Tag: Bank

Pro-Crypto Bank Silvergate Sees Stock Drop amid DOJ Congressional and Bank Regulator Inquiries

The stock of beleaguered crypto bank Silvergate has taken a new hit as the company weathers intense regulatory inquiries over its FTX association.  Silvergate (NYSE: SI) stock plunged more than 10% in after-hours trading after the crypto-friendly bank revealed it might face regulatory inquiries. Yesterday, Silvergate Capital also announced a delay in filing its annual report due to the inquiry. The bank’s health has been the subject of concern over the last few months following FTX’s collapse in November. Meanwhile, amid the current drawdown of its stock and regulatory inquiries, Silvergate revealed that…

Mastercard and Other Industry Leaders Join RBA in Testing Digital Dollar Use Cases in Australia Australia’s central bank is taking steps towards a more digitized economy by partnering with industry representatives to test the use cases for a digital dollar, the eAUD. The Reserve Bank of Australia (RBA) is currently conducting a pilot project which will explore various areas of use for a central bank digital currency (CBDC). The projects range from bond settlement and securities trading to offline payments. The RBA’s Assistant Governor, Mr. Brad Jones, stated that the people who participated in the pilot projects involve a diverse range of field representatives, including small fintech and large financial institutions. Several entities, including the Commonwealth Bank, Australia and New Zealand Banking Group Limited (ANZ), Monoova, the Australian Bond Exchange, Mastercard, DigiCash, and others, are collaborating with the RBA on various pilot projects. One of the pilot projects aims to test whether smart cards preloaded with money could activate offline payments. This project will aim to work on a consumer-to-merchant system, enabling users to conduct transactions even without an internet connection. A separate initiative explores the potential of utilizing the USDC coin to simplify all foreign exchange trades and cross-border money transfers.The objective is to experiment with carrying out global remittances around the clock, every day of the year, with an emphasis on minimizing counterparty risks. Central banks worldwide are pursuing digital currency experiments, and the RBA’s initiative is among them. The RBA expects to complete its CBDC pilot by mid-2023. The pilot, along with the broader research study, will serve two purposes. It will contribute to hands-on learning by the industry and policymakers’ understanding of how a CBDC could benefit the Australian financial system and economy. The RBA’s CBDC pilot has the potential to revolutionize the Australian financial system and open up new opportunities for businesses and individuals. As the world moves towards a more digitized economy, central bank digital currencies will play an increasingly significant role in financial systems worldwide.

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Australia’s central bank is taking steps towards a more digitized economy by partnering with industry representatives to test the use cases for a digital dollar, the eAUD. The Reserve Bank of Australia (RBA) is currently conducting a pilot project which will explore various areas of use for a central bank digital currency (CBDC). The projects range from bond settlement and securities trading to offline payments. The RBA’s Assistant Governor, Mr. Brad Jones, stated that the people who participated in the pilot projects involve a diverse range of field representatives, including…

Robert Kiyosaki Says World Economy on the Verge of Collapse — Warns of Bank Runs, Frozen Savings, Bail-Ins – Economics Bitcoin News

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The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says the world economy is on the verge of collapse. He warned investors about the risks of bank runs, frozen savings, and bail-ins that may come next. Robert Kiyosaki on Collapsing World Economy The author of Rich Dad Poor Dad, Robert Kiyosaki, is back with more gloomy warnings about the world economy. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List…

Australian central bank to launch ‘live pilot’ of CBDC in coming months

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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…

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

Depegging, bank runs and other risks loom – Cointelegraph Magazine

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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

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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…