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Analyst Warns of Banks’ Authority to Confiscate Funds, Decline of US Dollar Purchasing Power
9.2.2023
According to Lynette Zang, chief market analyst at ITM Trading, U.S. banks have the legal authority to confiscate people’s funds due to legislation passed by Congress. In a recent interview, Zang discussed how the purchasing power of the U.S. dollar has dwindled to “roughly three...
Banks under pressure from U.S. authorities to cut ties with crypto firms
9.2.2023
Banks are allegedly being discouraged from offering services to the crypto industry by United States authorities
German DekaBank plans to launch tokenization platform by 2024
9.2.2023
DekaBank’s partnership with Metaco is not about cryptocurrencies like Bitcoin but the tokenization of bonds and stocks
Aspiring Crypto Bank’s Plight Shows Binance’s Issues Are Just Part of the Story
8.2.2023
Custodia Bank’s membership rejection by the Federal Reserve Board is more alarming for crypto banking than the recent troubles of Binance, Juno and Signature Bank combined
Central Banks Are Working on a Monitoring System for Stablecoin Balance Sheets
7.2.2023
The Bank for International Settlements is spearheading a project that will look into tech tools that could help regulators form policy frameworks for stablecoins based on data
UK Banks Blocking Crypto Access Given Fraud, Volatility, Lawmakers Told
7.2.2023
Finance CEOs welcomed new crypto regulations but were wary about the risks of a central bank digital currency
Banks in Russia to Lose $700 Million a Year Due to Digital Ruble, Experts Say
3.2.2023
Russian banks may be the main losers from the introduction of a digital ruble while retailers will save on acquiring fees, analysts have predicted. The benefits for consumers using the new digital currency are not that obvious as they may not be paid any interest or cashback. Launch of Russia’s...
US lawmakers renew request for answers from Silvergate on FTX: Report
31.1.2023
Silvergate reportedly cited restrictions on disclosing “confidential supervisory information” related to the collapse of FTX in response to a similar December 2022 letter
Market Strategist Warns of ‘Blood’ on February 1 Ahead of Fed Meeting
29.1.2023
Stocks, precious metals, and cryptocurrencies rallied during the first month of the year, and market strategists are saying that markets could retract in the near future if the U.S. Federal Reserve keeps hiking rates and maintaining a broader tightening policy. In three days, on Feb. 1, 2023,...
Crypto Bank Custodia Denied Membership in US Federal Reserve System
29.1.2023
The U.S. Federal Reserve Board has rejected the attempt of Custodia Bank to become member of the Federal Reserve System. According to the decision announced Friday, the application submitted by the digital asset bank is inconsistent with legal requirements. Federal Reserve Board Says Business Model...
Ghanaian and Nigerian Central Bank Open Respective Regulatory Sandbox Application Processes
29.1.2023
The Ghanaian and Nigerian central banks have invited financial innovators that wish to be included in their respective regulatory sandboxes to submit applications. The Bank of Ghana said its sandbox will also support innovations that attempt to solve the financial exclusion challenge. Solving...
US Federal Reserve Board Issues Policy Statement That Limits Banks’ Crypto Related Activities
28.1.2023
The United States Federal Reserve Board said on Jan. 27 that both insured and uninsured banks will be subjected to limits on certain activities including those that are associated with crypto assets. The board’s latest action does not preclude a state member bank or prospective applicant from...
Fed policy to align bank oversight could limit crypto activities by state banks
27.1.2023
The new policy would align the allowable activities for insured and uninsured state banks and OCC-supervised national banks by making rules for state banks more restrictive
Fed denies Custodia Bank application to join the Federal Reserve System
27.1.2023
The bank applied for the application in 2019 and sued the Fed in an attempt to speed up a decision
Banks Will Dominate Stablecoins, and 2 Other Predictions About the Future of Money
27.1.2023
Saudi Central Bank Says Ongoing CBDC Experiment Focused on Domestic Wholesale Use Cases
27.1.2023
Saudi Arabia’s central bank digital currency (CBDC) experiment, which is being carried out in conjunction with local banks and fintechs, is presently focused on domestic wholesale uses cases, the central bank has said. Meanwhile, the Saudi Minister of Finance has said CBDCs can be...
‘Prohibitive’ Capital Rules for Banks Holding Crypto Win Support in EU Parliament
26.1.2023
Lawmakers in the European Union have backed legislation imposing new capital requirements for financial institutions, including strict rules meant to cover crypto-related risks. The latter concern banks keeping digital assets and are expected to enter into force in January, 2025. EU Legislators...
Bank of America, JPMorgan, Wells Fargo Collaborate to Launch Digital Wallet: Report
25.1.2023
Seven major banks, including Bank of America, JPMorgan Chase, and Wells Fargo, have reportedly teamed up to launch a digital wallet that will compete with other third-party wallet providers such as Paypal and Apple Pay. Big Banks to Launch a Digital Wallet Bank of America, JPMorgan Chase, Wells...
EU lawmakers vote for more restrictive capital requirements on banks holding crypto
24.1.2023
Banks could be required to hold a “risk-weighted exposure amount” of up to 1,250% of capital based on exposure to crypto if the full parliament passes the measures
Amid crypto winter, central banks rethink in-house digital currencies
24.1.2023
In recent months, four countries that had previously initiated major CBDC pilot programs have scrapped their adoption plans altogether