Tag: Bank

KB Bank to launch South Korea’s first crypto investment fund

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Kookmin Bank is preparing to become the first bank in South Korea to offer crypto investment products to retail investors.  KB announced on Feb. 21 that it had formed a Digital Asset Management Preparatory Committee to determine product and strategy capabilities regarding digital assets and artificial intelligence investment funds. The bank expects to launch crypto exchange-traded funds (ETFs) and futures products. The committee will also assess risk and compliance issues for the investment funds. The plans were confirmed by KB’s Head of Index Quant Management Honggun Kim in the official release…

Russian Finance Ministry to Draft 2 Crypto Laws as Central Bank Prepares Own Bills – Regulation Bitcoin News

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The Russian Ministry of Finance has proposed the adoption of two pieces of legislation aimed at regulating cryptocurrencies. The drafts will be presented for public discussions expected to continue until March 18. Media reports have revealed that Bank of Russia has been working on alternative bills. Russian Ministry of Finance to Open Consultations on New Crypto Legislation Russia’s finance ministry has started drafting two new bills to comprehensively regulate cryptocurrencies and related activities in the country. The treasury department proposes a new law “On Digital Currency” and a bill to…

Bank of Spain Approves Its First VASP License – Bitcoin News

The Bank of Spain, the central bank of the country, has recognized the first cryptocurrency platform that will be able to operate and provide officially approved services in the country. The first exchange to receive this approval was Bit2me, which is now approved to act as a virtual asset service provider (VASP). While this is the first platform approved, others will have to complete the lengthy process established in the law to serve Spanish users. Spain Starts Licensing VASPs The Bank of Spain approved the first platform to act officially…

Binance exec to lead crypto expert center by Russian bank association

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Amid Binance halting its services in countries like Israel over licensing matters, the world’s largest cryptocurrency exchange by trading volume continues strengthening relations with Russia. Binance announced Thursday its entry into the Association of Banks of Russia, aiming to facilitate dialogue with local authorities, lawmakers and experts in the cryptocurrency industry. Founded in 1990, the association includes over 300 banks and financial institutions in Russia, covering nearly 90% of the country’s banking infrastructure. The association’s council has approved Binance’s membership in the association, launching a dedicated expert center for digital…

Banning Crypto Is Like Banning Internet in Russia, Finance Minister Says Amid Differences With Central Bank – Regulation Bitcoin News

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It’s impossible to ban cryptocurrencies in Russia, the country’s minister of finance has stated in his first comments on his department’s latest disagreements with the Russian monetary authority. The two institutions are reportedly failing to reach consensus on crypto regulation but the treasury intends to submit draft legislation despite their differences. Disagreements on Future of Cryptocurrencies Persist Between Finance Ministry and Bank of Russia A meeting between the Central Bank of Russia (CBR) Governor Elvira Nabiullina, Russian Finance Minister Anton Siluanov, and Deputy Prime Minister Dmitry Grigorenko — devoted to…

PBOC Reveals Central Bank Digital Currency Usage at Beijing Winter Olympics — 2 Million Digital Yuan per Day – Bitcoin News

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The People’s Bank of China (PBOC), the Chinese central bank, has revealed how its central bank digital currency (CBDC) is being used at the Beijing Winter Olympics. A top PBOC official says, “It seems all the foreign users are using hardware wallets.” Digital Yuan’s Latest Trial A top official from the Chinese central bank, the People’s Bank of China (PBOC), provided an update of the latest trial of the Chinese central bank digital currency (CBDC) during a webinar arranged by the Atlantic Council Tuesday. The digital yuan, or e-CNY, is…

Bank of Russia Reports First Successful Digital Ruble Transfers Between Users – Finance Bitcoin News

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Testing of the digital ruble has started in Russia with the country’s central bank announcing the first complete transactions between individual wallets. The monetary authority, a staunch opponent of cryptocurrencies, says its digital currency will create new opportunities for citizens, businesses, and the Russian state. Digital Ruble Transactions Carried Out by Commercial Banks and Bank of Russia The Central Bank of the Russian Federation (CBR) and participating financial institutions have begun testing the digitalized national fiat currency. The trials have been launched after a prototype of the digital ruble platform…

Bank of Russia Proceeds With Digital Ruble, Renews Push for Crypto Ban

In its letter, the Bank of Russia said that allowing non-qualified investors to trade cryptocurrencies through banks will create “an illusion of government protection” while encouraging people to participate in a “de-facto Ponzi scheme,” Forbes wrote. The government won’t be able to fully control cryptocurrency transactions, and the crypto industry won’t really benefit the Russian economy, the bank said. Source

JPMorgan becomes first major bank in the Metaverse

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The largest bank in the US, JPMorgan, has taken a massive step into the Metaverse, opening a virtual lounge in the popular blockchain-based world Decentraland after it labelled the sector as a “$1 trillion opportunity.” Visitors to the lounge, situated in Decentraland’s Metajuku mall, are greeted by a roaming tiger and a digital portrait of Jamie Dimon, the CEO of JPMorgan. If players walk upstairs, they can watch an executive’s presentation on the economics of cryptocurrency. JPMorgan’s metaverse bank (Source: Decentraland) The “onyx lounge”, named after JPMorgan’s in-house blockchain payments…