Tag: Bank

Georgian central bank to launch AML probe into crypto firms

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Georgia, a major cryptocurrency-friendly country among Post-Soviet states, is preparing to start monitoring crypto firms to prevent money laundering and comply with sanctions. The National Bank of Georgia plans to launch mandatory supervision of virtual asset service providers (VASP) starting Sept. 1, 2023. NBG’s acting governor Archil Mestvirishvili said that the new regulatory measures will help the country combat money laundering, the local news agency InterPressNews reported on May 31. In line with Anti-Money Laundering considerations, the upcoming VASP probe is expected to increase the country’s compliance with Western sanctions…

Investment bank TD Cowen shuts crypto unit a year after opening

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Just over a year after launching its crypto unit, American independent investment bank TD Cowen has announced the shutdown of Cowen Digital, though it has not provided a clear reason why. The multinational bank launched Cowen Digital in March 2022 to provide institutional clients exposure to the crypto market via 16 crypto assets including Bitcoin (BTC) and Ether (ETH). At the time, the firm also teased that it would launch additional services revolving around futures, derivatives and decentralized finance. While it had also made executive hires for its European operations…

Binance Might Allow Crypto Traders and Investors to Hold Collateral in Bank

Sources said that Binance is working on a setup that will allow them to keep bank deposits as collateral for margin trading in spot and derivatives. The latest report from Bloomberg shows that the crypto exchange Binance is exploring a new solution to reduce counterparty risks while allowing some of the institutional clients to keep trading collateral at a bank instead of a crypto platform. Sources familiar with the matter noted that Binance spoke to some of its professional customers regarding a setup that will allow them to keep bank…

Reserve Bank of India expands digital rupee pilot program

The Reserve Bank of India is enhancing its digital rupee pilot, as it intends to broaden participation and incorporate diverse use cases in the upcoming fiscal year. The Reserve Bank of India (RBI) is intensifying its digital rupee pilot, representing a significant step towards transforming India’s financial paradigm. According to the yearly report released on May 30, the upcoming fiscal year will witness an enlarged scope of the pilot, involving more participating banks and a diverse range of use cases. The RBI has been running two distinct e-Rupee test projects.…

European Central Bank (ECB) Finalizes Digital Euro Prototype Ahead of Potential CBDC Launch

The ECB has finalized its digital euro prototype scheme as it mulls whether to roll out the government-backed token.  The European Central Bank (ECB) has finalized a digital euro prototype ahead of a development decision. Later this year, the leading central bank would decide whether to develop the fiat euro as a digital variant. According to a Friday report, the ECB examined distributed ledger technology and smart contracts as prime components of a potential digital euro. However, the governing bank has reservations about using decentralized-influenced smart contracts. The ECB’s findings…

Indian Central Bank Intends to Make G-20 Focus on Macro Risks of Crypto

The move is seen as a step to attract attention towards how crypto can hurt or completely change the global economy rather than just nations and customers individually, government sources have told CoinDesk previously. However, this is perhaps the first time the RBI has articulated its “intent” as an important stakeholder in the current global conversation around global crypto rules, even as it reiterated its concerns saying “cryptocurrencies are a material threat to financial stability.” Source

Bank of Japan advances CBDC program, following successful tests

The Bank of Japan (BOJ) has completed the second stage of its CBDC experimentation and is now moving forward with its pilot project. The Bank of Japan (BOJ) has successfully wrapped up the second phase of its study into the possibilities of a central bank digital currency (CBDC), according to a recently released report. This year-long project, spanning from April 2022 to March 2023, enhanced and built upon the foundational ledger functions explored in the first phase. The report indicates that this second phase focused on technologies to establish maximum…

Debt ceiling, bank crisis set for ‘powder keg’ explosion: BitMEX co-founder

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Former Bitmex CEO Arthur Hayes is expecting to see significant Bitcoin volatility in the latter half of the year, caused by a “powder keg” explosion from the United States banking crisis and soaring national debt.  Hayes, who currently runs a crypto-focused investment fund called Maelstrom, spoke on the What Bitcoin Did podcast on May 26, where he made a number of predictions about the current economic outlook and the price of Bitcoin (BTC). Notably, Hayes said that he expected the original cryptocurrency not to reach the $70,000 mark until 2024.  “I don’t…

Bank of Brazil Includes 14 Participants in Its CBDC Pilot

The Brazil Central Bank Digital Currency will initially focus on wholesale interbank transaction payment solutions. Banco Central do Brasil (the Central Bank of Brazil) plans to include more participants in its digital currency scheme. The list, released by the bank on May 24, includes the names of all the participants with whom the CBDC digital real is set to launch. The final list of 14 participants was compiled from 36 bids submitted by individuals and collaborating entities, totaling more than 100 institutions. Brazil Digital Real Pilot Will Begin with 14…