Tag: Bank

Ripple partners with Colombia’s central bank to explore blockchain technology

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Banco de la República, Colombia’s central bank, is partnering with Peersyst and Ripple to pilot blockchain technology on the XRP ledger.  The Ministry of Information and Communications Technologies (MinTIC) in Colombia will oversee the project, which will use Ripple’s recently launched central bank digital currency (CBDC) platform. Ripple and @Peersyst are partnering with Colombia’s @BancoRepublica in conjunction with @Ministerio_TIC to pilot use cases that will enhance Colombia’s high-value payment system. Learn more about the partnership: https://t.co/X9jyJ3pvDa — Ripple (@Ripple) June 15, 2023 An announcement published on June 15 says the pilot…

Ripple Teams Up With Colombia’s Central Bank To Explore Blockchain Opportunities

Blockchain payments technology company Ripple is set to partner with Colombia’s central bank, Banco de la República. They aim to research potential applications of blockchain technology within Colombia, a significant development in South America’s adoption of this technology. This collaboration will also involve the Ministry of Information and Communications, as they plan to test possible ways to augment the country’s high-value payment system utilizing Ripple’s Central Bank Digital Currency (CBDC) Platform. Probing Blockchain Potential For High-Value Payment System The partnership was not a spur-of-the-moment decision. According to Joe Vollono, a director…

Hong Kong Mounts Pressure on HSBC and Standard Chartered Bank to Service Crypto Customers 

The new development aligns with the country’s ambition to become a prominent global hub for crypto. In a bold move aimed at embracing the crypto revolution in Hong Kong, the country’s banking regulator has reportedly exerted significant pressure on major financial services companies, including HSBC and Standard Chartered Bank, to accept crypto exchanges as clients. According to a Financial Times report on Thursday citing three people familiar with the matter, the Hong Kong Monetary Authority (HKMA) questioned these banks, including the Bank of China, about their refusal to accept crypto…

President of Brazil Signs Decree Giving Central Bank Control Over Crypto Firms

According to the bill, the central bank of Brazil has control over crypto firms, while the CVM handles tokens that are securities. Brazil has introduced a new law that passes regulation of crypto firms to the country’s central bank. President Luiz Inácio Lula da Silva (Lula) signed the law increasing the central bank’s duties and extending them to crypto oversight. On Wednesday, the president signed decree No. 11.563 in compliance with a legal framework introduced in Brazil in December last year. In addition to the central bank’s oversight function, the new decree…

Brazil authorizes its central bank to regulate crypto

Brazilian President Luiz Inácio Lula da Silva has signed a new law empowering the country’s central bank to regulate and supervise cryptocurrency firms while ensuring that tokens that qualify as securities remain under the authority of the securities regulator. This development is in line with Brazil’s commitment to creating a regulatory framework for the country’s fledgling crypto space. Brazil’s central bank takes charge  In a new decree signed by President Lula, Brazil’s Central Bank now has the authority to regulate and supervise digital asset-focused businesses such as bitcoin (BTC) trading…

Brazil’s president signs law aimed at having central bank regulate crypto firms

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Brazilian President Luiz Inácio Lula da Silva, known to many as simply Lula, has signed legislation giving clarity to the roles the country’s central bank and securities regulator will take in regards to cryptocurrencies. In a June 14 notice, President Lula signed government decree No. 11.563, establishing rules under a December 2022 law on a legal framework for crypto in Brazil. The legislation authorizes the Central Bank of Brazil to regulate and supervise virtual asset service providers, and ensures many token projects that qualify as securities will continue to fall…

European Central Bank (ECB) Will Soon End Its Interest Rate Hiking Cycle as Inflation Slows

As inflation slows, the European Central Bank (ECB) may halt future rate hikes, with the upcoming staff projections and rate decision playing a crucial role in determining the bank’s approach. Central banks across the world have been hiking interest rates in order to tame the soaring inflation. However, as inflation shows signs of slowing down, the European Central Bank (ECB) could soon bring an end to future rate hikes. The ECB is likely to increase its benchmark policy by an additional 25 basis points this week. However, it insists that…