Central Bank

FINMA Seeks to Stem Exodus of Swiss Cryptocurrency Firms

4 weeks ago admin2 Comments Off on FINMA Seeks to Stem Exodus of Swiss Cryptocurrency Firms
Finance The Swiss Financial Market Supervisory Authority (FINMA) has met with representatives of the country’s banking sector in the hopes of stemming a nascent exodus among cryptocurrency companies from Switzerland. The companies’ departures have been attributed to two Swiss banks’ decisions to no longer provide financial services to businesses dealing with virtual currencies. Also Read: India Read More

Indian Central Bank Justifies Its Crypto Stance – Outlines Key Areas of Concern

1 month ago admin2 Comments Off on Indian Central Bank Justifies Its Crypto Stance – Outlines Key Areas of Concern
Regulation The Reserve Bank of India has justified its crypto banking ban to an industry group which has been trying to convince the central bank to ease crypto restrictions. In response, the central bank outlines key areas of concern and upholds its stance on crypto. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space RBI’s Read More

Philippines Central Bank Approves 2 Cryptocurrency Exchanges

1 month ago admin2 Comments Off on Philippines Central Bank Approves 2 Cryptocurrency Exchanges
Image by Lukasz Stefanski via Shutterstock Two new cryptocurrency exchanges have been authorized by the Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank, to process conversions between cyrptocurrencies and the Philippine peso. BSP’s deputy governor Chuchi G. Fonacier said the Philippines central has approved applications filed by Virtual Currency Philippines, Inc. and ETranss as Read More

Regulatory Round-Up: U.K. Chief Blockchain Officer, DLT Cohort in FCA Sandbox, Central Bank Calls Crypto ”Fallacy”

1 month ago admin2 Comments Off on Regulatory Round-Up: U.K. Chief Blockchain Officer, DLT Cohort in FCA Sandbox, Central Bank Calls Crypto ”Fallacy”
Regulation In recent regulatory news, U.K. minister, Eddie Hughes has published a report that advocates for the creation of a “Chief Blockchain Officer,” the U.K. Financial Conduct Authority has announced that a number of distributed ledger (DLT) companies have been accepted into cohort 4 of its regulatory sandbox, and Finland’s Central Bank has published a Read More

Chairman of Korean Gaming Giant Predicts Use of Blockchain in ‘All Industries’ in Future

2 months ago admin2 Comments Off on Chairman of Korean Gaming Giant Predicts Use of Blockchain in ‘All Industries’ in Future
The chairman of Netmarble, one of the largest South Korean gaming companies, believes that blockchain technology will soon be applied across all industries, local news outlet EDaily reports June 20. Netmarble reported revenue of 1.5 trillion won (about $1.35 billion) in 2016, with a market cap of 12.86 trillion won (about $11.59 billion) today. During Read More

Ex-FDIC Chair: Current Monetary Tools ‘Inadequate’, Fed Should Consider Digital Currency

2 months ago admin2 Comments Off on Ex-FDIC Chair: Current Monetary Tools ‘Inadequate’, Fed Should Consider Digital Currency
The former Chair of the U.S. Federal Deposit Insurance Corporation (FDIC) said that she thinks the Federal Reserve (Fed) needs to seriously consider issuing a central bank-issued digital currency (CBDC) in a June 8 op-ed published on Yahoo! Finance. In her op-ed, the former FDIC Chair Sheila Bair noted that “the past 10 years are Read More

South Africa’s Central Bank Pilots Tokenized Fiat Interbank Payment System

3 months ago admin2 Comments Off on South Africa’s Central Bank Pilots Tokenized Fiat Interbank Payment System
South Africa’s Central Bank (SARB) has successfully piloted a Proof-of-Concept (PoC) for an interbank payment system that tokenizes fiat using Quorum, according to an SARB press release published June 5th. Quorum is an Ethereum-based private blockchain. According to SARB’s report on the pilot, dubbed ‘Project Khokha,’ all of the bank’s goals were successfully achieved, the Read More

Hong Kong: Central Bank Digital Currency ‘not Clearly Superior to’ Existing Infrastructure

3 months ago admin2 Comments Off on Hong Kong: Central Bank Digital Currency ‘not Clearly Superior to’ Existing Infrastructure
Hong Kong will not currently issue a central bank digital currency (CBDC), citing the existence of already efficient payment infrastructure, according to a government press release published yesterday, May 30. Joseph Chan, the Acting Secretary for Financial Services and the Treasury in the Legislative Council, said in response to questions about both the People’s Bank Read More

Bank of Korea to Announce Guidelines on Cryptocurrencies by June, Hints At Possible Central Bank Digital Currency

4 months ago admin2 Comments Off on Bank of Korea to Announce Guidelines on Cryptocurrencies by June, Hints At Possible Central Bank Digital Currency
Image: South Korea flag by railway fx via Shutterstock.com The Bank of Korea (BoK) has announced that it is planning to reveal its guidelines on cryptocurrencies before the summer is out. A plan on a possible central bank-issued digital currency will also feature, according to a report. In a statement issued yesterday, the bank said: Read More

Bank of Japan Turns Back on State-Issued Cryptocurrency

4 months ago admin2 Comments Off on Bank of Japan Turns Back on State-Issued Cryptocurrency
Economy & Regulation The Bank of Japan has become the latest government financial institution to recognize the risks of state-issued cryptocurrencies. According to its Deputy Governor Masayoshi Amamiya, a national digital coin may jeopardize the traditional financial system established in developed countries. The Japanese central bank has no plans to issue its own crypto, he Read More