Tag: Bank

Next Financial Crisis Will Be From Crypto if It’s Not Banned: Indian Central Bank Governor

“Our view is that it should be prohibited because if you try to regulate it and allow it to grow, please mark my words the next financial crisis will come from private cryptocurrencies,” Das said. “They have no underlying value. They have huge inherent risks for our macro economic and financial stability. I am yet to hear any credible argument about what public good or what public purpose it serves.” Source

Bank of Russia to Test International Crypto Payments With Companies – Finance Bitcoin News

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The Central Bank of Russia plans to use cryptocurrency for cross-border payments in trials with private companies, a member of its top management has revealed. The testing will be conducted under a special legal regime that’s currently under development. Russia’s Central Bank to Explore Crypto Settlements Amid Financial Sanctions The Central Bank of the Russian Federation (CBR) intends to trial international trade settlements with cryptocurrencies, the monetary authority’s First Deputy Chairman Olga Skorobogatova announced on Monday. “We are now planning, within the framework of the experimental legal regime that we…

Bank of Japan’s Kuroda Shocks Markets by Raising the Benchmark Rate to 0.5% From 0.25% – Economics Bitcoin News

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The Japanese yen is up 3.42% against the U.S. dollar on Tuesday as the Bank of Japan surprised the world by deciding to allow the benchmark interest rate to rise to 0.5% from 0.25%. The Japanese central bank was one of the only banks worldwide to hold off on raising benchmark interest rates, as policymakers have kept the government bond yield rate close to zero since 2016. Japanese Central Bank Lifts Rates for the First Time in 6 Years During the last two months, there’s been a lot of discussion…

ETH Back Above $1,200 as Bank of Japan Policy Decision Impacts Markets – Market Updates Bitcoin News

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Ethereum rose back above the $1,200 level on Tuesday, as the dollar rebounded following the latest Bank of Japan (BOJ) policy decision. The bank adjusted its yield curve control, which increased its cap on the 10-year government bond, allowing moves of up to 50 basis points (bps), up from 25 bps. Bitcoin also rose on the news, climbing closer to $17,000 Bitcoin Bitcoin (BTC) moved closer to the $17,000 level on Tuesday, as traders reacted to the latest Bank of Japan policy decision. BTC/USD surged to a peak of $16,837.65…

Nigerian Lawmakers Set to Pass Law That Diminishes Central Bank Influence on Crypto – Regulation Bitcoin News

Nigeria is expected to designate cryptocurrency as capital for investment if the country’s House of Representatives votes to approve a bill that seeks to amend the Investments and Securities Act of 2007, a report has said. A Nigerian lawmaker, Babangida Ibrahim, suggested that the Central Bank of Nigeria (CBN) is not well positioned to regulate cryptocurrencies. The CBN and SEC Feud The Nigerian House of Representatives is expected to pass a bill that seeks to give the country’s securities regulator the right to designate cryptocurrency as capital for investment, a…

Bitcoin ditches $16K dip as ‘Leeroy Jenkins’ Bank of Japan flattens dollar

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Bitcoin (BTC) recovered from an overnight dip on Dec. 20 as Japan’s central bank sparked chaos on global financial markets. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Analyst likens BoJ policy to FTX Data from Cointelegraph Markets Pro and TradingView showed BTC/USD returning to near $17,000 after falling over 3% through the course of Dec. 19. The largest cryptocurrency benefitted from the flash United States dollar weakness, this coming on the back of a surprise policy tweak from the Bank of Japan (BoJ). Long a deflationary environment with ultra-low interest…

Bank Holdups and Protests Continue to Rise in Lebanon as Depositors Demand Their Own Savings – Economics Bitcoin News

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On Dec. 17, reports detail that residents in Lebanon have been staging sit-ins and protests at banks in order to access their own savings accounts. Since the economic collapse in 2019, Lebanon’s banks froze Lebanese bank accounts, and a number of branches have remained closed indefinitely. The deprivation of wealth has caused a few impoverished Lebanese to demand their savings at gunpoint but so far, even these tactics have left most residents walking away or arrested penniless. Lebanon’s Banks Deal With Protests and Gunpoint Demands From People Who Want Their…

Bank of Canada emphasizes need for stablecoin regulation as legislation is tabled

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Staffers at the Bank of Canada released an analytic note on fiat-referenced crypto assets, otherwise known as stablecoins, Dec. 19. In addition to a review of mechanisms for creating and distributing stablecoins and a list of the potential risks and benefits they involve, the note expressed the authors’ support for further regulation of the crypto asset. The global market for fiat-referenced crypto assets increased 30-fold between the beginning of 2020 and mid-2022, reaching $161 billion in U.S. dollars. They are mainly used on crypto-trading platforms, the note states, but they…

Basel Committee Finalizes Rules for Bank Exposure to Cryptocurrency Assets – Regulation Bitcoin News

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The Basel Committee, the organization in charge of setting global bank standards, has finalized its new rules related to banks and cryptocurrency exposure. The document establishes two different crypto asset classes, including tokenized real assets and stablecoins in one, and other cryptocurrencies in another, discriminating on the collateral and quantity that banks might hold for each one. Basel Committee Defines Final Rules for Crypto Exposure As banks have stepped into the realm of cryptocurrency services, standards organizations are now defining the ways in which traditional financial institutions will be able…