Tag: Bank

Crypto-Friendly Bank, Silvergate, Suspends Dividend Payouts

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Silvergate, a California-based crypto bank whose shares are listed on the New York Stock Exchange, is suspending dividend payout to remain highly liquid as the digital currency market tries to pull itself out of the liquidity crisis of 2022. In a press release on January 27, Silvergate, a state-chartered bank that went public in 2019, said it would suspend dividend payout on its “5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A” to preserve capital.  Focus On Liquidity The crypto bank said its primary focus is maintaining a highly liquid balance…

Fed policy to align bank oversight could limit crypto activities by state banks

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The United States Federal Reserve Board announced Jan. 27 that it was issuing a policy statement on limitations on banks. The policy seeks to create a level playing field and limit regulatory arbitrage for state banks with deposit insurance, state banks without deposit insurance and national banks, which are overseen by the Office of the Comptroller of the Currency (OCC), by allowing them the same scope of permissible activities. The new policy will limit the activities of state banks by not allowing them to engage in activities not permitted by…

Custodia Bank Denied Federal Reserve System Membership

“Custodia offered a safe, federally regulated, solvent alternative to the reckless speculators and grifters of crypto that penetrated the U.S. banking system with disastrous results for some banks,” Long continued. “Custodia actively sought federal regulation, going above and beyond all requirements that apply to traditional banks.” Source

Fed denies Custodia Bank application to join the Federal Reserve System

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The United State Federal Reserve Board has rejected Custodia Bank’s application to become a member of the Federal Reserve System. In its announcement, the Fed stated that the application was “inconsistent with the required factors under the law.” It also claimed Custodia had an “insufficient” management framework and cited an earlier joint declaration by the Fed with the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency that found crypto assets to be at odds with sound banking practices.  STATEMENT FROM CUSTODIA BANK about today’s Federal Reserve…

Saudi Central Bank Says Ongoing CBDC Experiment Focused on Domestic Wholesale Use Cases – Fintech Bitcoin News

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Saudi Arabia’s central bank digital currency (CBDC) experiment, which is being carried out in conjunction with local banks and fintechs, is presently focused on domestic wholesale uses cases, the central bank has said. Meanwhile, the Saudi Minister of Finance has said CBDCs can be a “fantastic tool” which can be used by developing countries as a “social safety net.” Local Banks and Fintechs Central to Saudi Arabia’s Digital Currency Project The Saudi Central Bank (SAMA) has said its digital currency experiment is ongoing and is presently focused “on domestic wholesale…

Governor of Irish Central Bank Calls for Ban on Crypto Advertising

According to Makhlouf, cryptocurrencies present a minimal risk to financial stability, but they can significantly affect retail customers. As most of the coins are not backed by any fiat currencies or other assets, a ban should be imposed on crypto advertisements. The Governor of the Central Bank of Ireland Gabriel Makhlouf, known for his skepticism towards crypto, has called for banning crypto ads. Believing that crypto ads often lead to Ponzi schemes, Irish Central Bank Crief said that investing in “unbacked” cryptocurrencies is “essentially gambling.” And young people become the targets most…

Ireland’s Central Bank Governor calls for ban on crypto ads targeting young adults: Report

Gabriel Makhlouf, the governor of the Central Bank of Ireland, reportedly supports legislation which would ban advertising crypto projects to young people. According to a Jan. 25 report from Bloomberg, Makhlouf said before the Committee on Finance, Public Expenditure and Reform, and Taoiseach there was an “uncomfortable” level of crypto advertisements targeting young adults. The central bank governor reportedly referred to many cryptocurrencies as “unbacked” assets and suggested lawmakers “find a way” of banning related ads. Makhlouf cited the implementation of the European Union’s Markets in Crypto Assets, or MiCA,…

Ireland’s central bank governor calls for ban on crypto ads targeting young adults: Report

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Gabriel Makhlouf, the governor of the Central Bank of Ireland, reportedly supports legislation that would ban advertising crypto projects to young people. According to a Jan. 25 report from Bloomberg, Makhlouf said before the Committee on Finance, Public Expenditure and Reform, that there was an “uncomfortable” level of crypto advertisements targeting young adults. The central bank governor reportedly referred to many cryptocurrencies as “unbacked” assets and suggested lawmakers “find a way” of banning related ads. Makhlouf cited the implementation of the European Union’s Markets in Crypto Assets, or MiCA, framework…