Tag: Bank

Uruguay’s Executive Branch Proposes Crypto Bill for Central Bank to Regulate Virtual Assets

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New regulatory bill grants Uruguayan Central Bank control over the nation’s crypto industry

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The Uruguayan government has introduced legislation to the parliament that accelerates the regulation of the crypto space in the country and establishes the central bank as the regulatory authority. Introduced on Sept 5, the bill strives to clarify the country’s regulatory framework for cryptocurrency assets, stating that all companies that provide digital asset-related services, including initial coin offerings (ICOs) are under the supervision of the Superintendency of Financial Services (SSF), a central bank entity. Cryptocurrency exchanges, custody services and any financial services relating to these digital assets should also adhere to…

Ethiopian Central Bank Restricts Amount of Cash Travelers Can Hold, Sets Foreign Currency Conditions – Africa Bitcoin News

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According to the National Bank of Ethiopia’s directive, which became effective on September 5, persons entering and departing the country in possession of local currency are now subject to new restrictions. Individuals may not hold local currency whose value exceeds $57.00 or 3,000 birr. The directive also sets conditions and circumstances under which Ethiopian residents and non-residents may possess and use foreign currency. Converting All Foreign Currency at Authorized Forex Bureaus The Ethiopian central bank recently issued a directive which sets a limit on the amount of the birr that…

Indian Authorities Unfreeze Wazirx’s Bank Accounts, the Crypto Exchange Says – Exchanges Bitcoin News

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India’s Enforcement Directorate (ED) has unfrozen the bank accounts of cryptocurrency exchange Wazirx, the company said. The accounts were frozen as part of the federal agency’s investigation into 16 fintech companies and instant loan apps. Wazirx Says Its Bank Accounts Are Now Unfrozen Indian cryptocurrency exchange Wazirx said Monday that the Enforcement Directorate (ED), the law enforcement and economic intelligence agency of the government of India, has unfrozen its bank accounts. The company explained that the ED has been investigating 16 fintech companies and instant loan apps. While emphasizing that…

Abra announces plans for US bank supporting digital assets

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Cryptocurrency trading platform Abra said it was “in the process of” establishing a United States-based state-chartered bank allowing clients to deposit digital assets. In a Monday announcement, Abra said the bank, named Abra Bank, would be regulated to operate within the U.S. and give customers the ability to use digital assets in seemingly the same way as fiat at traditional banks. The company also planned to launch Abra International, a digital asset-focused business based outside the U.S. “The best way to become the default Web3 wallet and crypto bank for…

SEBA Bank To Include Ethereum Staking In Services

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SEBA Bank is a renowned digital currency company that acts as a bridge between conventional currencies and digital currencies, like Ethereum. It’s committed to offering its customers and clients a secure and seamless trading experience. Like regular banks, SEBA Bank allows investors and traders to perform transactions based on cryptocurrencies and traditional currencies. While these services seem good enough for its customers and clients, the company saw a need for operational expansion. To this effect, the firm has included Ethereum staking as part of its services. SEBA Bank Includes ETH…

Actualización de Ethereum puede generar mayor adopción institucional de ether, según Bank of America

Por su parte, un protocolo de seguro descentralizado, como Nexus Mutual, necesita generar rendimiento en sus reservas para poder convertirse en una alternativa viable a las compañías de seguros tradicionales, manifestó el banco. Las compañías de seguros suelen invertir sus reservas en deuda corporativa y pública, pero es difícil encontrar instrumentos con características de riesgo y compensación similares en el ecosistema de activos digitales. Consideran que el staking de Ethereum podría ser la alternativa más cercana. Source

Bank of America Says the Ethereum Blockchain’s Upgrade May Lead to Greater Institutional Adoption of Ether

A decentralized insurance protocol such as Nexus Mutual needs to generate a return on its reserves to allow it to become a feasible alternative to traditional insurance companies, the bank said. Insurance companies normally invest their reserves in corporate and government debt, but instruments with similar risk and reward characteristics are difficult to find in the digital asset ecosystem. Staking on Ethereum may be the closest alternative, it added. Source link