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Bank of America, JPMorgan, Wells Fargo Collaborate to Launch Digital Wallet: Report

January 25, 2023 by admin

Bank of America, JPMorgan, Wells Fargo Collaborate to Launch Digital Wallet: Report

Seven major banks, including Bank of America, JPMorgan Chase, and Wells Fargo, have reportedly teamed up to launch a digital wallet that will compete with other third-party wallet providers such as Paypal and Apple Pay. Big Banks to Launch a Digital Wallet Bank of America, JPMorgan Chase, Wells Fargo, and …

Bank of Spain Greenlights Euro-Backed Stablecoin Token Pilot Program

January 23, 2023 by admin

bank of spain monei digital euro

The Bank of Spain has given approval for the launch of a pilot program involving the issuance and usage of euro-pegged stablecoins. The program, which MONEI, a fintech institution, is launching, will allow users to issue digital euros with fiat deposits in order to experiment with these in payment applications, …

Bank of Russia Backs Crypto Mining Bill But Insists Minted Coins Should Be Exported

December 10, 2022 by admin

Bank of Russia Backs Crypto Mining Bill But Insists Minted Coins Should Be Exported

The monetary authority in Moscow has expressed support for the latest legislative attempt to legalize cryptocurrency mining. However, the regulator wants the extracted digital currency to be sold outside the country or only under special legal regimes in Russia, as an exception. Russia’s Central Bank Suggests Restrictions Be Added to Proposed Crypto Mining Law …

Standard Chartered Bank: Bitcoin Could Fall to $5,000 Next Year

December 6, 2022 by admin

Standard Chartered Bank: Bitcoin Could Drop to $  5,000 Next Year

Standard Chartered Bank says the price of bitcoin could drop to $ 5,000 next year. The bank’s analyst explained that cryptocurrencies could fall further and more crypto firms could “succumb to liquidity squeezes and investor withdrawals.” Standard Chartered Bank’s $ 5K Bitcoin Scenario Standard Chartered Bank published a note titled “The financial-market …

Bank of Russia Sets Out to Regulate Digital Asset Taxation, Exchange, Still Opposed to Crypto

November 13, 2022 by admin

Bank of Russia Sets Out to Regulate Digital Asset Taxation, Exchange, Still Opposed to Crypto

The Central Bank of Russia supports the development of digital financial assets but remains opposed to legalizing crypto payments, its top management has reiterated. The monetary authority is now working on a set of regulatory proposals that will be submitted to parliament by the end of the year. Russia’s Central Bank Takes Legislative Initiative …

Zimbabwean Central Bank Launches CBDC Consumer Survey

November 11, 2022 by admin

The Zimbabwean central bank has said it is “conducting a CBDC [central bank digital currency] Consumer Survey to solicit opinions on the design and nature of the CBDC and its overall acceptance by the public.” The bank said the information obtained via this process will be “treated with the utmost confidentiality and the results …

Displaying US Dollar Prices Still Prohibited, Ghanaian Central Bank Tells Actress Lydia Forson

November 5, 2022 by admin

The Bank of Ghana recently warned businesses quoting U.S. dollar prices that the practice is still prohibited and that the cedi remains Ghana’s sole legal tender. The bank said it is working with law enforcement to “clamp down on illegal foreign exchange operations.” In addition to naming and shaming businesses violating the law, a …

Binance CEO Sees No Threat to Crypto From Central Bank Digital Currencies — Says CBDCs Will Validate Blockchain Concept

November 4, 2022 by admin

Binance CEO: Central Bank Digital Currencies Not a Threat to Crypto — CBDCs Will Validate Blockchain Concept

The CEO of cryptocurrency exchange Binance does not see central bank digital currencies (CBDCs) as a threat to cryptocurrencies, like bitcoin and ether. “It will validate the blockchain concept so that anybody who still has concerns about the technology will say: ‘Ok, our government is using the technology now,’” he opined. CZ Sees No …

Chinese Central Bank Governor: User Privacy and Financial Security Key Principles Guiding CBDC Design Process

November 2, 2022 by admin

According to Yi Gang, governor of China’s central bank, the process of designing the country’s digital currency is premised on two principles, the protection of user privacy as well as ensuring “financial security.” To achieve this, the central bank’s role will be limited to managing the digital currency’s “operating system” while the handling of …

Report: US Central Bank Loses Billions From Rate Hikes, ‘Losses Pile up Into an IOU’

October 25, 2022 by admin

While the U.S. Federal Reserve ramped up the benchmark bank rate with a barrage of rate hikes, U.S. Treasury markets and global bond markets, in general, have seen one of the worst selloffs in over a decade. The Fed’s actions has fueled criticism toward the U.S. central bank as some strategists believe the onslaught …

Eswatini Central Bank Partners With German Firm to Explore CBDC

October 19, 2022 by admin

Eswatini recently became the latest African country to jump on the central bank digital currency (CBDC) bandwagon after its central bank selected Giesecke Devrient, a Germany-based technology firm, as its partner. An agreement signed by both parties aims to enable them to deepen their “understanding of the practicalities of implementing a CBDC in Eswatini.” …

Bank of America and JPMorgan Say US Economy Is Doing Well, Consumers Are in Good Shape Despite Inflation

October 19, 2022 by admin

Bank of America and JPMorgan Say US Economy Is Doing Well, Consumers Are in Good Shape Despite Inflation

Bank of America CEO Brian Moynihan and JPMorgan & Chase CEO Jamie Dimon both agree that the U.S. economy is doing well and consumers are in good shape. “The consumers basically have more money in their accounts by multiples than they did pre-pandemic,” said the Bank of America chief. Bank of America’s CEO: US …

Bank of America’s Survey of Wealthy Americans: Younger People Are 7.5 Times More Likely to Hold Crypto in Their Portfolios

October 16, 2022 by admin

Bank of America

Bank of America has found that younger wealthy Americans are 7.5 times more likely to hold crypto in their portfolios than investors aged 43 and older. “If the youngest cohort isn’t confident in stocks, where do they see opportunities for investment growth? Alternatives, including cryptocurrencies, which are their No. 1 choice,” the bank wrote. …

Kenyan Central Bank Raises Key Rate by 75 Basis Points

October 4, 2022 by admin

The monetary policy committee of the Kenyan central bank recently revealed it increased the central bank rate by 75 basis points from 7.5% to 8.25%. Justifying its decision to act, the committee cites growing inflationary pressures and increased global risks, as well as their likely impact on the domestic economy. Growing Inflationary Pressures Following …

Fed Chair Jerome Powell Updates Work on Digital Dollar — Says US Central Bank Digital Currency Will Take ‘at Least a Couple of Years’

September 29, 2022 by admin

Federal Reserve Chairman Jerome Powell says the U.S. central bank is looking at whether to issue a digital dollar with a “very broad scope.” He noted that the Fed is collaborating with Congress and the executive branch on whether to issue a central bank digital currency. Fed Chair Powell on Digital Dollar Progress Federal …

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