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Tether boasts of its financial stability after strong profits, money moved out of banks
15.5.2023
Tether Holdings wants to make sure the world is aware of its positive first-quarter attestation in the face of rumors and criticism
G-7 Unpacks Crypto Regulation and CBDCs in Latest Meeting
15.5.2023
Finance ministers representing some of the world’s seven most influential economies discussed their commitment to regulating crypto-assets and exploring central bank digital currencies during a Saturday meeting in Japan.
The Group of Seven, or G-7, called for regulation, monitoring and oversight...
Governor Ron DeSantis Signs Bill Prohibiting Use of Central Bank Digital Currencies in Florida
13.5.2023
On Friday Florida’s governor Ron DeSantis signed legislation that bans the use of a central bank digital currency (CBDC) in the state. Following the bill SB 7054 being signed into law, Florida’s Uniform Commercial Code (UCC) now explicitly forbids the use of a federally adopted CBDC as money....
IMF Says Zimbabwe Gold-Backed Digital Currency a Potential Threat to Financial Stability
11.5.2023
The International Monetary Fund has urged Zimbabwean authorities to weigh the benefits versus risks of issuing a gold-backed digital currency. Instead of using gold-backed digital currency to limit the demand for the greenback, the global lender said monetary authorities should consider...
Nigeria Passes ‘National Blockchain Policy,’ Industry Player Says Central Bank Unlikely to Lift Crypto Ban
5.5.2023
The Nigerian Federal government said on May 3 it had passed what it called the “national blockchain policy.” The Nigerian minister of communications and digital economy, Isa Pantami, said the new policy is a product of consultations with 56 institutions and personalities. Lucky Uwakwe...
China Warns of Global Financial Instability From US Economic Policies
23.4.2023
China has urged the U.S. and other developed nations to assess the spillover effects of their economic and financial policies. “The economic and financial policies of the U.S. pose the biggest challenge to global financial stability,” according to the Chinese Ministry of Foreign Affairs. China...
Report: Korean Central Bank to Gain Right to Probe Virtual Asset Entities After Financial Regulator Drops Opposition
22.4.2023
The South Korean central bank is set to be granted the right to investigate virtual assets after the Financial Services Commission (FSC) dropped its opposition to the move. According to a report, the FSC dropped its opposition to the central bank’s bid after it was accused of seeking to make...
ECB President Lagarde Warns of ‘Major Disaster’ If US Defaults on Debt Obligations
18.4.2023
There is a lot of discussion lately about the U.S. government’s debt ceiling and whether Congress will act before defaulting. In a recent interview, Christine Lagarde, the president of the European Central Bank (ECB), said she is confident the U.S. can maintain its debt obligations. However...
Stablecoin Issuers, Conglomerates Targeted by IMF After Crypto's 'Rough Year'
11.4.2023
FTX and collapses like Signature, Silvergate and Silicon Valley Bank show need for stronger consumer protection, governance norms, the International Monetary Fund said in its Global Financial Stability Report
Yellen Says US ‘Not Willing to Allow Contagious Bank Runs,’ Calls OPEC Oil Production Cut ‘Unconstructive’
6.4.2023
Roughly 26 days ago and in the following days, the U.S. witnessed two significant bank failures when Silicon Valley Bank and Signature Bank collapsed. After speaking at an event on Monday at Yale University, Janet Yellen, the current U.S. Treasury secretary, told reporters that she was closely...
US Treasury’s Financial Stability Oversight Council held unscheduled, closed meeting
24.3.2023
Heads of all major U.S. financial regulatory agencies gathered by video to hear a presentation by NY Fed staff that concluded that the banking system “remains sound.”
Treasury Secretary Yellen Holds Unscheduled Meeting With Top Financial Regulators Amid Turmoil in Banking Sector
24.3.2023
U.S. Treasury secretary Janet Yellen initiated an unscheduled Financial Stability Oversight Council (FSOC) meeting with the country’s top financial regulators on Friday amid issues plaguing the U.S. banking sector. Banking stocks and all four U.S. benchmark indexes fell again on Friday as...
Several Major Central Banks Take Coordinated Action to Boost Liquidity Amidst Banking Crisis
20.3.2023
On Sunday evening, March 19, 2023, at 5:00 p.m. Eastern Time, the U.S. Federal Reserve, along with several central banks including the Bank of England, Bank of Canada, Bank of Japan, the European Central Bank, and the Swiss National Bank, announced a coordinated action to enhance the provision...
Google Trends Data Reveals Searches for ‘Banking Crisis,’ ‘Bank Runs,’ Skyrocket
19.3.2023
Interest in the U.S. banking crisis has risen greatly over the past two weeks, as shown by Google Trends data. There has been a sharp increase in queries related to search terms such as “banking crisis,” “bank collapse,” and “bank failure.” On March 13, 2023,...
UBS Considers Acquiring Credit Suisse, Requests Government Backstop in Deal
18.3.2023
After Credit Suisse Group AG announced it would borrow 50 billion Swiss francs from the Swiss National Bank, UBS Group AG is reportedly considering acquiring the banking giant. However, UBS is requesting that the government issue a backstop to protect against any losses if it purchases Credit...
Elon Musk Criticizes Federal Reserve’s Data Latency and Calls for Immediate Rate Drop Amidst Banking Chaos
18.3.2023
Amidst the chaos in the U.S. banking sector, Elon Musk, the CEO of Tesla and owner of Twitter, has been critical of the country’s central bank. Musk insists that the U.S. Federal Reserve is operating with “way too much latency in their data,” and he insists that the central bank...
Coinbase met with Australian banking regulators over local crypto regulations
16.3.2023
Coinbase's vice president of international policy told Cointelegraph the meetings took place in Canberra and Sydney and touched on the government’s token mapping efforts
FDIC Creates Bridge Banks for Failed Silicon Valley Bank and Signature Bank Clients to Access Funds
13.3.2023
The U.S. Federal Deposit Insurance Corporation (FDIC) has announced that clients of Silicon Valley Bank (SVB) and Signature Bank (SBNY) can access their funds during normal banking hours on Monday, March 13, 2023. The FDIC stated that both banks’ deposits were made whole under...
Report: Thai Govt to Grant Tax Waivers to Issuers of Digital Asset Investment Tokens
10.3.2023
Thailand’s government has said companies that issue digital tokens will receive a waiver that exempts them from paying corporate and value-added tax. According to a report, the Thai government anticipates losing just over $1 billion in tax revenue as a result of the waiver. Relaxation of...
Has Tokenization’s Moment Finally Come?
3.3.2023
Tokenization of real-world assets has been dismissed by many crypto purists for operating under a centralized framework, but new technological advances have migrated the process from closed, permissioned projects onto public, permissionless blockchain platforms. This could offset traditional...