A registered broker and former investment banker with financial giant Deutsche Bank has pleaded guilty to defrauding investors into a fraudulent crypto fund. He is facing up to 30 years in prison and will be required to pay restitution of more than $ 1.5 million, according to the U.S. Justice Department. Ex-Deutsche Bank Investment Banker Pleads Guilty The U.S. Department of … [Read more...]
Bank of Russia Governor Elvira Nabiullina: ‘Cash Is Not Going Away’
Elvira Nabiullina, Governor of the Bank of Russia, talked about the future of cash in the context of the digital ruble pilot currently being executed in the country. Nabiullina explained that physical money was not disappearing and that the future implementation of the digital ruble was directed to offer payment options to users. Bank of Russia Governor Elvira Nabiullina: … [Read more...]
Deutsche Bank Teams Up With Swiss Crypto Firm to Offer Digital Asset Services
Deutsche Bank, the largest bank in Germany by total assets, is collaborating with Swiss digital asset firm Taurus to provide clients with crypto custody and tokenization services. “As the digital asset space is expected to encompass trillions of dollars of assets, it’s bound to be seen as one of the priorities for investors and corporations alike,” said Deutsche Bank’s global … [Read more...]
India’s Central Bank Digital Currency Has 1.5M Users, 300K Merchants, Says RBI Chief
Reserve Bank of India (RBI) Governor Shaktikanta Das has revealed that India’s central bank digital currency (CBDC) now has around 1.5 million users. In addition, over 300,000 merchants are currently accepting payments in digital rupees, and the pilot is being operated through 13 banks in 26 cities. RBI Governor’s Digital Rupee Update Reserve Bank of India (RBI) … [Read more...]
Shark Tank Star Kevin O’Leary Warns of Emerging Financial Crisis, Bank Failures
Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has sounded the alarm about an impending financial crisis. “We have a crisis emerging,” he warned, emphasizing that small business owners will be “cut off at the regional bank level.” He stressed: “You’re going to hear a lot of people crying about this in the next few months.” Kevin O’Leary … [Read more...]
Swiss SEBA Bank Obtains In-Principle Approval to Offer Crypto Services in Hong Kong
Switzerland-based crypto-friendly SEBA Bank announced it has received an approval-in-principle to operate in Hong Kong. The regulatory nod brings the Swiss bank’s local entity closer to becoming a licensed provider of various services for crypto assets in the Chinese region. SEBA Bank Takes a Step Towards Full Crypto License in Hong Kong SEBA Hong Kong, a subsidiary of the … [Read more...]
Report: Tether Pivots to Bahamas’ Britannia Bank Amid US Banking Strains
In a recent report released on Tuesday, undisclosed sources detailed that the firm behind the top stablecoin in market cap, tether (USDT), is now banking with Britannia Bank & Trust. In the past month, tether’s supply has dipped by 1.3%, leaving 82.85 billion USDT in circulation. Undisclosed Sources Say Tether Is Working With a Privately Held Bahamas-Based Bank On August … [Read more...]
Report: Nigerian Central Bank Sued for Dollarizing Economy
In a lawsuit filed by a Nigerian human rights activist, the country’s central bank is accused of failing to stop the dollarization of the economy. According to the activist, the central bank’s unwillingness to stop economic agents from demanding U.S. dollars for domestic transactions has “resulted in the constant devaluation, depreciation and unending plunge … [Read more...]
Binance Renames Russian Bank Cards Amid US Sanctions Probe, Report
Crypto exchange Binance has replaced the names of cards issued by Russian banks with colors, Russian media revealed amid reports of a U.S. investigation into potential sanctions violations. The changes concern the ruble exchange feature on Binance’s peer-to-peer platform. Russian Traders on Binance Offered ‘Green’ and ‘Yellow’ Cards as Payment Options Binance, the world’s … [Read more...]
South African Official: Common Currency Requires Central Bank, Threatens Monetary Policy Independence
South Africa’s minister of finance has explained why he believes that no country is ready for a common currency, including a unified BRICS currency. “Setting up a common currency presupposes setting up a central bank, and that presupposes losing independence on monetary policies, and I don’t think any country is ready for that,” he emphasized. ‘I Don’t Think Any Country … [Read more...]
Local Currencies Are Not Alternatives to the Dollar but the System, BRICS Bank Chair Says
The development bank founded by the BRICS bloc of emerging economies aims to promote a multipolar financial system, its head, Dilma Rousseff, has indicated. As part of these efforts, the institution seeks to expand lending in local currencies, those of member states in particular, such the South African rand and the Brazilian real. BRICS Development Bank Strives to Become ‘Bank … [Read more...]
BRICS Bank to Issue First Indian Rupee Bond — Plans to Boost Local Currency Lending
The New Development Bank (NDB), also known as the BRICS Bank, is reportedly planning to issue its first Indian rupee bond by October. Last week, the bank issued its first South African rand bond. “NDB is seeking to increase its presence in the local capital markets of its member countries, to fund its robust portfolio of local currency loans,” said the BRICS … [Read more...]
Central Bank of Brazil Rebrands CBDC to ‘Drex,’ Launch Expected by 2024
The Central Bank of Brazil has issued a press release revealing details about “drex,” the Brazilian central bank digital currency (CBDC) formerly known as the digital real. The bank explained the need for a rebranding and detailed how it might revolutionize transactions with digital contracts for real estate and vehicles. Drex is expected to be launched next year. … [Read more...]
Dutch ING Bank Analysts: BRICS Expansion to Power De-Dollarization Across World Economies
Analysts of ING bank believe the de-dollarization trend that has been growing in the world might pick up momentum due to the possible expansion of the BRICS bloc. While the issuance of a BRICS common currency remains uncertain, according to some developing narratives, the Chinese yuan could become the de facto substitute for the U.S. dollar. ING Bank Analysis: De-Dollarization … [Read more...]
Farmington Bank Faces Fed Wrath: Alameda-Backed Financial Institution Ordered to Shutdown
In a statement released August 17, 2023, Farmington State Bank, with an investment from Sam Bankman-Fried’s Alameda Research, consented to a cease and desist order from the U.S. Federal Reserve. Alameda invested $ 11.5 million into the bank’s coffers in January 2022. Government seizure documents from January 2023 indicate Bankman-Fried reportedly had $ 50 million … [Read more...]
