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Russian Banks Join Chinese Swift – Is the Dollar Era Under Threat?

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Is the Dollar Era Under Threat?

As a Saudi oil minister once remarked, the Stone Age didn’t end because we ran out of stones. It seems it’s neither the deficit of a tool nor its deficiencies that make it obsolete, but rather the invention of new tools that do the job better. With increasing competition, will the U.S. dollar continue to be the world’s primary currency, will it come to be just one of several reserve fiat currencies, or will cryptocurrency become the new instrument that powers the global economy?

Also read: Lithuania Central Bank’s Policy Update Opens the Door for Crypto Payments  Read more...

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1.3 Million Leaked Transactions Link Major Banks to $8.8 Billion Money Laundering Scheme

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1.3 Million Leaked Transactions Link Major Banks to $ 8.8 Billion Money Laundering Scheme

A new set of reports by the Organized Crime and Corruption Reporting Project, compiled from over 1.3 million leaked transactions from 238,000 companies, have linked many major banks to a scheme to channel billions of dollars out of Russia. The Troika Laundromat is unique in that “it was created by a prestigious financial institution.”

Also read: SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval

$ 8.8 Billion Money Laundering Scheme

The Organized Crime and Corruption Reporting Project (OCCRP), a non-profit media organization, published a set of reports this week detailing a complex money laundering scheme “to channel billions of dollars out of Russia” which it and Lithuanian news site 15min.it uncovered.  Read more...

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35 Countries Urged to Regulate Cryptocurrency Exchanges Like Commercial Banks

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35 Countries Urged to Regulate Cryptocurrency Exchanges Like Commercial Banks

The Financial Action Task Force has finalized its requirements for the supervision and monitoring of cryptocurrency service providers. The inter-governmental body has reportedly urged all of its 35 member countries to regulate crypto exchanges in the same manner they regulate commercial banks.

Also read: SEC Chair Explains Key Upgrades Needed for Bitcoin ETF Approval

Regulating Like Commercial Banks

Supervision standards for cryptocurrency exchanges were discussed at a Financial Action Task Force (FATF) meeting which took place in France on Feb. 22. Business Korea reported South Korea’s top financial regulator, the Financial Services Commission, describing on Tuesday after attending the meeting that the FATF will tighten the supervision standards on cryptocurrency exchanges. The publication elaborated:  Read more...

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In the Daily: Blockchain Phones, Crypto Cash Out Gets Easier, Banks vs Exchanges

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In the Daily: Blockchain Phones, Crypto Cash Out Gets Easier, Banks vs Exchanges

Wednesday’s edition of The Daily charts the rise of blockchain phones and the effects they’re exerting on the tokenized assets supported by their built-in wallets. We also examine Europe’s favorite crypto card service, which is invading Asia and making it easier to cash out of cryptocurrency, and consider the similarities between crypto exchanges and banks in terms of assets under management.

Also read: China’s New Crypto Ranking: Bitcoin Upgraded, Tron Debuts Near Top  Read more...

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A Millennial and Crypto Love Story: How This Generation Is Ghosting Banks

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America’s youth has long been in a bad relationship with banks. Their predatory, self-serving practices have left a bad taste in the mouths of many young consumers, who have historically acclimated and resigned themselves to the system as they aged. Millennials have been accused of killing almost every industry, from golf to napkins, but now they’re on the cusp of the biggest breakup yet – with banks. Millennials might finally be the generation to leave their deadbeat ex and have the passion and optimism to envision a new way of doing things financially.  Read more...

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How Indian Cryptocurrency Users Avoid Banks Closing Their Accounts

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How Indian Crypto Users Avoid Banks Closing Their Accounts

Banks in India have been closing the accounts of customers they believe have made transactions involving cryptocurrencies. The majority of crypto users in the country, however, have reportedly found a way to avoid their accounts being closed by their banks which are complying with the crypto banking ban imposed by the country’s central bank.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Avoiding Problems With Banks

Reports of banks in India closing customer accounts with cryptocurrency-related transactions have been on the rise. Banks cite compliance with the circular issued by the country’s central bank, the Reserve Bank of India (RBI), that bans them from providing services to customers and businesses dealing with cryptocurrencies.  Read more...

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70% of Central Banks are Working on Digital Currencies, No Hurry to Issue Them: BIS

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A survey commissioned by the bank of central banks, the Bank of International Settlements, has disclosed that even though Central Bank Digital Currencies (CBDC) are being researched by a big number of reserve banks, the work is mostly conceptual. Consequently, only a handful of them have any intentions of issuing a CBDC in the near

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CCN

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Nick Szabo: Central Banks May Turn to Cryptocurrency Reserves Over Gold

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Nick Szabo: Central Banks May Turn to Cryptocurrency Reserves Over Gold

At the Israel Bitcoin Summit at Tel Aviv University on Jan. 8, veteran cryptographer Nick Szabo explained that the use of censorship-resistant cryptocurrencies will rise in countries sanctioned from trade and economies suffering from failed monetary planning. Szabo also argued that the world’s central banks might turn to cryptocurrency reserves in the future in order to supplement national gold reserves.

Also Read: Nonprofit Eatbch Shows How Every Little Microtransaction Helps  Read more...

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Ripple CEO to Critics After Obtaining 200 Clients: Banks Will Use XRP

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On January 9, CCN reported that 13 financial institutions have started to utilize the Ripple blockchain through RippleNet, bringing the total number of banks in the Ripple ecosystem to 200. Fintech applications and banks in the likes of Euro Exim Bank, SendFriend, and JNFX have integrated RippleNet for liquidity and instant settlement of payments that

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Ripple: 5 More Banks & Fintechs Will Use XRP Cryptocurrency

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Ripple announced today that a total of 13 more financial institutions had joined RippleNet, putting the total at over 200. Of these, five of them will use the ripple (XRP) cryptocurrency for liquidity. Institutions named in the press release are: JNFX, SendFriend, Transpaygo, FTCS, and Euro Exim Bank. While they will use XRP to access

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Institutional Crypto Adoption Grows, But Will Big Banks Make a Splash in 2019?

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A top executive in the PricewaterhouseCoopers (PWC) crypto division predicts that more institutional players will announce cryptocurrency projects this year. Henri Arslanian is fintech and crypto lead for PwC China and Hong Kong. He’s also the chairman of the FinTech Association of Hong Kong and a teacher of the first fintech university course in Asia.

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Indian Central Bank’s Report Shows Cryptocurrencies Are Not Currently a Threat

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Indian Central Bank's Report Says Cryptocurrencies Are Not Currently a Threat

The Reserve Bank of India (RBI) has published a report indicating that cryptocurrencies are not a threat currently. However, the central bank says, with rapid growth and adoption of cryptocurrencies, this assessment could change, adding that constant monitoring of cryptocurrencies is needed.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

No Threat Currently

Indian Central Bank's Report Says Cryptocurrencies Are Not Currently a ThreatThe RBI published its “Report on Trend and Progress of Banking in India 2017-18” on Dec. 28. The report cites an analysis by the Financial Stability Board (FSB), an international body which monitors and makes recommendations about the global financial system.  Read more...

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Pro-Crypto Fintechs Robinhood & Revolut Aim to Replace Bitcoin-Hostile Banks

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Earlier today, two of the world’s hottest fintech startups, the US-based Robinhood and the UK-headquartered Revolut, separately announced new product offerings that could greatly benefit the crypto industry over the long-term and put pressure on bitcoin-hostile banks to begin modernizing their service lines. Bitcoin-Friendly Fintech Startups Want to Replace Banks Revolut, which recently achieved a

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CCN

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UAE and Saudi Arabian Central Banks to Jointly Launch a Cross-Border Cryptocurrency

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It’s confirmed. The United Arab Emirates (UAE) and Saudi Arabia will work on cross-border digital currency. The exact date when it would be issued is still unknown but we know one thing, the digital currency is not targeted at consumers. It’s strictly for banks. Arabian news outlet Gulf News reports that the central bank of

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Chile Court Says Banks Can Ban Crypto Exchanges: Will Market Survive?

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On December 6, the Third Chamber of the Chilean Supreme Court officially sided with the state-owned BancoEstado after it banned a local crypto exchange by shutting down its bank account. Orionx, a digital asset trading platform based in Chile, filed an appeal with the supreme court following an abrupt termination of its account by BancoEstado.

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CCN

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European Union Invites Major Banks to Join Blockchain Forum

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The EU is in the process of establishing a blockchain forum and has invited at least five major banks including BBVA and Santander. The purpose of the IATBA (International Association for Trusted Blockchain Applications) is to “ develop a trusted, secure and resilient European Blockchain Services Infrastructure meeting the highest standards in terms of privacy,

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Central Banks of Canada, Singapore and UK Propose CBDCs for Cross-Border Payments

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The reserve banks of Canada, Singapore and the United Kingdom have singled out central bank digital currencies as being one of the solutions that can be implemented in order to solve the challenges encountered when making cross-border payments. The report by the Monetary Authority of Singapore, Bank of England and Bank of Canada notes that

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IMF Chief Lagarde: Central Banks Should ‘Consider’ Issuing Digital Currency

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The Managing Director and Chairperson of the International Monetary Fund (IMF), Christine Lagarde, has called on central banks around the world to consider issuing digital currencies. According to Lagarde, the state has a role to play in injecting money to the digital economy and it was, therefore, necessary to ‘consider the possibility to issue digital

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