Tag: Bank

Executives Of Crypto-Friendly Bank Silvergate Step Down As Lawsuits, Liquidation Rages On

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In a recent turn of events, multiple executives of the embattled California-based cryptocurrency bank Silvergate Capital have announced that they will be stepping away from their roles at the bank. The announcement comes as the bank remains deep in the throes of liquidation while battling multiple lawsuits linked to its demise. Top Executives Set to Step Down Silvergate Capital Corp announced on Tuesday, August 16, the departure of some of its primary employees working in executive leadership positions in its company. The executives leaving include Chief Financial Officer, Antonia Martino,…

Singapore central bank says three business days is ‘timely transfer’ for stablecoins

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While blockchains continue to revolutionize payments by allowing instant transfers, Singapore’s central bank believes three business days is a “timely transfer” for single-currency stablecoins (SCS), similar to transfer speed requirements for domestic money transfers.  On Aug. 15, the Monetary Authority of Singapore (MAS) released its regulatory framework for stablecoins in the city-state. In the newly-published guidelines, the financial regulator highlighted that it would consider three business days as a timely transfer for SCS despite some feedback calling for a shorter time frame. Screenshot of MAS’ response to the public consultation…

Singapore central bank releases regulatory framework for stablecoins

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Singapore’s central bank has released a revised regulatory framework aimed at ensuring stability for single-currency stablecoins (SCS) regulated in the city-state. The Monetary Authority of Singapore announced the framework on Aug. 15 which is aimed at non-bank issued stablecoins pegged to the value of the Singapore dollar or G10 currencies such as the euro, British pound and United States dollar whose circulation exceeds $3.7 million (5 million Singapore dollars). The bank’s financial supervision deputy managing director Ho Hern Shin said the framework aims to facilitate stablecoin use “as a credible…

San Francisco’s SoFi Bank Reveals Significant Holdings In BTC, ETH, And DOGE

San Francisco’s SoFi Bank, a rising financial institution with 6.2 million customers, has unveiled its substantial cryptocurrency holdings, demonstrating a proactive embrace of the evolving digital asset landscape.  BTC, ETH, and DOGE Lead the Way A recent report shows that the bank’s second-quarter earnings totaled $170 million in various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). Among its cryptocurrency investments, SoFi Bank boasts $82 million worth of Bitcoin, solidifying its position in ‘digital gold.’ Ethereum follows closely, with $55 million, showcasing the bank’s belief in the blockchain’s potential. …

Canadians have ‘weak incentives’ to use a CBDC: Bank of Canada

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The typical Canadian has little reason to adopt a central bank-issued digital currency, which could cause problems with its broad acceptance, according to a new paper from the Bank of Canada. In the staff discussion paper released on Aug. 10, the central bank looked at a hypothetical scenario where cash was virtually eliminated in order to see what role a potential CBDC could play in helping the underbanked. It found that most consumers would have “weak incentives” to use one, as Canadians don’t face meaningful barriers to financial services like…

Bank of England requests academic input on CBDC

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The Bank of England (BoE) and HM Treasury issued a call for interest, seeking academic experts to join a new advisory group focused on central bank digital currencies (CBDCs). The CBDC Academic Advisory Group will provide guidance as the institutions move into the design phase for a potential “digital pound.” Members will come from disciplines like economics, law, marketing and computer science. In February, the bank and treasury released a report assessing the need for and…

Bank of England will get more power in regulating stablecoins

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The United Kingdom government could rebalance the power between the Bank of England (BoE) and the country’s principal financial regulator, the Financial Conduct Authority (FCA), in the former’s favor, according to a 40-page consultation response published by His Majesty’s Treasury on Aug. 7.  The British government launched the consultation under the headline “Payments Regulation and the Systemic Perimeter” in 2022 to get market proposals on reforming the BoE payments perimeter, given the evolution of financial stability risks. The final paper sets out some measures for regulating so-called “systemically important stablecoins.” The…