Tag: Bank

Swiss National Bank Chair Flags Crypto Risks, Calls Bitcoin and Ether a ‘Niche Phenomenon’

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Swiss National Bank (SNB) Chairman Martin Schlegel has cautioned about cryptocurrencies like bitcoin and ether, describing them as volatile and energy-intensive, and highlighting links to illegal activities that complicate regulation. Speaking at an event hosted by Aargauische Kantonalbank in Brugg, Switzerland, Schlegel noted that, while virtual currencies have seen significant growth, they remain a “niche […] Original

Bitcoin remains ‘niche phenomenon,’ Swiss central bank says

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Despite the substantial growth of crypto prices in recent years, Switzerland remains wary of virtual currencies, said Swiss National Bank Chairman Martin Schlegel. The Swiss National Bank remains cautious about crypto as Chairman Martin Schlegel stressed on Thursday, Nov. 7, that physical cash would continue to play a key role in the country’s payment landscape, Reuters reports. While cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have grown “enormously in recent years,” they still remain a “niche phenomenon,” Schlegel said. While he refrained from forecasting the future of the crypto market…

Pakistan proposes new crypto framework to central bank rules

The State Bank of Pakistan has proposed a legal framework to recognize digital assets, including cryptocurrency, as official forms of currency. If approved, the plan would allow the SBP to issue a digital currency, potentially leading to a central bank digital currency for Pakistan. The SBP proposed amendments to the State Bank of Pakistan Act, signaling a shift in the country’s approach to digital currencies, according to the Tribune.  The proposal would make it legal for digital currencies, like Bitcoin (BTC), to be used as legal tender — a considerable…

Deutsche Telekom arm partners with Germany’s oldest bank for renewable Bitcoin mining trial

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Deutsche Telekom’s MMS and Bankhaus Metzler are piloting Bitcoin mining to tap surplus renewable energy and stabilize Germany’s grid. Deutsche Telekom subsidiary MMS and Bankhaus Metzler, Germany‘s second oldest bank, have launched a pilot project to explore the use of surplus renewable energy for Bitcoin (BTC) mining, aiming to gather field data that could help stabilize Germany’s energy grid. In a Monday press release on Nov. 4, Deutsche Telekom said that the project will be powered by electricity from “renewable energy sources, which would otherwise remain unused due to insufficient…

JPMorgan Chase Paying $100,000,000 To Customers As Bank Settles Wave of Allegations From U.S. Securities and Exchange Commission

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JPMorgan Chase is handing $100 million to customers after settling a wave of allegations from the U.S. Securities and Exchange Commission. The bank is settling five separate cases with the agency and will pay an additional $51 million to regulators, for a total of $151 million. The alleged violations include misleading disclosures, breaches of fiduciary duty and prohibited trades. Customers who invested in the bank’s “Conduit” products will receive $90 million from the bank directly, and the bank will pay an additional $10 million to a civil fund that will also…

Brazilian Central Bank Considers Taxing Stablecoin Remittances

The stablecoin boom in Brazil has caught the attention of the central bank, which is currently exploring several ways to tax stablecoin remittances, including issuing a special license for crypto exchanges that provide these services. Central Bank of Brazil Explores Tax on Stablecoin-Based International Transactions, but There’s a Catch The Central Bank of Brazil is […] Source CryptoX Portal