Chinese Authorities Warn About ‘Sophisticated’ Digital Yuan Scam- Promotes Access to a ‘$186M Secret’ Government Fund – Finance Bitcoin News

As China keeps paving the way to adopt its central bank digital currency (CBDC), scammers are also actively emerging on the scene. The police in a Chinese province are now warning about a “sophisticated” CBDC-themed scam. Bogus Platform Is Set to Be Launched in March, Say Scammers According to a post from the cybercrime unit of the Weifang police force in Shandong Province, a scam named “Central Bank’s International Wallet” is claiming to be a digital yuan wallet platform. The bogus platform seems to have caught almost 500 users as…

SEC’s Division of Examinations issues Risk Alert on digital assets

The Security and Exchange Commission’s Division of Examinations published today a blueprint for investment managers and institutions on how the Division will inspect the handling of cryptoassets, or “digital asset securities,” moving forward.  The Division (formerly the Office of Compliance Inspections and Examinations, or OCIE) is the second largest wing of the SEC, and is tasked with overseeing securities industry players to ensure regulatory compliance. Targeted towards investment advisors, broker-dealers, exchanges, and transfer agents, this Risk Alert provided a broad list of specific procedural, bookkeeping, and advisory steps the Division…

Galaxy Digital co-president explains two things deterring institutional crypto buying

In recent months, companies such as MicroStrategy and Tesla have picked up sizable positions in Bitcoin. This trend has not yet become the norm for most companies, however. Damien Vanderwilt, co-president of Galaxy Digital, believes security and taxes may be acting as deterrents for crypto investing.  “When we think about the conversations we have with corporates, and institutional clients, and any part of those constituencies considering investing in the sector, the first order problem is safety and are the assets that they’re buying going to be safe and available and…

Delphi Digital launches Labs wing to bolster portfolio company development

Why wait for one of your investments to release a new feature when you can just build it yourself? Delphi Digital’s newly-announced expansion aims to do just that. The cryptocurrency investment, media, and research company is now adding a Labs department which will be focused on contributing to Venture portfolio company development. 0/ We’re happy to announce the next stage in @Delphi_Digital‘s evolution: Delphi Labs Our goal with Delphi Labs is simple: to become the leading contributor helping to build out the decentralized futurehttps://t.co/DEmgfPORmQ — Delphi Digital (@Delphi_Digital) February 26, 2021…

Fed Chairman Jerome Powell Said They Would ‘Engage with Public’ on Digital Dollar

The Federal Reserve chairman said that they would opt for a public-centric approach on cryptocurrencies, however, would proceed with the digital dollar developments only after weighing the risks it poses to the US financial system. While the CBDC developments across the world are catching up with the pace, everyone is closely monitoring any developments coming from the US. On Wednesday, February 24, disclosed additional details about their plans on the digital dollar. Speaking before the House Committee on Financial Services, Jerome Powell said that the US Federal Reserve would further…

Indian Central Bank Informs Government of Major Crypto Concerns — Digital Rupee ‘Receiving Our Full Attention’ – Regulation Bitcoin News

India’s central bank governor Shaktikanta Das has revealed that the bank has “major concerns” about cryptocurrencies, and it has informed the government of them. He expects that the government will soon make a decision on cryptocurrency. Meanwhile, the Reserve Bank of India (RBI) is giving its full attention to the digital rupee. RBI Has Major Concerns About Cryptocurrencies The governor of India’s central bank expressed concerns over the possible impact made by cryptocurrencies on the country’s financial stability and the economy Wednesday. In an interview with CNBC-TV18, RBI Governor Shaktikanta…

Fed chair says it’s up to Congress to bring a digital dollar to market

Federal Reserve chair Jerome Powell said 2021 will likely have the central bank engaging with the public and lawmakers regarding the digital dollar. In a House Financial Services Committee hearing today, Powell responded to questions from Representative Patrick McHenry, who said the digital dollar would likely face national and economic security issues for the United States. Powell said there were many concerns surrounding the project and the Fed intended to reach out to the public. “This is going to be the year in which we engage with the public pretty…

Canadian bank plans to launch dollar-backed digital currency ‘in the coming months’

In an announcement on Wednesday, VersaBank said it plans to launch a digital currency called VCAD, which will reportedly be backed by Canadian dollars deposited with the bank. The Canadian bank claimed that VCAD would effectively be “the first digital currency to represent a fiat currency” issued and backed by a North American bank. VersaBank said it had partnered with Canada Stablecorp, a joint venture between investment fund manager 3iQ and blockchain firm Mavennet, to launch the “stablecoin.” The bank plans to make VCAD available to the public “in the coming…

The Fed Is Carefully Examining Digital Dollar — Chairman Jerome Powell Says ‘Very High Priority Project for Us’ – Regulation Bitcoin News

Federal Reserve Chairman Jerome Powell has provided an update on the progress of a digital dollar. He confirmed that it is a “very high priority project” for the Fed, and agrees with U.S. Treasury Secretary Janet Yellen on the benefits of issuing a digital dollar. The Fed Is Looking Carefully at a Digital Dollar Fed Chair Jerome Powell testified on Capitol Hill before the Senate Banking Committee Tuesday, the first of two days of congressional testimony. He is speaking before the House Financial Services Committee on Wednesday. Senator Bill Hagerty…

Central Bank of India Is Serious about Digital Rupee Project

India has now renewed its efforts towards seeing the back of digital coins as a transition period has been given to crypto holders to liquidate their assets. While Indian authorities appear bent on banning the use of private cryptocurrencies in their jurisdiction, it also appears that the government is also looking to issue a central bank digital currency (CBDC), a digital rupee, to replace the former. A report from Bloomberg has stated that the chief of the country’s apex bank, Shaktikanta Das, says that India’s central bank is determined to…