Saudi Arabia has intensified preparations for a potential crypto adoption as its Central Bank recently hired Mohsen Alzahrani to spearhead the bank’s crypto and Central Bank Digital Currency(CBDC) plans. Previously, Mr. Alzaharani worked as a financial services Managing Director at Accenture. He has ten years of experience in the finance field. Also, he served as…
According to reports, a global investment firm has launched a metaverse fund to help startups globally. This fund would allow metaverse-based firms to access technology and tools that would improve their activities. Invesco Unveils Metaverse Fund Invesco, an International investment management firm, has unveiled a metaverse fund for metaverse-driven firms. The company plans to invest…
Australia’s central bank has announced that it will undertake a one-year study on a CBDC. The study will examine the merits and demerits of issuing a CBDC in the country. Also, the report said the central bank is willing to partner with other industry participants. They can submit their recommendations and potential CBDC uses cases…
According to reports, the IMF said the widespread popularity of crypto is not a threat to the stability of the global financial market. However, it stated the latest sell-off had reduced the possibility of such concerns. As stated by the IMF, certain factors are responsible for such remarks on the crypto sector. Policymakers fear crypto…
The board members of the Bank of Central African States are calling for the regional bank to develop a digital currency for the region. Also, all nations under the central region can use it for payment. According to Bloomberg, the board had sent this message to the regional bank following a meeting in Cameroon. Additionally,…
At the recent G20 gathering, Phillip Lowe, the governor of Australia’s central bank, suggested that controlled private tokens would be preferable to CBDCs. Meanwhile, the Bank for International Settlements conducted a poll recently. The result showed that 90% of central banks globally were moving toward creating a virtual currency. Some are currently doing tests. Others…
Although crypto can potentially increase financial inclusion, Indonesia’s central bank governor is skeptical about them. He warns that they might also pose systemic dangers to the financial system. Governor Doni Joewono said this while speaking at a G20 gathering in Bali. He believes a crypto regulatory structure is essential. This regulatory structure would guarantee that…
The ECB (European Central Bank) believes a digital Euro has some hurdles to surpass to be successful. First, it has to gain popular acceptance among Europeans. Also, it would have to meet their basic requirements and be suitable for payment. On July 13th, Christine Lagarde and Fabio Panetta wrote a blog post. Design Specifications Of…
The blockchain and crypto sector has witnessed tremendous growth in the last few years. As a result, major financial institutions are beginning to show interest in the sector. Meanwhile, the Spanish bank, Santander, is the latest financial giant to show interest. On July 7th, the Spanish bank said it would conduct an award event in…
Since the ongoing crypto market crisis, several companies have gone bankrupt. Unfortunately, analysts predict that more companies are likely to go bankrupt soon. Bankman-Fried Continues To Throw Lifeline To Bankrupt Firms The CEO has recently given lifelines to several digital asset platforms. Unfortunately, other platforms have collapsed due to the ongoing market slump. According to…
VTB Bank, one of Russia’s largest banks, has achieved a milestone in the country. It conducted the first cash-backed virtual financial asset payment with a fintech firm. According to Reuters, the fintech firm, Lighthouse, carried out the transaction. Lighthouse is a subsidiary of VTB Factoring and has a license to exchange virtual assets. VTB noted…
According to reports, a ministerial panel in India will meet next week. The purpose of the meeting is to discuss the GST (Goods and Services Tax) on crypto transactions. Indian Panel To Discuss Crypto Tax Beginning 28th Of June According to Bloomberg, the panel would comprise state and federal finance ministers. The report states the…
A major payment industry giant, Visa has taken another giant stride. The company has launched several crypto-supported cards while partnering with startups in LatAm. Visa Issues Crypto-Supported Cards Currently, several payment firms are showing interest in the crypto industry. Visa, a leading payment company, has launched a crypto-supported card for users in LatAm. The purpose…
According to a professional market analyst, the US Federal Reserve might be influencing market movements. Analyst Caleb Franzen believes the bank’s monetary policies affect asset prices and crypto. Also, Franzen made these analyses at the “Best Business Show” on the 20th of June. The show’s host, Anthony Pompliano, interviewed the senior analyst about the ongoing…