“In the challenge, for the first time, we allow the financial industry from Israel and abroad and a wide variety of stakeholders in the payments system to cooperate with us in a practical way in thinking, planning and designing the digital shekel,” said Andrew Abir, deputy governor of the Bank of Israel. Source
The South African Reserve Bank has reportedly decided not to unveil the findings of the initial phase of its central bank digital currency feasibility study. Instead, the central bank said it is currently focused on the second phase of the study and will release a report once it is satisfied with the progress made in […] Source CryptoX Portal
The London-based digital bank Kroo has barred its clients from engaging in cryptocurrency transactions, joining other U.K.-based banks in this decision. The bank cites the increasing cases of online fraud incidents involving cryptocurrencies as the reason for this move. Kroo to Decline Cryptocurrency-Related Bank Transfer Requests London-based digital bank Kroo has barred its customers from […] Source CryptoX Portal
The surge in Russian traffic to global cryptocurrency exchange platforms in the last two quarters has prompted officials to issue a warning about the risk of Western sanctions. According to a central bank study, Russian traffic to some of the largest crypto exchanges increased by 16.4%, reaching 104.6 million visits. Russian Share of Global Traffic […] Source
UBS has raised its gold price forecast following a record surge in gold prices, driven by anticipated Federal Reserve rate cuts and a weakening U.S. dollar. The main factors behind the investment bank’s upgraded gold price prediction include softer U.S. economic data, increased central bank demand, and ongoing geopolitical uncertainties. UBS Revises Gold Price Prediction […] Source CryptoX Portal
Former Heartland Tri-State Bank CEO Shan Hanes pleaded guilty on Thursday to embezzling $47.1 million for personal cryptocurrency purchases, leading to the bank’s collapse. From May to July 2023, Hanes executed at least 10 wire transfers from the Elkhart-based bank to cryptocurrency accounts. The bank’s failure resulted in a total loss of equity for investors. […] Source CryptoX Portal
The Reserve Bank of India (RBI)’s May 2024 bulletin warns retail investors that “the crypto ecosystem lacks accountability and stability and is marked by regulatory ambiguity.” The Indian central bank also cautioned that some cryptocurrency systems may be “prone to crisis without safeguards.” RBI Bulletin’s Crypto and Defi Warnings India’s central bank, the Reserve Bank […] Source CryptoX Portal
The Central Bank of Brazil outlined its crypto regulation calendar, defining a three-phase process for finalizing these tasks in 2024. The bank aims to consult market actors regarding VASPs, establish plans to regulate stablecoins and finalize the rules to welcome VASPs into the country later this year. Central Bank of Brazil to Finalize VASPs and […] Source CryptoX Portal
Following the policymaker’s survey, U.S. Representative Thomas Massie (R-Ky.) announced the introduction of H.R. 8421, known as the “Federal Reserve Board Abolition Act.” This legislation aims to dismantle the Board of Governors of the Federal Reserve and close its branches across the continental United States. Federal Reserve Board Abolition Act Resurfaces Two days ago, Massie, […] Source CryptoX Portal
Bank of America said it was upgrading the stock for a number of reasons, including the positive macro backdrop that has helped the cryptocurrency markets and trading volumes, analysts led by Mark McLaughlin wrote. The note also said the exchange’s expense discipline and increased diversification should also help its earnings. Source