As the U.S. Federal Reserve’s Federal Open Market Committee (FOMC) gears up for its meeting on Sept. 18, anticipation is building for a rate cut. Market participants are placing their bets, with expectations leaning toward either a 25 basis points (bps) reduction or a 50bps cut. However, Massachusetts Senator Elizabeth Warren is urging the Fed…
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Russia plans to launch international cryptocurrency payments by the end of the year to counter Western sanctions, according to the governor of the Bank of Russia. The central bank is prepared to be flexible and is already discussing the conditions of this initiative with various ministries, agencies, and businesses. In addition, Russia’s State Duma, the…
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The Bahamas, the first country to issue a central bank digital currency (CBDC) called the Sand Dollar, is preparing regulations to mandate commercial banks to provide access to the e-money to boost adoption. Central Bank Governor John Rolle indicated that these regulations would be implemented within two years. “We’ve begun to signal that to our…
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The Russian Central Bank says it has noticed a significant rise in citizens’ transactions on crypto exchanges and peer-to-peer crypto trading platforms. Per the Russian media outlet RBC, the bank has published a financial stability report, making several observations on Russian citizens’ crypto transactions. The bank wrote about trends it had noticed from the fourth…
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Purchases from foreign cryptocurrency exchanges, considered imports, have broken records in Brazil, putting some weight into the nation’s trade balance. During the last 12 months, cryptocurrency purchases reached $14.84 billion, after reaching $12.3 billion last year. Likewise, crypto imports reached $4.69 billion in Q1 2024, rising by 118% compared to the numbers registered in Q1…
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The Russian Ministry of Finance says it wants to settle its long-standing crypto policy differences with the nation’s Central Bank. According to the media outlet RBC, Finance Minister Anton Siluanov said he was “sure” his ministry and the bank would soon “come to an agreement” on crypto regulation-related matters. Russian Central Bank Eager to Break…
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Federal Reserve Chair Jerome Powell stated before the Senate Committee on Banking, Housing, and Urban Affairs that the United States is far from adopting or even recommending the introduction of a central bank digital currency (CBDC), emphasizing a significant distance from such a possibility. He assured that any potential CBDC would not be designed for…
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The Central Bank of the Philippines will develop a central bank digital currency (CBDC) in the next two years, according to Governor Eli Remolona Jr. The still unnamed CBDC will focus on the wholesale market and won’t use blockchain tech, instead relying on the Philippine Payment and Settlement System, owned and operated by the central…
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Nigeria faces calls to go further in its efforts to clarify crypto regulation after a blockchain firm successfully finished training its fifth cohort of crypto compliance specialists last weekend. Blockchain intelligence service provider A&D Forensics teaches a course on curbing financial crimes committed on-chain, particularly money laundering, hacking and sanctions evasion. It also teaches trainees…
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The Russian Central Bank claimed “almost all” the financial scams it found last year had crypto-related elements. In an official release, the bank wrote that there had been a year-on-year rise of almost 16% in financial scams in 2023. In “almost” every case, the bank said it had detected a crypto “theme.” Russian Central Bank:…
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