Domestic companies like Terra circumvented the ban by issuing new digital tokens through corporations established overseas and listing those tokens on local exchanges, the central bank said in its report accompanying the Korean translation of the European Union’s Markets in Crypto Assets (MiCA) regulation. Source
The Central Bank of Nigeria has said it is slashing transaction fees for the e-naira platform by 50% — a move which the bank claims will increase the volume of transactions on the central bank digital currency (CBDC) platform. The central bank also believes that wider adoption of the CBDC will bolster Nigeria’s cross-border trade volumes. Boosting E-Commerce Transaction Volumes In yet another move aimed at boosting the embrace and adoption of the e-naira central bank digital currency (CBDC), the Central bank of Nigeria (CBN) reportedly said it will slash…
The Banco Central do Brasil chose seven other projects as part of the Financial and Technological Innovation and Technology Laboratory. Source
The South Korean central bank has indicated that initial coin offerings (ICOs) will be allowed under the Digital Assets Framework Act, according to a local news report. That comprehensive legislation is expected to be introduced in 2023 and implemented the following year. The Bank of Korea (BOK) discussed ICOs in comments to a Korean translation of the European Union’s Markets in Crypto-Assets (MiCA) legislation released Monday. The BOK stated that the MiCA regulatory package protected users and investors without hindering innovation. “A balanced approach is needed to foster a sound…
Itau Unibanco, one of the biggest bank conglomerates in Brazil, has been selected by the country’s central bank to develop a system with a stablecoin pegged to the value of the Brazilian real. Itau’s system was one of the eight proposals selected by the Central Bank of Brazil as part of LIFT Lab, an annual initiative focused on financial innovation. Itau Unibanco to Develop Digital Real Stablecoin The Central Bank of Brazil is advancing in its pilot program for the launch of its central bank digital currency (CBDC),…
According to Menon, while the digital asset ecosystem uses blockchain, distributed ledger technology and tokenization to allow “anything of value to be represented in digital form, and to be stored and exchanged on a ledger that keeps an immutable record of all transactions” cryptocurrencies are just “heavily speculated upon” while their prices “have nothing to do with any underlying economic value.” Source
An increasing number of financial and crypto pyramids targeting Russian investors have been opening physical offices in the country. The Central Bank of Russia has recently expressed concern over the trend which is seen as an indication that the fraudsters expect growing demand. Russian Crypto Scams Launch Offices to Lure More Investors In-person, Bank of Russia Says Financial pyramids and illegal forex dealers in Russia, many of which now specialize in offering crypto investment and settlement opportunities, are moving offline, the daily Izvestia reported quoting the Central Bank of the…
The Central Bank of Russia has relaxed some limitations for Russian banks selling U.S. dollars and euros to the public. The increased supply of foreign cash may affect the crypto market in the country as currency restrictions have been a driver of increased demand for digital coins. Monetary Authority of Russia Expands Citizens’ Access to Foreign Cash The Central Bank of the Russian Federation (CBR) has lifted one of the restrictions on the sale of U.S. dollars and euros in cash to private individuals imposed amid Western sanctions over the…
CryptoX – Cryptocurrency Analysis and News Portal Last month, MAS had asked some digital asset companies for their business related data, including top tokens owned, top lending and borrowing counterparties, amount loaned, and top tokens staked via decentralized finance protocols, according to the report. Original Source The post Singapore’s Central Bank Asks Crypto Firms to Submit Business Data: Report appeared first on CryptoX. CryptoX Portal
Last month, MAS had asked some digital asset companies for their business related data, including top tokens owned, top lending and borrowing counterparties, amount loaned, and top tokens staked via decentralized finance protocols, according to the report. Source