After Fed Members Disclose Million-Dollar Stock Trades Fed’s Powell Initiates Ethics Inquiry

The Federal Reserve chairman Jerome Powell has directed his staff to start an ethics inquiry into the financial activities of Fed members, as a number of senior central bank officials are being questioned for their investments.

Crypto Assets Are Absolutely Not Currencies, According To European Central Bank President Christine Lagarde

European Central Bank (ECB) president Christine Lagarde is drawing a hard line between crypto assets and traditional currencies.

Turkish Central Bank Announces Partnership with Technology Firms to Develop CBDC

Turkey’s central bank has expanded its commitment towards launching a CBDC.

ECB President Christine Lagarde Insists Cryptos Are Not Currencies, Calls Them Highly Speculative, Suspicious

The president of the European Central Bank (ECB), Christine Lagarde, says cryptos are not currencies, adding that they are “highly speculative, suspicious occasionally, and high intensity in terms of energy consumption.” She also discussed the need for stablecoin regulation and central bank digital currencies (CBDCs).

Cuba's cryptocurrency regulations take effect

Crypto is now a legal method of payment for commercial transactions in the Island nation. Resolution 215 of 2021 issued by the Banco Central de Cuba (BCC) — the country’s central bank — recognizing cryptocurrencies like Bitcoin (BTC) is now in effect.According to Cuba’s official state news agency Prensa Latina, the order became official on Wednesday.With crypto legally recognized by the BCC, Bitcoin and other cryptocurrencies can now be used for commercial transactions and investments in Cuba.As previously reported by Cointelegraph, the central bank first announced plans to recognize and regulate crypto back in late August.Indeed, Resolution 215 of 2021 contains provisions for a licensing regime for crypto exchanges and other virtual asset service providers operating in Cuba.Despite legalizing the use of crypto assets in Cuba, the BCC has warned of the risks associated with cryptocurrencies.According to the BCC, while crypto operates outside of the nation’s banking system, the use of virtual currencies poses significant monetary policy risks and financial stability concerns.Cuba’s central bank also warned of the potential for bad actors to take advantage of the perceived anonymous nature of crypto transactions for illicit transactions.Related: Sept.

IRS, Janet Yellen Press Lawmakers to Push ‘Tax Compliance Agenda’ — Banks to Report Deposits, Withdrawals of $600

On Wednesday, US Internal Revenue Service (IRS) commissioner Charles Rettig and Janet Yellen, the Treasury secretary, urged lawmakers to give the IRS permission to report annual inflows and outflows from American bank accounts.

India's biggest lender disables UPI payments facility for crypto-merchants

According to local reports, India's State Bank of India (SBI) has disabled its UPI payment facility for crypto-merchants.

Central Bank of Turkey Expands Research, Prepares to Test Digital Lira on New Platform

The Turkish central bank has established a new platform together with technology stakeholders to further the development of a digitalized version of the national fiat currency.

Bitcoin Will Not Become Legal Tender in Uzbekistan, Central Bank Official Insists

Cryptocurrency cannot be adopted as a means of payment in Uzbekistan, a high-ranking official from the country’s central bank has recently stated.

State Bank of India Blocks Payments to Cryptocurrency Exchanges on UPI Platform

State Bank of India (SBI) has reportedly blocked payments to cryptocurrency exchanges using its Unified Payments Interface (UPI).

NatWest Bank Chairman has this timeline in mind for UK CBDC Pilot

Many countries have been more than comfortable with the development of a central bank digital currency [CBDC], rather than with adopting cryptocurrency.

Turkish central bank taps local tech firms for digital currency R&D

The Central Bank of the Republic of Turkey has singed agreements with various firms to form the Digital Turkish Lira Collaboration Platform. The Central Bank of the Republic of Turkey (CBRT) has made a major step forward with a research and development project that could see the Turkish lira go digital.On Sept.

Bank of Russia wants to block ‘emotional’ and suspicious crypto activity

The Russian central bank is planning to slow down payments to crypto exchanges and combat suspicious crypto activity. As cryptocurrency investments get more popular in Russia, the country’s central bank is actively working to curb perceived suspicious crypto activity as well as block some crypto purchases.The Bank of Russia has started working with local banks to make them halt payments to cryptocurrency exchanges in order to protect customers from “emotional” purchases of crypto.Sergey Shvetsov, the first deputy governor at the Bank of Russia, argued that the new measures aim to protect Russian investors from potential losses in case the cryptocurrency market “crashes to zero,” local news agency RIA Novosti reported Wednesday.The latest anti-crypto move comes shortly after the Bank of Russia called on local banks and credit firms to increase their attention to some types of financial transactions by individuals, including transactions related to cryptocurrency exchange services.In an official statement released Sept.

Morgan Stanley launches cryptocurrency research team

After launching a Bitcoin investment tool for millionaires earlier this year, Morgan Stanley dives deeper into crypto. Morgan Stanley, one of the largest banks in the United States, is setting up a new crypto-focused research division.The Wall Street megabank has appointed Sheena Shah as lead cryptocurrency analyst for its dedicated cryptocurrency research team, Bloomberg reported on Sept.

Global Investment Bank Morgan Stanley Launches Dedicated Cryptocurrency Research Team

Global investment bank Morgan Stanley is establishing a new cryptocurrency research team.

Bank of Russia Recommends Banks to Block Cards, Wallets Used to Transact With Crypto Exchangers

The central bank of Russia has advised commercial banks on how to identify and block cards and wallet accounts used by shady businesses.

XRI and Jasmy to Launch Decentralized Autonomous Information Bank in Japan

[Featured Content] XRoad Initiative (XRI), a platform where blockchain technology and the world’s data intersect, has announced plans to launch an experimental Decentralized Autonomous Information Bank in Japan in collaboration with the IoT platform Jasmy.

TITAN – From the First Crypto Bank Run to a Bustling Meme Coin Community

[PRESS RELEASE – Please Read Disclaimer] TITAN became an overnight meme coin success after Iron Finance suffered the first bank run in crypto.

Uzbekistan has no plans to ease crypto payments ban, says official

One official said that after banning crypto payments in late 2019, Uzbekistan won’t ever reconsider its decision. The Republic of Uzbekistan will never adopt cryptocurrencies like Bitcoin (BTC) as a payment method, according to a central bank official.Behzod Khamraev, deputy chairman of the Central Bank of Uzbekistan (CBU), predicted that local authorities will never allow residents to use Bitcoin as payment, alleging that BTC is backed by nothing.In an interview with local business publication Spot.uz, Khamraev argued that Bitcoin is widely considered “speculative” and will never become equal to fiat currencies like the United States dollar, the euro, the Japanese yen or the Russian ruble.The official pointed out that there are about 28 trillion Uzbekistani soms in circulation, and all of those are backed by the central bank’s assets.“One can even see an inscription about the regulator’s obligations on the banknotes, while cryptocurrency is not backed by anything,” Khamraev added.

Sweden’s Central Bank Governor Warns of Bitcoin Collapse, Says BTC Is Like ‘Trading Stamps’

The governor of Sveriges Riksbank, Sweden’s central bank, is skeptical of Bitcoin and foresees a potential collapse looming in the flagship crypto’s future.

Russian Central Bank Tells Domestic Banks to Block Crypto Exchange Transactions

gal business activities” such as “cryptocurrency exchanges,” which it clumped together in the same group as “online casinos and lotteries,” “financial pyramid schemes” and forex dealers.The central bank said it wanted domestic financial institutions to “block transactions” and “completely sto...

Biggest Bank in El Salvador Now Accepts Bitcoin as Payment for Financial Products

Bancoagricola, the biggest bank in El Salvador, is now accepting bitcoin to pay for debts originated from the use of its instruments, according to a PR statement.

BIS Asks Central Banks to Urgently Develop CBDCs to Compete With Crypto Assets

The head of the Bank of International Settlements (BIS) Innovation Hub, Benoît Cœuré, has urged central banks to act now on central bank digital currencies (CBDCs) to compete with initiatives in the private sector, including cryptocurrencies.

Crypto-related money laundering next on China's policy framework

The People's Bank of China, in its Financial Stability Report 2021, had pointed out that its clampdown on virtual currencies was complete. Days after the release of the report, Zhou Xiaochuan, formThe post Crypto-related money laundering next on China's policy framework appeared first on AMBCrypto.

Trading Bitcoin Is Comparable To Trading Stamps. Collapse Looming, Says Sweden Central Bank Governor

Bitcoin, and cryptocurrencies in general, has been a controversial topic for a long time.

‘Urgent’ Solution Needed As Crypto Challenges Traditional Banking Models, Says Central Banker

An executive at the Bank for International Settlements (BIS) says central banks must act with a sense of urgency as crypto assets are poised to challenge traditional banking models.

India’s Central Bank RBI Still Has ‘Serious Concerns’ About Cryptocurrency

The governor of the Reserve Bank of India (RBI), Shaktikanta Das, has once again expressed concerns regarding the impact of cryptocurrencies on India’s financial stability.

Nigeria's central bank advocates e-Naira as a 'safer alternative' to Bitcoin

The Central Bank of Nigeria [CBN] is not a fan of Bitcoin.

Crypto Trading, Mining Are Illegal and Punishable, Nepal Central Bank Warns

Mining and trading of cryptocurrencies are illegal in Nepal, the country’s central bank has reminded citizens of the Himalayan nation.

Aussie Banks Reject Crypto Industry’s 'Bullying' Allegations

target="_blank" rel="noopener noreferrer" href="https://www.reuters.com/article/australia-banks-inquiry/update-1-australian-banks-reject-pressure-to-deal-with-cryptocurrency-firms-idUSL1N2QB06Z">reported by Reuters. McEwan claims the bank does not have a policy of debanking crypto-r...

Rise of Stablecoins, DeFi Make Central Bank Currencies ‘Urgent’: Bank for International Settlements

According to Benoit Coeuré, head of the Bank for International Settlements’ Innovation Hub, traditional banking is coming under threat.

E-Naira Countdown: Nigerian Experts Question Selection of Bitt Inc as Central Bank’s Fintech Partner

Nigerian fintech entrepreneurs have slammed the Central Bank of Nigeria (CBN)’s decision to select Bitt Inc as its fintech partner.

Mexico’s Central Bank Governor Says Bitcoin Is Not Money

Bitcoin—the world’s most well-known cryptocurrency—is not money, according to the governor of Mexico’s central bank.

Trading Bitcoin’s like trading stamps, says Swedish central bank governor

In comments at a Swedish banking conference, Sveriges Riksbank Governor Stefan Ingves warned that private money “usually collapses sooner or later.” The governor of Sweden’s central bank, the Sveriges Riksbank, has dismissed Bitcoin (BTC) as an altogether far-fetched alternative to government-backed fiat currencies. Speaking at a banking conference in Stockholm, Sveriges Riksbank governor Stefan Ingves argued, “Private money usually collapses sooner or later.” In a further disparaging remark, he claimed, “Sure, you can get rich by trading in bitcoin, but it’s comparable to trading in stamps.”Notwithstanding Ingves’ view of Bitcoin’s weaknesses as a currency, he has taken its popularity among investors seriously.

El Salvador’s Largest Bank Bancoagrícola Starts Offering Bitcoin Services to Customers

Bancoagrícola, the largest bank in El Salvador, has started allowing its customers and merchants to use Bitcoin for payments towards credit cards, loans, and merchant goods and services.

Bitcoin transactions ‘akin to bartering,’ Bank of Mexico governor says

Governor Díaz de León said Bitcoin resembles “a dimension of precious metals” when compared to the central bank’s fiat money. The governor of the Bank of Mexico, Alejandro Díaz de León, dismissed Bitcoin’s (BTC) position as a reliable legal tender, citing price volatility as a major roadblock towards full-fledged adoption. Governor Díaz de León said in a Reuters interview that Bitcoin’s position in today’s financial system resembles “a dimension of precious metals” when compared to the central bank’s fiat money.In stark contrast to El Salvador’s mainstream Bitcoin adoption that requires businesses to accept payments in Bitcoin, Mexico’s central bank chief questioned Bitcoin’s position as a viable legal tender:“Whoever receives bitcoin in exchange for a good or service, we believe that (transaction) is more akin to bartering because that person is exchanging a good for a good, but not really money for a good.”Díaz de León also highlighted the inherent risk of daily price volatility when dealing with cryptocurrencies.

NYDIG Partners With MVB Bank to Offer White Label Bitcoin Solutions

NYDIG, a Bitcoin-based fintech firm, has announced it will partner with MVB bank to integrate its Bitcoin services into MVB’s banking as a service solution.

CBDCs could lead to 'deeply negative interest rates': Wall Street Journal

Issuing CBDCs may give a central bank more power over interest rate adjustments according to a new report. According to the Wall Street Journal, central bank digital currencies (CBDCs) could actually negatively impact interest rates by giving policymakers an additional tool. A Sept.

El Salvador’s Largest Bank Will Support Bitcoin for Loans, Credit Cards and Other Services

Bancoagricola is supporting a broad variety of Bitcoin-related services in El Salvador thanks to a partnership with payments startup Flexa.

Central Bankers Say Bitcoin Is High Risk Investment, Poor Store of Value, Could Collapse

Two central bank governors have shared their opinions about bitcoin after the cryptocurrency became legal tender in El Salvador.

El Salvador's largest bank partners with Flexa for Bitcoin payments

Bancoagrícola will work with Flexa to accept Bitcoin across the bank’s network for payments like loans and credit cards. Bancoagrícola, El Salvador’s largest financial institution, is set to boost the country’s Bitcoin adoption policy following its partnership with digital payments gateway Flexa.According to an announcement by Flexa on Thursday, Bancoagrícola has inked a deal with the crypto payment network to enable Bitcoin (BTC) transfers for the bank’s customers including retail and merchant clients.As part of the partnership, Bancoagrícola customers can make credit card payments denominated in United States dollars via Flexa or other Lightning Network-enabled wallets like Chivo and Éclair.

As Bitcoin debuts in El Salvador, Honduras and Guatemala study CBDCs

Honduras and Guatemala are studying central bank digital currencies and the value they could bring to their respective monetary systems. Two Central American countries, Honduras and Guatemala, are taking a cue from their common neighbor’s adoption of Bitcoin (BTC), but they are taking a very different road. Instead of embracing an existing cryptocurrency as a legal tender, like what El Salvador did, the central banks of Honduras and Guatemala are currently studying central bank digital currencies or CBDCs.Following the approval of the board of directors, the Central Bank of Honduras kicked off a study “to determine the feasibility of conducting a pilot test issuing its own digital money or a central bank digital currency,” according to Honduras central bank president Wilfredo Cerrato’s remarks at a forum event in Tegucigalpa.He said that the Central American Monetary Council or Consejo Monetario Centroamericano, the highest monetary authority in the region, should address the adoption of digital currencies.In the northwestern corner of the region, the CBDC even has a name.

Nigerian Central Bank: We Are Not Worried About the Naira’s Valuation

The Central Bank of Nigeria (CBN)’s director of monetary policy, Hassan Mahmud, has suggested that the institution is not worried about the naira’s valuation but is instead interested in “boosting dollar supply on the currency market.” Naira Depreciation According to a report, Mahmud’s remarks were made just a day after the local currency touched a […]

S Korean MP Tells Gov’t: ‘Don’t Let a Crypto Monopoly Emerge’

country to have submitted its official application to become a licensed trading platform operator after sealing a deal with the neobank K-Bank.

Roxe hires ex-IMF economist to lead Bitcoin-backed CBDC project

Central bank digital currencies are the next frontier for blockchain.

Central Bank of Brazil Director States Government Will Know ‘Everything You Have in Bitcoin’

Mauricio Moura, a current director of the Central Bank of Brazil, stated that anonymity won’t be a choice when making cryptocurrency transactions in the country.

Former Reserve Bank official pushes for India to accept crypto

Former Deputy Governor of the RBI sees cryptocurrencies as a taxable asset or commodity.

China: CBDC race gathers steam as more companies develop e-CNY products

Countries around the world have stepped up their efforts to launch and promote their Central Bank Digital Currencies (CBDC).

FDIC Nears Deal With Crypto Custodian to Manage Assets of Failed Banks

The FDIC is on the cusp of signing a deal with Anchorage to help it store crypto when a bank fails.

Standard Chartered Report Structurally Values Ethereum at ‘$26K to $35K’

A report published by the British bank Standard Chartered indicates the company’s analysts are bullish about the crypto asset ethereum.

Project Giant: Nigeria’s CBDC set for pilot rollout on Independence Day

Nigeria’s central bank digital currency will go into pilot testing on Oct.

Caitlin Long takes aim at The New York Times over crypto 'alarm' article

Regulated crypto bank Avanti CEO Caitlin Long says tarring the entire crypto industry with the same brush is unfair.

ECB Officially Starts to Investigate Digital Euro — Development Could Begin in 2 Years

The European Central Bank (ECB) says it is “starting to investigate” a digital euro by launching a two-year investigation.

Baanx Acquires Stake in Major US Fintech Bank

PRESS RELEASE. Baanx, the fast growing B2B2C “Better than a Banking Platform” specializing in fintech services & lending, becomes the third-largest shareholder in the United States regulated Maxwell State Bank in a multi-million-dollar deal to enhance cybersecurity and banking access to communities throughout America. Max

BTC Markets taps licensed neobank Volt for integrated banking features

Fintech companies see an opportunity in the negligence and reluctance of traditional banks toward the cryptocurrency ecosystem. The banking capabilities of fintech have met cryptocurrencies in a new partnership between Australian crypto exchange BTC Markets and the local neobank Volt.With a license to operate in Australia as an authorized deposit-taking institution since 2019, Volt will provide corporate cash management accounts for BTC Markets users to manage their Australian dollar funds.

Australian Online Neobank Volt has Partnered with Crypto Exchange BTC Markets to Provide Bank Service

Australian online bank Neobank Volt revealed that it has partnered with crypto exchange BTC Markets (BTCM) to provide bank services for Australian crypto investors.

Singapore Central Bank Selects 15 Firms For Retailing CBDC

The Monetary Authority of Singapore (MAS) finally shortlisted 15 companies that will assist in developing retail CBDC.

Binance takes another hit, this time in Singapore, suspended offerings include SGD trading pairs

Another regulatory hammer struck Binance after the country's Central Bank put the exchange on an "Investor Alert List." The Central Bank ordered Binance to stop soliciting trades for the Singapore resThe post Binance takes another hit, this time in Singapore, suspended offerings include SGD trading pairs appeared first on AMBCrypto.

Binance.com Limits Offering for Singapore Customers

Singapore's central bank had ordered Binance.com, the global version of Binance, to stop soliciting customers in the country.

JPMorgan Says Cryptocurrency Markets Are ‘Looking Frothy’

Global investment bank JPMorgan says cryptocurrency markets are “looking frothy” as retail investors spill over from the stock market into cryptocurrencies and non-fungible tokens (NFTs).

BBVA Switzerland Launches ‘New Gen’ Digital Account With Integrated Crypto Wallet

Clients of BBVA Switzerland will be able to buy, store, and trade crypto assets with a digital account that comes with a cryptocurrency wallet.

Chinese Banks Bolster Digital Yuan Resources Prior to CBDC Debut

Major Chinese banks are beefing up their digital yuan capacities ahead of the imminent launch of the nation’s central bank digital currency (CBDC). Per the Securities Daily (via East Money), a number of the commercial banks that have already begun working with the central People’s Bank of China (PBoC) on pilots for the digital CNY are building up infrastructure that

Colombia's Banco de Bogotá to take next step in crypto-pilot with focus on spending

Colombia's oldest bank, Banco de Bogotá, has kicked off the next stage of its crypto-pilot.

Tezos to Launch DeFi Lending Products with Top Digital Bank

EQIFI, a leading DeFi platform, plans to ‘set a high bar’ through their partnership with Tezos.

How to Buy Secure Bitcoin: Swiss Storage SIMBA Launched the Sale of BTC from VISA and Mastercard Bank Cards

We know the challenges facing the average person when investing in Bitcoin.

Standard Chartered Becomes the First Bank to Join the Global Digital Finance Patron Board

Standard Chartered, the British multinational bank (MNB), announced recently that the corporation would be joining the crypto and digital finance industry membership body Global Digital Finance (GDF) Patron Board.

Federally Chartered US Bank, Vast Bank Now Offers Crypto to its Customers

Vast Bank, a Federally Chartered Bank in the US now has permission to offer crypto buying and selling to customers.

Swiss Bank Drops Crypto Asset Service Amid U-Turn On Innovation

In an unexpected turn of events, Switzerland’s Basler Kantonalbank (BKB) has announced it shut down its cryptoasset-focused project in a bid to focus on other sectors set out in its strategy for the years 2022 to 2025.

JPMorgan Chase Urges Caution Over Altcoin Rally in Crypto Markets

JPMorgan Chase investment bank has warned that the surging rally associated with altcoins may signal a classic crypto market bubble.

Central Bank of Brazil Researches Creation of Digital Real

Fabio Araujo, a representative of the Central Bank of Brazil, talked about the possible development of a Digital Real at a public hearing before the Committee on Science, Technology, Innovation, Communication and Information Technology of the Brazilian Senate.

Russia's Sberbank maps timeline for blockchain, digital asset registration

Russia's largest bank – Sberbank or Sber - has been taking some significant steps in the blockchain space.

Four Countries to Conduct Cross Border CBDC Payment Trials

The Bank for International Settlements (BIS) has joined forces with the central banks of South Africa, Malaysia, Singapore, and Australia to kick start a project dubbed Dunbar aimed at testing the use CBDCs in cross border payments.

Stablecoins are assets — not currencies, says ECB president

“Stablecoins are pretending to be a coin, but in fact it’s completely associated with an actual currency,” said Christine Lagarde. Christine Lagarde, president of the European Central Bank, said all cryptocurrencies, in which she included stablecoins and speculative assets, “are not currencies at all.”In a Sept.

Sberbank Expects to Register its Blockchain Platform in The Next Two Weeks

The deputy chairman said Sberbank might register its blockchain platform with the Bank of Russia in the first half of September.

Russian Sberbank plans to register its digital asset tool in September

As the largest banking and financial institution in Russia and one of the world’s biggest public companies, Sber’s move into digital assets is a significant one. Sber, the largest banking institution in Russia, continues progressing with the development of its blockchain-based platform for issuing digital assets.Anatoly Popov, deputy chairman of the executive board at Sber, said that the bank is planning to have registered its digital asset issuance platform with the Bank of Russia — the country’s central bank — by mid-September, local news agency TASS reported on Thursday.Popov said that Sber has started building functionalities to allows third parties to issue digital assets and expects to have rolled out this feature by the end of the year.

BIS partners with Australia, Malaysia, Singapore, South Africa for CBDC trials

The Bank for International Settlements (BIS), spearheaded by Singapore, will test the use of central bank digital currencies (CBDCs) for efficient global payments. Via a recent press release, the BThe post BIS partners with Australia, Malaysia, Singapore, South Africa for CBDC trials appeared first on AMBCrypto.

BIS Teases More CBDC Interoperability Progress in New Four-nation Pilot

Source: Adobe/Сергей Шиманович The Bank for International Settlements (BIS) is set to step up its central bank digital currency (CBDC) pilot program in a cross-border initiative aimed at testing inter-central bank settlements using multiple CBDCs. The plan is the brainchild of the BIS’s Innovation Hub, which will team up with the four central banks in the Asia-Oceania region,

British tween earns almost $400K on NFT sales without a bank account

Benyamin Ahmed created and tokenized digital pictures of whale emojis and sold them in the form of NFTs during school vacation. A 12-year-old boy from London reportedly earned nearly $400,000 (290,000 pounds) by selling a series of nonfungible tokens (NFTs) during the school holidays.In an interview with Geo.tv, Benyamin Ahmed shared his excitement about being able to make money online by selling NFT artworks “without having a bank account.” Ahmed’s artwork caught attention on Twitter and eventually went viral.Ahmed used his school holidays to create and tokenize digital pictures of whale emojis branded as Weird Whales, which were then sold in the form of NFTs online.

Australia, Singapore, Malaysia and South Africa launch joint CBDC pilot

The joint initiative will prototype shared DLT platforms enabling institutions to settle cross-border transactions using central bank-issued digital currencies. The central banks of Australia, Singapore, Malaysia and South Africa have announced a joint initiative to trial international settlements using central bank digital currencies (CBDCs).The initiative, dubbed Project Dunbar, will prototype shared platforms enabling direct transfers between institutions using digital currencies issued by multiple central banks.

Colombian Bank Begins Second Phase of its Crypto Pilot with Exchanges

Source: A screenshot, Instagram/bancodebogota Colombia’s oldest commercial bank, the Banco de Bogotá, has begun the next stage of a crypto pilot that will allow 5,000 of its customers to make and receive payments using tokens hosted on the platforms of two major crypto exchanges. As reported, the bank has partnered with the trading platforms Bitso and Buda as part of a crypto sandbox project

Standard Chartered Is Now Part of The Global Digital Finance Alliance

By joining the Global Digital Finance, Standard Chartered became the first bank part of the association.

UK-based banking firm Standard Chartered joins Global Digital Finance patron board

The bank joins Coinbase, Huobi, SIX Digital Exchange, 100x Group, and other industry leaders to advocate for the adoption of digital assets. Standard Chartered, a United Kingdom-based multinational banking firm, has joined an alliance of fintech companies and banks aimed at accelerating the adoption of best practices of cryptocurrencies.In a Wednesday announcement, Standard Chartered said it would be joining crypto and digital finance industry membership body Global Digital Finance, or GDF, Patron Board.

Central Bank of Nigeria Selects Barbados-Based Fintech Firm as Technical Partner for CBDC Project

The Central Bank of Nigeria (CBN) has named the fintech firm Bitt Inc.

Central Bank of Nigeria partners with fintech firm to execute its CBDC rollout

Over 85 percent of Central Banks are now considering adopting digital currencies in their respective  countries.

ECB Vice President Says He Wouldn’t Ban Crypto, but Warns Against Money Laundering and Terrorism

European Central Bank (ECB) vice president Luis de Guindos says he’s not looking to ban cryptocurrencies but highlights the importance of establishing rules in the nascent industry to curb financial crimes.

Chinese Banks Looking to Use Digital Yuan in Funds and Insurance Sector

Some of China’s biggest commercial banks are looking to pilot digital yuan use cases for funds and insurance-related products – in a major move away from the core functions of the pilot thus far. Since the central People’s Bank of China (PBoC) began its pilots, initiatives have focused on B2C payments in stores or on public transport networks.

Crypto does not qualify as currency, says South Africa’s central bank governor

South Africa’s top banker has said that cryptocurrencies are more akin to assets than actual currencies. Lesetja Kganyago, governor of the South African Reserve Bank (SARB), has argued against classifying crypto as currencies.According to a report by MoneyWeb, the central bank chief likened crypto to assets rather than currency during an interactive session at the Wits Business School Leadership Dialogues.According to South Africa’s central bank governor, cryptocurrencies only meet two of the three currency criteria, stating:“A cryptocurrency is a store of value.

Chinese banks explore e-yuan for selling investment funds and insurance

Bank of Communications and China Construction Bank are working with fund managers and insurers to facilitate e-yuan payments for Chinese citizens. Government-backed Chinese banks have reportedly started exploring new use cases for the digital yuan by allowing citizens to use it to buy insurance products and investment funds online.The South China Morning Post reported on Tuesday that leading Chinese banks such as Bank of Communications (Bocom) and China Construction Bank (CCB) are working with fund managers and insurers to enable e-yuan payments for sectors beyond the retail landscape.

MUFG boosts its crypto exposure following $41M Zipmex funding round

Thailand's Bank of Ayudhya, where MUFG holds a 76.9% stake, has participated in a $41 million raise for Asia-Pacific-focused crypto trading platform Zipmex. Thailand's Bank of Ayudhya (BAY) – in which Mitsubishi UFJ Financial Group (MUFG) holds a 76.9% stake – participated in the latest funding round for the Asia-Pacific-focused crypto exchange Zipmex.The $41 million raise, which saw the participation of two publicly traded Thai media firms and overseas VC funds in addition to BAY, accounts for the lion’s share of Zipmex’s total $52 million in funds raised to date. BAY’s corporate venture capital arm, Krungsri Finnovate, invests in startups across various fintech areas, including blockchain, lending, e-commerce and cross-border remittance.

Nigeria's central bank partners with fintech firm Bitt Inc for CBDC rollout

The CBN considered Bitt Inc’s experience in the development of the Eastern Caribbean Central Bank’s DCash, launched in April. Barbados-based fintech firm Bitt Inc will be working as the technical partner for the Central Bank of Nigeria for its proposed e-naira digital currency.In a Monday announcement, the Central Bank of Nigeria (CBN) said it had chosen Bitt Inc based on the company’s “technological competence, efficiency, platform security, interoperability and implementation experience.” It also considered the fintech firm’s experience in the development of the Eastern Caribbean Central Bank’s digital currency, DCash, which it launched in April.

Is the proposed UK CBDC 'Britcoin,' more 'harmful than beneficial'

Central Bank Digital Currencies (CBDC), which are state-backed cryptocurrencies, have been all the rage within governments all over the world as many have joined the race to develop their own.

110-Year-Old Tech Giant IBM Shortlisted To Create Singapore’s Digital Dollar

The Monetary Authority of Singapore (MAS) just shortlisted multinational tech giant IBM and 14 other companies in an effort to create its own central bank digital currency (CBDC).

Cryptocurrency Firms In Switzerland To Offer Tokenized Products On Tezos

Crypto Finance, Inacta, and InCore Bank have combined to form the Swiss financial trio, and they have joined forces in establishing financial products regulated on Tezos.

South African Central Bank Governor Reiterates: ‘Crypto Is Not Currency’

The governor of the South African Reserve Bank (SARB), Lesetja Kganyago, has reiterated the central bank’s longstanding belief that cryptocurrencies like bitcoin are not currencies.

Nigerian Central Bank Reveals CBDC Guidelines, Announces Plan to Launch E-Naira Wallet

The Central Bank of Nigeria (CBN) has reportedly confirmed that its e-naira digital currency will have a legal tender and non-interest-bearing asset status.

Nigeria's central bank issues draft guidelines on eNaira CBDC project

CBN says the proposed central bank digital currency will offer parity of value and will operate as a non-interest-bearing CBDC. The Central Bank of Nigeria (CBN) has issued preliminary guidelines for its proposed eNaira digital currency.In a sensitization document sent to commercial banks in the country, the CBN outlined several design features of the central bank digital currency (CBDC).According to the document seen by Cointelegraph, Nigeria’s CBDC is codenamed “Project Giant” and will be pegged to the value of the naira.Thus, the eNaira will offer parity of value but will not be an interest-bearing currency.

Singapore central bank shortlists 15 companies to develop retail CBDC

The 15 finalists will be mentored by the MAS and “be given access to the APIX Digital Currency Sandbox for rapid prototyping of digital currency solutions.” The Monetary Authority of Singapore (MAS) has shortlisted 15 “Global CBDC Challenge” participants to help build an in-house retail central bank digital currency (CBDC).An announcement shared by the MAS shows that the finalists include six companies from Singapore, four from the United States, and one each from Australia, Barbados, Germany, France and Switzerland, out of which only three winners will be selected for deploying a retail CBDC in Singapore.Soon after the Singaporean central bank announced cash prizes for digital currency ideas back on Jun.

India’s Central Bank to Begin Testing Its CBDC in December

The governor of India’s central bank recently said that the regulator is preparing to start trial programs for its digital rupee by December.

ECB Vice President States Crypto Should Be Regulated Like Other Assets

European Central Bank (ECB) Vice President Luis De Guindos has stated he wants cryptocurrencies to be subject to the same rules that other assets are.

Cuba's Central Bank Moves to Legalize Use of Cryptocurrencies

The Central Bank of Cuba has recently announced that it will legalize and regulate cryptocurrencies.