Tag: Bank

India’s Central Bank RBI Publishes Digital Currency Details — Confirms Digital Rupee Pilot Launching ‘Soon’ – Regulation Bitcoin News

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India’s central bank, the Reserve Bank of India (RBI), says it will soon commence “limited pilot launches” of the country’s digital currency (digital rupee) for specific use cases. The central bank explained that “multiple technological options shall be tested and based on the outcomes, the final architecture shall be decided.” RBI Prepares to Launch Digital Rupee Pilot India’s central bank, the Reserve Bank of India (RBI), published a report titled “Concept Note on Central Bank Digital Currency” Friday. The 51-page document explains the “objectives, choices, benefits, and risks of issuing”…

India’s central bank outlines digital rupee CBDC plans

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India’s Reserve Bank outlined the pros and cons of a digital rupee as it looks to raise awareness around its CBDC project. The Reserve Bank of India (RBI) has outlined proposed features and reasoning behind its in-development central bank digital currency (CBDC) in a 51-page note published on Oct. 7. The country’s central bank is looking to raise awareness of CBDCs, which are being developed by a number of central banks around the world, and to clearly define the objectives and choices as well as potential positive and negative elements…

Brazilian Presidential Candidate ‘Lula’ Da Silva Signals Support for Central Bank of Brazil Involvement in Crypto Regulation – Regulation Bitcoin News

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The presidential candidate that obtained most of the votes in the first Brazilian ballot round, Luis Inacio Da Silva, better known as “Lula,” declared that the Central Bank of Brazil should be responsible for building a cryptocurrency law framework. Lula also stated that the impact of cryptocurrencies should be measured to avoid any adverse effects it might bring to the national economy Lula Supports Central Bank Oversight on Crypto The candidate that obtained most of the votes in the first voting round in Brazil’s presidential elections, Luis Inacio…

Canadian central bank identifies retail CBDC archetypes in theory-heavy analysis

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An analyst at the Bank of Canada has written a paper that identifies recurring patterns in CBDC models and how those patterns impact a list of performance criteria. Five patterns that recur in retail central bank digital currency (CBDC) designs were identified in a new Bank of Canada staff analytic note. The research focused on information organization and compared software rather than real or proposed CBDCs, and it examined the practical implications of its findings for retail payment systems.  The author, Sriram Darbha, called the patterns he identified “archetypes.” They…

Crypto Bank Silvergate Capital Lower as Wells Fargo Turns From Bull to Bear

Silvergate’s growth plans rely on a recovery in cryptocurrency markets or rapid stablecoin adoption, the note said, and its two main initiatives are the launch of stablecoin- and bitcoin-backed lending via its SEN Leverage platform. However, said Shaw and team, with stablecoin regulation taking longer than expected and little news on the bank’s planned launch, this initiative may prove to be a “significant drag” on profitability in the medium-term. Source

Kenyan Central Bank Rejects Deputy President Rigathi Gachagua’s Claims Country Lacks Forex to Import Oil – Africa Bitcoin News

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The Central Bank of Kenya appeared to rebuke the country’s new deputy president Rigathi Gachagua, after it rejected the latter’s claims the East African nation lacks enough foreign exchange to import oil. According to the bank, all the foreign exchange used in private transactions and for oil imports is sourced from commercial banks. Central Bank Only Sources Forex for the Government The Kenyan central bank has pushed back against remarks made by the country’s deputy president Rigathi Gachagua which implied the East African nation lacks foreign exchange reserves to import…

“We are committed to becoming a crypto bank for 7 billion people.”

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Digital banks are coming on the market – banks that allow you to open accounts, take out loans or send money in just a few minutes. But how does it work? We’ve interviewed the CEO of PointPay to figure out how your first crypto bank will try to challenge the traditional financial system. Q: Tell us about the PointPay ecosystem. What projects does it include, and what services does it provide? Who are your main clients? A: PointPay is a comprehensive service provider in the cryptocurrency market.  Launched in 2018,…

Bank of Russia Adds Digital Assets to Banking Chart of Accounts – Finance Bitcoin News

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Central Bank of Russia has introduced digital assets, including the digital version of the Russian ruble, to the recently published draft of the new banking chart of accounts. In the future, financial institutions will be able to provide data about operations with these assets. Russian Banks to Record Digital Currencies as Assets in Their Accounting Books The Central Bank of the Russian Federation (CBR) has released the draft of the updated banking chart of accounts for next year. Starting from 2023, Russian lenders will be required to account for new…