Tag: Bank

Indian Central Bank Chief Insists Crypto Should Be Banned — Warns ‘It Will Undermine Authority of RBI’ – Regulation Bitcoin News

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India’s central bank has reiterated its stance on banning cryptocurrencies like bitcoin and ether. The governor of the Reserve Bank of India (RBI) likened cryptocurrency trading to gambling. He warned that crypto “will undermine the authority of the RBI and lead to the dollarization of the economy.” RBI’s Governor Wants Crypto Banned The governor of India’s central bank, the Reserve Bank of India (RBI), Shaktikanta Das, emphasized the bank’s stance on crypto at the Business Today Banking and Economy Summit Friday. Das stressed that the central bank’s view is to…

Bank of Thailand to allow first virtual banks by 2025

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Bank of Thailand (BOT) has disclosed plans to allow virtual banks to operate in the country for the first time. Financial firms will be able to provide services by 2025, a Bloomberg report shows.  The ‘Consultation Paper on Virtual Bank Licensing Framework’ has been published by the central bank, and applications shall be available later in 2023, allowing virtual banks to act as financial services providers. The move focuses on boosting competition and Thailand’s economic growth. The BOT will issue three different licenses for interested companies by 2024. There are…

President Herbert Hoover Saves the Day for a Crypto Bank? Yeah, That’s Weird

Basically, Silvergate is the bank for a lot of crypto businesses (1,300+, according to the company website, if you include “fintechs”), which tend to have problems maintaining banking relationships. As such, it’s probably not surprising to learn that Silvergate’s assets under management (AUM) has grown quickly the last few years. Its stock price did, too, by more than 1,500% between November 2019 and November 2021. Source BankCryptodayHerbertHooverPresidentSavesWeirdYeah CryptoX Portal

Bank of America Releases Better than Expected Q4 Earnings Report

In the released earnings report, Bank of America recorded a net income of $3.6 billion for the fourth quarter while client balances stayed flat at $1.6 trillion. American multinational investment bank and financial services holding company Bank of America Corp (NYSE: BAC) has released its performance report for the fourth quarter of 2022 with figures showing the company benefited from the Federal Reserve’s interest rate hikes. According to the company, its revenue came in at $24.66 billion as against $24.33 billion which was expected by analysts polled by Refinitiv. Earnings…

Cryptocurrency Exchanges Still Fighting Private Banks for Right to Open Bank Accounts in Chile – Regulation Bitcoin News

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The conflict between banks and cryptocurrency exchanges in Chile is still developing, as some banks are reticent to serve this kind of institution. A new report prepared by exchanges reports that most of these banks refuse to include crypto companies as customers for risks that are nevertheless managed in the case of servicing other kinds of customers. Cryptocurrency Exchanges Still Fighting Banks in Chile Cryptocurrency exchanges and other crypto-related companies are still fighting private banks for the right to open and manage bank accounts in Chile. The legal fight, which…

China’s central bank includes digital yuan in report on currency circulation

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The People’s Bank of China, or PBoC, has begun including the country’s central bank digital currency, the e-CNY, in reports measuring the amount of currency in circulation. According to a 2022 financial statistics report released on Jan. 10, the PBoC said there was 13.61 billion digital yuan — roughly $2 billion at the time of publication — in circulation as of Dec. 31. The currency in circulation grew at a rate of 15.3% in December 2022, with the broad money supply reported to be 266.43 trillion yuan. The PBoC reported…

Bank of Russia Outlines Payment Models With Digital Ruble, Other CBDCs – Finance Bitcoin News

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The Central Bank of Russia has detailed two methods for implementing the digital ruble and other state-backed coins in international settlements. The monetary authority also plans to start testing consumer-to-business (C2B) operations in the first quarter of the year. Russia’s Central Bank to Propose Platforms for Digital Currency Payments in Foreign Trade Moving forward with efforts to introduce its central bank digital currency (CBDC) amid sanctions and financial restrictions, the Bank of Russia is preparing to offer solutions for processing cross-border CBDC payments, the Russian press unveiled. The proposals are…

World Bank Report Forecasts Bleak Global Economic Outlook, Citing ‘Adverse Developments’ and ‘Long-Lasting Slowdown’ – Economics Bitcoin News

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On Jan. 10, 2023, the World Bank published its Global Economic Prospects report, stating that the outlook for the global economy and future economic conditions is bleak. According to the report, 2023 growth forecasts have been cut across the board, with the global economy projected to grow by 1.7% in 2023 and 2.7% in 2024. The World Bank also cited a number of adverse developments that could push the world’s economy into a deep recession. World Bank Report Urges Action on Climate Change, Increased Investment to Offset Adverse Economic Shocks…

New Nigerian Central Bank Document Discusses Regulation of Stablecoins and ICOs – Bitcoin News

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According to a recently unveiled document, the Nigerian central bank will in the future be open to developing a regulatory framework for potential implementations of stablecoins. The document also discusses the regulation of initial coin offerings (ICOs) and how these can become “a new way to attract foreign direct investment (FDI) and raise capital.” ‘A Successful Payment Mechanism’ In its recently unveiled payments system document, the Central Bank of Nigeria (CBN) said the bank would be open to developing “a regulatory framework for [the] potential implementations of the stablecoin.” The…