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Tag Archives: Risks

Saudi Regulators Warn Against Trading Cryptocurrencies, Citing ‘High Market Risks’

A governmental committee of the Kingdom of Saudi Arabia has warned the public that trading digital currencies is illegal in the country, according to an Aug. 12 announcement by the Saudi Arabian Monetary Authority (SAMA). The warning was issued by the Standing Committee for Awareness on Dealing in Unauthorized Securities Activities in the Foreign Exchange Markets. The standing committee was ...

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Online Monero Wallet to Mitigate Security Risks by Fixing Flaws Uncovered in Audit

The Monero web wallet says it has undergone a successful security review by an independent provider, with analysts concluding “a number of potential vulnerabilities” have now been fixed, with their risks mitigated. XMRWallet’s infrastructure was audited by New Alchemy, a blockchain strategy and technology advisory group. During its tests in June 2018, the application’s web traffic and user interface were ...

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Bank of Korea: Financial Institutions’ Exposure to Crypto Risks Is ‘Insignificant’

An official report released by the Bank of Korea (BOK) revealed that the outstanding balance of virtual accounts in local banks reached 2 trillion won (US$1.79 billion) as of December 2017. The amount, equivalent to about eight percent of total deposits operated by brokerage houses in South Korea, poses an insignificant risk, according to the central bank. Bank of Korea ...

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State-Issued Digital Currency Has ‘Not Well Understood’ Risks

The German Federal Ministry of Finance considers the concept of a central bank-issued digital currency (CBDC) to be too risky to implement, Cointelegraph auf Deutsch reported July 5. The finance ministry expressed its position in response to an inquiry by Green Party MP Gerhard Schick published business newspaper Handelsblatt Wednesday, July 4. “So far there are no convincing reasons for ...

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EU Banking Regulator Reports on Institutional Opportunities and Risks of Implementing DLT

The European Banking Authority (EBA) has published a report, which analyzes the opportunities and risks emerging for financial institutions in using distributed ledger technology (DLT). In the report released July 3, the banking regulator analyzes the impact of fintech and DLT on financial institutions, examining two DLT use cases in international trade and so called “digital identity.” The EBA defines ...

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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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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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Deputy Governor Warns Financial Institutions of Crypto Asset Risks

A Bank of England deputy governor has written a letter of warning Thursday, June 28, to CEOs of financial institutions about the risks of exposure to crypto assets. Sam Woods, the Deputy Governor and CEO of Prudential Regulation Authority (PRA), began the letter by reminding the institutions of their obligations to PRA rules, including acting in a prudent manner, having ...

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ICOs Pose ‘Serious Risks’ for Retail Investors Due to Lack of Oversight

Nasdaq CEO Adena Friedman recently claimed that initial coin offerings (ICOs) pose “serious risks” for retail investors, CNBC reports June 20. Speaking at the Future of Fintech conference in New York on Wednesday, Friedman expressed “real concern” about ICO projects, saying that they can seriously defraud retail investors. Friedman said this is mostly the result of insufficient public information, as ...

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