The Reserve Bank of Australia has revealed a set of projects that will develop use cases for a digital dollar, the eAUD, during its testing phase, currently underway. Source
Australia’s Central Bank Taps Mastercard and Others to Test CBDC Use Cases
Tag: Bank
Australian central bank to launch ‘live pilot’ of CBDC in coming months
Australia’s central bank is set to launch a “live pilot” of a Central Bank Digital Currency (CBDC) “in the coming months,” according to a joint statement from the Reserve Bank of Australia (RBA) and Digital Finance CRC (DFCRC), an Australian financial research institute. The RBA said on Mar. 2 local time said it was collaborating with the DFCRC on a research project to “explore potential use cases and economic benefits of a central bank digital currency (CBDC) in Australia.” The RBA announced the initial stage of the research project involved…
Crypto Bank Charter Firm Protego Trust Lays Off Most of Its Workforce: Source
“Dozens of folks are still involved though not as employees, and some employees are still in place. Money is a problem, though there is a signed deal which has been very slow in funding,” said the source. “Operations, risk management, compliance, data centers/applications etc. are all sitting in a ready to launch state, but until capital comes, Protego is stuck.” Source
Silvergate Stock Plunges as Bank Says It May Face DOJ, Congressional and Bank Regulator Inquiries
The Silvergate filing continued: “There are or will be important factors that could cause the Company’s actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to … restrictions on the Company’s business, resulting from various litigation (including private litigation) and regulatory and other inquiries and investigations against or with respect to the Company, investigations from our banking regulators, congressional inquiries and investigations from the U.S. Department of Justice.” Source
Kraken Pulling Back From Using Signature Bank: Bloomberg
Non-corporate clients will no longer be able to make dollar deposits or withdrawals using the crypto-focused bank, according to a report. Source
Depegging, bank runs and other risks loom – Cointelegraph Magazine
Stablecoins are entering a period of great uncertainty following the U.S. Securities and Exchange Commission labeling BUSD an “unregistered security” and ordering Paxos to stop minting new tokens. Do these moves signal a wider war by U.S. regulators on stablecoins? Could the SEC declare all stablecoins securities, or is BUSD a special case? Independent crypto reporter Amy Castor, who has been covering cryptocurrencies since 2016, believes the BUSD crackdown is aimed squarely at the world’s largest crypto exchange, Binance: “Going after Paxos-issued BUSD is part of a much broader crackdown…
Bank of England has no tech skills to issue CBDC yet: Deputy governor
According to a deputy governor, the United Kingdom is not ready to issue a central bank digital currency (CBDC) just yet, as the Bank of England (BoE) doesn’t have enough expertise. There is more than a 50% chance that the central bank of the United Kingdom would issue a CBDC, but the regulator doesn’t have the technical skills to issue a digital currency yet, BoE deputy governor Jon Cunliffe declared at the treasury select committee hearing on Feb. 28. Cunliffe said that the BoE expects to get the necessary expertise…
2023 Will Be The Year of Crypto Token Price Divergence: Bank of America
The bank views cryptocurrencies that power smart contract-enabled blockchain platforms, on which developers can build applications, as growth assets exposed to the same risks as growth stocks. It notes that these cryptos, and small-cap liquid tokens, have led this year’s rally. Source
G20 Finance Chiefs Widely Recognize Crypto Poses Major Financial Stability Risks, Says Indian Central Bank Governor – Regulation Bitcoin News
The G20 finance ministers and central bank governors recognize that cryptocurrencies pose major risks to financial stability, monetary systems, and cyber security, India’s central bank governor reportedly said. Crypto regulation was among the key topics discussed during the G20 meeting over the weekend. G20 Agrees Crypto Poses Major Risks to Financial Stability, Says RBI Governor Reserve Bank of India (RBI) Governor Shaktikanta Das talked about cryptocurrency during a media briefing Saturday following the G20 meeting of finance ministers and central bank governors in Bengaluru. According to India’s state-owned media agency…
DeFi Giant MakerDAO Rejects $100M Stablecoin Loan to State-Chartered Regulated Bank Cogent Bank
Cogent Bank, a Florida-based, state-chartered bank with more than $1 billion in total assets, proposed borrowing up to $100 million in DAI stablecoin from Maker and would have used the funds to extend loans to its corporate and industrial clients, according to the MIP-95 proposal posted on Maker’s governance forum. Source