On Thursday, the Biden administration released the U.S. president’s 182-page budget proposal for the fiscal year 2024, which aims to “grow the economy from the bottom up and middle out.” The budget includes an $835 billion increase in military spending, but the administration claims it will reduce the deficit by $3 trillion over the next…
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After Silicon Valley Bank (SVB) experienced financial turmoil, the U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation closed the financial institution. Insured depositors can withdraw their funds on Monday after the FDIC took over the failed bank. Federally Insured Depositors to Withdraw Funds on Monday, Uncertainty Looms for…
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The pre-trial stage of the project to introduce a digital Iranian rial has been completed successfully, the country’s central bank announced. The authorities in Tehran plan to expand the use of the state-backed currency and integrate it into Iran’s payment system. Iranian Government Prepares to Trial Its Digital Currency The project to issue a digital…
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Thailand’s securities regulator believes that crypto firms should not be allowed to deploy users’ deposits and provide lending services. Thailand’s Securities and Exchange Commission (SEC) is preparing to hold a new public hearing on a potential ban on staking and lending services in the country. Thailand’s SEC officially announced on March 8 that the authority…
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The timing of opening the subsidiary was unfortunate, a spokesperson noted to Bloomberg, although the company held up to the crypto winter for quite a while. Cryptocurrency financial services company Blockchain.com will suspend operations of its asset management subsidiary, according to a Bloomberg report published March 9. The service had existed less than a year…
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Silvergate may not pose a systematic risk for the U. S. banking system, but it could raise risks related to banking concentration and introduce new challenges for venture capital firms sources claim. Silvergate is not a systematic risk for the United States banking system, but it could have a significant impact on the crypto markets,…
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According to SWIFT, 24% of central banks will introduce a CBDC within the next couple of years. According to a statement on Mar. 9, bank messaging platform Society for Worldwide Interbank Financial Telecommunications, or SWIFT, disclosed that the financial institution witnessed positive results related to its pilot test of linking different central bank digital currencies…
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Internet users in Russia have been targeted in an email campaign advertising the launch of an alleged cryptocurrency issued by the state. Potential victims are encouraged to follow a link to the website of the fraudulent investment scheme, security experts said. Thousands of Investment Offers Entice Russians to Put Money Into Non-Existent Cryptocurrency Fraudsters have…
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Mt. Gox creditors have another month to file for their claims as the registration deadline was pushed back by another month. The registration dates for Mt. Gox creditors have been pushed back by another month. According to the announcement, the deadline has been moved from March 10 to April 10, allowing creditors to file claims for…
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The company claimed that the bank’s voluntary liquidation is its best path forward due to recent industry and regulatory developments. The parent company of Silvergate Bank, known to many in the space as one of the major crypto banks, has announced plans to “wind down operations” and liquidate the bank. In a March 8 announcement,…
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