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Crypto Friendly Evolve Bank Under Scrutiny: Cease and Desist Order Issued
15.6.2024
The Federal Reserve and Arkansas State Bank Department have mandated sweeping reforms at Evolve Bank & Trust following significant compliance breaches. The order highlights issues in anti-money laundering efforts and consumer protection, especially in its dealings with fintech companies...
Chinese Gang Arrested for Exploiting Digital Yuan
15.6.2024
In Zhejiang province, China, a criminal gang exploited digital yuan accounts to illegally cash out over 200,000 yuan ($27,566) within four days. The digital yuan, or e-CNY, is the People’s Bank of China’s (PBOC) central bank digital currency (CBDC), which has experienced substantial growth...
BIS Survey: 94% of Central Banks Exploring Digital Currency
15.6.2024
The latest Bank for International Settlements (BIS) survey reveals that 94% of central banks are exploring central bank digital currencies (CBDCs). There has been a notable increase in wholesale CBDC experiments, especially in advanced economies. Central banks are examining various factors...
Bitcoin bank proposal gains momentum in El Salvador
15.6.2024
The Bank for Private Investment will “diversify the financing options” available to investors in both Dollars and Bitcoin
Utah Senator Seeks to Abolish Federal Reserve
14.6.2024
Republican Senator Mike Lee from Utah has introduced legislation to abolish the U.S. central bank and its Board of Governors. Lee contends that the U.S. Federal Reserve has “repeatedly failed” the American public and argues for its dissolution. Federal Reserve Targeted for Abolition by Senator Mike...
China’s Reduced Physical Gold Demand Cools Prices After May Peak
14.6.2024
While gold reached a record high in May at $2,450 per ounce, it has since settled at $2,329 per ounce. According to the World Gold Council, China’s demand for gold fell in May to its lowest level in four years. Gold Prices Down from Record High, China Physical Consumption Slumps, Analyst...
Ghana Central Bank Partners With Singapore Regulator to Demonstrate Use of Digital Credentials in Global Trade
14.6.2024
The Ghanaian central bank recently collaborated with the Monetary Authority of Singapore (MAS) to demonstrate the use of digital credentials in international trade. The second phase of Project DESFT culminated in the execution of cross-border trade between the West African nation and Singapore...
BIS inaugurates Toronto Innovation Centre with Bank of Canada
14.6.2024
Bank of Canada Governor Tiff Macklem said that as finance evolves, the industry must innovate and apply new skills, allowing Canadians to benefit from advancements
Kenyan Central Bank to Issue Licenses to Fintech Firms
14.6.2024
The Central Bank of Kenya is amending the country’s payment systems law, which will allow it to issue operating licenses to fintech startups. Governor Kamau Thugge said he expects the bank to complete the process of amending the law soon. Central Bank Aims to Support Fintech Startups The Central...
Chinese court sentences gang for money laundering using digital yuan
13.6.2024
The Chinese CBDC’s “controllable anonymity” seems to be very highly controlled
Donald Trump Pledges to Champion Bitcoin Mining in Historic Meeting With Industry Leaders
13.6.2024
Former U.S. President and presidential candidate Donald Trump has engaged with leaders in the bitcoin mining sector, expressing his support for the industry. Trump stressed that bitcoin mining “may be our last line of defense” against a central bank digital currency (CBDC)....
Trump vs Biden: Riot’s Morgenstern Highlights Stark Contrast in Crypto Policies
13.6.2024
Brian Morgenstern of Riot Platforms shared his insights on the 2024 election’s impact on bitcoin and the crypto industry, praising former U.S. President Donald Trump’s pro-bitcoin stance and criticizing President Joe Biden’s regulatory measures. Trump promised to protect...
World’s Largest Bank ICBC Sees Bitcoin as Digital Gold — Calls Ethereum ‘Digital Oil’
12.6.2024
The Industrial and Commercial Bank of China (ICBC), the world’s largest bank by total assets, recently compared bitcoin to digital gold and labeled Ethereum “digital oil” in a report. The bank emphasized the roles of these cryptocurrencies in the digital economy and their...
Largest Bank in Brazil Itau Unibanco Opens Cryptocurrency Trading to All Users
11.6.2024
Itau Unibanco, the largest bank in Brazil and all of Latam, has reported the availability of cryptocurrency trading services for all its users. Through Ion, the bank’s in-house investment platform, customers can purchase bitcoin (BTC) and ether (ETH), a feature previously available...
Crypto.com gains approval from Ireland’s central bank
11.6.2024
The Central Bank of Ireland approved 15 different VASPs as of June 7, 2024, including Crypto.com, Coinbase, Gemini, Ripple and others
Ripple partners with National Bank of Georgia to digitize economy
10.6.2024
Ripple continues to deepen its CBDC collaboration with the Republic of Georgia by exploring ways to digitize the local economy
Ripple grows influence with Georgian National Bank partnership
10.6.2024
Despite being in a lawsuit against the SEC for years, Ripple is still generating a buzz in the market. The venture recently entered into a partnership with the NBG (National Bank of Georgia). That is not all, as a recent report shows 80% of Japanese banks are partnering with Ripple. Most of these...
Intel Partners With African Development Bank to Train 3 Million in Advanced AI Skills
10.6.2024
The African Development Bank (ADB) and Intel have announced a significant partnership to train three million Africans and 30,000 government officials in advanced artificial intelligence (AI) skills. According to the ADB, this training is expected to revolutionize the African digital ecosystem...
China Halts Gold Buying in May, Ending 18-Month Buying Spree
9.6.2024
The People’s Bank of China (PBOC) paused its gold acquisitions in May, ending 18 months of continuous buying as spot gold prices hit record highs. Despite this interruption, the value of China’s gold reserves continued to rise. China Pauses Gold Buying in May China’s central bank...
European Central Bank Cuts Rates by 0.25%, Confirms Data-Driven Approach for Path Ahead
7.6.2024
The European Central Bank announced cuts of 0.25% (or 25 basis points) on three of its main interest rates: the main refinancing operations, the marginal lending facility, and the deposit facility. President Christine Lagarde emphasized that future decisions regarding additional cuts will depend...