On Wednesday, following the market’s closure, major U.S. indices concluded the day unchanged, coming off a rise the previous day. This surge was influenced by the dovish remarks made on Tuesday by Federal Reserve Governor Christopher Waller. Observers of the market infer that Waller’s comments indicate a potential shift in the stance of the U.S.…
Read more
From legal issues to hackers, launching a CBDC is fraught with risks, and BIS has a big list of them to consider. Issuing a central bank digital currency (CBDC) requires adequate attention to security, the Bank for International Settlements (BIS) reminded central bankers in a report on Nov. 29. An integrated risk-management framework should be…
Read more
The answer again is regulation, although this time the suggested regulation looks a lot like central bank co-option. Stablecoins lack crucial mechanisms that guarantee money market stability in fiat, and an operational model that gave regulatory control to a central bank would be superior to private stablecoin, a study released by the Bank for International…
Read more
The new governor of China’s central bank has promised to stop speculation associated with cryptocurrency transactions in the country. Pan Gongsheng made the vow in a report detailing measures to maintain the stability of the Chinese financial market and prevent risks. PBOC Prepares to Crack Down on Cryptocurrency Speculation and Money Laundering The People’s Bank…
Read more
The securities regulator and the central banking institution of Hong Kong have updated the region’s crypto policy in response to enquiries from the industry. In a circular on the virtual asset-related activities of intermediaries, the authorities introduced additional measures to protect retail investors, restricting their access to what they describe as “complex products.” Hong Kong…
Read more
The mere fact that the Deutsche Bundesbank, BIS and other financial incumbents want such information now suggests a tacit acceptance of crypto. The Bank for International Settlements’ (BIS) Project Atlas report offers yet another indication that the worlds of crypto and traditional finance may be converging. On the surface, this proof-of-concept project backed by some…
Read more
Upbit Singapore scored initial approval from the country’s central bank and financial regulator for a local crypto license. The Singapore entity for Upbit, South Korea’s largest exchange by volume, has been given in-principal approval for a Major Payment Institution (MPI) license in Singapore. On Oct. 16, Upbit Singapore said the Monetary Authority of Singapore (MAS)…
Read more
Ripple said it received its fully-fledged digital payment tokens license from the Monetary Authority of Singapore. Ripple said it has received the full-fledged license to operate as a major payments institution from Singapore’s central bank, allowing it to continue operations in the country after receiving in-principle approval in June. In an Oct. 4 statement, the…
Read more
The Bank of Tanzania said on Sept. 25 that it has kickstarted an initiative that seeks to boost the country’s foreign exchange reserves by buying gold with local currency. The bank said its objective is to acquire six tonnes of gold from miners and traders in 2023 alone. The Tanzanian Gold Reserve The Tanzanian central…
Read more
The Bank of Latvia has been quietly stepping up its game in providing assistance to fintech projects while employing the latest emerging technologies internally. Fintech innovations and emerging technologies have swept the world, causing global lawmakers to rush to understand and regulate them. While some countries like the United States and El Salvador have had…
Read more
