallel market, according to the latest Bank...
Singapore Regulator Advocates ‘One Regulatory System’ for Crypto and Traditional Finance
24.1.2023
Singapore’s senior minister and the chairman of the central bank, the Monetary Authority of Singapore (MAS), says there should be just “one regulatory system” for both crypto and traditional finance. In addition, he stressed that regulators should provide “ultra clarity...
Bank of America: ‘Digital Currencies Appear Inevitable’
22.1.2023
Bank of America says “digital currencies appear inevitable,” adding that central bank digital currencies (CBDCs) and stablecoins are “a natural evolution of today’s monetary and payment systems.” The bank expects “private sector beneficiaries to emerge in...
IMF Division Chief and Deputy Managing Director Call for Swift Regulatory Action to Avoid Crypto Contagion to Legacy Finance
21.1.2023
An International Monetary Fund (IMF) division chief and deputy managing director are calling for more action to be taken in the regulatory aspect to avoid crypto’s ups and downs affecting banks and traditional financial institutions. Nobuyasu Sugimoto, deputy division chief of the financial...
Report: Somalia to Fight Inflation and Counterfeiters With New Banknotes
20.1.2023
According to the deputy governor of the Somalian central bank, Ali Yasin Wardheere, the institution plans to fight inflation and currency counterfeiters with newly issued shilling banknotes. The bank reportedly said it hopes to complete the process of replacing old and high-value shilling bills...
Davos 2023: WEF Unveils Global Collaboration Village Metaverse Platform
20.1.2023
The World Economic Forum (WEF) has announced the rollout of the Global Collaboration Village, its own metaverse platform, for this year. Klaus Schwab, chairman of the WEF, plans to leverage this representation of Davos to allow people and leaders to meet in virtual worlds and coordinate global...
East African Community to Decide on Regional Central Bank Launch in 2023
19.1.2023
The East African Community (EAC) will decide during the course of the year 2023 when and where it will locate the envisioned regional central bank, the regional intergovernmental organization’s Peter Mathuki has reportedly said. The setting up of the regional central bank is expected to help...
Eurozone Finance Ministers Pledge Support for Digital Euro Project, Talk Privacy
19.1.2023
The ministers of finance of the countries in the eurozone reaffirmed their support for efforts to prepare for the potential launch of a digital euro. Meanwhile, the single currency area’s monetary authority sought to reassure future users that the new currency will be “preserving privacy by default...
BIS Economists Recommend 3 Crypto Policies for Regulators Worldwide to Adopt
18.1.2023
Economists at the Bank of International Settlements (BIS) have recommended three policies regulators worldwide could adopt in order to deal with the risks posed by cryptocurrencies. “Authorities can now consider a variety of policy approaches and at the same time work to improve the existing...
Georgia Prepares to Launch Digital Lari Pilot in First Half of 2023
17.1.2023
The central bank of Georgia intends to publish a document detailing the concept of a national digital currency in the coming months. Other participating parties will use it to finalize their proposals for the pilot which the monetary authority plans to initiate in the first half of the year....
DeFi, DAOs and NFTs: Crypto is redefining how charities raise funds
17.1.2023
Crypto donations are so much more than just peer-to-peer Bitcoin and Ether transactions
Report: Egyptian Pound Reaches New Low Against US Dollar Despite Flexible Exchange Rate Regime
16.1.2023
The exchange rate of the Egyptian pound versus the U.S. dollar fell to a new low on Jan. 11 after it tapped 32.14 per greenback. The currency’s latest significant depreciation came just a few months after it adopted a flexible exchange rate regime. According to the International Monetary...
Bank of Russia Outlines Payment Models With Digital Ruble, Other CBDCs
11.1.2023
The Central Bank of Russia has detailed two methods for implementing the digital ruble and other state-backed coins in international settlements. The monetary authority also plans to start testing consumer-to-business (C2B) operations in the first quarter of the year. Russia’s Central Bank...
IMF Warns of Tough Year Ahead for World Economy Citing Slowdown in US, EU, China
2.1.2023
The International Monetary Fund (IMF) has warned that 2023 will be a tougher year for most of the world economy because the U.S., EU, and Chinese economies are all slowing down simultaneously. “We expect one-third of the world economy to be in recession … Even countries that are not...
Central Bank of Turkey Reports First Payment Transactions on Digital Lira Network
31.12.2022
The Central Bank of the Republic of Turkey (CBRT) has conducted the first payment transactions on the test network of the digital lira. The monetary authority intends to proceed with more testing in 2023 and plans to invite banks and fintech companies to join the trials. Turkey to Widen...
As the Fed Turns 109 Years Old, the US Dollar’s Purchasing Power Eroded by More Than 96% Since It Was Created
25.12.2022
109 years ago, the U.S. Federal Reserve was created and ever since that day, the purchasing power of the U.S. dollar has dropped a great deal. Since the Fed started, more than 96% of the greenback’s purchasing power has been erased via inflation. The Purchasing Power of the U.S. Dollar After...
Rate Hikes Needed to Reduce Eurozone Inflation Despite Recession, Top ECB Official Says
22.12.2022
Interest rates will continue to rise while the euro area falls into recession, a high-ranking executive at the European Central Bank (ECB) has indicated. His statements follow the latest rate increase announced by the monetary authority last week and revised projections showing higher than...