Tag: Bank

UAE central bank to issue CBDC as part of its financial transformation program

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The Central Bank of the United Arab Emirates (CBUAE) is planning to launch a central bank digital currency (CBDC) for cross-border and domestic use as part of the first of its newly-launched financial infrastructure transformation (FIT) program.  In a recent announcement, the CBUAE introduced the FIT program and highlighted its aim to support the country’s financial services sector. The central bank highlighted that the program would promote digital transactions and enable the UAE’s competitiveness as a financial and digital payment hub. The first stage of the FIT program includes the issuance…

Crypto bank Silvergate ranks as the second most-shorted stock on Wall Street

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Crypto bank Silvergate Capital Corp. stands in the second position as most-shorted stock in the United States, with over 72.5% of its shares shorted, according to the latest Short Interest Reporting from Feb. 9.  The Financial Industry Regulatory Authority (FINRA) collects and publishes twice a month short interest positions of all equity securities. A short position means investors and traders believe the price of a security, such as a stock, will decrease in value. A short seller profits from the price decline of a security. At the time of writing,…

Brazil’s oldest bank allows residents to pay their taxes using crypto

A major Brazilian bank is offering a new and convenient option for taxpayers to settle their dues using cryptocurrencies. According to a statement published by Brazilian bank Banco do Brasil on Feb. 11 it is now “possible” for Brazilian taxpayers to pay their tax bill with crypto, in a joint initiative with Brazilian-based crypto firm Bitfy. This initiative is available to Brazilian’s who have their crypto under the custody of Bitfy, which will act as a “collection partner” for the major Brazilian bank. It noted that besides the convenience it…

India’s Central Bank Reveals 50,000 Users and 5,000 Merchants Now Using Digital Rupee – Regulation Bitcoin News

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India’s central bank, the Reserve Bank of India (RBI), has revealed that 50,000 users and 5,000 merchants are now using its central bank digital currency (CBDC). Digital rupee transactions are currently processed by eight banks, with five more banks set to join the pilot soon, said RBI Deputy Governor T. Rabi Sankar. Digital Rupee Now Has 50,000 Users Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar said Wednesday that the central bank’s digital currency pilot has reached its first milestones. The RBI official revealed that India’s central bank…

JPMorgan sees advantages in deposit tokens over stablecoins for commercial bank blockchains

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JPMorgan Chase and consultants Oliver Wyman took a look at blockchain technology in commercial banking in a report released Feb. 9. Stablecoins and central bank digital currencies (CBDCs) have dominated in the sphere so far, but the authors point out the advantages offered by deposit coins in terms of stability and reliability. Deposit tokens are issued on a blockchain by a depository institution to represent a deposit claim. This contrasts with stablecoins, commonly issued by a non-bank private entity, and CBDCs. This difference in the issuer is a key advantage:…

This German Bank Will Release A Blockchain-Based Tokenization Platform

Blockchain tokenization has gained more traction in the financial industry recently. It allows people to convert their ownership rights or assets into digital forms to secure them. In the latest development, the German generational bank DekaBank revealed plans to release its blockchain-based tokenization platform next year.  But as per the details, the focus is not on regular crypto assets such as Bitcoin but on funds and stocks. DekaBank Partners With Metaco To Launch Its Blockchain-Based Platform DekaBank is collaborating with Metaco, a digital asset management company, as it plans to…

Central Bank of Brazil to Test Security and Transaction Privacy Levels of the Digital Real – Blockchain Bitcoin News

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The Central Bank of Brazil will focus its first digital real tests on determining the levels of privacy and security that can be achieved with the proposed central bank digital currency (CBDC) infrastructure. The tests will be conducted later this year and will set up a simplified operation to transact with a still-to-be-determined tokenized asset. Central Bank of Brazil to Launch Digital Real Test Operation Later This Year The Central Bank of Brazil is accelerating the digital real project, getting close to its pilot test phase. The institution announced that…

Gold Coins Help Zimbabwe Achieve ‘Price and Exchange Rate Stability’ — Central Bank – Africa Bitcoin News

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The Reserve Bank of Zimbabwe recently revealed that some 25,188 of its value-preserving gold coins were sold between July 2022 and Jan. 13. According to the central bank governor, John Mangudya, the gold coins “have proved to be an effective open market instrument for mopping up excess liquidity in the economy.” Gold Coins as Alternative Value Preservation Tool According to the Zimbabwean central bank, about 25,188 “Mosi-oa-Tunya” gold coins valued at over $28 million (ZWD$20 billion) were sold between July 2022 — when the coins were initially introduced — and…

Could a New Digital Pound, or a Central Bank Digital Currency (CBDC) be a Feat or a Failure for Citizens? – Blockchain News, Opinion, TV and Jobs

The Treasury and the Bank of England are consulting on a potential digital pound, or central bank digital currency (CBDC). The consultation is being launched because both HM Treasury and the Bank want to ensure that, in the future, the public will have access to ‘safe money’ that is convenient to use. People’s everyday lives are becoming more digital, and the new digital coin could also support private sector innovation. The digital pound would be issued by the Bank of England and could be used by households and businesses for…