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UK Treasury Budget Discusses Separate Reporting of Crypto Assets in Tax Documents
15.3.2023
Taxpayers in the United Kingdom will have to report cryptocurrency assets separately in their tax documents for the tax year 2024-25, according to the Exchequer’s recently published spring 2023 budget. New Criminal Offenses Planned by U.K. Government to Combat Tax Avoidance Amid the chaos...
Moody’s Downgrades US Banking Sector to Negative After Collapse of Three Major Banks
14.3.2023
After the failure of three major U.S. banks last week, with two of them being the second and third largest banking failures in the country, Moody’s Investors Service has downgraded the rating of the U.S. banking system from “stable” to “negative.” As one of...
Nigerian president-elect aims to use blockchain technology in the banking sector
10.3.2023
The Nigerian president-elect wants to review existing SEC digital asset regulations to stimulate economic growth
Brazilian Brokerage Platform Rico to Offer Cryptocurrency Services Next Year
27.8.2022
Rico, a Brazilian brokerage platform part of XP Inc., has announced it plans to enter the cryptocurrency market next year. The division is expanding its operations and will also enter the banking sector, launching digital account services and a credit card. The platform follows in the steps...
South African Banking Regulator: ‘De-risking’ Crypto Firms Potentially Creates ‘Opacity in Financial Conduct’
19.8.2022
According to the latest guidance note issued by the South African banking sector regulator, Prudential Authority, risk assessment does not mean financial institutions should avoid or eliminate risks via the wholesale termination of client relationships with entities such as crypto asset service...
European Banking Authority Concerned About Hiring Talent to Oversee Crypto Space
28.7.2022
Europe’s banking sector regulator is worried it won’t manage to find the specialized personnel needed for the oversight of the EU’s attempt to regulate the crypto market. The authority is also concerned over the lack of clarity regarding which digital assets it’s...
Russians to Pay Fees on Digital Ruble Transactions, Central Bank Says
21.11.2021
Users of Russia’s central bank digital currency are going to pay a fee for each transaction, a high-ranking representative of Bank of Russia has recently announced. The digital ruble charge, however, is not going to exceed those currently applied to fast payments in the country. Bank...
Silta Finance – Competitive Interest Rates and Fast Due Diligence Draw Project Finance Company Towards Crypto Loans
24.10.2021
PRESS RELEASE. Silta Finance, a new DeFi lending solution, challenges traditional banking sector’s predominance in project finance by announcing a partnership with the Singapore headquartered development company WEnergy Global. WEnergy Global has agreed to explore cryptocurrency lending...
Biggest Layoffs in US Banking History: Analyst Predicts Banks to Cut 200,000 Jobs
18.5.2021
A Wells Fargo analyst has predicted the largest “reduction in U.S. bank headcount in history.” Banks are expected to cut 200,000 jobs as they strive to improve productivity and efficiency amid rising competition from fintech and non-bank financial institutions. US Banking Sector...
South Korean Banking Association Concerned Over Surge of the Altcoin Trading Frenzy
12.5.2021
A banking association in South Korea recently added weight to regulatory discussions across the country, raising concerns about the high altcoin trading volume. The Korea Federation of Banks (KFB) requested its members to audit trading volumes through their crypto exchanges’ customers’...
Central Bank of Nigeria Official Reiterates Nigerian Residents Free to Trade Cryptos: Directive Only Applies to Banking Sector
21.3.2021
A senior executive with Nigeria’s central bank, Adamu Lamtek, has reportedly denied that his institution had placed restrictions on the use of cryptocurrencies. Instead, Lamtek, who is the deputy governor responsible for corporates services at the Central Bank of Nigeria (CBN), says...
Printing $1.7 Trillion for Climate Change: How Joe Biden’s Administration Aims to Push the ‘Green New Deal’
13.11.2020
In 2020, the U.S. Federal Reserve has injected an enormous amount of U.S. dollars to special interests in the banking sector in order to combat the economic effects stemming from the coronavirus outbreak. This week the central bank published its financial stability report and the Fed discussed...
Venezuela Blocks Opposition From Disbursing $18 Million To Health Workers via Bitcoin Exchange Airtm
25.8.2020
Venezuela has blocked the main opposition from distributing $18 million worth of cash previously seized by the U.S. from the Nicolas Maduro government. The money is being dished out via peer-to-peer (P2P) crypto exchange Airtm to 62,000 healthcare workers starting Monday. However, it is not...
A Major Chinese Bank Unveils the Banking Sector’s First Blockchain White Paper
21.4.2020
The Industrial and Commercial Bank of China is the world’s largest lender by assets, and they’ve just released a crypto white paper
India’s Banking Sector to Increasingly Adopt Blockchain Tech: GlobalData
17.2.2020
According to GlobalData, a leading data and analytics company, the Indian banking sector will witness considerable growth in the mainstream use of blockchain tech in 2020 as well as moving beyond that. This growth may be attributed to the fact that in the past few years, several of the leading...
China Stocks Plummet Despite 1.2 Trillion Yuan Injection to Mitigate Effects of Epidemic
3.2.2020
China’s stock market plunged Monday under selling pressure accumulated during a prolonged holiday. Investors have been worried by the coronavirus outbreak that’s already taken the lives of more than 360 people. Beijing authorities have responded by pumping well over a trillion yuan into...
Low Interest Rates Provide Precarious Protection Against Crisis, World Bank Warns
10.1.2020
The latest global debt wave is the largest in the past five decades, the World Bank has acknowledged in a new report. The international institution notes that previous waves of broad-based debt accumulation lead to widespread financial crises. Historically low interest rates this time might not...
McKinsey: Majority of Banks May Not Be Economically Viable
25.10.2019
Management consulting firm McKinsey & Company has published a global banking review and found that a majority of banks worldwide may not be economically viable. More than half of them still do not generate their cost of equity 10 years after the crisis and may not survive an economic downturn....
Bank Crisis Spreads in India – Deaths, Strike, Supreme Court Denial
23.10.2019
The Indian banking sector is facing multiple challenges. Customers of several cooperative banks are still struggling to withdraw their money, and deaths have been reported in connection with withdrawal restrictions. Meanwhile, some 300,000 state-run bank employees are on strike against what...
Earn More Interest on Your Crypto With These Comparison Tools
20.10.2019
2019 has been the year in which crypto lending has really taken off. Centralized and decentralized finance have been major growth areas, aided by crypto exchange integration and a backdrop of negative interest rates in the banking sector. Why be penalized for saving fiat when you can be rewarded...