Tag: Bank

G7 to Discuss More Crypto Regulation and How to Help Developing Nations Introduce Central Bank Digital Currencies – Regulation Bitcoin News

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The G7 countries are discussing more crypto regulation and ways to help developing nations introduce central bank digital currencies (CBDCs). “As a priority of this year, the G7 will consider how best to help developing countries introduce CBDC consistent with appropriate standards, including the G7 public policy principle for retail CBDC,” said Japan’s Vice Minister of Finance for International Affairs. G7 to Discuss Stronger Crypto Regulation The G7 countries will discuss tighter cryptocurrency regulation as well as explore ways to assist developing countries in introducing central bank digital currencies (CBDCs)…

Russian Central Bank Attributes Recent Ruble Depreciation to Lower Forex Sales by Exporters – Economics Bitcoin News

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The Russian central bank has attributed the ruble’s latest plunge against the U.S. dollar to the temporary reduction “in sales of foreign currency earnings by exporters.” The central bank also revealed that the Chinese yuan accounted for 39% of the Russian forex market’s overall volumes. Temporary Reduction in Sale of Foreign Exchange The Russian central bank has said the ruble’s recent plunge to its lowest level versus the U.S. dollar in 2023 is due to lower forex sales by the country’s exporters. The comments by the central bank followed media…

Hong Kong’s ZA Bank Gears Up to Offer Crypto Conversions and Serve Crypto Startups

ZA Bank is also looking to offer services to Web3 crypto startups, a sector widely underserved by the banking space. Hong Kong is giving a major push to crypto adoption just at a time when US regulators have initiated a strong crackdown on crypto companies. In the latest development, Hong Kong’s largest virtual bank aka ZA Bank announced that it will allow crypto to fiat conversions. Besides, ZA Bank also noted that they would be facilitating settlements for regulated Web3 companies in Hong Kong. The company’s announcement came at Hong…

French Central Bank Puts Its Suggestions for DeFi Regulation

The French central bank seeks to address the regulations for DeFi and stablecoins which go unattended in the pan-European MiCA regulations. On Thursday, April 11, the French Economy Ministry and the Banque de France published a consultation published two consultation papers individually to discuss European crypto asset regulation as well as the developments in the Metaverse. The French central bank shared its closed examination of decentralized finance (DeFi) along with its approach to regulation. Also, the discussion comes at a time when there’s a growing use of tokenization in finance…

Hong Kong virtual bank to offer crypto conversions and accounts: Report

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ZA Bank, Hong Kong’s biggest virtual bank by assets, is reportedly set to provide crypto account services and facilitate crypto-to-fiat exchanges. According to an April 12 Bloomberg report, the bank will act as a settlement bank to allow token deposits at licensed exchanges to be withdrawn in Hong Kong dollars, Chinese yuan and United States dollars, and is also offering account services to crypto firms. The accounts for local crypto firms follow a trial in a regulatory sandbox that saw approximately 100 firms participate, but ZA Bank CEO Ronald Iu…

Wyoming defends crypto-friendly bank charter regime in Custodia Bank’s lawsuit with Fed

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The U.S. state of Wyoming has requested to intervene in the case between Custodia Bank and the Federal Reserve System, seeking to defend its framework allowing certain crypto firms to qualify as state-chartered banks. In an April 10 court filing, Wyoming Attorney General Bridget Hill filed a motion to “intervene in the defense” of the state’s regulation of Special Purpose Depository Institutions, or SPDIs. Custodia — called Avanti at the time — was the first financial institution to be approved for a bank charter under the SPDI framework in October…

French central bank looks at certification, incorporation as part of DeFi regulation

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The Banque de France has contributed to the discussion of European crypto asset regulation with a close examination of decentralized finance (DeFi) and potential approaches to its regulation. This discussion is timely because of the growing use of tokenization in finance and the introduction of blockchain technology in many economic sectors, the authors said.   The paper, written by members of the Fintech-Innovation Hub at the French central bank’s Autorité de contrôle prudentiel et de résolution, noted that the term DeFi hides a range of crypto asset services, technologies and…