Reserve Bank of India ‘exploring the possibility’ of a digital currency

Less than a year after the Indian supreme court overturned the Reserve Bank of India’s ban on crypto businesses, and the bank’s position on digital assets is looking slightly more bullish. According to a booklet on payments released today by the Reserve Bank of India, or RBI, the bank is “exploring the possibility as to whether there is a need for a digital version of fiat currency.” The bank added that if it found a need, it would look into ways to put digital currency into use. The RBI booklet acknowledged the…

Bank of Singapore Says Cryptocurrencies “Could Replace Gold as a Store of Value” but Unlikely to Displace Fiat Currencies – Economics Bitcoin News

A new research note released by the Bank of Singapore (BOS) suggests that cryptocurrencies are likely to replace gold as a store of value. However, the note says it is unlikely that such digital currencies can replace fiat currencies even as their appeal grows. Inefficient Unit of Exchange According to the research note, it is the volatility of cryptocurrencies that makes them “an inefficient unit of exchange.” This inefficiency, in turn, makes cryptocurrencies an unsuitable medium of exchange. Still, as one local outlet report explains, cryptocurrencies stand a better chance…

Bahrain central bank licenses Sharia-compliant crypto exchange

CoinMENA, a soon-to-launch cryptocurrency exchange headquartered in the Kingdom of Bahrain, has obtained a license from the Central Bank of Bahrain, or CBB. The newly acquired “Crypto Assets Services Company License” allows CoinMENA to operate fully as a regulated crypto exchange and onshore platform, the company announced on Jan. 24. The CBB’s license ensures that CoinMENA meets all of the operational, technical and security requirements set by the central bank. As CoinMENA plans to roll out its services in the Middle East and North Africa, or MENA, countries — including…

Should I Buy Bitcoin? — Switzerland’s Largest Bank UBS Provides Guidance on BTC Investing – Markets and Prices Bitcoin News

Switzerland’s largest bank, UBS, has published guidance for clients about investing in bitcoin. The bank answers some important questions, such as whether one should buy bitcoin and other cryptocurrencies and whether bitcoin can be used to diversify portfolios. ‘Should I buy’ Bitcoin? UBS Answers UBS published a detailed report about bitcoin last week. It answers some questions that the bank is currently discussing with its clients, explained the report authors, including the firm’s chief investment officer of global emerging markets, Michael Bolliger. UBS Group is currently Switzerland’s largest bank by…

Bitcoin Seen as the Largest Bubble but ‘Tesla More Vulnerable’ — Deutsche Bank Survey – Bitcoin News

Deutsche Bank has conducted a survey about financial bubbles. Eighty-nine percent of respondents see some bubbles in financial markets, with bitcoin near the “extreme bubble” territory. However, more respondents expect the cryptocurrency to double than they do Tesla’s stock. Deutsche Bank’s Bubble Survey A survey published Tuesday by Deutsche Bank asked 627 market professionals to rate on a scale of zero to 10 how they see financial bubbles in a range of assets. According to CNBC, the survey was conducted between Jan. 13 and Jan. 15. The bank found that…

Bank payments going global with stablecoins and CBDCs, Jan. 15–22

Editor’s note It may be too late for resolutions and too early for Lent, but lacking any discrete occasion, I would still like to give up United States political news for a while, or at least for the duration of one Law Decoded.  Fortunately, in the spirit of going international and leaving the bonkers election cycle of the U.S., blockchain technology and stablecoins are playing a major role in the latest developments in cross-border payments and settlements. It’s long been one of the most talked-about applications of blockchain technology. Diplomatic…

The ‘central bank of central banks’ is building a CBDC settlement platform

CBDC research has been announced as a top priority for the Bank for International Settlements’ Innovation Hub, or BISIH, in 2021. According to its annual work program, BISIH, plans to “explore the feasibility of faster and cheaper cross-border payments” using central bank digital currencies. BISIH also stated it will explore prototypes of “tiered retail CBDC distribution architectures” and distributed ledgers to issue “tokenized green bonds to retail investors.” The BIS initiatives will be driven by the Innovation Hub Centres in Hong Kong, Singapore, and Switzerland — which have been established…

Biden Administration Reported to Be Lining up a Former Ripple Advisor as the Next Bank Regulator – News Bitcoin News

Micheal Barr, the former member of Ripple’s board of advisors, is set to become the United States’ next banking regulator, according to a report. A former assistant treasury secretary, Barr will become the second individual with crypto connections to lead the Office of Currency Comptroller (OCC.) The recently departed Currency Comptroller Brian Brooks is a former Coinbase executive. Biden Taps Comptroller With Crypto Ties According to a Wall Street Journal report, which cites anonymous sources, Barr’s likely appointment will be at the expense of Mehrsa Baradaran, a law professor. Still,…

Top Russian bank Sberbank plans to launch its stablecoin by spring 2021

Sberbank, the largest state-owned bank in Russia, has reportedly filed an application with the Bank of Russia to launch a blockchain platform for its “Sbercoin” stablecoin. Sergey Popov, director of the transaction business at Sberbank, announced the news on Jan. 21 at a local financial event Russian news agency Interfax reports. At “Digital transformation and prospects for regulating the digital economy,” Popov said that Sberbank applied with the central bank in early January, explaining that the registration procedure usually takes no longer than 45 days. As such, the bank may…