CryptoX – Cryptocurrency Analysis and News Portal Jeju, Busan and Incheon are in the running to be considered. Source The post Bank of Korea to Exclude Seoul From CBDC Pilot Study Next Year: Report appeared first on CryptoX. CryptoX Portal
Crypto companies applying to operate in Hong Kong are struggling to open bank accounts due to limited staffing at the Securities and Futures Commission and reluctance from banks, even though there’s no ban on them offering services to crypto firms, CoinDesk previously reported. The Hong Kong Monetary Authority (HKMA), the central bank, has urged major lenders including HSBC, Standard Chartered and Bank of China to accept crypto exchanges as clients. Source
Australia’s Bendigo Bank has become the fourth major bank in the country to announce blocks for “high-risk crypto payments,” citing the need to protect customers from investment scams. The bank said on July 31 it implemented new rules on instant payments to crypto exchanges which adds “some friction to certain genuine payments,” explained its head of fraud Jason Gordon. It cited combatting fraudulent payments and enhancing protections for its 2.3 million customers as reasons for the blocks. Screenshot of Bendigo Bank’s warning about investment scams. Source: Bendigo Bank A Bendigo…
The ongoing crisis surrounding the U.S. banking system struck again as Heartland Tri-State Bank of Elkhart was closed on July 29 by the Kansas Office of the State Bank Commissioner, with the Federal Deposit Insurance Corporation (FDIC) taking control. On July 31, the four branches of Heartland Tri-State Bank will reopen as branches of Dream First Bank under normal business hours, the FDIC noted in a statement. Depositors of the failed bank will become customers of Dream First Bank, meaning that withdrawals, deposits, and loan transactions will be processed through…
The Heartland Tri-State Bank is bankrupt but the Federal Deposit Insurance Corporation (FDIC) has already stepped in to protect customer interests, reports on July 29 show. This bankruptcy marks another bank failure in weeks following the collapse of First Republic in early May. According to reports, the FDIC has taken on the responsibility of protecting customer deposits by assuming all liabilities of Heartland Tri-State Bank. A purchase and assumption agreement was also made between the FDIC and Dream First Bank of Syracuse, Kansas, to ensure a seamless transition. As a result, all…
ARK Invest CEO and crypto proponent Cathie Wood says that Bitcoin is set to grow massively as a store of value following the recent bank collapses. She believes that Bitcoin’s stability and a huge rally in the wake of US regional banks collapsing is a major testament to the fact that Bitcoin is the future of money. Cathie Wood Remains Bullish On Bitcoin In a recent interview with Barron’s, Wood maintained that she remains bullish on digital assets and highlighted three reasons she won’t be backing down on her investments.…
On Thursday, the Governing Council of the European Central Bank (ECB) announced that it was raising “three key ECB interest rates” by 25 basis points (BPS) in a move similar to the one taken by the United States Federal Reserve. The US Federal Reserve, on Wednesday, increased its fund rates by an additional 25 BPS, its highest interest rate in 22 years. European Central Bank In The Fight Against Inflation The European Central Bank, in its statement, admitted that although inflation continues to decline, it is “still expected to remain…
Stablecoins cannot be compared to bank deposits in terms of risk, argues a new policy paper authored by former Federal Reserve Board analyst Brendan Malone on behalf of technology investment firm Paradigm. The document explores the risks stablecoins pose to the financial system, noting that current legislative proposals in the United States could incorporate crypto payment instruments into existing banking and securities frameworks. Malone argues that the risks posed by stablecoins are lower than bank deposits and different from money market funds. Stablecoins are cryptocurrencies programmed to have a stable value relative…
These potential developments might appear inconsequential to the bitcoin market, but that’s not necessarily true. In the past, cryptocurrency has seen negative correlations with bond yields, bond market volatility, the dollar index, and global liquidity conditions. In other words, potential changes to BOJ’s YCC and the resulting volatility in traditional markets could bring volatility to the crypto market. Source BankBitcoinDecisionFridaysHeresJapanRateTrackTraders CryptoX Portal
“Deposit-taking institutions and insurers need clarity on how to treat crypto-asset exposures when it comes to capital and liquidity,” said Peter Routledge, Superintendent of Financial Institutions, in a statement. “We look forward to giving them this clarity through these new guidelines that reflect industry input and international standards.” Source