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Tag Archives: Bank

Bank of Finland Releases Scathing Crypto Report, Calls Digital Currency a “Fallacy”

The Bank of Finland released a paper on June 21 titled “The Great Illusion of Cryptocurrencies,” explaining why they think the concept of a digital currency is a “fallacy.” The paper, written by Aleksi Grym, Adviser on Digitalization and Head of the Digital Central Bank process in the Financial Stability and Statistics Department. It aims to explain how cryptocurrencies’ fundamental ...

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Payments Giant Qiwi’s Execs to Launch Russia’s First Crypto Investment Bank

Representatives of Russia-based payment services provider Qiwi have created the first crypto investment bank in the Russian market. The project, to be known as HASH, will provide assessment, search and market entry projects, attributes typical of investment banking firms designed to appeal to large investors, according to Kommeresant. HASH will not operate as a Qiwi Group subsidiary. Qiwi Blockchain Technologies (QBT) will ...

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Beware of Crypto Risks: Bank of England Deputy Governor Issues Warning

The Bank of England has warned financial institutions in the country to limit their exposure to crypto assets. In a letter written by the bank’s deputy governor, the regulator cautioned firms against letting their guard down as the popularity of cryptos soars. It also reminded the firms of the risks that come with handling cryptocurrencies, ranging from money laundering and ...

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Payments Provider Qiwi Launches Russia’s ‘First’ Crypto Investment Bank

Qiwi Blockchain Teсhnologies (QBT) has launched a crypto investment dubbed “HASH,” local news outlet Kommersant reports June 29. QBT is a subsidiary of Russia’s leading payment service provider Qiwi. HASH, built on a “classic investment banking model” according to Kommersant, will provide a platform for initial coins offerings (ICO). Yakov Barinsky, QBT’s Chief Financial Officer (CFO), explained that HASH would ...

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Ripple Forges into India with the Help of a Major Bank

Ripple has made some major inroads in the world of finance over the past few years. This company is very different from traditional firms, mainly because it taps the potential of digital assets and blockchain technology to achieve its goals. Ripple is continuing to spread across India through a new partnership with Kotak Mahindra Bank. Another Notch in Ripple’s Belt ...

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UK Central Bank Warns Financial Institutions on Cryptocurrency Risks

The Bank of England’s Prudential Regulation Authority [PRA] reminded CEOs of financial institutions about potential pitfalls in getting involved with cryptocurrencies, cautioning how activity with crypto-assets could lead to “reputation risks.” In a letter dated June 28th [PDF] to CEOs of banks, insurance companies, and designated investment firms, PRA Deputy Governor Sam Woods instructs company leaders to act in accordance ...

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Bank of England Crypto Opinion

Bank of England crypto opinion: Earlier this year financial and political institutions in the United Kingdom decided to respond to claims that the crypto industry has risks attached to it. This would not be the first time the UK spoke on this topic. On Thursday, June 28th, the Bank of England was the latest institution in the country to address crypto ...

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Reserve Bank of Australia Has Some Interesting Views on Bitcoin

Australia is quickly positioning itself as a very interesting location for cryptocurrency and blockchain development. Although the overall climate appears relatively positive, it remains to be seen how things will play out. The Reserve Bank of Australia is still not convinced that Bitcoin and its cohorts are here to stay for much longer. RBA Continues to Dislike Bitcoin No one ...

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Indian Bank Kotak Mahindra Taps Ripple for Instant International Remittance

Kotak Mahindra, a major private bank in India, the latest financial institution to join RippleNet, Ripple’s enterprise blockchain network to enable inward remittances. In an announcement [PDF], Kotak Mahindra Bank revealed it use San Francisco-based Ripple’s blockchain technology to power inward international remittances in India, the world’s largest remittance receiver. Specifically, Kotak will use Ripple’s enterprise blockchain software, xCurrent, to ...

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Central Bank Digital Currency Could Provide Stability, But Crypto Is Too Volatile

Economic researchers at the Kiel Institute for the World Economy have identified digital currencies issued by a central bank as an opportunity for a more stable financial system, while at the same time rejecting cryptocurrencies, Cointelegraph auf Deutsch reports today, June 27. The Kiel researchers distinguish digital or virtual currencies from cryptocurrencies such as Bitcoin in their report published on ...

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