Tag Archives: Banks

Banks in Hawaii, one of the fifty states in the US, would be able to provide cryptocurrency custodial services to investors under a new bill introduced by the state’s lawmakers late last week, should it pass approval.  If successful, the legislation would grant Hawaiian banks the right to hold and manage digital assets such as digital consumer assets, digital securities, and cryptocurrencies for their customers. The bill, which has already passed its first reading on Tuesday, is co-sponsored...

A recent survey from the Bank for International Settlements (BIS) confirms the emerging trend of digital currencies backed by central banks. The publication reveals that 80% of the participants have declared that they are currently working on issuing their own cryptocurrency.CBDCs: Coming From Most BanksThe survey was compiled by BIS at the end of 2019 and contains the answers from 66 central banks around the world. Twenty-one came from advanced economies and forty-five from emerging market...

It’s always refreshing to see someone who truly understands bitcoin. They don’t just “like” it or invest in it; they spend time getting to know it and how it works. One such person is Deana Burke, the founder of Gracias, an organization devoted to ensuring women, teenagers and minorities understand crypto.Deana Burke: BTC Can Change EverythingBurke explains in an interview that she wasn’t always familiar with the concept of crypto. At first, the system appeared relatively confusing, but she...

The central banks of Hong Kong and Thailand revealed today in a published report that they are a step closer to creating a joint Central Bank Digital Currency (CBDC) to facilitate efficient payments between the two countries.The banks confirmed that the upcoming CBDC dubbed Project Inthanon-LionRock is technically feasible and will utilize the blockchain technology to make cross border settlements more transparent and cheaper with reduced risks. CBDC Could Streamline Global PaymentsThe Hong...

As a response to a legal case filed by the Internet and Mobile Association of India (IAMAI), the Reserve Bank of India (RBI) has now clarified that Bitcoin is not banned in the country. The nation’s central bank says that it has only restricted regulated financial establishments from dealing with anyone using digital assets.RBI in 2020: Bitcoin Not BannedThe IAMAI, also consisting of cryptocurrency exchanges, filed a petition against an RBI directive from 2018. It was considered that the...

Some major central banks, including that of Britain, Japan, and Sweden, have reportedly come together on cooperation towards cryptocurrencies. The organizations will share their experience in a dedicated group.Major Banks Come Together To Work On CryptocurrenciesMajor central banks are stepping up on the matter of cryptocurrencies. According to a Reuters report, the banks of Britain, the Eurozone, Japan, Sweden, and Switzerland, will be entering a dedicated group to discuss potential cases...

SEBA, the Swiss start-up bank selling cryptocurrency services to clients, is planning to initiate its second-stage fundraising. Less than two years after the first one that raised 100m Swiss francs ($103 M), the bank will seek the same amount to expand its services and develop additional products.Seba Bank To Raise 100MLast year, the Swiss Financial Market Authority (FINMA) granted SEBA with a banking license to operate as a financial services provider that focuses mainly on digital assets....

The situation in Lebanon just got intense as the Western Asian country is currently facing what appears to be its worst economic crisis since the end of its civil war in 1990.Reports from international news media, France 24, today revealed that angry protesters launched a night-time attack on several banks in the Beirut, the capital city and commercial hub of Lebanon, after a brief lull in the past weeks.The demonstrators were fiercer in their renewed rallies as they attacked the district of...

Blockchain has been a buzzword for some time, evoking a sense of mystery and magic for tech enthusiasts – or just plain confusion for the average Joe.Despite the hype, it’s also received a fair amount of criticism – largely from those in the mainstream financial world who, due to their skepticism of cryptocurrency such as Bitcoin, have gone to bash its underlying technology.Blockchain technology has also received flak from those who say it is too complicated to implement. And then there are...

While several countries and entities are starting to consider launching their own central bank digital currencies (CBDC), Australia might be on the opposite side. The nation’s Reserve bank seems to think that there’s no current need for such a product among customers, as the payment system now is stable enough.No CBDC in AustraliaThe Reserve Bank of Australia (RBA) has been exploring the potential need of a “digital Australian dollar,” but it has concluded that there’s currently no need for...