banks

BoE deputy guv: banks must adjust to changes from CBDCs

BoE deputy guv: banks must adjust to changes from CBDCs

The Bank of England’s deputy governor Jon Cunliffe reportedly said that England’s central bank was not going to ensure that mainstream banking business would remain relevant or not when future digital currencies launch. Cunliffe said in a report: Our job is not to protect bank business models. Banks will have to adjust.  Our job is …

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Kraken Shows How Crypto Companies and Banks Are Evolving Together

Kraken Shows How Crypto Companies and Banks Are Evolving Together

Some say that meaningful change happens gradually. Others insist it erupts unexpectedly. This week, we saw that both are true.  Earlier this week, the Wyoming Banking Board voted to approve the application from San Francisco-based crypto exchange Kraken for a Special Purpose Depositary Institution (SPDI) banking charter. Yes, one of the crypto industry’s oldest exchanges …

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Banks Won't Rush to Hold Crypto – But OCC's Regulatory Approval Makes It Harder to Ignore

Banks Won’t Rush to Hold Crypto – But OCC’s Regulatory Approval Makes It Harder to Ignore

The Office of the Comptroller of the Currency (OCC), a federal banking regulator in the U.S., is rapidly expanding crypto awareness on Capitol Hill. The OCC published an interpretive letter Wednesday announcing that in its view, nationally chartered banks are able to provide custody services for cryptocurrencies, a move that the industry widely praised as …

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Industry startups cheer the OCC’s crypto custody move, but don’t bet on big banks jumping into bitcoin just yet

Industry startups cheer the OCC’s crypto custody move, but don’t bet on big banks jumping into bitcoin just yet

Quick Take The U.S. Office of the Comptroller of the Currency has opened the door for banks under its regulatory remit to offer crypto custody services. Industry startups cheered the move and pointed to potential business opportunities for the sector. Experts say the real beneficiaries will be small and medium banks — big banks not …

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Italian Banks Are Ready to Trial a Digital Euro

Italian Banks Are Ready to Trial a Digital Euro

The Italian Banking Association (ABI) announced Thursday that its banks are willing to pilot a digital euro.   The group shared 10 considerations for a digital euro in Thursday’s announcement, starting with, “Monetary stability and full compliance with the European regulatory framework must be preserved as a matter of priority.”  The group prioritized the need for …

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Iranian Lawmaker Says Bitcoin Should Be Central Bank's Turf

Iranian Lawmaker Says Bitcoin Should Be Central Bank’s Turf

An Iranian lawmaker wants his country’s central bank to take bitcoin seriously. Representative Mohammad Hossein Farhangi (Tabriz), speaking Tuesday before the nation’s parliament, called on the Governor of the Central Bank of Iran, Abdolnaser Hemmati, to handle oversight of bitcoin, according to the Tasnim news agency.  Calling proper management of bitcoin a “good opportunity for …

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Lipton: Stablecoins Can Bridge Central Banks and Consumer Payments

Lipton: Stablecoins Can Bridge Central Banks and Consumer Payments

Alexander Lipton is the CTO of Sila, a visiting professor and Dean’s Fellow at the Jerusalem Business School of the Hebrew University of Jerusalem, and a Connection Science Fellow at the Massachusetts Institute of Technology. As many still wait to receive the check from the Paycheck Protection Program and Health Care Enhancement Act, which is …

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Libra 2.0 may end up being a massive threat to central banks' CBDC hopes

Libra 2.0 may end up being a massive threat to central banks’ CBDC hopes

There has been rapid progress on the CBDC end lately. China has reached the final phase and many other countries are walking the same path. The latest news is the central bank think tank OMFIF launching the Digital Monetary Institute, a forum to further the explorations around central bank digital currencies (CBDC). Philip Middleton, Chairman …

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