Tag: Bank

Nigerian central bank lifts ban on crypto transactions

The Central Bank of Nigeria (CBN) has lifted its previous prohibition on cryptocurrency transactions. This move, unveiled in a circular dated Dec. 22, 2023, signifies a significant shift in Nigeria’s stance on the burgeoning crypto market in the country. The relaxation of the ban was signed into effect by Haruna Mustafa, the director of the financial policy and Regulation Department at CBN. CBN issues crypto guidelines The circular outlines the procedural guidelines for banks and financial institutions to facilitate crypto transactions, focusing on account openings, foreign exchange (forex) inflows and…

Ripple Added to Central Bank of Ireland’s Virtual Asset Service Providers (VASPs) Register

This registration will let Ripple offer its certain digital assets services to clients within Ireland. Ripple has officially revealed that the Central Bank of Ireland (CBI) added its Irish entity Ripple Markets Ireland Limited (Ripple Markets) to the list of registered VASPs (Virtual Asset Service Providers). Now, after gaining this registration in Ireland, Ripple be working on the expansion of its services within the European Economic Area. This will become possible in case of gaining all the necessary licenses under the MiCA regulation that is expected to come in force…

Crashed Stablecoin Iron Bank Euro (ibEUR) Lacks Clear Repeg Path

The minor alternative stablecoin, which has an $11 million market cap, dropped from its normal price of $0.97 to as low as $0.39 Monday after a shakeup in ibEUR’s main trading pool left the asset’s markets imbalanced. At press time ibEUR had recovered to $0.72 after risk-prone traders piled in, hoping for a path back to – or at least closer to – its supposed Euro peg. Source

Crypto Asset Manager HashKey Capital Secures Capital Markets Services License From Singapore Central Bank

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Kazakhstan central bank reviews digital tenge pilot successes, next steps

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The digital tenge, Kazakhstan’s central bank digital currency (CBDC), has been declared a success after a month-long pilot project. A host of business, regulatory and technical improvements are lined up for it in 2024. During its pilot run, the digital tenge was used to provide schoolchildren with free lunches in Almaty through the local Onay! card, which was originally designed for use in the transit system. The Kazpost postal system operator served as the intermediary for those transactions. Plastic cards were issued to members of focus groups by four local…

Bank of Ireland UK reprimanded for inaccurate data on customers’ accounts

The Information Commissioner’s Office (ICO) has issued Bank of Ireland UK with a reprimand for mistakes made on more than 3,000 customers’ credit profiles. Bank of Ireland UK sent incorrect outstanding balances on 3,284 customers’ loan accounts to credit reference agencies, organisations that help lenders decide whether to approve financial products. This inaccurate data could have potentially led to these customers being unfairly refused credit for mortgages, credit cards or loans, or granted too much credit on products they were potentially unable to afford. The investigation found that, due to…

Swiss arm of BBVA bank taps Ripple-owned Metaco for crypto custody

BBVA Switzerland has migrated its crypto custody services to Ripple-owned infrastructure provider Metaco. Under the collaboration agreement, BBVA Switzerland will be using Metaco‘s Harmonize platform to connect between multiple blockchain networks, according to a press release published on Dec. 7, 2023. With Metaco, the Swiss branch of the BBVA banking group wants to expand its services beyond Bitcoin and Ethereum networks for fund managers and large companies, that need to “explore new business opportunities and opportunities to exchange value in a digital environment,” BBVA Switzerland says. In addition to custodian…