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Bitcoin Vs. Banks: Crypto Beats Top Banking Giants In Market Cap Department

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Bitcoin continues to push the cryptocurrency industry toward widespread acceptance on a worldwide scale, engaging directly with big traditional entities such as banks.

The crypto’s remarkable market capitalization is illustrative of the asset class’ future potential.

Bitcoin has been at the vanguard of the cryptocurrency industry; not only has it been the top digital currency, but it has also been the top choice for the majority of crypto users, making it a solid predictor of the crypto market as a whole.

Bitcoin, the world’s largest cryptocurrency with a market valuation of $ 443 billion as of January 24, is way more valuable than any major bank.  Read more...

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EU Lawmakers Vote To Impose Strict Capital Requirements On Banks Holding Bitcoin And Crypto

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Banks would be allowed to hold 2% of capital in bitcoin, but required to have one euro in capital for every euro in cryptocurrency held.

European Union lawmakers have voted to impose strict capital requirements on banks that hold cryptocurrencies, per a Reuters article.

In an effort to “prevent instability in the crypto world from spilling over into the financial system,” Markus Ferber, economic spokesperson for the EU parliament’s European People’s Party, says, “banks will be required to hold a euro of own capital for every euro they hold in crypto.”  Read more...

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EU Imposes Stricter And More Extensive Crypto Regulations For Banks

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European Union lawmakers have agreed to several changes, including stricter new requirements for banks dealing with crypto and digital assets.

The European Parliament’s Economic and Monetary Affairs Committee has voted on the matter that will put these restrictions in place.

This measure was taken to limit the number of unbacked loans with Bitcoin (BTC) and Ethereum (ETH) that lenders could hold in front of the European Commission. Cross-party compromises will require banks to hold more capital to protect customers against crypto losses.  Read more...

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Crypto Regulation: Why Japan Is Urging Its Global Counterparts To Apply Crypto Rules To Banks

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During the early years of bitcoin wherein crypto regulation around the asset class was lax, Japan was among countries that traded and managed it. Mt. Gox, which was once known as the largest crypto exchange, was the home of the early Bitcoin in the Land of the Rising Sun.

But after the 2018 $ 500-million crypto hack on their local crypto exchange Coincheck, the Japanese government is now urging other countries to apply the same type of oversight on crypto to banks.

Japan Wants To Tighten Crypto Regulation

In an interview with Japan Times, Mamoru Yanase said the following:   Read more...

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North Korean Hackers Pose As VC Firms And Banks To Steal Millions From Crypto Startups

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North Korean hackers are taking it a notch higher by pretending to be venture capitalists to steal from cryptocurrency startups.

BlueNoroff, the name given by cybersecurity experts to a crew associated with the North Korean government-funded hacking operation Lazarus Group, has expanded its target list to include venture capital firms, cryptocurrency startups, and banks, a report by cybersecurity firm Kaspersky Lab disclosed.

BlueNoroff stole millions of dollars in cryptocurrencies by building more than 70 phony domains and mimicking financial firms and venture capital businesses, as revealed by Kaspersky on Tuesday.  Read more...

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Basel Committee Finalizes Policy Suggesting 2% Bitcoin Exposure Cap For Banks

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The BIS’ Basel Committee introduced a finalized proposal for limits to the amount of Tier 1 capital banks can hold in bitcoin.

The Bank for International Settlements’ (BIS) Basel Committee on Banking Supervision has finalized a proposed policy that would place a 2% limit on banks’ Tier 1 capital held in bitcoin. This comes with an endorsement from the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee, which is the “primary global standard setter for the prudential regulation of banks.”  Read more...

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New York Financial Regulators Issue Crypto Guidance For Banks

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The New York State Department of Financial Services (DFS) has handed out guidance to regulated banks that wish to engage in activities related to cryptocurrencies. DFS has provided these banks with a checklist of submission requirements for the state regulator seeking to conduct businesses in crypto.

The guidance went into effect immediately, states the application process, and “summarizes the types of information the Department considers relevant“ to acquire the agency’s approval.

This guidance document comprises of 11-pages which shape the information through bullet points and represents the informational requirements for various categories such as “Business Plan” and “Consumer Protection” in particular, along with other formal checklists.  Read more...

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Bitcoin Beats 3 Of America’s Biggest Banks In Terms Of Market Cap – Find Out Here

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Bitcoin, the largest cryptocurrency in terms of market capitalization, will most likely enter next month having a trading price that is significantly lower than its $ 69,044 all-time high attained on November 10, 2021.

Moreover, its average price for October 2022, which currently stands at $ 19,443, is nowhere near the $ 58,051 average it tallied in the same month last year.

To say the highly touted “digital gold” was hit hard by the unpredictable volatility that is known to affect the crypto space is an understatement as Bitcoin continues to bleed.  Read more...

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Mastercard To Help Banks Offer Bitcoin And Crypto Trading

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Mastercard is set to announce plans to help banks offer bitcoin and cryptocurrency trading, handling any regulatory compliance and security.

Mastercard is set to announce plans today for a program to help institutions offer bitcoin and cryptocurrency trading, CNBC reported.

Mastercard will work with Paxos to “bridge” the gap between banks and will manage the security and regulatory compliance, two big reasons many banks have stated for avoiding bitcoin and cryptocurrency.

“There’s a lot of consumers out there that are really interested in this, and intrigued by crypto, but would feel a lot more confident if those services were offered by their financial institutions,” said Jorn Lambert, Mastercard’s chief digital officer.  Read more...

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UK Crypto Boom – Over 50% Of Top British Banks Facilitate Digital Currency Transactions

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Crypto assets are enjoying the lenient stance that the United Kingdom government is maintaining regarding ownership, usage and trading of digital currency assets.

Unlike countries such as Algeria, Bangladesh, Bolivia, Egypt, Indonesia and Ghana where virtual currency is banned, the UK left its doors open for the highly volatile asset class.

The study results are timely, since the UK is currently working to craft a crypto regulatory environment with the goal of turning the country into a digital asset hotspot.

Most importantly, the country has seen a rise in the number of investors who have entered the market through cryptocurrency exchanges.  Read more...

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Traditional Banks Are Failing Everyday Savers. Bitcoin Is The Alternative

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Savings account interest rates are not reflecting the changes in interest rates. Bitcoin is a hassle-free way to save and take custody of your assets.

This is an opinion editorial by Julian Liniger, the co-founder and CEO of Relai, a bitcoin-only investment app.

Traditional banks are short-changing customers by failing to reflect inflationary changes in the saving account interest rates they offer. On average, these accounts sit at 0.3% in the U.S. — a nominal rate in the context of today’s economic landscape.  Read more...

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The Case Against CBDCs In A Capitalist Society: Banks Won’t Be Happy

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The Bitcoin Policy Institute’s report on CBDCs makes a strong case for why the US should reject a centrally issued version of the dollar. Bitcoinist covered that already. This time, we’ll focus on the reasons why The Bitcoin Policy Institute thinks CBDCs don’t make sense and are not practical for capitalist societies. The main argument is that a CBDC would obsolete banks, and banks won’t allow that. So, the question is, how influential are banks in state policy?

Mind you, this time The Bitcoin Policy Institute’s case is even stronger. And we won’t mention China even once.  Read more...

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Report: Crypto, PayPal, And Banks Use To Finance Terrorism, Only One Can Make A Big Difference

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According to a report published by Europol, crypto is one of the main tools used by individuals linked to terrorism financing. PayPal, MoneyGram, Western Union, and traditional banks also made the list, contrary to what some government officials have said about digital assets.

The 2022 “European Union Terrorism Situation and Trend Report”, claims there are many “legal sources” used to fool law enforcement agencies and fund criminal activities. Bad actors are still able to create international monetary networks to support their operations.  Read more...

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Cannabis Producers Could Use Some Crypto After Snub From Banks

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Cannabis and crypto go a long way. They share the same “high” and miseries.

Still a taboo in many countries, the U.S. Cannabis industry sees cryptocurrency as its saving grace after being declined by the traditional banking sector. Being ignored by banks is just one of the many gnawing hurdles that the weed industry is facing today.

Even though cannabis use has been legalized for both recreational and medical or therapeutic use, it is still considered illegal under most laws. In fact, the pressing regulatory issues have caused many financial institutions to snub or leave out any transactions involving cannabis and the like.  Read more...

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One Of Malaysia’s Largest Investment Banks To Launch Bitcoin, Crypto Super App

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Kenanga Investment Bank to partner with Ant Group to launch a super app housing all of its financial services including a bitcoin and crypto digital wallet.

  • Kenanga Investment Bank to launch a super app in 2023 which will support bitcoin and other cryptocurrencies.
  • The bank boasts over 500,000 users and wants to distribute its product to other banks.
  • The app will embed all of the bank’s financial services onto one platform, including a digital wallet.

Kenanga Investment Bank Berhad, a leading private investment bank in Malaysia, has partnered with Ant Group to launch a bitcoin and crypto-friendly “super app”, per a report from Fintech News Malaysia.  Read more...

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A Response To Central Banks’ Press Conferences

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Both Jerome Powell and Christine Legarde held recent press conferences where they place blame for inflation on factors outside their control.

Watch The Episode On YouTube or Rumble

Listen To The Episode Here:

“Fed Watch” is the macro podcast for Bitcoiners. In each episode we discuss current events in macro from across the globe, with an emphasis on central banks and currencies.  Read more...

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🔴 Banks Bet Big on Bitcoin | This Week in Crypto – Feb 14, 2022

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The post 🔴 Banks Bet Big on Bitcoin | This Week in Crypto – Feb 14, 2022 appeared first on 99 Bitcoins.

 Banks bet big on bitcoin, Binance purchases a stake in Forbes and a tropical …

🔴 Banks Bet Big on Bitcoin | This Week in Crypto – Feb 14, 2022 Read More »

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