Last week, the Financial Stability Oversight Council (FSOC), of which Yellen is a member along with Federal Reserve Board Chair Jerome Powell, among others, published a report asking Congress to step in to provide guidance on what should be the limits of securities regulation. Source
“Last week, the Federal Reserve told a federal judge that keeping custody of digital assets, like Bitcoin, posed a ‘novel, precedent-setting risk.’ This week, the Fed allowed BNY Mellon to do the exact same thing. So it has one rule for innovators like Custodia Bank, and another for the nation’s oldest bank,” said Nathan Miller, a spokesperson for Custodia Bank, in an email to CoinDesk. “After waiting more than 24 months, we are seeking nothing more than fair and equal treatment.” Source
The largest CBDC pilot in the world is going to expand on citizen payments and cross-border operations with Hong Kong. China’s central bank digital currency (CBDC) project has reached the mark of 100.04 billion yuan (close to $14 billion) of made transactions during its pilot phase. It makes digital yuan, the e-CNY, the most widely adopted CBDC in the world. As the Bank of China reported in the post on its official WeChat page on Oct. 10, by the end of the summer, the number of transactions made in 15…
Blockchain.com becomes the second crypto exchange in two days to receive preliminary approval to provide crypto services within the growing crypto hub. Crypto exchange Blockchain.com has become the latest crypto company to secure preliminary approval from Singapore’s central bank to provide Digital Payment Token services in the city-state. Blockchain.com’s regulatory approval follows hot on the heels of Coinbase, which revealed it had received the same “in-principle” approval from the Monetary Authority of Singapore (MAS) on Oct. 11. If officially approved, Blockchain.com would join the likes of already licensed companies forDigital Payment…
The head of the Wyoming-based bank was taken aback when BNY Mellon was approved to provide crypto custody services; her bank’s master account application is still not processed. Custodia Bank founder Caitlin Long had a strong reaction to the news that BNY Mellon has launched a digital custody platform for Ether (ETH) and Bitcoin (BTC) holdings. Speaking at DC FinTech Week on Oct. 11, she made a comparison between the Federal Reserve’s actions and policies. BNY Mellon is the first large United States bank to offer the custody of digital assets…
Harare Institute of Technology, a Zimbabwean higher learning institution, is reportedly developing a central bank digital currency (CBDC). Quinton Kanhukamwe, the institution’s vice chancellor, said the digital currency is expected to help eliminate vices such as currency manipulation and unsanctioned foreign exchange deals. Eliminating Illegal Foreign Exchange Deals A Zimbabwean tertiary learning institution, the Harare Institute of Technology (HIT) is developing a central bank digital currency (CBDC), the organization’s vice chancellor Quinton Kanhukamwe has said. According to Kanhukamwe, the envisaged CBDC is expected to help eliminate vices such as currency…
America’s oldest bank, the Bank of New York Mellon Corporation, commonly known as BNY Mellon, has announced the financial institution can now custody cryptocurrencies. A report published by the Wall Street Journal on Tuesday, says BNY Mellon was approved by the New York State Department of Financial Services (DFS), and the bank said it was the first of eight financial heavyweights to start crypto asset custody services. BNY Mellon to Start Custody Services for Bitcoin and Ethereum on Behalf of Its Customers Last fall, New York’s financial regulator DFS gave…
The bank will store private keys and provide bookkeeping services equivalent to those offered to fund managers in traditional assets. BNY Mellon launched a digital custody platform to safeguard select clients’ Ether (ETH) and Bitcoin (BTC) holdings on Oct. 11, making America’s oldest bank the first large bank in the country to offer the custody of digital assets and traditional investments on the same platform. According to a statement, the bank will store private keys to access the funds and provide the same bookkeeping services offered to fund managers in…
The funding will be used in new banking technologies, including a collaboration with Mastercard and Visa for crypto transactions. In another round of investments in the crypto space, Singapore-based crypto bank MinePlex has secured $100 million from digital asset investment firm GEM Digital Limited (GEM), aimed at closing the gap between digital assets and traditional banking. According to an Oct. 11 announcement, MinePlex will use the funding to develop new banking technologies, including a collaboration with Mastercard and Visa for transactions accepting Tether (USDT), Bitcoin (BTC), Ether (ETH) and TRON (TRX).…
After the British pound sterling tapped an all-time low against the U.S. dollar on September 26, the Bank of England (BOE) said it would halt its monetary tightening policy and start buying long-dated bonds again. Approximately two weeks later, the BOE detailed on Monday that it was doubling the size of its debt buy-backs by purchasing large sums of gilt-edged securities (bonds). BOE to Double Bond Purchases, UK Central Bank Adds New Temporary and Permanent Repo Programs to Enhance Liquidity 16 days ago, the British pound sterling reached a lifetime…