Tag: Bank

Bank of Israel to Sell $30 Billion Foreign Reserves amidst Shekel’s Slide

This is not the first time Israel’s central bank has intervened in the foreign exchange market to stabilize the shekel. The Bank of Israel has announced its intention to sell up to $30 billion in foreign reserves to support the Israeli shekel as it faces its weakest point in seven years. The decision comes in the wake of a sharp currency depreciation, reaching its weakest point in seven years, following a deadly incursion by Hamas militants over the weekend. The incursion by the Palestinian militant group Hamas, which occurred during…

Banks to disclose cryptocurrency holdings amid 2023 bank failures

International regulators propose new transparency measures for banks’ crypto asset exposures, following a tumultuous year marked by banking disruptions linked to digital currencies. With the sudden growth and popularity of cryptocurrencies like Bitcoin (BTC) and Ether (ETH), international regulators are now turning their attention towards the disclosure of these assets by banks, in a bid to maintain financial stability. The Basel Committee on Banking Supervision, an influential body that defines norms for traditional financial institutions, has already made its stance clear: banks should maintain potentially hefty capital against their holdings…

Metro Bank Shares Slumps 29%, Triggers Double Suspension on LSE

The recent halts in the trading of Metro Bank’s shares on the London Stock Exchange come on the heels of reports that the Bank was seeking to raise $727 million in debt and equity.  In a surprising turn of events, shares of Britain’s Metro Bank Holdings PLC (LON: MTRO) experienced a dramatic plunge, leading to not one but two suspensions on the London Stock Exchange (LSE) in the early hours of today’s trading. Metro Bank’s Volatile Slide According to recent reports, Metro Bank shares spiraled downwards, plummeting by over 29%…

Central Bank Group to Launch Data Platform ‘Project Atlas’ for Tracking Crypto Transfers

BIS continues to warn that crypto data can be “manipulated or distorted”. The Bank for International Settlements (BIS) has unveiled a new platform it calls “Project Atlas”. According to the Wednesday announcement, the decentralized finance data platform will play an important role in the future regulation of crypto market participants. In a joint report with the Dutch and German central banks, BIS confirms that Project Atlas, which is merely a proof-of-concept for now, has been used to track significant off-chain international flows between crypto exchanges. Speaking about the project, the…

CBDC lays foundation for new global monetary system: French central bank

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Representatives of Banque de France, the French central bank, have embraced the global perspective on the central bank digital currency (CBDC) discussion, touting it as the foundation of a new international monetary system. Published on Oct.3, the speech of Denis Beau, First Deputy Governor at Banque de France, calls the CBDC “the catalyst for improving cross-border payments by enabling the build-up of a new international monetary system.” The official emphasizes the necessity of considering cross-border issue around CBDCs from the outset and not as an afterthought. Related: Head of Portugal…

Singapore awards major payment institution license to Sygnum Bank subsidiary

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Sygnum Singapore, a subsidiary of Switzerland-based cryptocurrency bank Sygnum, received a license to offer crypto brokerage services to accredited investors and institutions in Singapore. On Oct. 3, Sygnum Singapore announced it acquired a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). Speaking to Cointelegraph, a Sygnum Singapore spokesperson revealed that the company transitioned from in-principle approval to a full license within four months. Sygnum Singapore secured in-principle regulatory approval to offer three additional regulated activities under its capital markets services license in March 2022. The company caters…

Fed inspector blames crypto focus, nepotism for Silvergate Bank collapse

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Crypto-friendly Silvergate Bank ultimately collapsed this year due to over-dependence on risky crypto deposits and nepotism that led to ineffective management, according to inspectors at the Federal Reserve. In a Sept. 27 executive summary of its review into the collapse of Silvergate Bank, the Federal Reserve Board’s Office of Inspector General pointed the finger at Silvergate’s change in strategy to focus on “customers engaged in crypto activities” in 2013. “Silvergate’s concentration in crypto industry deposit customers, rapid growth, and multilayered funding risks led to the bank’s voluntary liquidation.” Evolving from…

National Bank of Georgia seeking CBDC development partner, to launch pilot environment

The National Bank of Georgia (NGB) is developing the digital GEL and is searching for a suitable partner.  NGB plans to launch a Limited Access Live Pilot Environment through various use cases to test the technology capabilities and potential application areas of the Central Bank Digital Currency (CBDC) system.  After extensive research, NGB has shortlisted nine competing companies to work with the bank to develop the digital GEL. These companies include AUGENTIC GmbH, Bitt Inc., Broxus Holdings Ltd., Currency Network Ltd., DCM Corp Limited, eCurrency Mint Inc., FARI Solutions Ltd., Ripple Labs,…

Brazil’s crypto surge prompts central bank to tighten regulation

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The governor of Banco Central do Brasil, Brazil’s central bank, said the bank has noted a significant surge in crypto adoption in the country and intends to react by tightening the digital assets regulation.  During his speech to the parliamentary Finance and Taxation Commission on Sept. 27, Roberto Campos Neto reported the rise of “cryptocurrency imports” by Brazilians. According to the central bank’s data, imports of crypto rose by 44.2% from January to August 2023 when compared with 2022. The total funds were about 35.9 billion Brazilian reals ($7.4 billion). Related:…