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Tag Archives: bny mellon

Private Cryptocurrencies Have No Future, Retiring MAS Director Said

The retiring MAS director believes the future monetary system will revolve around CBDCs, tokenized bank liabilities, and stablecoins. The Director of the Monetary Authority of Singapore (MAS), Ravi Menon, has emphasized that private cryptocurrencies have no future. Menon shared his thoughts as a panelist at an event jointly hosted by the Hong Kong Monetary Authority and the Bank for International Settlements. Earlier, Mr Menon, who spearheaded the fintech revolution in Singapore, announced...

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Circle Announces Closure of Individual Consumer Accounts on November 30

The creator of the second largest stablecoin USDC with a market cap of about $24.7 billion announced that it will support only business institutional accounts. In a strategic move to review its relations with customers, Circle, a leading and regulated stablecoin issuer, informed its individual account holders that they will not be serviced by the end of this month. Circle wrote an email to its individual customers informing them to redeem their coins before November 30, as only...

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Fireblocks Expands Cloud Support for Crypto Custody

Fireblocks’ cloud support comes at a time when more and more institutional investors and corporations are joining the crypto space. Blockchain security service provider, Fireblocks, has expanded its cloud service for crypto custody and settlement. According to the announcement, the service will now include Amazon Web Services (AWS), Google Cloud Platform, Alibaba Cloud, Thales, and Securosys. Cloud Computing Meets Crypto Security Fireblocks’ platform uses a combination of security...

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Bank of England (BoE) Concludes CBDC Test Project towards Potential Official Launch

Following a successful Project Rosalind CBDC test, the BoE is making progress with developing and launching a digital pound. The Bank of England (BoE) is moving closer to launching its Central Bank Digital Currency (CBDC) after its long test project on the potential benefits of the technology. The BoE launched Project Rosalind last year to help decide whether to float a CBDC. The BoE undertook the CBDC project in collaboration with the Bank of International Settlements (BIS) to...

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Banking Giant BNY Mellon Announces Its Long-Term Committment to Digital Assets

The American banking giant will be focusing on three key initiatives – distributed ledger technology, tokenization, and digital cash. Over the last few years, traditional banking players have been showing some affinity towards crypto assets and America’s oldest bank BNY Mellon is the latest to join the bandwagon. BNY Mellon is pushing for digital innovation while focusing on digital assets, not necessarily crypto. Roman Regelman, CEO of securities services and digital at BNY Mellon, said...

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