Tag Archives: Banks

The Central Bank of Nigeria apparently has no problem at all if the country becomes a so-called Bitcoin Nation and recently clarified that rumors of a general crypto ban were nothing more than a misunderstanding.According to a report published by the local newspaper Today Ng, the central Bank did nothing but to draw a line between crypto related banking activities and the use of cryptocurrencies by the population.In other words, in Nigeria traders have total freedom to transact with crypto as...

A crypto-oriented survey compiled by the US multinational investment giant, Goldman Sachs, revealed that the general sentiment on bitcoin and other digital assets is primarily bullish. Nearly half of respondents, representatives of corporations, hedge funds, and banks, own a form of crypto, and most expect their portfolio to expand in value in the following two years.Bullish Perspective on Crypto: GS Survey ShowsGoldman Sachs posted the key takeaways from its Digital Assets Client Survey that...

Investors want to get their hands on Bitcoin, and the big banks are already considering supporting the cryptocurrency so as not to be left behind.After a remarkable price recovery, Bitcoin seems to have stood the test of time, proving to naysayers that it is a reliable asset and an excellent store of value in the long term.Investors are taking note, and it seems that the constant pressures exerted by these groups on the banking sector are indeed yielding good results.JP Morgan:”We Will Have...

Bitcoin could solve Kenya’s problems with its devaluating national currency prompted by the International Monetary Fund, said the Central Bank Governor Patrick Njoroge. As such, the bank has announced rather game-changing plans to switch its base currency to Bitcoin.Kenya’s Central Bank To Switch To Bitcoin?Kenya’s national currency, the Shilling, has been on a downward trend for the past few decades as it has lost nearly 50% of its value compared to the US dollar since 2010. In the past year...

The possibilities of central banks holding bitcoin in the future are “out of the question,” asserted the President of ECB Christine Lagarde.At the same time, US Secretary Janet Yellen warned about the growing risks of digital assets used in illegal activities but believes that they could have a vital role ultimately.Lagarde Skeptical On BTC Adoption From Central BanksWith bitcoin’s rise to the mainstream stage after several large corporations and institutional investors bought some for their...

San Francisco-based crypto payments platform Metal Pay has applied for a national bank charter with the U.S. national bank regulator, which would enable the company to offer seamless cryptocurrency-related services.Metal Pay Eyes Full National Bank LicenseIn a tweet thread published on Thursday (Feb. 4, 2021), Metal Pay’s First Blockchain Bank and Trust (FBB&T) revealed that it intends to become a full national crypto bank following its application with the Office of the Comptroller for...

Bitcoin is destined to fail due to its inherently risky nature that exposes investors to threats, said the General Manager of the Bank for International Settlements, Agustin Carstens. The executive, who has portrayed adverse feelings against the primary crypto for years, suggested that only central banks should issue digital currencies.BIS GM Criticize BTC’s Risky And Volatile NatureBitcoin’s parabolic increase that took the asset from about $10,000 in early October 2020 to an all-time high...

The Singaporean private banking arm of OCBC Bank has dismissed the chances of cryptocurrencies eventually replacing fiat currencies as a medium of exchange. However, the large institution believes that BTC and other altcoins can replace gold in terms of serving as a store of value.Cryptocurrencies: Store Of Value; Not Medium Of ExchangeEver since the introduction of Bitcoin in the late 2000s, people have wondered if the cryptocurrency could indeed live up to the potential of operating as an...

Amid the renewed anti-Bitcoin remarks ascribed to mainstream finance stakeholders, reports have emerged showing banks in Australia working in cahoots with violent South American cocaine cartels. Despite aspersions to the contrary, the crypto market continues to account for an insignificant proportion of global financial crimes.Australian Banks Funelling Dirty Money for Drug CartelsAccording to the Australian Financial Review, banks in the country have reportedly laundered about 500 million...

Giant state-owned Russian bank Sberbank has reportedly sought approval from the nation’s central bank to launch its own cryptocurrency through a blockchain platform.Separately, a Russian court has removed the leading crypto exchange Binance from a regulator’s blacklist.Sberbank Looks Into Launching Its Own Crypto?According to the local coverage, Sberbank of Russia, one of the largest banks in the world’s largest country by landmass, has applied with the central bank to register a blockchain...