Tag: Bank

SEC Warns Against Interest-Bearing Crypto Accounts — Says They’re Riskier Than Bank Deposits – Regulation Bitcoin News

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The U.S. Securities and Exchange Commission (SEC) has warned investors about the “risks with accounts that pay interest on crypto-asset deposits.” The warning coincides with the first enforcement action the agency took against crypto lending platforms. SEC Warns About Risks in Interest-Bearing Crypto Accounts The U.S. Securities and Exchange Commission’s Office of Investor Education and Advocacy and the Division of Enforcement’s Retail Strategy Task Force announced Monday that they have jointly issued an investor bulletin “to educate investors about risks with accounts that pay interest on crypto-asset deposits.” On the…

Berkshire Hathaway Invests $1B in Brazilian Digital Bank Nubank, Reduces Mastercard, Visa Positions

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Southeast Asia’s Largest Bank DBS to Launch Crypto Trading for Retail Investors – Exchanges Bitcoin News

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DBS, the largest bank in Southeast Asia, is planning to launch crypto trading for retail investors this year, the bank’s CEO has revealed. He added that in the first half of this year, DBS will focus on making “access to digital assets a lot more convenient.” DBS Bank to Offer Crypto Trading to Retail Customers DBS, the largest bank in Southeast Asia by assets, is planning to launch cryptocurrency trading services for retail clients this year. During the bank’s fourth-quarter earnings call Monday, CEO Piyush Gupta was asked whether DBS…

JPMorgan Is the First Bank Into the Metaverse, Looks at Business Opportunities

“We believe the existing virtual gaming landscape (each virtual world with its own population, GDP, in-game currency and digital assets) has elements that parallel the existing global economy,” according to the bank report. “This is where our long-standing core competencies in cross-border payments, foreign exchange, financial assets creation, trading and safekeeping, in addition to our at-scale consumer foothold, can play a major role in the metaverse.” Source

Digital ruble trial goes live as Bank of Russia insists on Bitcoin ban

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Amid more reports on the Bank of Russia rejecting the finance ministry’s proposal of cryptocurrency regulation, the central bank has kicked off trials of its own digital currency. The Russian central bank has officially launched the digital ruble trial, successfully completing the first central bank digital currency (CBDC) transfers among citizens, the Bank of Russia announced Tuesday. The launch aligns with the bank’s plans to debut the first digital ruble transactions in early 2022. Three banks out of 12 financial institutions in the digital ruble pilot group have already integrated…

Deutsche Bank Survey Shows Most Would Hodl Even if Crypto Markets Crashed

In an online survey of 3,250 U.S. consumers in December, the bank found 680 were cryptocurrency users, with 65% of those having gotten into crypto for the first time over the preceding 12 months. In no surprise, Deutsche found that most investors got into the space primarily to make money. However, 34% said their main motivation was curiosity or exploration, and a similar proportion gave portfolio diversification as the key reason. Source

IMF Says Central Bank Digital Currencies Are The Future Of Money

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The International Monetary Fund (IMF) managing director has called for a “ prudently designed” central bank digital currency to rival private forms of crypto-assets and stablecoins. “If CBDCs are designed responsibly, they can potentially offer more resilience,” said Kristalina Georgieva during an interview last week. However, she continued by acknowledging that while these types of currencies may have their benefits in certain circumstances, they come with risks. The future of money, cryptocurrency, and central bank digital currencies was the topic at hand for IMF Managing Director Kristalina Georgieva last week…

Iran aims to develop a central bank digital currency

As payment methods continue to evolve, new innovations are improving financial infrastructures that have been in use for years. Currently, central bank digital currencies (CBDCs) are a topic that has grabbed the attention of many nations worldwide including the Islamic Republic of Iran. The Middle Eastern nation has faced considerable economic and financial hardships due to sanctions imposed on it by the United States and believes that piloting a CBDC can resolve problems associated with the blockade. Furthermore, some view a CBDC as a potential solution to the country’s perceived…

Indian Government Consulting With Central Bank RBI on Crypto — ‘There Is Complete Harmony’ – Regulation Bitcoin News

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The Indian government is consulting with the Reserve Bank of India (RBI) on crypto policies. According to the finance minister, the government and the central bank are in “complete harmony” on crypto and other issues. Indian Government and Central Bank Discussing Crypto Policies Internally Indian Finance Minister Nirmala Sitharaman revealed Monday that the government is discussing crypto policies with the central bank, the Reserve Bank of India (RBI). At the conclusion of the RBI’s board meeting, the finance minister told reporters that the government and the central bank are in…