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US Fed Reserve Banks State Stablecoins Could Inject Instability in Economy
27.9.2023
The United States Federal Reserve Banks of Boston and New York have published a data-driven report that delves into the potential impact of stablecoins on the broader economic landscape.
In the 49-page report titled "Runs and Flights to Safety: Are Stablecoins the New Money Market," stablecoins...
CBDCs could support a more stable economy — if banks pull the strings
26.9.2023
Central bank digital currencies (CBDCs) could confer economic benefits if governments don't use them to cannibalize the commercial banking industry
US Federal Reserve Banks say stablecoins could ‘become a source of financial instability’
26.9.2023
The report compares stablecoins to money market funds and ultimately concludes they have similar shortcomings
JPMorgan’s subsidiary Chase UK to restrict crypto transactions
26.9.2023
Starting from Oct. 16, Chase Bank customers in the United Kingdom will no longer be able to make crypto transactions
Crypto exchange Binance among firms eyeing new stablecoins in Japan
26.9.2023
Binance and Mitsubishi UFJ Trust and Banking Corporation (MUTB) are exploring the issuance of Yen and other foreign currency-denominated stablecoins in Japan
Chinese Banks, Firms Make Digital Yuan Smart Contract Progress
22.9.2023
Chinese banks and businesses want to step up their use of digital yuan-powered smart contracts, as the financial and industrial sectors eye CBDC progress.
Per the Securities Times (via Stockstar), the state-run Postal Savings Bank of China has “officially” co-launched the nation’s first...
Mt Gox Repayment Delayed Again: Creditors Await BTC, BCH, and Yen Payments Until 2024
22.9.2023
According to a new update from the Mt Gox trustee, Nobuaki Kobayashi, the repayment deadline for creditors has been pushed to next year. Kobayashi said discussions with banks, fund transfer service providers and designated cryptocurrency exchanges have caused delays, making it impossible to meet...
Bank of Japan a Major Source of Uncertainty, Crypto Volatility Trader Says
21.9.2023
Once the BOJ begins policy normalisation, yen carry trades may unwind quickly, leading to increased cross-asset volatility
Hong Kong Regulator Says Crypto Firms Claiming to Be Banks Are in Contravention of Banking Ordinance
21.9.2023
The Hong Kong Monetary Authority said on Sept. 10 that crypto firms presenting themselves as banks are in contravention of the region’s Banking Ordinance. The HKMA argued such descriptions “may mislead members of the public into believing that those crypto firms” are financial...
FCA Report Highlights Talks Between Banks and Crypto Firms Amid Rising Debanking Worries
20.9.2023
The UK's Financial Conduct Authority (FCA) has initiated talks between banks and crypto firms experiencing difficulties in accessing banking services, according to a recent report addressing the issue of debanking in the country....
Read More: FCA Report Highlights Talks Between Banks and Crypto...
BCB Group’s Chief Banking Officer Ian Moore to Leave This Month
20.9.2023
His planned exit follows that of the deputy CEO Noah Sharp in June
The 4th Annual Future Banks Summit & Awards – KSA: Recognizing innovation & resilience in the kingdom
20.9.2023
“Digital adoption has facilitated more and more payments,” said Przemek Henschke – CIO at D360 Bank, at this year’s 4th Annual Future Banks Summit & Awards KSA in Riyadh, Saudi Arabia. Over a few years, we’ve witnessed the Middle East make bold moves to propel the region’s financial sector...
Bitcoin Adoption Fund launched by Japan’s $500B Nomura bank
19.9.2023
The Bitcoin Adoption fund will have long-only exposure to Bitcoin and be available to institutional investors
Crypto Firms, Banks Asked to Discuss UK Debanking, Regulator Says
19.9.2023
While crypto firms have struggled to access banking services in the country, a wide-ranging FCA report on debanking follows allegations from broadcaster Nigel Farage that his bank account was shuttered due to his political views
Bidding War: Scaramucci's SkyBridge Capital Competes for Silicon Valley Bank's VC Unit
18.9.2023
Anthony Scaramucci's SkyBridge Capital and Atlas Merchant Capital are competing for SVB Capital, the venture capital and credit-investment arm of SVB Financial Group, the former parent company of Silicon Valley Bank.
Aside from the two investment firms, San Francisco-based private-equity...
American Bankers Association States a CBDC Is ‘Unnecessary’ and Presents ‘Unacceptable Risks’ to the US Financial System
16.9.2023
The American Bankers Association (ABA), an organization that represents banks custodying $18 trillion in deposits and processing $11 trillion in loans, believes that issuing a central bank digital currency (CBDC) in the U.S. is “unnecessary” and would introduce “unacceptable...
Hong Kong Steps Up Crypto Regulation with Warnings to Imitation Banks – Here's What You Need to Know
15.9.2023
Today, the Hong Kong Monetary Authority (HKMA) issued a warning to cryptocurrency companies that improperly use the term "bank" in describing their services.
The authority stated that such wording wrongly suggests these companies are regulated by the HKMA, which is not the case. According to HKMA...
Swift Collaborates with Three Central Banks to Pilot CBDC Interoperability
15.9.2023
Swift has partnered with three central banks to conduct beta testing of its central bank digital currency (CBDC) connector solution in an effort to advance cross-border payments using CBDCs.
In a recent press release, the global financial messaging network said that the Hong Kong Monetary...
SWIFT CBDC Interlinking Solution Enters Beta Testing
15.9.2023
The Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global provider of financial payment services, has announced that its central bank digital currency (CBDC) connector has entered beta testing stages. SWIFT reported that three central banks are already testing this...
Russian Banks Say Digital Ruble Will Drive up Loan Rates – New CBDC Dangers?
15.9.2023
A major Russian banking association has warned that the digital ruble will drive up loan rates as banks struggle to cope with the soon-to-be-issued CBDC.
The Central Bank last month launched an 11-city “real-world” CBDC pilot in conjunction with 13 commercial banks.
But banking organizations have...