Tag: Bank

Bank of England answers professionals’ questions about upcoming CBDC wallet

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Companies that applied to win over the $244,000 contract to develop a central bank digital currency (CBDC) wallet proof of concept (PoC) for the Bank of England (BOE) provided questions about the project. In response, the central bank published its answers to over 70 questions.  On Dec. 9, the BOE opened applications asking suppliers to submit applications. About 20 companies submitted their applications and handed in their questions before Dec. 25. Following this, the BOE published the questions asked by the competing providers and gave its answers that aimed to…

Syrian Central Bank Devalues Local Currency by Nearly 50% – Economics Bitcoin News

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The Syrian central bank recently announced the nearly 50% devaluation of the Syrian pound’s exchange rate versus the greenback from 3,015 per dollar to 4,522 per dollar. The central bank also warned currency speculators that it will take steps to end activities that undermine the stability of the exchange rate. Currency Collapse Worsens the Plight of Syrians The Syrian central bank said on Jan. 2 that it has adjusted the official exchange rate from 3,015 pounds for every dollar, to 4,522. Yet, despite the nearly 50% devaluation, the new official…

Moroccan Central Bank to Release Crypto Regulatory Bill ‘in the Following Days’

For finalizing the bill, BAM collaborated with the International Monetary Fund and the World Bank. After a series of numerous discussions, Morocco is ready for introducing its crypto regulatory bill. According to the Governor of Moroccan Central Bank, Bank Al-Maghrib (BAM), Abdellatif Jouahiri, the country might see the release of the final crypto bill “in the following days.” Abdellatif Jouahiri stated: “For cryptocurrencies, I can assure you that the project is ready. We worked with the World Bank and the consultant to make it happen. The different chapters are completed.…

Morocco finalized crypto regulatory framework: Central Bank

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The Kingdom of Morocco may see its first crypto bill introduced “in the following days.” The document is already written by the Central Bank and will be discussed with the industry stakeholders.  On Jan. 3, during the press conference, the Governor of Morocco’s Central Bank, Bank Al-Maghrib (BAM), Abdellatif Jouahiri announced a series of discussions between the BAM and the market participants. Regulators, such as the Moroccan Capital Markets Authority (AMMC), the Insurance Supervisory Authority and Social Security (ACAPS), will also participate. It will precede the implementation of the crypto…

Morocco Central Bank Governor Says Crypto Draft Law Now ‘Ready’ – Bitcoin News

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A Moroccan draft crypto law, which seeks to protect individuals from the risks associated with crypto trading, is ready and will soon be presented to stakeholders, Abdellatif Jouahiri, the governor of Bank Al-Maghrib (BAM), has said. Adoption of crypto by Moroccan residents is now inevitable hence a regulatory framework is needed. BAM to Hold Discussions With the Capital and Insurance Market Regulators According to Abdellatif Jouahiri, the governor of the Moroccan central bank also known as Bank Al-Maghrib (BAM), the country’s draft law on crypto is now ready, and will…

Disputed Venezuelan Gold Worth $1.8B in Bank of England Vaults Remains Uncertain After Dissolution of Interim Government – News Bitcoin News

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The status of the Venezuelan gold currently being held by the Bank of England might fall into regulatory limbo after the dissolution of the interim government of Juan Guaido. The 31 tons of gold have been the subject of dispute between the current president Nicolas Maduro and Juan Guaido since 2019, when Guaido integrated a parallel government. Status of Venezuelan Gold in the Bank of England Uncertain The status of the Venezuelan gold stash guarded in the vaults of the Bank of England in London is uncertain after the dissolution…

China’s Digital Yuan Little Used, Former Central Bank Official Says – Finance Bitcoin News

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Trials of the digital yuan have produced disappointing results, according to a report quoting the former head of research at the Chinese central bank. The new form of national fiat has brought no benefits to the banks and should expand beyond being employed only as a substitute for cash, the banker believes. Common People Used to Cash and Cards, Ex-PBOC Executive Notes Usage of China’s central bank digital currency (CBDC) has been “low, highly inactive,” according to Xie Ping, former director-general of research at the People’s Bank of China (PBOC).…

Central Bank of Turkey Reports First Payment Transactions on Digital Lira Network – Finance Bitcoin News

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The Central Bank of the Republic of Turkey (CBRT) has conducted the first payment transactions on the test network of the digital lira. The monetary authority intends to proceed with more testing in 2023 and plans to invite banks and fintech companies to join the trials. Turkey to Widen Participation in Digital Lira Project, Focus on Studying Economic and Legal Aspects Turkey’s monetary authority has successfully carried out the first payment transactions on the Digital Turkish Lira Network, according to an announcement on Thursday. The operations were executed as part…

Central Bank Gold Demand Rose at the Fastest Pace in 55 Years, Analyst Says Silver Could Outperform Gold in 2023 – Bitcoin News

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According to a myriad of reports, the People’s Republic of China has been buying hoards of gold during the last year. Consequently, World Gold Council (WGC) statistics show the demand for gold by central banks has risen at the fastest pace in 55 years. Meanwhile, Wells Fargo’s head of real asset strategy, John LaForge, contends that when silver starts outperforming gold, it usually signals it is “closer to a bull market in precious metals versus the other way.” The World’s Central Banks Are Hoarding Large Sums of Gold, China Recently…