El Salvador has transferred “a big chunk” of its bitcoin holdings to a cold wallet, President Nayib Bukele has announced. “You can call it our first bitcoin piggy bank,” he said. As of writing, the wallet’s balance totals approximately 5,690 bitcoins. El Salvador Establishes Its First ‘Bitcoin Piggy Bank’ El Salvador’s President Nayib Bukele announced […] Original
Tag: Bank
Ex-Swiss bank director discusses the future of Bitcoin ETFs after record-breaking trading day
Bitcoin ETFs shattered records with a 14,261 bitcoin purchase on March 12, as a former Swiss Bank Director shed light on the changing Bitcoin ETF investment scene. On March 12, net spot Bitcoin ETF inflows surpassed $1 billion, with Blackrock’s IBIT product reaching a record $849 million inflow and exceeding 200,000 BTC in assets under management, as per reports. The latest surge in trading activity eclipses the initial enthusiasm seen at the ETFs’ inception and establishes a new market engagement benchmark. In a March 14 interview with Crypto.news, Clive Thompson,…
The Biggest Bank Heist in History Is Coming
This mainstreaming of crypto by traditional financial institutions and regulators is exciting. But these banks are mostly tokenizing on permissioned networks, which regulators are encouraging. In December, while announcing plans to revise its bank capital standard for crypto-assets, the Basel Committee on Banking Supervision stated that since permissionless blockchains “create risks that cannot be sufficiently mitigated at present”, the highest bank capital requirements would be retained for crypto-assets held on permissionless blockchains. The Committee probably concluded this because permissionless blockchains are maintained by thousands of validators that are not subject…
Financial Markets Tense as Inflation Rise Suggests US Central Bank May Keep Rates Steady
The U.S. Consumer Price Index (CPI), experienced a 3.2% increase over the 12 months ending in February, marginally higher by 0.1% compared to January’s CPI. This development is not being well-received by the financial markets, as the U.S. Federal Reserve might postpone any reductions in the benchmark federal funds rate. Persistent Inflation Pressures Fed, Leaving […] Source CryptoX Portal
Sweden’s Central Bank Chief Wants 'as Little Bitcoin as Possible' in Country's Financial System: Bloomberg
Sweden’s central bank governor said he wants “as little bitcoin as possible in the Swedish financial system.” Source
Economic Intelligence Unit: Nigerian Central Bank Lacks Capacity to Defend Local Currency
The Economic Intelligence Unit has stated that the Central Bank of Nigeria cannot halt the rapid depreciation of the local currency. The continued volatility of the naira is expected to result in erratic regulation, primarily affecting businesses that hold foreign exchange. Nigeria Presses Ahead With Reforms The Economic Intelligence Unit (EIU) has stated that the […] Source BitcoincryptoexchangeExchanges CryptoX Portal
Hong Kong’s Central Bank Starts Regulatory Sandbox for Stablecoin Issuers
“Applicants should have genuine interest in developing a stablecoin issuance business in Hong Kong with a reasonable business plan, and their proposed operations under the sandbox arrangement will be conducted within a limited scope and in a risk-controllable manner,” the HKMA notice said. Source
Nigerian Central Bank, Real-World Asset Firm Partner to Revive Struggling CBDC
Gluwa, a platform for real-world assets, announced on March 7 its partnership with the Central Bank of Nigeria. The partnership arrangement aims to improve the functionality of the Nigerian central bank’s digital currency and promote financial innovation through blockchain technology. Improving the CBDC’s Utility Gluwa, a real-world assets platform, has entered into a partnership arrangement […] Source CryptoX Portal
Jerome Powell Clarifies: US Far From Introducing a Central Bank Digital Currency
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 […] Source CryptoX Portal
Nigeria's Central Bank Enlists Gluwa Nigeria to Boost eNaira Systems, Adoption
Adoption of the central bank digital currency pales in comparison to the use of cash in the country. Source