Tag: Bank

Kazakhstan central bank recommends a phased CBDC rollout between 2023-25

Kazakhstan, the world’s third-largest Bitcoin (BTC) mining hub after the United States and China, found feasibility in launching its in-house central bank digital currency (CBDC), a digital tenge. The National Bank of Kazakhstan (NBK) revealed the finding following the completion of the second phase of testing.  In late October, Binance CEO Changpeng’ CZ’ Zhao announced that Kazakhstan’s CBDC would be integrated with BNB Chain, a blockchain built by the crypto exchange. The country’s primary motivation for conducting studies on CBDC was to test its potential to improve financial inclusion, promote…

National Bank of Kazakhstan Publishes Whitepaper for Digital Tenge – Finance Bitcoin News

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The central bank of Kazakhstan has completed the second phase of testing for its digital currency and published a whitepaper. The studies carried out by the regulator on its introduction did not identify significant risks for the country’s financial stability and economy. Monetary Authority of Kazakhstan Reports on Advance of Digital Tenge Pilot Project The National Bank of Kazakhstan (NBK) has announced the successful completion of the second stage of testing of the platform for its central bank digital currency (CBDC). The results of the trials and the study on…

Bank of Russia stands against free crypto investment

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The Russian central bank is ready to consider allowing cryptocurrency use within the country but only as part of a legal experiment, governor Elvira Nabiullina said. “It’s possible to consider transactions through an authorized organization in the country as part of an experimental legal regime, but that would require a relevant law,” Nabiullina stated during a press conference of Bank of Russia on Dec. 16. The Bank of Russia’s only objection has always been that crypto cannot be used as a payment instrument, Nabiullina emphasized. She added that the central…

CEO of Silvergate Bank Faces Class Action Lawsuit Over Dealing with FTX and Alameda

Plaintiff Joewy Gonzalez has filed the lawsuit on behalf of himself and others who lost money with FTX. The lawsuit accuses Silvergate Bank of transferring FTX user deposits into the bank accounts of Alameda Research. The contagion of FTX collapse has spread all across the crypto market with several other firms getting impacted in the process. Alan Lane, the CEO of Silvergate Bank, is now facing a class-action lawsuit at the California Southern District Court amid the bank’s business dealing with embattled crypto firms FTX and Alameda Research. Silvergate Bank…

Bank of Russia Moves to Safeguard Crypto Companies Against Sanctions – Regulation Bitcoin News

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The Central Bank of Russia has introduced measures to protect entities working with digital assets from sanctions pressures. These businesses will be exempted from some reporting requirements as part of a regulatory relief intended to minimize the burden on financial organizations. Russia’s Central Bank Eases Supervision of Digital Asset Platforms Amid Sanctions The Central Bank of the Russian Federation (CBR) has allowed issuers of digital financial assets (DFAs) not to disclose information sensitive in the light of sanctions risks. The exemption, valid until July 1, 2023, concerns data revealing the…

Dutch central bank says KuCoin is not licensed and ‘illegally offering services’

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The central bank of the Netherlands, De Nederlandsche Bank, has issued a warning to investors using KuCoin, saying the exchange was operating without legal registration. In a Dec. 15 announcement, the central bank said that MEK Global Limited, or MGL, which does business in the Netherlands as KuCoin, was not in compliance with the country’s Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) regulations. De Nederlandsche Bank added the crypto firm was “illegally offering services” as well as “illegally offering custodian wallets” for users. “Customers of MGL are not in…

Jewel Bank, Polygon to launch Bermuda’s first USD-backed stablecoin

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Institutions in Bermuda will soon be able to trade real-time settlements using a stablecoin with a 1:1 ratio with the United States dollar, Jewel Bank’s founder and chairman Chance Barnett told Cointelegraph.  Called Jewel USD (JUSD), the first stablecoin to be released in the territory is powered by the Polygon blockchain, enabling transactions between wallets available to institutional clients. In the future, the bank plans to use the Polygon ecosystem for commercial and retail stablecoin-based payment solutions, including transactions between institutions, businesses, and payments between individuals. “The need for a…

Crypto Trading Platform Bitcoin Group SE Acquires German Bank with Full License as Shares Surge 5%

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The acquisition of Bankhaus von der Heydt is one of many that the Bitcoin Group has carried out in the German banking sector. Bitcoin Group SE, a crypto-focused firm, may have just fully acquired a Munich-based bank, Bankhaus von der Heydt. According to a recent announcement by the firm, it reached an agreement with the bank owner Dietrich von Boetticher, to buy the bank for 14 million euros (approximately $15 million) in cash and 150,000 shares. The deal will see Bitcoin Group acquire 100% of shares in the bank, which…

Mobile Payments Outpacing Debit Cards in Argentina According to Central Bank Reports – Fintech Bitcoin News

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Mobile payments are thriving in Argentina, leaving behind other traditional payment methods, including credit and debit cards. According to the central bank’s monthly report on retail payments, this kind of payment has thrived, representing 60% of the payments operations made, while plastic-based payment media has stagnated, registering a fall in use. Mobile Payments Keep Growing in Argentina Electronic contactless payments have been thriving in several countries of Latam, given the penetration of mobile cell phones in the area. The latest monthly report on retail payments issued by the Central Bank…