Tag: Digital

Bankrupt Voyager Digital Incurs $1.1M Legal Fees in April

Kirkland & Ellis is currently the legal representative of many crypto exchanges that are faced with bankruptcy. Legal advisor Kirkland & Ellis has charged bankrupt crypto brokerage firm Voyager Digital the sum of $1.1 million in legal fees for their work in April. The fund is for fees and expenses related to its work on the erstwhile brokerage firm’s bankruptcy process. According to the documents, some of Kirkland & Ellis’ highest-paid partners charged as high as $2,000 per hour for their part of the litigation. Some other lawyers billed the…

European Commission Publishes EU Digital Euro Bill Featuring Privacy Controls, Offline Guarantee

“A digital euro would also enhance the integrity and safety of the European payment system at a time when growing geopolitical tensions make us more vulnerable to attacks to our critical infrastructure,” be available “to everyone, everywhere, for free,” and could stimulate innovation and competition in a market dominated by a few major players, mostly from the U.S., said Dombrovskis in the post co-authored with European Central Bank’s (ECB) Executive Board Member Fabio Panetta. Source

Could The Digital Pound Be Non-Blockchain? Bank Of England Explores Options

While cryptocurrencies are widely known for running on blockchain technology, the Bank of England’s upcoming digital pound, colloquially known as ‘Britcoin’, could end up operating on non-blockchain software. The bank is considering all alternatives as it moves forward with researching the viability and implications of creating a digital pound. Tom Mutton, who is spearheading the bank’s Central Bank Digital Currency (CBDC) project, highlighted the uncertainty around the choice of technology in a recent podcast interview with Bloomberg. During a meeting that brought together numerous technologists to discuss potential designs for…

BoE Reassures Britons Digital Pound Will Be Privacy-Centric CBDC

The Bank of England (BoE) has made extensive research on the best format for developing a digital pound to supplement the fiat system. The Bank of England (BoE) is working on re-establishing the pound as the preferred global reserve currency through a Central Bank Digital Currency (CBDC). The rise of the digital economy post-Covid-19 global pandemic through the cryptocurrency market has most governments thinking about moving to decentralized ledger technologies (DLTs). Moreover, the use of the digital economy is not only sustainable but also scalable to international markets. Consequently, the…

Digital pound will be pseudonymous with a focus on privacy: BoE CBDC chief

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The Bank of England (BoE) has made significant developments in its central bank digital currency (CBDC) program. Tom Mutton, director of fintech at the BoE, recently shared insights on the privacy aspect of the CBDC and why the central bank might look for other options beyond blockchain as the underpinning technology. Mutton, during his interview, said that during a recent meeting of technologists hosted by the BoE to discuss digital pound design, there was a clear disagreement on which ledger should be used for the CBDC. Thus, the bank aims to…

Uncertainty over digital assets traps institutions in ‘supervisory void’ — Fed Governor

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During a speech at the Salzburg Global Seminar on bank regulation and supervision, Bowman called for attention from global regulators to the current supervision of novel banking activities, in particular banking as a service and digital assets. According to Bowman, financial institutions have been left in a “supervisory void” in terms of emerging technologies. “While there have been some efforts to provide guidance, there remains substantial uncertainty about the permissibility of and supervisory expectations for these activities […]. This leaves banks in the perilous position of relying on general but…

CACEIS Bank gains PSAN registration, becomes first digital asset custodian in France

CACEIS Bank, the French banking entity of the CACEIS group, has achieved a significant milestone by obtaining PSAN (digital assets service provider) status from the AMF (France’s financial markets authority), following the recommendation of the ACPR (France’s prudential control and resolution authority). With the newly acquired PSAN status, CACEIS Bank is now authorized to offer digital asset custody services to external parties, catering to the increasing demand from investment management firms and institutional investors. The sole recipient PSAN status for CACEIS signifies that the French financial markets regulator (AMF) and…