Tag: Bank

Bank of Japan to trial digital yen with three megabanks

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Despite Japan’s uncertainty on whether to issue a central bank digital currency (CBDC), the Bank of Japan (BoJ) continues experimenting with a potential digital yen. The Japanese central bank has started a collaboration with three megabanks and regional banks to conduct a CBDC issuance pilot, the local news agency Nikkei reported on Nov. 23. The pilot aims to provide demo experiments for the issuance of Japan’s national digital currency, the digital yen, starting in spring 2023. As part of the trial, the BoJ is expected to cooperate with major private…

Singapore Bank DBS Completes Fixed Income Trade on JPMorgan’s Blockchain Network Onyx

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Singapore central bank explains why Binance was on its alert list, but FTX wasn’t

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The Monetary Authority of Singapore (MAS), the country’s central bank, released a statement Nov. 21 to address “some questions and misconceptions that have arisen in the wake of the FTX.com (FTX) debacle.”  The first point MAS wanted to make was that it could not protect local users from the fallout from FTX collapse “such as by ringfencing their assets or ensuring that FTX backed its assets with reserves” because “FTX is not licensed by MAS and operates offshore. MAS has consistently warned about the dangers of dealing with unregulated entities.”…

Genesis Global Capital Has Hired Investment Bank Moelis to Explore Options Including Bankruptcy: New York Times

“In recent days, there has been chatter about intercompany loans between Genesis Global Capital and DCG,” Silbert wrote. “For those unaware, in the ordinary course of business, DCG has borrowed money from Genesis Global Capital in the same vein as hundreds of crypto investment firms. These loans were always structured on an arm’s length basis and priced at prevailing market interest rates. DCG currently has a liability to Genesis Global Capital of ~$575 million, which is due in May 2023. These loans were used to fund investment opportunities and to…

The Reserve Bank of India to launch a retail CBDC pilot in December

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Having tested the wholesale usage of its central bank digital currency (CBDC), the Reserve Bank of India (RBI) is preparing to conduct the retail pilot of the “digital rupee.” The pilot should launch within a month. According to the Economic Times of India, the RBI is in the final stage of preparing the rollout of the retail digital rupee pilot. Among the participants are the State Bank of India, Bank of Baroda, ICICI Bank, Union Bank of India, HDFC Bank, Kotak Mahindra Bank, Yes Bank and IDFC First Bank. Reportedly,…

Federal Reserve Bank President Says ‘Entire Notion of Crypto Is Nonsense’ – Regulation Bitcoin News

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The president of the Federal Reserve Bank of Minneapolis, Neel Kashkari, says crypto exchange FTX isn’t “one fraudulent company in a serious industry.” Stating that the “Entire notion of crypto is nonsense,” the Fed president claimed it is “just a tool of speculation and greater fools.” Minneapolis Fed President Neel Kashkari on Crypto and FTX Collapse Federal Reserve Bank of Minneapolis President Neel Kashkari shared his view on the collapse of cryptocurrency exchange FTX Friday. “This isn’t [a] case of one fraudulent company in a serious industry,” he tweeted, elaborating:…

US Senators Ask Bank Regulators to ‘Review’ SoFi’s Crypto Listings, Point to Dogecoin Listing

“SoFi’s digital asset activities pose significant risks to both individual investors and safety and soundness. As we saw with the crypto meltdown this summer, where crypto-assets lost over $1 trillion in value in a matter of weeks, contagion in the banking system was limited because of regulatory guardrails,” the letter said. “In the event of crypto-related exposures at SoFi Digital Assets ultimately require its parent company, bank holding company, or affiliated national bank to seek emergency liquidity or other financial assistance from the Federal Reserve or FDIC, taxpayers may be…

Brazilian Bank Itau Unibanco to Offer Cryptocurrency Custody Services in 2023 – News Bitcoin News

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Itau Unibanco, one of the biggest Brazilian banks, has announced it will offer cryptocurrency custody services in 2023. Itau Digital Assets, the cryptocurrency unit of the company, will be responsible for this offering, which will be first available to customers of the bank, and then to third parties as a service. Brazilian Bank Itau Unibanco to Debut Crypto Custody Offering Itau Unibanco, one of the largest private banks in Brazil and Latam, has decided to step into the crypto-related services business. The company announced on Nov. 17, 2022, that it…