The providers will be allowed to operate with virtual assets approved by the BCC, the resolution said, without disclosing further details. It did clarify that virtual assets “do not include digital representations of fiat currency, securities and other financial assets widely used in traditional banking and financial systems, which are regulated in other provisions of the Central Bank of Cuba.” Source
Standard Chartered Bank has become the latest major bank to enter the metaverse. The bank has acquired “virtual land at The Sandbox metaverse’s Mega City district, a culture hub based on or inspired by Hong Kong talents.” Standard Chartered Bank Forays Into the Metaverse Standard Chartered Bank announced Tuesday that its subsidiary, Standard Chartered Bank (Hong Kong) Ltd. (SCBHK), has partnered with The Sandbox, a popular blockchain virtual gaming platform, “to create [a] metaverse experience.” Standard Chartered is a leading global bank with 85,000 employees serving customers in close to…
Russia’s monetary authority intends to conduct the first settlements with the digital ruble next year, its governor announced this week. Speaking to Russian lawmakers, the official highlighted the important role the new currency is going to play for Russia under sanctions. Russia to Trial Digital Ruble in Settlements, International Payments The full launch of the digital ruble, Russia’s central bank digital currency (CBDC), should take place before 2030, according to the approved Financial Market Development Strategy of the Ministry of Finance. However, the Central Bank of Russia (CBR) plans to…
The central bank of Ukraine has introduced additional restrictions on international transactions that will prevent Ukrainians from buying crypto assets abroad with the national fiat. The measures are intended to reduce capital outflow amid an ongoing military conflict with Russia. Ukraine Citizens Not Allowed to Buy Crypto Abroad From Local Currency Accounts The National Bank of Ukraine (NBU) has issued a notice detailing the introduction of certain restrictions on cross-border transactions that private individuals can make. The move aims to curb the “unproductive outflow of capital from the country under…
CryptoX – Cryptocurrency Analysis and News Portal The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period.…
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase…
The Bank of England’s regulatory arm has raised its budget by $31.6 million (£24.3 million) for the coming financial year saying that costs have increased due to its growing responsibilities and preparations for “emerging risks in the financial system”. According to the latest business plan released on Wednesday April 20 by the Prudential Regulation Authority (PRA) its budget for the 2022/23 financial year is £320.9 million ($418 million), an 8.2% increase from last year. The PRA Chief Executive Sam Woods outlined its plan for the year ahead saying it was:…
A study from the Bank of Canada found that Bitcoiners on average have lower financial literacy than those who don’t own Bitcoin (BTC). The study was compiled from four years of annual surveys from 2016 to 2020, with the sample sizes ranging anywhere from 1,987 to 3,893 respondents. The Bank of Canada’s full study is titled “Bitcoin Awareness, Ownership and Use: 2016-20” and was published on April 19. A key conclusion from the study was that: “Bitcoin owners displayed greater knowledge about the Bitcoin network than nonowners, yet they scored…
The Brazilian Development Bank (BNDES) has partnered with the Court of Accounts of the Union (TCU), a constitutional institution of the Brazilian government, to complete the development of the Brazilian Blockchain Network. The partnership, established through a memorandum of understanding, establishes a deadline for the completion of the project, which should be finished in five years. Brazilian Blockchain Network Development Powered by a New Partnership New details are available on the development of the Brazilian Blockchain Network, a common rail that will be used as a base for…
On Tuesday, Silvergate Bank, a crypto-fiat gateway network designed for financial institutions, announced its results for the first quarter of 2022. During this period, its revenue and net income grew by 93% and 94% year-over-year, respectively, to $59.9 million and $24.7 million. The company is most notable for its Silvergate Exchange Network, or SEN, which facilitates U.S. dollar and euro transfers between cryptocurrency exchanges and institutional investors. Despite its growth, however, institutional interest in crypto took a significant hit in Q1 due to the ongoing bear market. As told by…