Tag: Bank

Bank of Russia Says Stablecoins Are Not Suitable for Settlements – Finance Bitcoin News

boss

The Central Bank of Russia has spoken out against stablecoins, which it says are highly risky and not fit for payments. The monetary authority reacted to a statement by a top finance ministry official who suggested that his department would support the development of Russian stablecoins. Russia’s Central Bank Voices Opposition to Stablecoins Unlike the Ministry of Finance, the Central Bank of Russia (CBR) believes stablecoins are not intended for settlements, either within the country or abroad. The monetary authority said that the issuance and use of private stablecoins is…

State-Owned Swiss Bank Postfinance to Offer Clients Direct Access to Crypto Market – Featured Bitcoin News

boss

Swiss post office’s banking unit, the state-owned Postfinance, is reportedly preparing to enter the crypto market. “Our clients want direct access to this market through their house bank.” Swiss Post Office’s Banking Arm to Enter Crypto Market The banking and financial services arm of Swiss Post, the state-owned enterprise responsible for Switzerland’s postal and other essential public infrastructure services, is reportedly planning to offer its customers direct access to cryptocurrencies. The Swiss parliament established Postfinance’s predecessor in 1906 to provide payment services to retail customers. Postfinance operated as a division…

China’s central bank to expand deployment of e-CNY

boss

According to China’s state institution Xinhua News Agency, Lan Zou, head of monetary policy at the People’s Bank of China (PBoC), announced that the country would be expanding the number of digital yuan (e-CNY) test sites in the country from 11 to 23. They are spread out across 15 out of 31 of China’s provinces and autonomous regions. The PBoC is China’s central bank and is responsible for the development of the e-CNY central bank digital currency, or CBDC. During Wednesday’s press conference, Zou praised the success of the recent…

US Treasury study finds CBDCs a plus for commercial bank stability

boss

The introduction of a central bank digital currency (CBDC) may increase the stability of a banking system, according to a paper released Tuesday by the United States Treasury Office of Financial Research.  This finding counters concerns that a CBDC may encourage runs on weaker banks. According to the July 12 paper, researchers often claim that the public may in times of financial stress “pull funds out of banks and other financial institutions” meaning that a “CBDC could make runs on financial firms more likely or more severe.” The authors however…

French central bank head announces beginning of wholesale digital euro project phase 2

boss

The first phase of experiments with a wholesale digital euro has been completed, and phase two experiments will begin this year, Banque de France governor François Villeroy de Galhau said Tuesday. Four or five new experiments are expected to be launched.  Speaking at the Paris Europlace International Finance Forum, the French central banker summed up the European Union’s achievements in crypto-asset regulation under the French presidency, mentioning Transfer Fund Regulation (Travel Rule) and Markets in Crypto-Assets (MiCA), specifically. The Eurosystem is looking at the scope and design of a digital…

Sri Lanka central bank reiterates crypto warning following protestors seizing president’s residence

boss

Amid economic and political turmoil, the Central Bank of Sri Lanka, or CBSL, has warned the public against crypto purchases due to the lack of regulatory oversight. In a Tuesday notice, the CBSL said it has not authorized or licensed any company in Sri Lanka to offer crypto-related services, including exchanges, initial coin offerings and mining. The central bank said the warning was in response to “recent developments in relation to virtual currency usage,” likely referring to the market downturn and significant volatility in the prices of cryptocurrencies like Bitcoin…

Bank of Russia opposes private stablecoins in the country

boss

In a fresh episode of the longstanding battle between the Central Bank of Russia (CBR) and the country’s Ministry of Finance, representatives of the former have criticized the latter’s idea of supporting the stablecoins, which some private investors have sought to launch in the country.  According to local media, an unnamed representative of the central bank dismissed talk of Russia-based stablecoins, started last week by the Ministry of Finance’s director of financial policy department Ivan Chebeskov. Back then, Chebeskov voiced his ministry’s support for creating stablecoins tied to assets like “the ruble, gold,…