Cryptocurrencies can pose significant risks to emerging markets, the Reserve Bank of India (RBI) chief said on Thursday, cautioning that the central bank’s stand on the issue remains unchanged despite wider acceptance in other countries. “Our position, my position and the RBI’s position on this (cryptocurrencies) remains unchanged irrespective of who does what,” Shaktikanta Das … Read more
India’s eRupee CBDC, that is presently in its advanced trial period, is reportedly facing decline in terms of its usage. Citing sources familiar with the matter, a Reuters report has claimed that CBDC transactions that had hit the mark of one million transactions per day in December 2023, has dropped to just around 100,000 daily … Read more
The central bank of Bolivia has decided to lift a ban on payments using Bitcoin and other cryptocurrencies imposed in 2014. The country is aiming to balance its economy, while modernising its payment systems. Bolivia has become the latest Latin American country to take a pro-crypto stance, even though Bitcoin or other cryptocurrencies are yet … Read more
The relationship between cryptocurrencies and centralised banking systems is currently at a nascent stage, with a lack of integration between their operations. In order to change the status quo, the Basel Committee of Banking Supervision (BCBS), which sets global banking standards, has taken an important step, approving a new ‘disclosure framework’ that will detail how … Read more
Sony Financial Holdings’ subsidiaries are independently exploring Web3 to connect with the next generation of consumers. In a recent move, Sony Bank introduced an NFT app called ‘Connect.’ This app allows customers to hold, trade, and collect digital collectibles, all through their phone. Users can display their NFT collections and interact with other community members. … Read more
Taiwan’s Financial Supervisory Commission (FSC) is exploring ways to integrate Web3 services into its financial ecosystem. At a recent press conference, FSC official Hu Zehua stated that the regulatory body is open to involving financial institutions in trials for virtual asset custody services. This move follows growing interest from private lenders in recent months, with … Read more
Until recently, banks watched from the sidelines with envy as stablecoin market leader Tether Holdings boasted of billions in profits. Now they want in. Earlier this year, Societe Generale – Forge made its Euro-backed stablecoin — which basically represents fiat on a blockchain ledger — available to retail investors. Financial group Oddo BHF SCA is … Read more
The Hong Kong Monetary Authority (HKMA) has established a ‘Supervisory Incubator’ that will help banks develop and test the use cases of the distributed ledger technology (DLT). The initiative was announced on Wednesday, during the FiNETech4 event organised by the HKMA. The emergence of Web3 and its potential offerings to the global financial services was … Read more
With the Donald Trump’s re-election as US President, the global cryptocurrency sector is expecting a host of pro-crypto policies in the coming months. In a recent interview with CNBC, the Bank of America (BoA) chief said banking systems would go in “hard” on crypto transactions as soon as regulations to govern the sector were more … Read more
CB President Christine Lagarde on Thursday expressed confidence that Bitcoin will not be included in the EU’s list of reserved assets. The top official’s stance comes weeks after US President Donald Trump’s made statements that he plans to add BTC to the country’s reserves. Bitcoin’s value dropped by 1.23 percent on Friday amid ongoing market … Read more