Tag: Bank

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…

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…