Tag: Bank

Elon Musk Shares ‘Massive Incentive to Move Money out of Bank Accounts’ – Economics Bitcoin News

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Tesla and Twitter CEO Elon Musk has shared a “massive incentive” to move money out of bank accounts, citing a significant interest rate gap created by the U.S. Treasury and the Federal Reserve. “As more people & companies realize this, bank depositor flight will accelerate to extreme levels, even for banks that are ‘too big to fail,’” Musk warned. Massive Incentive to Move Money Out of Bank Accounts Tesla and Twitter CEO Elon Musk shared Monday a “massive incentive” for people to move money out of bank accounts in the…

Canada’s central bank asks citizens what they want in a digital dollar

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Canadians are being asked to submit what features they want to be included in a potential digital Canadian dollar, with the country’s central bank opening a consultation to the public. On May 8, the Bank of Canada (BoC) launched a public consultation that will run until June 19, noting it’s exploring a virtual loonie as “the world becomes increasingly digital.” The BoC’s senior deputy governor Carolyn Rogers said in a statement the bank wants to hear what Canadians “value most in the design of a digital dollar” to help it make…

SEC Probes First Republic Bank Executives for Insider Trading; Lawmakers Dump Bank’s Shares Before Collapse – Bitcoin News

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After the second largest bank failure in history, the U.S. Securities and Exchange Commission (SEC) is reportedly investigating First Republic Bank executives for allegedly engaging in insider trading. Two sources have claimed that the securities regulator is scrutinizing the bank’s executives for making trades using confidential information. Although the sources have not named any specific individuals under investigation, they assert that the SEC is looking into the matter. Furthermore, reports indicate that U.S. lawmakers sold shares of the troubled bank before it collapsed and was acquired by JPMorgan Chase. Securities…

Argentina’s central bank halts cryptocurrencies from payment apps

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On May 4, Argentina’s central bank banned payment providers from offering crypto transactions, alleging it intends to reduce the country’s payment-system exposure to digital assets.  According to a statement from the monetary authority, payment providers may not offer or facilitate crypto services through their applications. The move brings payment fintechs and financial institutions under the same rules in the country. “Payment service providers that offer payment accounts […] may not carry out or facilitate operations with digital assets, including crypto assets, that are not regulated by the competent national authority…

BNP Paribas teams up with Bank of China to promote digital yuan usage

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The French bank BNP Paribas is collaborating with the Bank of China (BOC) to promote China’s digital currency, the digital yuan, to its corporate clients, the South China Morning Post reported.  The partnership will enable BNP Paribas China’s corporate clients to connect with the BOC system, allowing users to manage their digital yuan wallets by linking them to their bank accounts, track transactions, and make payments using China’s digital currency via an e-CNY management system. The e-CNY management system also promises to make it easier and more convenient for clients…

PacWest Bank plummets 50%! How will Bitcoin react?

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Macro Markets, hosted by crypto analyst Marcel Pechman, airs every Friday on the Cointelegraph Markets & Research YouTube channel and explains complex concepts in layperson’s terms, focusing on the cause and effect of traditional financial events on day-to-day crypto activity. PacWest Bancorp’s 50% price decline and the ongoing banking crisis are the first topics of this week’s show. The bank holds $40 billion in assets, although 80% of its lending portfolio has been assigned to commercial real estate loans and residential mortgages. The issue? As usual, rising interest rates. Meanwhile, the…

Zimbabwe Central Bank Introduces Plan to Sell Gold-Backed Digital Tokens

The central bank of Zimbabwe introduced this gold-backed digital currency to combat the volatility of its national currency. In a notice on Thursday, May 4, the Reserve Bank of Zimbabwe (RBZ) invited financial institutions and individuals to subscribe to its upcoming gold-backed digital currency. As per the initial plans, the gold-backed digital tokens will be available to investors starting May 8. The central bank also plans to sell these tokens at a minimum price of $10 for individuals and $5,000 for financial institutions and corporates. As per the Reserve Bank…

BNP Paribas Will Link Digital Yuan to Bank Accounts for Promoting CBDC Use: Report

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Nigeria Passes ‘National Blockchain Policy,’ Industry Player Says Central Bank Unlikely to Lift Crypto Ban – Africa Bitcoin News

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The Nigerian Federal government said on May 3 it had passed what it called the “national blockchain policy.” The Nigerian minister of communications and digital economy, Isa Pantami, said the new policy is a product of consultations with 56 institutions and personalities. Lucky Uwakwe, the founder of the technology service delivery company Sabi Group, said the Central Bank of Nigeria (CBN) is unlikely to reverse its stance on privately issued digital currency. Blockchain Policy a Product of Widespread Consultations The Nigerian Federal government recently approved what Isa Pantami, the country’s…

The Reserve Bank of Zimbabwe Encourages Citizens to Subscribe to its Gold-Backed Digital Currency

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity…