Search results for central bank
Australia's Central Bank To Explore Potential Economic Benefits Of Digital Currency
Australia's central bank has launched a one-year research program for a central bank digital currency (CBDC) to find out the potential economic benefits it might bring. What Happened: The Reserve Bank of Australia (RBA) said it has partnered with a government-backed industry group, the Digital Finance Cooperative Research Centre (DFCRC), for the research program for a CBDC. The central bank said that the project would seek to identify innovative use cases and business models that the issuance of a CBDC could support. See Also: Bitcoin Trails Ethereum In Gains: 'Insane' Relief Rally Or 'Massive Fakeout', What's Next? It added that the research would help the bank better understand its technological, legal and regulatory considerations for a digital currency similar to cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE). "The project, which is expected to take about a year to complete, will involve the development of a limited-scale CBDC pilot that will operate in a ring-fenced environment for a period of time and is intended to involve a pilot CBDC that is a real claim on the Reserve Bank," the bank said in a statement. Interested industry participants would be invited to develop specific use cases that demonstrate how a CBDC could be used to provide innovative and value-added payment and settlement services to households and businesses, it added. Read Next: Kevin O'Leary's Crypto Market Outlook: 'The Mega Opportunity For Bitcoin' © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Benzinga•
European Central Bank: CBDC’s Better For International Payments Than Bitcoin And Stablecoins
ECB sees biggest potential in the centralized digital currencies. Continue reading European Central Bank: CBDC’s Better For International Payments Than Bitcoin And Stablecoins at DailyCoin.com.
Nigerian Currency Hits All-time Low, Senate Blames Central Bank Chief
The Nigerian currency, the naira hits a record low of 695 nairas per dollar on the black market. The Central ...Read More...
Indonesia’s Central Bank Banking Heavy on Digital Rupiah Launch
The conceptual design of the future digital rupiah would be released by the end of 2022. The digital rupiah’s security
Central Bank of Indonesia Plans to Release Blockchain-Based Rupiah
The Central Bank of Indonesia announced the issuance plans for a digital rupiah. The Bank is currently working on the ...Read More...
Indian Central Bank RBI Looks To Ban Cryptocurrencies
In a written statement, Indian Finance Minister Nirmala Sitharaman reiterated the Reserve Bank of India's (RBI) call to prohibit cryptocurrency but said global cooperation to ban it is needed. What Happened: Over the past year, India has developed firm regulatory frameworks surrounding cryptocurrencies. Sitharaman has stated that India is looking to spotlight cryptocurrencies in a large-scale endeavor to prohibit the asset class. The Reserve Bank of India has urged cryptocurrency prohibition numerous times in the past. As the country's central bank, it deemed virtual currencies to be a large-scale threat to the stability of global economies. "Cryptocurrencies are by definition borderless and require international collaboration to prevent regulatory arbitrage," Sitharaman said. "Therefore any legislation for regulation or for banning can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.” Why It Matters: Sitharaman's latest comments come amidst a major bearish market downturn. As market uncertainty prevails, global cryptocurrency adoption is obstructed by current macroeconomic turbulence and large-scale FUD. But, as cryptocurrencies continue to grow globally, countries looking to prohibit these assets may face a backlash from people and technologically innovative companies. See Also: Is Bitcoin A Good Investment In 2022? © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Singapore's Central Bank To Tighten Laws For Crypto Players: What You Need To Know
Amid heightened volatility in the cryptocurrency market, the Monetary Authority of Singapore (MAS) said it will tighten laws for crypto players in the country in the coming months and take firm enforcement action if any entity is found to be conducting illegal activities. Releasing the central bank's annual report on Tuesday, MAS Managing Director Ravi Menon said some crypto players that have come under strain had been reported by the media as being “Singapore-based,” but in reality, these crypto firms have little to do with crypto-related regulation in Singapore. Singapore Distances Itself From Crypto Collapse: Citing examples of beleaguered crypto firms, he said TerraForm Labs and Luna Foundation Guard are not licensed or regulated by MAS, nor have they applied for any license or sought exemption from holding any license. He said Three Arrows Capital was not regulated under the Payment Services Act, adding that it operated under the registered fund management regime to carry out limited fund management business, but had ceased to manage funds in Singapore prior to the problems leading to its insolvency. Vauld is not licensed by MAS nor has it sought an exemption from holding a license under the Payment Services Act, Menon said, adding that it has submitted a license application that is pending review. “MAS and relevant government agencies will take firm enforcement action if any entity is found to be conducting illegal activities or performing regulated activities without a license,” the Managing Director said. Singapore Zeroes In On Consumer Protection: While Singapore is often seen as being at the forefront, with a clear licensing and regulatory framework, the focus of crypto regulation to date in Singapore, as well as in most major jurisdictions, has been on containing money laundering and terrorist financing risks, Menon said. Most regulators do not cover consumer protection, market conduct and reserve backing for stablecoins, Menon said. "This is changing. Reviews and public consultations are underway, among international standard-setting bodies and regulators, to strengthen regulation in these areas. MAS is targeting to consult on proposed measures in the next few months,” he said. Cryptos Remain A Risky Investment: He reiterated that investing in cryptocurrencies is highly risky and that repeated warnings by MAS against retail investments in cryptocurrencies and ratcheting up policies to restrain retail access have raised some questions about where MAS stands with respect to the digital asset ecosystem. The financial regulator will organize a dedicated seminar to share its strategies to develop Singapore as a digital asset hub next month. "We will explain our position on cryptocurrencies, stablecoins, blockchains, tokenization, smart contracts and digital assets — their risks and opportunities; shortcomings and potential," said Menon. © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Dutch Central Bank Fines Binance $3.4 Million: What You Need To Know
The Dutch Central Bank has fined Binance (CRYPTO: BNB) 3.3 million Euros ($3.4 million). In a July 18 statement, De Nederlandsche Bank said it fined the world’s largest crypto exchange, Binance, 3.3 million euros for offering crypto services to Dutch people without authorization. The initial fine was set to be 2 million Euros. Due to the large user base of Binance in Netherlands, it was increased to 3.3 million euros. Initially being charged on April 25, Binance first opposed the fine. The exchange has now put in its registration request, which is to be evaluated by the De Nederlandsche Bank. This news follows Binance being granted authorized approval to serve users in France. As the bearish market downtrend continues, Binance will have to work within regulatory guidelines of all countries to continue its expansion. See Also: Is Bitcoin A Good Investment in 2022? Photo via Shutterstock. © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
India’s Central Bank Seeks to Ban Cryptocurrencies in India
he Government of India wants to ban cryptocurrencies in the country. FM Sitharaman told the ... Read More... from India’s Central Bank Seeks to Ban Cryptocurrencies in India The post India’s Central Bank Seeks to Ban Cryptocurrencies in India appeared first on Crypto News Land.
Central Bank of Nigeria Considers Making Digital Payments a New Norm
The governor of the Central Bank of Nigeria Godwin Emefiele is improving monetary policy. This conversation happened during an MPC ...Read More...