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Tag Archives: Bank

Maldives’ Central Bank Denies Issuing Permits for Crypto Transactions

The central bank of the Maldives has warned citizens to be wary of advertisements appearing on social media platforms relating to the trading of cryptocurrencies. In a press release, the Maldives Monetary Authority (MMA) cautioned members of the public against transacting in cryptocurrencies pointing out that it was the only agency responsible for licensing money exchange business and international as ...

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Bitfinex Shifts Its Banking Business to Hong Kong-Based Bank of Communications

Cryptocurrency trading platform Bitfinex has reportedly shifted its banking business to the Hong Kong-based Bank of Communications, the Block reported Oct. 16. A source familiar with the matter reportedly said that Bitfinex appears to be banking with the Bank of Communications through the private account “Prosperity Revenue Merchandising Limited.” According to the Block, Bank of Communications — which is partly ...

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Tether Found a New Bank, and it Might be in the Bahamas: Report

Tether, the controversial issuer of the USDT cryptocurrency, may have found a new banking partner in the Bahamas. Tether May Have a New Bank As first reported by The Block’s Larry Cermak, Tether — whose USD-pegged cryptocurrency has a market cap in the billions of dollars — is said to be holding its fiat reserves at Deltec Bank, which is ...

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Stablecoins and Bank Failure — The Risk of Fiat-Backed Tokens

About the author: Ranjeet Sodhi is the CEO and Co-Founder of Vault. He is also a fintech entrepreneur with over 19 years of experience leading and turning around key regulatory risk management initiatives for global top tier investment banks and financial services firms, including JPMorgan Chase, Citi, Deloitte, and E&Y. You can follow him on Twitter at @ranjeetsodhi. Recently news ...

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Full Service Crypto Bank Victorieum Are Promising the Seemingly Impossible. Here’s How They Plan to Pull It Off

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release. Cryptocurrencies ...

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IMF, World Bank Set Framework Around Fintech Advances

The International Monetary Fund (IMF) and the World Bank have weighed in on sovereign considerations and global implications of blockchain and other financial services technologies. The Bali Fintech Agenda, released at the conclusion of their annual meeting, distills the issues and concerns around disruptive technologies like distributed ledgers and smart contracts. The 12-point agenda intends to provide guidance to countries ...

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China’s Central Bank Seeks Digital Currency Specialists

The Chinese central bank, the People’s Bank of China (PBoC), has opened four positions for crypto-related professionals, according to a document published Wednesday, Oct. 10 on the bank’s website. Per the paper, PBoC is seeking two engineers at their Digital Money Institute with experience in blockchain and cryptography, security, and chip design. The bank wants the engineers to develop a ...

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China Should Consider Launching its Own Stablecoin, Central Bank Expert Says in Op-Ed

The Chinese government should consider launching its own yuan-backed stablecoin despite the current ban on cryptocurrencies, an op-ed in Chinese financial journal CN Finance reports Tuesday, Oct. 9. An expert from the People’s Bank of China (PBoC), Li Liangsong, and professor of Fudan University Wang Huaqing wrote an article called “Analysis of Digital Stable Coins” for CN Finance — a ...

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Crypto Exchange QuadrigaCX Clashes with Bank over $22 Million in Frozen Funds

QuadrigaCX, Canada’s largest cryptocurrency exchange has been denied access to CA$28 million of its funds domiciled in the Canadian Imperial Bank of Commerce (CIBC) since January 2018. The company, based in Vancouver has reacted furiously after the bank decided to freeze several accounts operated by Quadriga’s payment processor. Legitimate Question or Conjecture? The Globe and Mail reports that CIBC froze ...

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Singapore’s Central Bank Will Aid Crypto Startups in Opening Bank Accounts

Ravi Menon, the chief of Singapore’s defacto central bank and regulator, has backed domestic cryptocurrency startups and exchanges to gain banking services in the technology-forward city-state. Monetary Institute of Singapore (MAS) managing director Ravi Menon has called for the banking industry to get over the “hurdle” of offering services to domestic cryptocurrency startups in a marked attempt to foster the ...

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