Tag: central banks

More financial institutions are warming up to blockchain technology and cryptocurrencies even with the largely unregulated nature of the digital currency space. In another similar development, the UnionBank of Philippines may be looking to integrate Bitcoin mining into its operations, as the financial institution recently displayed its cryptocurrency miners at a business summit in the nation. The Philippino Bitcoin Craze…

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Morgan Stanley, the investment giant, has published a report that examines the global cryptocurrency trading landscape. The report is part of the detailed research carried out by the company on the online exchange market of which has been in the midst of a resurgence since recent weeks. This revival comes after a difficult start to 2018 where regulatory crackdowns led…

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Iran has developed its own blockchain-based cryptocurrency, just days after the Central Bank of Iran (CBI) banned bitcoin trading amid escalating concerns about money-laundering and bitcoin’s erratic price swings. Iran’s Bitcoin Ban Doesn’t Apply To Local Crypto Mohammad Javad Azari-Jahromi, Iran’s information, and communications technology minister said the experimental cryptocurrency is now ready, ahead of a possible return of U.S….

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In a bid to encourage cryptocurrency and blockchain adoption in Egypt, the National Bank of Egypt (NBE) announced that it has joined the R3 Blockchain Consortium on April 22, 2018. R3 is a software enterprise firm that is working closely with over 200 financial institutions to develop its blockchain platform designed specifically for commercial use. Benefits of collaboration With the…

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The Federal Reserve raised interest rates by 25 basis points Wednesday, March 21, 2018, taking the benchmark funds rate from a target of 1.5 percent to 1.75 percent. This was the first rate hike under the chairmanship of the new governor, Jerome Powell, who was handpicked by President Trump. The rise in interest rates will increase short-term lending rates for…

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Bitcoin mining heavyweights Bitmain, which controls over 60 percent of the entire Bitcoin network hashrate, has hinted towards funding the creation of blockchain-centric private central banks. Blockchain Powered Central Banks In a keynote speech at the DC Blockchain Summit organized by the Chamber of Digital Commerce and Georgetown University’s Centre for Financial Markets and Policy, the mining manufacturer disclosed that…

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According to the Telegraph, the Bank of England might be launching its very own cryptocurrency as early as 2018, linked to the Pound sterling. The bank created a research unit in February 2015, which has been collecting data ever since. As confirmed by a spokesperson of the Bank of England (BoE), the team is likely to reveal its findings on…

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On July 19, the National Bank of the Republic of Belarus (NBRB) announced plans to incorporate blockchain technology into a wide range of industries and it will start with financial services. The Belarusian Financial Sector and Blockchain Technology Following its commitment to becoming a leading European IT hub, Belarus reported the creation of an information network based on distributed ledger…

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The European Central Bank (ECB) is not a big fan of virtual money. That is quite an understatement, as the financial institution urges EU regulators to “curb the growth” of virtual money solutions. While there is no indication these pleas will lead to additional regulation in the European Union, it is another example of how the ECB is afraid of…

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Prominent fund manager and CEO of Janus Capital, Bill Gross, stated in his monthly investment outlook that in the attempt to boost economic growth central banks have turned financial markets into a casino. As central banks are printing money at unprecedented rates and are effectively trying to fight debt with more debt, Gross is comparing their actions to deploying the…

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