Tag: Digital

ECB sums up digital euro prototyping exercise as it nears possible pilot launch

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The European Central Bank (ECB) has published a summary of the results of its digital euro central bank digital currency prototyping exercise. The exercise investigated offline use of a simulated digital euro and four other instances of interoperability with existing payments systems. The project was part of the second phase of Eurosystem preparations for a potential pilot launch of a digital euro in the fall of this year. The exercise ran from July 2022 to February 2023. Eurosystem developed a centralized settlement engine for the exercise called N€XT that used…

Gulf Binance Clinches Digital Asset Operator License in Thailand

“By harnessing Binance’s expertise together with Gulf’s established local presence and network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users, Binance Head of Asia, Europe, and MENA Richard Teng said in a statement. Gulf Energy is one of Thailand’s largest private power producers. Source

Digital Currency Group (DCG) to Close Down Its Prime Brokerage Subsidiary TradeBlock

TradeBlock will officially begin the process of shutting down on May 31. Digital Currency Group (DCG), a New York-based venture capital firm that invests and provides services to crypto companies is winding down its TradeBlock subsidiary. According to a May 25 report from Bloomberg, the company, headed by Breanne Madigan, who previously worked at Goldman Sachs for 15 years, will begin the shutdown of the platform by the end of the month, specifically on May 31. TradeBlock, dedicated to providing trade execution and prime brokerage services to only institutional investors,…

Digital Currency Group (DCG) is Closing Down TradeBlock

Digital Currency Group (DCG), the parent company of CoinDesk is closing down its trade execution and prime brokerage services unit, TradeBlock, citing crypto winter and regulatory uncertainties. The shutdown of the unit, which provides trading services to institutional investors, will be effective as of May 31, a DCG spokesperson told CoinDesk. TradeBlock was acquired in 2020 by CoinDesk, and was later spun out as its own standalone business. CoinDesk kept the index data operating from the deal, which was rebranded as CoinDesk Indices, and “has proven to be a successful…

Digital Currency Group (DCG) Closing Institutional Trading Platform TradeBlock

The shutdown of the unit, which provides trading services to institutional investors, will be effective as of May 31, a DCG spokesperson told CoinDesk in an emailed statement. “Due to the state of the broader economy and prolonged crypto winter, along with the challenging regulatory environment for digital assets in the U.S., we made the decision to sunset the institutional trading platform side of the business, known as TradeBlock, effective May 31, 2023,” the spokesperson said. Source

Russian lawmakers propose amendments to digital ruble bill

Lawmakers in Russia have put forward amendments to the digital ruble bill, including changes to debt operations, services for non-residents, and the role of the central bank, as the bill progresses through parliamentary hearings. Lawmakers in Russia have proposed significant amendments to the digital ruble project as it progresses through parliamentary hearings. The suggested changes aim to modify elements of the original bill, including debt operations, services for non-residents, and the role of the central bank. Central bank’s role, data protection, and access Interfax, a state-owned news agency, reported on…

IOSCO Introduces Global Policy Recommendation to Guide Crypto and Digital Assets Industry

Several jurisdictions have made outstanding efforts to release standard crypto regulations to safeguard citizens and their assets. World securities and future market regulator, the International Organization of Securities Commissions (IOSCO) has introduced a global approach to regulating the crypto market and digital assets. According to the statement made to the press, the proposed recommendation is largely directed toward addressing concerns related to investor protection and market integrity in the digital currency ecosystem. IOSCO Crypto Regulation Modalities Also, a consultation period for the policy recommendation has been opened for public comments…

Digital Currency Group’s failure to pay $630m raises concerns

Genesis Global Capital, the now bankrupt lending arm of Digital Currency Group (DCG), has failed to pay approximately $630 million due to creditors, leading to discussions among stakeholders about a potential default. The situation highlights the challenges faced by the crypto industry and raises questions about the financial stability of other companies, including those affected by the FTX collapse. DCG’s non-payment and consideration  Digital Currency Group, the parent company of Genesis Global Capital, has not fulfilled its obligation to pay around $630 million, which was due last week. This development…