Tag: Bank

Governor Ron DeSantis Signs Bill Prohibiting Use of Central Bank Digital Currencies in Florida – Bitcoin News

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On Friday Florida’s governor Ron DeSantis signed legislation that bans the use of a central bank digital currency (CBDC) in the state. Following the bill SB 7054 being signed into law, Florida’s Uniform Commercial Code (UCC) now explicitly forbids the use of a federally adopted CBDC as money. Florida Puts the Brakes on CBDCs The Sunshine State has officially outlawed the use of a central bank digital currency (CBDC) following the approval of SB 7054 or HB 7049 by the Florida House of Representatives and Senate. Governor Ron DeSantis put…

Bitcoin BTC Price Edges Below $27K as Latest Bank Crisis Fails to Trigger Price Increase

The largest cryptocurrency by market capitalization was recently trading at around $26,950, down over 3% in the past 24 hours. BTC had been hovering above $27,000 Thursday morning before dropping below the threshold around 1 p.m. ET. BTC has been trending downward for much of the past week as investors look for a new price catalyst. Bitcoin fell below $27,000 on Wednesday for the first time since March, regained the threshold before falling again. Source

GAO cites exposure to digital assets in exploring collapse of Signature Bank

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The United States Government Accountability Office, or GAO, has released its preliminary review of the failures of Silicon Valley Bank and Signature Bank — and included exposure to deposits from the cryptocurrency industry. In a report released on May 11, the GAO said “poor governance and unsatisfactory risk-management practices” led to the collapse of Signature Bank in March. The GAO did not explicitly report that digital assets were the cause of the bank’s failure but mentioned exposure to the crypto industry alongside potential reasons. “Signature Bank had exposure to the…

Economist Peter Schiff Says ‘Nobody’s Money Is Safe in Any Bank’ — Warns of Financial Crises, Depressions – Economics Bitcoin News

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Economist Peter Schiff expects a lot more banks to fail, warning that “nobody’s money is safe in any bank.” He stressed: “When the Fed sets interest rates too low and prints a lot of money … it unleashes massive inflation, creates tremendous economic imbalances that result in financial crises and depressions when the bubbles burst.” Peter Schiff on Inflation Tsunami, Financial Crises, Depressions, and Bank Failures Economist and gold bug Peter Schiff discussed the U.S. banking crisis and where the U.S. economy is headed in an interview last week on…

Bitcoin trading up 80% at DBS Bank due to crypto crashes in 2022, says exec

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Singapore government-owned megabank DBS is among the few companies worldwide that reaped major benefits from massive crypto industry collapses in 2022. DBS Digital Exchange, DBS Bank’s institutional crypto trading platform, saw a significant increase in Bitcoin (BTC) trading volumes last year. According to DBS Digital Exchange CEO Lionel Lim, the number of DBS crypto clients more than doubled in 2022 compared to the previous year. “Bitcoin trading volumes grew 80% at the digital exchange during the same period,” Lim said in an interview with Cointelegraph on May 8. The executive…

Xapo Bank to Add Support for Tether Deposits, Withdrawals by Month End

Customers of the bank may now use the world’s largest stablecoin for payments. Gibraltar-based Xapo Bank has further established itself as one of the world’s most crypto-friendly institutions. In its most recent move, the bank is set to allow its clients to make Tether (USDT) deposits and withdrawals, starting from the end of the month. This implies that customers of the bank may now use the world’s largest stablecoin for payments. Moreover, the development also provides a “faster and cheaper” alternative to the commonly-used SWIFT method. According to the bank,…

Activist Lawyer Accuses IMF and World Bank of ‘Economic Sabotage’ to Promote US Dollar, Urges Nigeria to Join BRICS – Africa Bitcoin News

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Nigerian human rights activist and lawyer, Femi Falana, has accused the International Monetary Fund (IMF) and the World Bank (WB) of sabotaging the currency swap arrangement between China and Nigeria. Falana said the Nigerian central bank and the two global financial institutions are helping to perpetuate “the dominance of the United States dollar in Nigeria.” Nigerian Federal Government Accused of Dollarizing the Economy The International Monetary Fund and the World Bank are conniving with the Central Bank of Nigeria (CBN) to sabotage the country’s currency swap arrangements, Nigerian human rights…

President Raisi Calls on Central Bank of Iran to Ditch US Dollar in Trade, Shift to National Currencies – Bitcoin News

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Iranian president Ebrahim Raisi has called on the Central Bank of Iran to lay the groundwork necessary to ditch the U.S. dollar for bilateral trade settlements and to make the switch to use the Iranian real whenever possible. The Central Bank of Iran has already started implementing this policy, proposing to pay bilateral trades using Iranian reals in a recent high-level reunion with Oman’s minister of commerce. Raisi Calls on Central Bank of Iran to Ditch Dollar Iranian President Ebrahim Raisi has called for a policy shift when it comes…