Larry Summers, the American economist and former U.S. Treasury Secretary, believes that should the U.S. Federal Reserve refrain from increasing the benchmark interest rate this month, a half-point rate hike may be necessary for July. As per the CME Fedwatch tool, there is a 74% likelihood that the Fed will not raise the rate at…
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The central bank released its statement in response to comments on a CBDC discussion paper published in February 2022. The Central Bank of Kenya received comments on a discussion paper on the potential issuance of a digital shilling and hasn’t reached a definitive conclusion. In a June 2 announcement on Twitter, Kenya’s central bank said…
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The National Bank of Georgia will launch mandatory supervision of virtual asset service providers starting from Sept. 1, 2023. Georgia, a major cryptocurrency-friendly country among Post-Soviet states, is preparing to start monitoring crypto firms to prevent money laundering and comply with sanctions. The National Bank of Georgia plans to launch mandatory supervision of virtual asset…
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Reserve Bank of India Deputy Governor Mahesh Kumar Jain has told Indian bank directors they should “adopt innovative technologies such as AI and blockchain.” A top federal official representing India’s central bank has recommended all banks adopt artificial intelligence and blockchain technology to ensure sustainable growth and stability. At a conference organized by the Reserve…
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The South African central bank has said the that perception that the African nation has aligned itself with Russia could result in the imposition of secondary sanctions which threaten financial stability. The bank also warned in its latest financial stability review that such a perception poses “a future threat to the participation of South African…
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The Russian government is switching gears as it no longer plans to create a national cryptocurrency exchange, and instead will write rules for multiple crypto exchanges, according to a local news site. Anatoly Aksakov, member of one of the chambers of the Russian parliament, spoke to news outlet Izvestia about the shift. … Read More: Russian…
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Large financial institutions are getting involved in digital assets by investing capital, time and effort into on-chain analytics solutions. As more institutions explore digital assets, the need for on-chain analytics platforms has never been higher. Compliance experts, investigators and regulators employ these blockchain analytical tools to better understand the patterns and entities in cryptocurrency transactions.…
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The Bank for International Settlements, which serves as a “bank for central banks,” released its latest paper examining retail central bank digital currencies, as its members “are approaching a point” as to whether or not they should move forward in their CBDC work. Central banks representing Canada, Europe, Japan, Sweden, Switzerland, England and the US…
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Cryptoassets have the power to “infect” the Russian economy, the nation’s crypto-skeptic Central Bank has warned. Per the domestic news agency Interfax, the bank’s First Deputy Chairwoman Ksenia Yudaeva made the comments at a recent economic forum. She claimed that the government and regulators needed to ensure that cryptoassets were restricted to the fringes of…
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Russian citizens and firms doing business abroad may soon be restricted in the amount of foreign currency they are allowed to acquire, on order from Vladimir Putin. Russia’s head of state now wants his government to cap such purchases on the domestic forex market. President Putin Orders Russian Authorities to Limit Foreign Currency Purchases Russian…
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