Tag: Bank

Egyptian Lawmakers Hail Parliament’s Endorsement of Pact to Join BRICS Bank – Economics Bitcoin News

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Egyptian lawmakers recently hailed the parliament’s endorsement of a pact that allows the country to join the New Development Bank, a report has said. According to the report, the lawmakers believe joining this BRICS-backed institution will help Egypt reduce its demand for dollars and enable it to preserve its forex reserves. Joining BRICS Following the Egyptian parliament’s recent endorsement of an agreement that paves the way for the country to join the New Development Bank, lawmaker Mohamed Abdel-Hamid, reportedly said the move helps reduce demand for U.S. dollars. Set up…

Deutsche Bank Shares Slip Despite Better-than-expected Q4 2022 Profit Haul Due to Macroeconomic Uncertainty

German banking powerhouse Deutsche Bank sustained a Q4 2022 slide in shares even though it took higher profit.  Deutsche Bank recently saw its shares slide despite its 10th consecutive quarterly profit achievement. The German multinational investment bank and financial services platform reported a $1.8 billion euro ($1.98 billion) net profit in Q4 2022 attributable to shareholders. Although this figure was almost double the consensus estimate of a 910.93-million-euro net profit for the period, Deutsche Bank shares slipped. According to analysts, this slippage was due to an uncertain macroeconomic outlook and micro factors within…

Bank of China ex-advisor calls Beijing to reconsider crypto ban

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The idea of lifting the cryptocurrency ban has started floating in China as a former central bank official has called the country to review its stringent crypto restrictions. Huang Yiping, a former member of the Monetary Policy Committee at the People’s Bank of China (PBoC), believes that the Chinese government should think again about whether the ban on cryptocurrency trading is sustainable in the long run. Huang voiced his concerns about the future of fintech in China in a speech in December, according to a transcript published by the local…

Crypto-friendly bank ends loans backed by crypto mining rigs

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The holding company for the crypto-friendly bank, BankProv, has revealed it’s no longer providing loans secured by cryptocurrency mining rigs after writing off $47.9 million in loans primarily secured by them throughout 2022. According to a Jan. 31 filing with the United States Securities and Exchange Commission (SEC), BankProv has already nearly halved the proportion of its digital asset portfolio consisting of rig-collateralized debt since the quarter ending Sep. 30, 2022. The bank held $41.2 million in digital asset-related loans as of Dec. 30 last year consisting of $26.7 million…

Montenegro’s central bank teams up with Ripple on digital currency pilot project

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Montenegrin Prime Minister Dritan Abazović has announced on Twitter that his country is pursuing a digital currency in conjunction with Ripple. Abazović met with Ripple CEO Brad Garlinghouse and vice president James Wallis at Davos. Wallis is Ripple’s vice president for central bank engagements and CBDCs. Abazović apparently had something like a central bank digital currency (CBDC) in mind in his announcement, as he stated in the thread: “In cooperation with @Ripple and the Central Bank, we launched a pilot project to build the first digital currency or stablecoin for…

JPMorgan CEO Says BTC Is Fraudulent, a ‘Pet Rock;’ Bank of America Says CBDCs Are ‘Natural Evolution’ — Bitcoin.com News Week in Review – The Weekly Bitcoin News

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JPMorgan CEO Jamie Dimon has reiterated his supposed skepticism of bitcoin, recently calling it a “hyped-up fraud,” and a “pet rock.” For it’s part, Bank of America has said that it views central bank digital currencies (CBDCs) and stablecoins as a “natural evolution of today’s monetary and payment systems.” This and more on inflation and the U.S. Federal Reserve’s next moves, just below. JPMorgan CEO Jamie Dimon Calls Bitcoin ‘Hyped-up Fraud’ — Expects Satoshi Nakamoto to Increase BTC Supply Cap JPMorgan Chase CEO Jamie Dimon calls bitcoin “a hyped-up fraud.”…

Crypto Bank Custodia Denied Membership in US Federal Reserve System – Finance Bitcoin News

The U.S. Federal Reserve Board has rejected the attempt of Custodia Bank to become member of the Federal Reserve System. According to the decision announced Friday, the application submitted by the digital asset bank is inconsistent with legal requirements. Federal Reserve Board Says Business Model Proposed by Custodia Bank Presents Risks Crypto bank Custodia has been denied membership in the United States Federal Reserve System. In an announcement dated Jan. 27, the Federal Reserve Board explained that the application, as submitted by the company, is “inconsistent with the required factors…

Ghanaian and Nigerian Central Bank Open Respective Regulatory Sandbox Application Processes – Fintech Bitcoin News

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The Ghanaian and Nigerian central banks have invited financial innovators that wish to be included in their respective regulatory sandboxes to submit applications. The Bank of Ghana said its sandbox will also support innovations that attempt to solve the financial exclusion challenge. Solving the Financial Exclusion Challenge The Ghanaian central bank has called on registered financial institutions and unlicensed fintech startups to apply for admission into its regulatory sandbox. In a press statement issued on Jan. 26, the bank said the process to admit the first cohort of participants will…