Discussions around Bitcoin and cryptocurrencies, in general, have reached the high seats of investment banking. This becomes clear as the behemoth multinational investment bank Goldman Sachs hosted a conference call headlined US Economic Outlook & Implications of Current Policies for Inflation, Gold, and Bitcoin. Perhaps somewhat expectedly, the banking giant used its platform to bash...Read More
The large American multinational investment bank Goldman Sachs will host a conference call regarding Bitcoin, gold, and inflation. While precise information on the call’s content is limited, the massive bank appears to be the latest Wall Street-based entity to acknowledge the primary cryptocurrency. Goldman Sachs To Talk About Bitcoin According to the invitation, the event...Read More
Even in 2020, there are several banks around the world that will prevent customers from buying or selling cryptocurrencies. One way to circumvent those issues is by utilizing crypto debit cards, even though they rely on the banking system as well. Banks have always had a love-hate relationship with Bitcoin and other cryptocurrencies. Banks Still...Read More
Amid lockdowns prompted by the spread of the novel coronavirus, Russian citizens have withdrawn more cash from banks and ATMs since the start of March, than they did in the whole of 2019. A report reasoned that people are afraid that banks may not function during the quarantine. For Russians, Cash Is Still King According...Read More
Minneapolis Federal Reserve President Neel Kashkari wrote Thursday that banks should cancel dividends and sell shares to raise cash. Kashkari said these measures would be necessary to create a cash buffer going into a potentially drawn-out recession. Because should the banks fail to have enough cash on hand, a wave of defaults could trigger a...Read More
Amid the spread of the COVID-19 pandemic, world governments and central banks should focus on launching CBDCs, a BIS report suggested. By using digital currencies, people could avert cash, credit card terminals, or PIN pads – which may transmit the novel virus. Coronavirus And Money The COVID-19 outbreak took the world by storm. Over 1.2...Read More
Toilet paper isn’t the only thing people are hoarding during the coronavirus panic. In a sign of the times, FDIC Chair Jelena McWilliams literally asked Americans not to hoard cash under the mattress. That is not the message you want to turn on your television to hear the government telling people. Because that means it’s...Read More
After years of purchasing significant quantities of gold, the Central Bank of Russia will seize buying more as of April 1st. The country announced it yesterday without explaining the move. Local analysts, however, claimed that the nation already has a lot of gold stashed in reserves and might start selling to international investors because of...Read More
Efforts to contain the coronavirus pandemic have erupted into a disastrous and panicked shutdown of the economy by Western governments. The term “Marshall Law” (correct spelling: “Martial Law”) trended on Twitter last weekend. While many scoffed at this characterization of coronavirus containment efforts, it’s not entirely off base. In New York City, police can arrest...Read More
The Swedish Central Bank will establish a test group for its potential digital currency – the e-krona. It will run for a year and should confirm if there’s an actual need case for launching a digital krona. Testing The E-Krona Recently reported by local news, the Riksbank is ready to launch a group to examine...Read More
The Israeli Attorney General, Dr. Avichai Mandelblit, has stated that banks in the country should not stop providing banking services to crypto-related customers and firms despite such recommendations from the Central Bank of Isreal. Mandelblit is at the mass-media headlines these days because of another major reason – Israel’s Prime Minister Benjamin Netanyahu’s latest investigations....Read More
Interest rates across the globe are going to zero, and it’s bullish for Bitcoin, according to Morgan Creek Capital Management Founder and CEO, Mark Yusko. He also noted that the recent price drop should not bother investors, and they should focus on purchasing more. Zero Interest Rates Good For Bitcoin Yusko recently spoke in a...Read More
The Central Bank of Russia announced in late December that it would be testing out its state-backed cryptocurrency within a regulatory sandbox. It appears that the tests are now over and have been completed. Russia’s Central Bank And Blockchain According to a local report, Russia’s Central Bank has completed a pilot project for the issuance...Read More
The Central Bank of Russia announced in late December that it would be testing out its state-backed cryptocurrency within a regulatory sandbox. It appears that the tests are now over and have been completed. Russia’s Central Bank And Blockchain According to a local report, Russia’s Central Bank has completed a pilot project for the issuance...Read More
The largest standalone investment bank in Latin America, Banco BTG Pactual SA, recorded an impressive 42% net income growth during last year’s fourth quarter. The bank is regarded as one of the cryptocurrency-friendly traditional banking establishments. Last year, BTG started utilizing the Ethereum and Tezos blockchain networks for security token offerings. BTG’s Net Income On...Read More
Ripple’s expansion continues with a new partnership in Egypt. The country’s national bank has recently signed a co-operation agreement to join the blockchain-based payments network RippleNet to implement remittance payments. Ripple Partners With NBE The National Bank of Egypt is the oldest and largest bank in the country. As of yesterday, the NBE is partnering...Read More
Bitcoin is yet too volatile to threaten the existence of cash, and the latter will survive, states a new report conducted by Deutsche bank. Moreover, the report claims that digital assets will help with rebalancing the global economic power. Deutsche Bank had seen better years than in 2019. The German bank had to layoff 18,000...Read More
At its first policy meeting of 2020, the Federal Reserve didn’t change much. As expected, the Federal Open Market Committee decided not to raise interest rates. The Fed will keep repo operations in overnight money markets going until April. But Fed Chair Jerome Powell did walk somewhat of a tightrope trying to explain what the...Read More
Central banks have been contemplating the idea of creating their own cryptocurrencies for a while now. China has been one of the first countries to express its intentions in this regard. The country’s CCIEE chair even stated that they will be the first to launch its central bank digital currency (CBDC). A former deputy governor...Read More
Negative rates are becoming exceedingly popular among central and local banks around the world, and the trend extends in Germany with the start of 2020. Amid this, Bitcoin’s pre-programmed inflation rate raises the question if it could serve as a full-on alternative. Simply put, having negative rates means that instead of receiving interest income on...Read More
Bitcoin went through yet another week full of volatility and considerable market movements. The cryptocurrency decreased by a total of about $400 in the past seven days. This happens just before the Chinese New Year, and history revealed that it has historically been a rather bad time for Bitcoin. However, it’s also worth noting that...Read More
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...Read More
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 Banks The survey was compiled by BIS at the end...Read More
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...Read More
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...Read More
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 Cryptocurrencies Major central banks are stepping up on the matter of cryptocurrencies. According to a Reuters report, the banks...Read More
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 100M Last year, the...Read More
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 Australia The...Read More
The European Central Bank is considering the launch of its own CBDC, according to the bank’s President – Christine Lagarde. She indicates in a recent interview that they need to adjust to this changing world and that the bank will not interfere with any private companies in coming up with a similar digital form of...Read More
11 years ago today, Satoshi Nakamoto launched the Bitcoin network at approximately 18:15:05 UTC and the world hasn’t been the same since. The Bitcoin blockchain came to life on January 3, 2009, and so far, more than 600,000 blocks have been mined into existence. Nakamoto’s genesis block is special and the hardcoded block has a...Read More
