Bank Archives

Crypto-Friendly Bank Ordered by U.S. Federal Reserve to Limit Risks From Digital Asset Clients

August 8, 2024

Under the order, the bank has to soon provide the Fed a series of written plans and a new approach to compliance, including an agreement to “ensure that the Bank collects, analyzes, and retains complete and accurate information for all customers.” The bank must notify the Fed 30 days in advance of taking on “any new strategic initiative, product, service, or relationship with third parties related to the digital asset strategy.” Source

Hong Kong Digital Bank Mox Adds Bitcoin (BTC) and Ether (ETH) ETFs, Plans Direct Crypto Investing

August 7, 2024

While the crypto ETFs are already available to investors on other trading platforms, Mox charges a lower fee of 0.12% of transaction volume with a minimum of HK$30 ($3.85) for Hong Kong-listed ETFs and 0.01% with a minimum of $5 for U.S.-listed ETFs. This is the cheapest among banks in the area, Henry Lau, Mox’s head of investment, told the SCMP. Source

Bitcoin's Impending 'Death Cross' May Trap Bears as Bank of Japan Eases Rate Concerns

August 7, 2024

The ominous-sounding technical price pattern could again trap bears on the wrong side of the market as the Bank of Japan plays down chance of a near-term interest rate hike. Source

Xapo Bank Enters UK Market, Offers Interest-Bearing USD and Bitcoin Account

August 5, 2024 boss

Xapo Bank has entered the UK market, becoming the only licensed banking group to offer a combined interest-bearing USD and bitcoin account. “We’re proud to announce we have successfully passported our banking license into the UK. This means we are allowed to offer our banking services directly to the UK market,” said the CEO of […] Original

Bank of Russia Expects Wide Adoption of Digital Ruble Within 5 to 7 Years

August 1, 2024

Elvira Nabiullina, the governor of the Bank of Russia, declared that she expects the digital ruble, the Russian CBDC, to achieve a high level of acceptance due to the benefits it offers to Russian citizens. During a speech at the Federation Council, Nabiullina stated that it would be widely adopted within five to seven years. […] Source CryptoX Portal

BIS and UK Bank of England Project Successfully Shows Stablecoin Balance Sheets can be Supervised

July 31, 2024

“Should a mismatch occur between a stablecoin issuer’s liabilities (the coins in circulation) and the assets backing that stablecoin, this could undermine confidence in the ability of the issuer to offer redemption at par and prompt a ‘run,’ ie a sudden loss of belief in the stablecoin’s value,” the report said. Source

Bitcoin (BTC) Keeps Weekly Loss as ‘Anti-Risk’ Yen (JPY) Strengthens After Bank of Japan Rate Hike

July 31, 2024 boss

Bitcoin held steady near $66,000, nursing a weekly loss of 2% on expectations for renewed rate cuts from the U.S. Federal Reserve. That spurred demand for the “anti-risk” yen, sending the USD/JPY rate down to nearly 150, the strongest for yen since March, according to data source TradingView. Futures tied to the S&P 500 rose 0.4%, signaling a positive open on Wednesday. Original

Bank of England Pushes for Swift Digital Payment Solutions as Cash Usage Drops

July 31, 2024

The Bank of England (BOE) is urging UK banks to expedite their digital payment solutions as cash use declines. The BOE’s recent paper highlights the need for innovations that allow direct payments from bank accounts, bypassing credit and debit cards, to save time and costs for consumers and retailers. The British central bank is developing […] Source CryptoX Portal

Gold Demand Hits Q2 Record High, Driven by Central Bank Purchases, World Gold Council Reports

July 31, 2024

The World Gold Council’s Q2 2024 report highlights a year-on-year increase in gold demand, marking the highest second-quarter demand since 2000. This surge is fueled by central bank purchases and OTC investments, with central bank gold buying up by 6% and technology sector demand rising by 11%. Q2 2024 Sees Record Gold Demand The World […] Source CryptoX Portal

Central Bank of Brazil Aims to Finalize Crypto Exchange Regulation by Early 2025

July 30, 2024 boss

According to Nagel Paulino, head of the Central Bank’s regulatory department, the Central Bank of Brazil hopes to finalize cryptocurrency market regulations by 2025. The institution will conduct a second public consultation to finalize the drafts, hearing the opinions of market participants in order to tailor these rules to local needs. Central Bank of Brazil […] Source