Tag: Bank

Kenya Central Bank Orders Financial Institutions to Stop Dealing With Two Nigerian Fintechs – Regulation Bitcoin News

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In a letter addressed to the CEOs of financial institutions, the Central Bank of Kenya (CBK) has said financial institutions operating in the country must cease and desist from dealing with two Nigerian fintechs, Flutterwave and Chipper Cash. The letter reiterates the CBK governor Patrick Njoroge and the Asset Recovery Agency (ARA)’s assertions that the two companies are not licensed to operate in Kenya. Flutterwave and Chipper’s Clash With the CBK The Central Bank of Kenya (CBK) has ordered financial institutions in the country to cease and desist from dealing…

Central Bank of Uruguay Summons to Binance Due to Its Savings Focused Cryptocurrency Products – Regulation Bitcoin News

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The Central Bank of Uruguay has issued a summon to Binance, one of the biggest exchanges in the world, due to the series of crypto-based savings products they are offering in the country. These savings products, according to the bank, can only be made through verified banking institutions or by companies that issue equity in the national stock market. Uruguay still has no cryptocurrency-specific regulation. Central Bank of Uruguay to Scrutinize Binance Savings Products Cryptocurrency savings products are in the spotlight of several regulators of countries all over…

Nigerian Currency Plunges to New All Time Low — Central Bank Blames Speculators – Economics Bitcoin News

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The Nigerian central bank has accused currency speculators of being behind the local currency’s recent plunge to a new all-time low of N710 against the greenback. The leader of a Nigerian association of bureau de change operators insisted crypto trading may be to blame for the naira’s recent plunge in value. Nigerians Converting to USD According to local reports, the parallel market exchange rate of the Nigerian currency against the greenback recently plunged to a new low of N710 per dollar. The currency’s rapid depreciation is reportedly being fueled by…

IMF Warns Kenyan Central Bank Against Introducing a CBDC That Harms Fintechs and Banks – Emerging Markets Bitcoin News

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The global lending institution, the International Monetary Fund (IMF) has told the Kenyan central bank that its proposed digital shilling must “do no harm” to existing private sector digital money. The lender insisted the proposed central bank digital currency (CBDC) must “not stifle such welcome digitalisation developments by taking away customers of banks and other digital finance providers.” Keeping Payment System Open and Competitive The International Monetary Fund (IMF) has reportedly said the Kenyan central bank’s proposed digital currency should complement and not threaten the existing private sector digital money.…

BTC Surges by $2,000, Climbing Above $23,000 as Fed Hikes Bank Rate – Market Updates Bitcoin News

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Crypto prices surged in today’s session, as markets continued to react to the Federal Reserve’s latest interest rate hike. The Fed opted to raise rates by 75 basis points (bps) for a second consecutive meeting. Bitcoin briefly rose above the $23K mark earlier in the day, with ethereum rallying to a fresh six-week high over the $1,600 mark. Bitcoin Bitcoin (BTC) was trading higher on Thursday, as prices rose following the latest interest rate hike from the Federal Reserve. The move by the bank to boost the federal funds rate…

Fed Hikes Benchmark Bank Rate by 75 bps, Elizabeth Warren Says Central Bank Could ‘Trigger a Devastating Recession’ – Economics Bitcoin News

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On Wednesday, the U.S. Federal Reserve raised the federal funds rate by 75 basis points (bps) in order to tame inflation and stabilize the American economy. The recent rate hike is the U.S. central bank’s third rate increase after increasing the benchmark rate by 50 bps last March. Fed Hikes Rate by 75 bps for a Second Time in a Row to Tame Inflation, Central Bank Says ‘Inflation Remains Elevated’ With inflation scorching hot in America, the U.S. Federal Reserve has raised the federal funds rate once again, increasing it…

Japanese Bank SMBC to Foray Into NFT and Web3 Markets – News Bitcoin News

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The Sumitomo Mitsui Banking Corporation (SMBC), the second largest of the three biggest banks in Japan, has announced it is planning to expand into digital asset businesses, including non-fungible tokens (NFTs) and Web3 platforms. The company will partner with Hashport, a group that offers tokenization and listing services in Japan, to launch a token business lab to experiment with these new technologies. Second Biggest Japanese Bank to Introduce Token and NFT Services Many traditional banking companies around the world are now considering entering the crypto and digital assets business. SMBC,…

Economists Say Fed Could Shrink Balance Sheet in 2023, Critics Insist Central Bank Hasn’t Reduced QE at All – Economics Bitcoin News

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With inflation soaring in the U.S., economists from monetary policy analytics and forecasting firm LH Meyer say the U.S. Federal Reserve could stop shrinking its balance sheet earlier than expected. However, critics have said the U.S. central bank hasn’t really shrunk the Fed’s balance at all, and the entity has been accused of keeping quantitative easing (QE) practices persistent by continuing to purchase long-term securities from the market. Forecasting Firm LH Meyer Predicts Fed Will Shrink the Balance Sheet Earlier Than Expected, While the Central Bank’s Reductions Remain Contested U.S.…

Moelis Investment Bank Launches Blockchain Firm for Crypto Venture Deals

Moelis & Co, an investment bank founded by billionaire Ken Moelis, announced Monday to launch a global group focusing on venture deals in the blockchain and digital asset industry. The investment bank, led by former UBS dealmaker and billionaire Ken Moelis, has created a new team of dealmakers who will work on transactions with cryptocurrency and blockchain firms. The new team will be headed up by John Momtazee, Moelis’ co-founder and global head of media investment banking. The New York-based investment bank has also hired longtime venture investor Lou Kerner…