Tag: Bank

Kazakhstan’s digital currency in pilot stage, per Binance, National Bank joint report

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The National Bank of Kazakhstan (NBK) has launched a digital tenge pilot project, according to a report published jointly by the bank and Binance on Feb. 3. The report looked at global approaches to digital asset regulation, the digital asset industry and decentralized finance (DeFi) in Central Asia and the Commonwealth of Independent States in particular.  In his introduction to the report, NBK Deputy governor Berik Sholpankupov wrote about the bank’s vision of a “collaboration between Traditional Finance and DeFi” that could increase financial inclusion and support international trade. He…

Silvergate Bank Under Probe by US DOJ Over Dealings with FTX

While the current subject of the probe into Silvergate Bank appears speculative at this time, there is a deep tie between the financial institution and FTX. The shares of American financial services giant Silvergate Capital Corp (NYSE: SI) have plunged by 13.16% to $18.21 in the Pre-Market after reports emerged that the firm’s banking unit is under probe by the United States Department of Justice (DoJ). As reported by Bloomberg, the US DoJ’s fraud unit is in charge of the investigations and the regulators seek to explore whether the firm…

UK Bank Nationwide Has Restricted Card Payments to Binance

While the website didn’t say when the policy was instigated, a tweet dating from 2021 indicates the decision was made that July. Earlier in the same month, shortly after the U.K.’s Financial Conduct Authority (FCA) warned that Binance was not allowed to conduct any regulated activity in the country, the lender said it was assessing its policies on crypto transactions. Source

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…