The U.S. Federal Deposit Insurance Corporation (FDIC) flagged escalating risks from cryptocurrencies in its annual review of risks facing the banking industry. FDIC: Cryptos and Climate Top Risk List for Banks in 2023 Cryptocurrencies present “novel and complex risks” that are difficult to assess amid recent volatility, according to the report. Growth in crypto assets…
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Russia’s capital Moscow and 10 other cities will host pilot tests for the digital ruble, Bank of Russia Deputy Governor Olga Skorobogatova announced. Over a dozen Russian banks are going to take part in the trials with real transactions and users scheduled to commence in mid-August. Russia Prepares to Pilot Operations With New Digital Ruble…
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Bitcoin moved above $30,000 late on Tuesday, as markets reacted to the news that rating agency Moody’s had downgraded several U.S. banks. The list includes State Street, Northern Trust, and Bank of New York Mellon. Ethereum was marginally higher. Bitcoin Bitcoin (BTC) briefly rose back above the $30,000 level late last night, as markets reacted…
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Danielle DiMartino Booth, holding the dual roles of CEO and chief strategist at QI Research, foresees that the 22-year peak in interest rates set by the Fed is merely a precursor to what’s to come. She anticipates further upheaval within the banking industry. The strategist articulated her belief that we have not yet witnessed the…
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Heartland Tri-State Bank of Elkhart was closed on July 29, with the Federal Deposit Insurance Corporation (FDIC) taking control. The ongoing crisis surrounding the U.S. banking system struck again as Heartland Tri-State Bank of Elkhart was closed on July 29 by the Kansas Office of the State Bank Commissioner, with the Federal Deposit Insurance Corporation…
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This week’s Crypto Biz explores Elon Musk’s plans for X, the Italian central bank’s take on DeFi, PacWest’s merger with Banc of California and more. Social media platform X — formerly known as Twitter — may soon advance plans to add financial services to its users, hoping to become the American equivalent of the Chinese…
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Banks taking part in the digital ruble pilot will begin testing transactions with actual clients in mid-August, according to a top executive of one of the financial institutions. The trials are set to start weeks after Russia adopted dedicated legislation for the introduction of its new digital currency. Russian Banks to Process First Digital Ruble…
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The U.S. Secret Service seized multiple corporate accounts last month controlled by Deltec Bank, a Bahamian bank with ties to crypto-related firms. New documents unsealed in a federal court on Monday reveal that the secret service seized several U.S bank accounts controlled by Deltec last month. As per the documents, the amount seized by the…
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2025–2027 might still seem far away, but the Central Bank of Russia is preparing its CBDC for mass adoption by then. The Central Bank of the Russian Federation’s (CBR) central bank digital currency (CBDC) project has been developing rapidly. The first news about the initiative appeared in 2020, and a regulatory bill was introduced in…
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National Australia Bank (NAB) has joined other major lenders in the country in blocking payments to some cryptocurrency exchanges. The banking institution said it’s introducing new customer protections regarding financial transactions with certain scam-related crypto platforms. Australia’s NAB Bank Intervenes in $184 Million Worth of Payments That Raised Scam Concerns National Australia Bank, one of…
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