Tag: Bank

Bank of England Analysts See Crypto Having Important Roles in the Metaverse — Discuss the Need for Regulation – Metaverse Bitcoin News

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Bank of England’s analysts say crypto assets could have important roles within the metaverse. “Widespread adoption of crypto in the metaverse … would require compliance with robust consumer protection and financial stability regulatory frameworks,” they added. Bank of England’s Analysts on the Metaverse, Crypto, and Regulation Bank of England’s economist Owen Lock and policy analyst Teresa Cascino published a blog post titled “Cryptoassets, the metaverse and systemic risk” Tuesday. “Cryptoassets could have important roles within the metaverse,” they began, cautioning: If an open and decentralized metaverse grows, existing risks from…

US Senators Warren, Sanders Ask Key Bank Regulator to Rescind Crypto Guidance

In an open letter addressed to Acting Comptroller Michael Hsu, the lawmakers said they were concerned that several interpretative letters published in 2020 and 2021 under former Acting Comptroller Brian Brooks (now CEO of crypto company Bitfury), which allowed banks to provide crypto custody services, hold stablecoin reserves and engage in other crypto-related activities, “essentially granted banks unfettered opportunity” to engage in problematic crypto activities. The interpretative letters, which also includes one published under Hsu’s tenure, did not address any of the risks tied to crypto banking activities, the lawmakers…

Reserve Bank of Australia to Pilot Digital Currency, Explore Use Cases – Finance Bitcoin News

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The monetary authority in Australia is beginning research into the potential economic benefits of issuing a central bank digital currency. Within the project, the regulator hopes to identify use cases and intends to develop a limited-scale pilot. Central Bank of Australia Working on Digital Currency Program The Reserve Bank of Australia (RBA) announced the launch of a research program to explore the benefits of issuing a central bank digital currency (CBDC) for the country’s economy. The project, expected to take about a year, will be realized together with the Digital…

Thailand Plans to Tighten Crypto Oversight, Giving Central Bank More Powers to Regulate Digital Assets – Regulation Bitcoin News

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Thailand is reportedly preparing to amend its law on digital assets to tighten the oversight of the crypto sector and empower the Thai central bank to oversee the sector. “Right now, the central bank has no room to enter into the regulatory framework except for notifying that cryptos are not a legal means of payment for goods and services,” said the Thai finance minister. Thai Central Bank Will Help Regulate Crypto Industry Thailand is reportedly planning to amend its law on digital assets to tighten the oversight of the crypto…

German crypto bank Nuri with 500K users files for insolvency

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Nuri, a German start-up crypto bank with 500,000 customers filed for insolvency on Aug. 9, citing major crypto sell-offs, insolvency of Celsius and other crypto funds earlier this year as a reason for the move.  The crypto bank said the move will “ensure the safest path forward” for all its customers, but also stressed that the insolvency will not affect its services, customer funds, investments, or the ability for customers to withdraw their assets from the platform.  Nuri filed for insolvency on Tuesday, August 9th, 2022. This does not affect…

The Reserve Bank of Australia to explore use cases for CBDC

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The Reserve Bank of Australia weighs in the central bank digital currencies (CBDCs) race to explore use cases for a CBDC in the country. It will collaborate with the Digital Finance Cooperative Research Centre (DFCRC) on a respective research project.  As stated in an announcement from Aug. 9, the joint project of the Reserve Bank and DFCRC will focus on “innovative use cases and business models” that could be supported by the issuance of a CBDC. The technological, legal and regulatory considerations will also be assessed in the project’s course.…

BitMEX former executive pleads guilty to violating the Bank Secrecy Act

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Another top executive joins three co-founders of the crypto exchange BitMEX, pleading guilty in the United States District Court for the Southern District of New York. The court case under the headline U.S. v. Hayes et al. goes on for two years, with BitMEX management being indicted for violating the U.S. Bank Secrecy Act.  According to the Wall Street Journal, on Monday, a one-time head of business development at BitMEX, Gregory Dwyer, admitted his guilt in violating the Bank Secrecy Act in court. As part of a plea deal, Dwyer…

World Bank Says Politicians Are to Blame for the ‘Deliberate Depression’ – Bitcoin News

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Deliberately insufficient policy responses by successive Lebanese governments combined with the self-serving agreements by politicians are largely to blame for the country’s economic crisis, a report by the World Bank has said. The report concludes that the country needs to seriously engage “in the macro-fiscal, financial, and sector reforms the World Bank has been stressing for decades.” Politicians Defending ‘a Bankrupt Economic System’ In its latest report on Lebanon’s economic situation, the World Bank asserts that the Middle East country’s ongoing economic crisis is the product of “deliberately inadequate policy…