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Posts Tagged ‘Bank’

The Central Banks’ Bank (BIS) Hates Bitcoin — Which is Reassuring

Allen Scott · June 18, 2018 · 7:00 am The Bank for International Settlements (BIS), a global “bank for central banks” based in Basel, Switzerland, has once more declared that cryptocurrencies are not only “not ready for prime time,” but could also “bring the Internet to a halt.” [Note: This is an op-ed] BIS: Bitcoin,…

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Bank of International Settlements to Publish New Crypto Research

The Bank of International Settlements (BIS) is dedicating two chapters of its forthcoming annual economic report to cryptocurrencies. BIS – considered to be the central bank’s central bank – will publish those two chapters this weekend on June 17, the institution announced this week. The full report will be published on June 24. The upcoming…

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Bank of Italy Official: Central Banks Not Ready to Issue Digital Currencies

Central banks aren’t ready – at least in the short-term – to handle the implications of launching wholly digital currencies, the deputy governor of the Bank of Italy said Thursday. Fabio Panetta delivered the keynote address for the SUERF and BAFFI CAREFIN Centre Conference held at Bocconi University. In his remarks, he became the latest to…

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IMF: Crypto Assets Could ‘Reduce Demand’ For Central Bank Money

Toju Omet · June 5, 2018 · 8:00 am In light of the global financial crisis of 2008, the invention of Bitcoin and other cryptocurrencies has caused many to reassess the value of centralized banking institutions. Dong He, deputy director of the IMF’s Monetary and Capital Markets Department, shared his analysis on how the mainstream adoption…

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‘Big Four’ Australian Bank Beats Bitcoin… in Money Laundering

Toju Omet · June 4, 2018 · 9:00 pm One of Australia’s “big four” banks, Commonwealth Bank (CBA), has agreed to pay Australian Transaction Reports and Analysis Centre (AUSTRAC) AUS$700M ($530M USD) in settlements for breaching anti-money laundering and counter-terrorism financing laws. During a period of 3 years, CBA had failed to report 53,506 bank…

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Russia Central Bank: Crypto Risk To Global Finance ‘Small’

Wilma Woo · May 31, 2018 · 3:00 pm The central bank of Russia has repeated its stance on cryptocurrency in its latest statistical bulletin, claiming its impact on global stability is “small.” No Threat To Financial Stability As the country prepares to issue hard-and-fast regulations on cryptocurrency, ICOs and more, the Bank of Russia…

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Hong Kong Official Rules Out Plan for Central Bank Digital Currency

Hong Kong Monetary Authority (HKMA), the region’s de facto central bank, currently has no plan to issue a central bank digital currency (CBDC), a high level government official said on Wednesday. During a council meeting with legislators in Hong Kong, Joseph Chan, Acting Secretary for Financial Services and the Treasury, said the HKMA’s research on the…

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Hackers Demand $1 Million in XRP After Bank Data Theft

Hackers who stole information on thousands of Canadian bank users have demanded $1 million-worth of the cryptocurrency XRP to not release the data trove. According to a CBC News report Tuesday, the two banks hit by the breach, Bank of Montreal and CIBC’s online bank Simplii Financial, have said that the personal information of a total of…

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Bank of Russia Official: Still Too Early to Gauge Blockchain’s Potential

A senior official at Russia’s central bank has argued that time is still needed to understand the full benefits of blockchain technology. Speaking in a discussion at the annual SPIEF conference in St. Petersburg, Bank of Russia deputy governor Olga Skorobogatova said blockchain requires improvements in terms of security and scalability, adding that it is…

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