Search results: banking

The city’s global reach, Hong Kong dollar and mainland ties make it a good fit for Chinese authorities to trial e-CNY international payments.

India’s crypto tax plan was expected to bolster adoption, but the central bank’s hold on the banking sector puts a check on crypto-related services.

South Korean crypto exchange GOPAX revealed Tuesday it has partnered with Jeonbuk Bank to provide clients with real-name withdrawal and deposit accounts, qualifying the exchange to offer cash-to-crypto services. Fast facts After registering its new partnership with Korea’s Financial Intelligence Unit (FIU), GOPAX is set to become the fifth digital asset exchange that offers Korean […]

HK watchdog’s sends out warning calling NFT a threat, meanwhile in Singapore DBS plans a crypto expansion

T Rabi Shankar, the deputy governor of the Reserve Bank of India, the country’s central bank, proposed an outright ban on cryptocurrencies on Monday, assuring the central bank’s position to prohibit digital assets has not changed since the 30% tax on crypto income was announced.  Fast facts Shankar said he found no merit in the […]

As more countries announce plans for central bank digital currencies, will that break crypto’s promise as the future of money?

Reserve Bank of India Governor Shaktikanta Das said in a press conference that cryptocurrencies have no underlying value and that they are “not even a tulip,” warning investors of its risks.  Fast facts Das’s comments come just over a week after India’s central government announced a 30% taxation plan on income from crypto assets as well […]

As stablecoins face pressure to adopt traditional safeguards, the industry’s efforts to self-regulate should not be overlooked, writes Charlie Martin of Gro.

American banking giant JPMorgan predicts Bitcoin’s price will approach US$150,000 in the long term, strategist Nikolaos Panigirtzoglou wrote in an investors note cited by Bloomberg. Fast facts Bitcoin, the largest cryptocurrency by market capitalization, is currently trading at about US$43,830, but JPMorgan pegs its fair value at around US$38,000, about 15% lower than its current […]

Lawyer for 63,000 XRP investors invites non-US investors to demand a congressional investigation of the SEC for impropriety.

The recent crypto price plunge has done little to rattle new investors. Are they just buying the dip, or is there more to it? Q9 Capital’s James Quinn explains.

CBDCs can increase financial inclusion and prevent crime, according to blockchain expert Tiana Laurence. What’s not to like about state-backed digital money?

Crypto regulations run the gamut from wait-and-see to total prohibition. What are the dos and don’ts of smart regulation?

Though the world’s most powerful central bank does not stake a position, its discussion paper is a big step toward supporting a future US digital currency.

Google has hired former PayPal executive Arnold Goldberg to run its payments division as the company eyes offering a broader range of financial services including cryptocurrencies. Fast facts “Crypto is something we pay a lot of attention to,” Google’s president of commerce Bill Ready told Bloomberg. PayPal has already incorporated cryptocurrency into its business, recently […]

One of the largest private banks in Pakistan has asked customers to avoid conducting cryptocurrency transactions through its banking channels, according to multiple media reports.  Fast facts Bank Alfalah reportedly has sent SMS alerts to users informing them that cryptocurrencies are not legal tender and no entity is authorized to provide related services in the […]

The U.S. Federal Reserve is deferring to Congress to decide whether to introduce a central bank digital currency (CBDC), Lael Brainard told the Senate banking committee Thursday at her Fed vice chair nomination hearing. Fast facts Republican Senator Cynthia Lummis asked whether the vice chair nominee believed that the digital dollar should be available to […]

Stablecoins and CBDCs will likely co-exist in the city, experts say, as Hong Kong looks to thrive as crypto hub.

How has layer-2 innovation saved Bitcoin from becoming a victim of its own success? Blockstream chief Adam Back explains.

Today’s consumers are looking for more equitable financial services, writes Sean Rach of hi. Here’s how blockchain can offer a nonprofit banking alternative.

Love it or hate it, Bitcoin can be a powerful force for good — and it’s here to stay, writes Peter Vessenes, co-founder of The Bitcoin Foundation.

Looking beyond this year’s headlines like El Salvador’s Bitcoin adoption, here are the key developments in blockchain technology that will have lasting impact in the new year and beyond.

Curious to use Bitcoin but don’t know where to start? Forkast.News explains how.

Which blockchain sector will flourish, and what’s not yet ripe for mass adoption just yet? FTX CEO Sam Bankman-Fried offers his crystal ball in a special Forkast.News video.

Japan’s financial conglomerate SBI Holdings announced a joint investment in Singapore’s virtual asset exchange Coinhako with Switzerland-based Sygnum Bank. Fast facts The investment is made through a fund formed in Singapore named the SBI-Sygnum-Azimut Digital Asset Opportunity fund. SBI expressed certainty in supporting Coinhako’s international expansion and other startups that have growth potential in the […]

U.S.-based tax preparation service company H&R Block has filed a trademark infringement case over Square’s new name, Block. Fast facts The lawsuit states: “Block brings this lawsuit to protect consumers from being deceived and to prevent a Silicon Valley tech company from stealing Block’s name.” According to a press release from H&R Block, fintech firm […]

Bitcoin’s current price is not indicative of the crypto’s future prospects, says Mark Yusko, who looks forward to the tokenization of everything.

Federal regulators have turned their sights on stablecoins. But is the attempt to tame this digital currency too late?

Crypto 1 will consider acquisition targets worldwide but steer clear of digital assets companies in China and Hong Kong. Are the lights dimming on a major crypto hub?

Investment banks’ hunger for a new revenue stream is likely to drive up the popularity and registration of crypto derivatives products.

Stablecoins, US dollar primacy and energy consumption were among the topics in the questioning homing in on how to regulate the crypto industry.

Kotak Mahindra Bank, a leading private bank in India, has struck a partnership with crypto exchange WazirX, the Economic Times reported. Fast facts WazirX has opened an account with Kotak that can be used to pay and receive money from investors, according to the ET report. The account will be activated after the completion of […]

In written responses to questions from Sen. Pat Toomey, Treasury Secretary Janet Yellen releases non-custodial service providers from strict reporting rules.

A new normal forced by the pandemic is bringing out a wave of creators and influencers for a decentralized economy, writes Alex Shkor of DEIP. Here’s what to expect in the year to come.

When Facebook and payments giant Square launched, they were trailblazers in the industry. Now, after Facebook, Square too has changed its name — to Block — in a bid to embrace the future of technology. Fast facts Square CEO Jack Dorsey and Facebook CEO Mark Zuckerberg have never gotten along. Dorsey has jibed at Zuckerberg […]

South Korean heavyweight lender Shinhan Bank has completed a proof-of-concept rollout of a stablecoin project for international remittances in partnership with South Africa’s Standard Bank, using Hedera Hashgraph. Fast facts The project’s aim is to test the issuance and distribution of stablecoins for international remittances, which often frustrate senders and receivers due to their high […]

As the market recovers from a weekend sell-off, Terra and Shiba Inu tokens shine bright while Ethereum eyes new price heights. What’s behind their rally?

Fed chairman Jerome Powell signaled that tighter monetary policy may be coming, which sent Bitcoin price’s down slightly.

Korea crypto tax postponed, meanwhile CoinDCX looks to IPO

KB Kookmin Bank, one of South Korea’s largest financial institutions, announced yesterday that it has developed the KB Metaverse VR Branch Testbed for experimenting with allowing customers wearing a head-mounted VR device to access banking services in a metaverse. Fast facts Simple transactions, such as remittances, can be managed at a teller window, while an […]

In Nigeria, the eNaira — the country’s newly launched central bank digital currency (CBDC) — has already seen nearly 600,000 downloads, according to local media Nairametrics citing the Central Bank of Nigeria (CBN). Fast facts The local media reported Saturday that the CBN governor has revealed the country’s total digital transactions rose by more than […]

In the long run, the new rules may ‘lay the perfect foundation’ to improve risk management, says an ICBC expert.

Fund manager Fintonia has launched two new Bitcoin funds — Fintonia Bitcoin Physical Fund and Fintonia Secured Yield Fund — for institutional investors. Fast facts The physical fund buys and holds actual Bitcoin, rather than investing in a Bitcoin-linked derivative product. The fund’s Bitcoin will be stored with a licensed and insured custodian, according to […]

Metaverse picks up momentum, on the other hand Binance tweet gets yellow card

Tether, issuer of the world’s most popular stablecoin USDT, has responded in multiple tweets saying it will work with policymakers, after the U.S. Senate Banking Committee earlier this week sent letters to several stablecoin issuers — including Tether — to inquire about their operational features. Fast facts In the tweets, Tether said it appreciates the interest from […]

The Japan Digital Currency Forum has released a white paper examining the possibility of a new cryptocurrency backed by bank deposits. Fast facts The forum consists of over 70 companies, including the country’s top banks such as MUFG Bank, Sumitomo Mitsui Banking Corp., Mizuho Bank, Japan Post Bank, among others. Several government agencies also are […]

Hex Trust and Animoca Brands team up to tackle a key problem in gamefi.

The Australian Securities and Investments Commission (ASIC) has accused the owners of Gold Coast-based business A One Multi of scamming 92 investors out of AU$25 million (US$18 million) and are now in possession of a cold wallet believed to hold almost US$20 million in Bitcoin purchased with the defrauded funds, according to a report by […]

Citigroup is looking to enter the race toward crypto offerings by hiring 100 people for its blockchain and digital assets division, according to a Bloomberg report. Fast facts The firm has appointed Puneet Singhvi as the head of digital assets for its institutional clients group (ICG), the report said. Singhvi used to head blockchain and […]

As the Indian government is due to introduce crypto legislation for discussion in the Parliament next week, Indian banks are cautioning customers against investing in crypto. Fast facts According to a report by the Economic Times, HDFC, Axis and ICICI banks have sent emails to customers warning them about the risks of investing in crypto […]

The promise of financial democratization forms the bedrock of DeFi’s appeal. But who’s in charge — and who to hold responsible when things go south?

17,437 virtual strangers chipped in over $40 million to jointly buy a rare copy of the US Constitution. They lost their bid but now has everyone asking: What is a DAO?

While the government has yet to figure out the details, a crypto regulatory regime is expected to be released before February.

As crypto projects are relocating from China to friendlier shores, it represents ‘huge opportunity’ for Taiwan.

As central bank digital currencies begin picking up steam around the world, the Central Bank of Nigeria announced on Friday the digital wallet for its own digital currency, the eNaira, has been downloaded 488,000 times in 160 countries — in just 19 days after its launch. Fast facts According to local news reports, after President […]

Covid laid bare the gaps in people’s access to banking services. Moeda Seeds is looking not just to fill the gaps but to change the banking paradigm.

Crypto is ‘a behavioral economics experiment,’ says Real Vision co-founder Raoul Pal. ‘Your incentive system is not a like button on Facebook, it’s money.’

Speaking at the Singapore FinTech Festival, Singapore central bank chief Ravi Menon announces the launch of Project Orchid, a digital dollar project.

Affinidi, a Singapore-based technology company founded by state-owned investment firm Temasek, today announced the launch of a new business unit called Finnovate that aims to serve millions of underbanked individuals and small and medium enterprises across Southeast Asia by leveraging on Web 3.0 blockchain technologies. Fast facts Affinidi Finnovate is partnering with the financial services […]

The Central American nation is the first to adopt Bitcoin as legal tender. As many countries face similar issues of large unbanked population and high remittance fees, will others follow suit?

New Jersey-based crypto banking services provider BlockFi and investment management firm Neuberger Berman jointly filed for a Bitcoin spot exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission on Tuesday. Fast facts In September, the U.S. got its first Bitcoin-linked ETF with the launch of ProShares Bitcoin Strategy Fund. But ProShares’ ETF was backed […]

The city’s disaffected post-protest youth and recent statistics suggest a brain drain in the city’s future.

Digital assets are disrupting financial services in ways not seen since the Middle Ages, writes Alex Tapscott of Ninepoint Partners. Here is the taxonomy for the future of finance.

Blockdata co-founder Jonathan Knegtel thinks so. Almost a teenager, Bitcoin is reaching a level of maturity that’s defying the predictions of its critics.

22 private sector finance heavyweights together with the BIS and central banks of China, Hong Kong, Thailand, and UAE aim to achieve a production-ready international trade settlement platform using CBDCs.

DBS Bank — Southeast Asia’s largest lender — intends to scale its crypto exchange as it invests in blockchain and wants to be nimble to adapt to how DeFi evolves.

London-headquartered fintech startup Revolut is looking to build its own crypto exchange, according to a new job posting. Fast facts The selected candidate will lead neobank Revolut’s “technical team to architect and build Revolut Crypto exchange,” the job posting says. The candidate will need experience in building order matching engines, like those used on crypto […]

DeFi is here to stay, but regulations are still lacking. Jason Blick of EQIBank explores the challenges and how authorities can move forward.

Top blockchain and crypto news: Stablecoins at regulatory crossroads. Squid Game crypto players suffer shocking fate. Are metaverses China’s new national insecurity?

Dogecoin and Shiba Inu are gaining massive traction and ranking among the top five traded cryptocurrencies on Indian exchanges. Fast facts Dogecoin contributed 13.76% to the overall trading volume of CoinSwitch Kuber, which claims to be the largest Indian crypto exchange with over 10 million customers, over the last six months, according to a report […]

Amid debate in Australia surrounding the banking sector’s relationship with cryptocurrency, the country’s largest bank, Commonwealth Bank, will soon be allowing customers to buy, sell and hold crypto assets directly through its app — making it the first bank in the country to do so. Fast facts Partnering with leading global crypto exchange and custodian […]

Thailand’s oldest bank, Siam Commercial Bank, has acquired a majority stake in the country’s largest crypto exchange Bitkub. Fast facts Siam Commercial Bank Securities, a subsidiary of SCB, has purchased 51% stake in Bitkub for approximately US$535.6 million, according to an announcement on Tuesday. The transaction is expected to be completed by the first quarter […]