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End of Fed’s Tightening Cycle: Bernanke, Majority of Polled Economists See Terminal Rate Hike Ahead
23.7.2023
With just a four-day window to go, the U.S. Federal Reserve appears primed to raise the federal funds rate by 25-basis-points (bps) at the forthcoming Federal Open Market Committee (FOMC) meeting scheduled for Wednesday. The market presently maintains the conviction that this quarter-point uptick...
China’s Central Bank: Digital Yuan Transactions Reach $250 Billion
23.7.2023
China’s central bank governor has revealed that transactions using the country’s central bank digital currency (CBDC) reached 1.8 trillion yuan ($250 billion) at the end of June. In addition, the People’s Bank of China (PBOC) official stated that digital yuan in circulation amounted...
Central Bank of Russia Discusses Digital Ruble Integration With Other Countries
22.7.2023
The Central Bank of Russia (CBR) is already discussing the integration of its central bank digital currency (CBDC), the digital ruble, with other countries’ payment systems. Elvira Nabiullina, Governor of the CBR, declared the bank was exploring different possibilities of integration with...
Nigerian Currency Plunges to All-Time Low Versus Dollar, Central Bank Revokes Licenses of 2,700 Currency Exchanges
22.7.2023
The exchange rate of the Nigerian currency versus the greenback recently plunged to an all-time low of NGN860:USD1. The naira’s depreciation has been attributed to shortages of foreign exchange on the official market and the rising demand for forex. The Central Bank of Nigeria (CBN) said...
NY Couple to Forfeit Billions in Crypto and Cash in Plea Deal Over Bitfinex Hack Laundering Case
21.7.2023
Ilya Lichtenstein and Heather Morgan, the New York-based couple implicated in the alleged laundering of $4.5 billion in bitcoin pilfered from the 2016 Bitfinex cyber-attack, have reached a plea bargain, as revealed by recent court records. The pair is scheduled to appear before U.S. judge Colleen...
China's Digital Yuan Hits $250 Billion Transaction Volume, Central Bank Governor Reports
21.7.2023
The People’s Bank of China (PBoC) revealed that $250 billion worth of transactions have taken place using the country’s central bank-backed digital currency (CBDC) digital yuan in 18 months since the start of its pilot.
Speaking at a conference in Singapore, China’s central bank governor Yi Gang...
Kids Won’t Be Able to Spend Mom’s Digital Ruble as They Wish, Russian Official Says
21.7.2023
The new form of Russia’s fiat, the digital ruble, will make spending more efficient for both government and family budgets, according to a high-ranking lawmaker. Anatoly Aksakov, who was involved in the recent adoption of the new digital ruble legislation, highlighted some of the advantages...
Wholesale CBDC Would Improve Cross-Border Payments, French Central Bank Tests Show
21.7.2023
The French Central Bank has determined that its wholesale central bank digital currency (wCBDC) would improve cross-border payments, it announced on Friday
Crypto-Based Bank Receives Support from Myanmar's Shadow Government
21.7.2023
Myanmar is all set to launch its first fully crypto-based banking institution, the Spring Development Bank, on July 22.
The Spring Development Bank, named after the Spring Revolution, aims to grant the country’s shadow government National Unity Government (NUG) access to financial services...
Digital yuan integration introduced to Chinese business air travel
21.7.2023
The Civil Aviation Administration and China Merchants Bank said passengers will be able to utilize the digital currency to access new services via this platform
UK banks risk losing licenses for debanking customers over political views
21.7.2023
The British government may impose tighter freedom of speech protections on banking permits following a public dispute between Nigel Farage and Coutts bank
Central Bank of Argentina Reduces Dollar and Yuan Disbursement to Importers
21.7.2023
Importers are accusing the Central Bank of Argentina of stalling on the delivery of dollar-based payments under the pretext of high freight costs. According to importers, the Argentine government considers freight costs exceeding 15% of the value of the merchandise imported as an inconsistency....
JPMorgan Warns Dollar Dominance Faces Risks From Political Instability, US-China Tensions
21.7.2023
JPMorgan has warned of the risks to the U.S. dollar’s dominance from escalating U.S.-China tensions and political instability. The global investment bank’s strategists anticipate “partial de-dollarization,” in which the Chinese yuan gradually assumes a more significant role...
Federal Reserve Launches Fednow for Instant Payments — JPMorgan, Wells Fargo, and 33 Banks Onboard
21.7.2023
The Federal Reserve has launched its Fednow Service for instant payments with 35 participating banks and credit unions, as well as 16 service providers. “The Federal Reserve is committed to working with the more than 9,000 banks and credit unions across the country to support the widespread...
Egyptian and Nigerian Central Banks Sign Agreement to Deepen Cross-Border Regulation
20.7.2023
The central banks of Egypt and Nigeria have signed a fintech agreement to deepen the two institutions’ “cross-border regulatory collaboration” and information sharing. The London Institute of Banking & Finance, which also signed an MOU, will offer training programs, workshops...
Myanmar Shadow Government to Start Neobank With Crypto Rails to Fund Fight Against Military Junta
20.7.2023
The National Unity Government bank is set to run on Polygon and do currency swaps via Uniswap v3 pools and USDT stablecoins
Myanmar’s shadow government backs launch of crypto-based bank
20.7.2023
The Spring Development Bank is Myanmar’s first financial institution to run entirely on crypto and blockchain
China’s digital yuan nears $250B transaction volume: Central bank governor
20.7.2023
While the adoption and use cases of China’s e-CNY are expanding, the digital yuan still only represents 0.16% of China’s monetary supply
Ark Invest Now More Confident in Bitcoin Reaching $1.5 Million, CEO Says
20.7.2023
The CEO of investment management firm Ark Invest, Cathie Wood, has explained why her firm’s confidence in bitcoin’s price reaching $1.5 million has increased. Citing the crypto’s performance during the regional bank crisis earlier this year, she stressed, “That was...
South Korean central bank charts out future course of payment systems, CBDC
19.7.2023
The BOK 2022 Payment and Settlement Systems Report is a forward-looking document with ambitious plans for financial technology in the country