As the nation’s economy continues to deteriorate, the Central Bank of Sri Lanka (CBSL) reiterated its stance on crypto in a notice. On July 12th, the CBSL released a public warning to the public that crypto usage is still prohibited. In 2018 and 2021, the CBSL has reiterated its position on crypto usage. It has…
Lael Brainard, the vice-chair of the US Fed, advised attendees at a Bank of England seminar in London on July 8th to regulate crypto now or regret it later. Brainard asserted that cryptocurrency needs “strong guardrails.” This is because it faces the same fundamental dangers as conventional finance. She provided the recent market slump as…
Recently, the US Fed Reserve held a conference in the United States. The panelists agreed that a digital Dollar would not affect the international currency system. Additionally, they agreed that other CDBCs do not threaten the value of the USD. However, well-developed cryptos could change the global role of the USD. Some members stated that…
Recently, cryptocurrency crimes have increased globally, with total losses amounting to millions. Unfortunately, these crimes are difficult to trace using traditional intelligence tools. For this reason, certain countries have released funds to build resources to combat such crimes. Among such countries is the South American nation, Brazil. Brazil’s public prosecution office has launched an investigation…
According to reports, Trust banks in Japan may soon be allowed to manage digital assets. The country’s regulator, FSA (The Financial Services Agency), made the announcement recently. However, the FSA will have to deliberate on the matter before deciding. Reports say it would seek public opinion for a month before announcing the new changes. Nikkei,…
Despite the IMF’s stance toward crypto, the agency has acknowledged the usefulness of digital assets. The organization believes digital assets could become an alternative to conventional financial products. In June, the IMF (International Monetary Fund) published a blog post citing the usefulness of cryptos and CBDCs. It believes they can be more effective for payment…
With the latest verdict from the BIS (Bank for International Settlements), banks can now store 1% of their reserves as cryptocurrencies. Before now, the BIS has maintained a skeptical approach toward digital currencies. The recent market crisis and issue with the Terra ecosystem have only made things worse. However, it appears things have changed, and…
Recently, there was turmoil in the stablecoin industry. This was after the popular DeFi platform, Terra, collapsed. Also, its stablecoin, the USD crashed, and several investors lost millions of dollars. Following the news, a Swiss National Bank (SNB) executive has commented on the matter. The executive, Thomas Moser, believes that regulators would favor centralized stablecoins…
The Central Bank of Morocco (CBM) is working on a crypto regulation Bill. Also, the bill will help curb terrorism financing and money laundering in the country. This is because the bill will also upgrade the regulations guiding them. According to the governor of the Central Bank, Abdellatif Jouahri, the institution will release the regulation…
In the past months, the mining sector has faced harsh sanctions in various countries. Recently, the Iranian government introduced a seasonal ban on crypto mining. Also, the nation’s electricity distribution company has ordered crypto miners to suspend activities. However, the local community has reacted negatively to the announcement. Many are asking why the company ordered…
In the past months, there have been a series of attacks by hackers on cross-chain bridges. These attacks have caused serious damage to the cryptocurrency community. Meanwhile, the latest attack was on the popular cross-chain bridge, Horizon Bridge, owned by Harmony. Given the recent economic downturn, this is a huge blow to the DeFi platform….
Currently, regulators worldwide are still looking for the best way to regulate the $900-billion industry. Meanwhile, on the 22nd of June, Euronews stated that: “While some state have partially regulated the sector, others have left the sector without regulations.” Swiss Watchdog, FINMA, Calls For Complete Regulation Of Crypto Market Various officials warned that not regulating…
Recent announcements indicate Citi will partner with METACO on a new custodian project. Citi announced on June 22nd that it ant to test run its crypto custodian capabilities. With this partnership, both firms will combine their technological platforms. METACO will provide its digital and technology solutions. Then Citi would use its wide custody network. The…
According to reports, major crypto trading platform, Huobi has secured more operating licenses. The crypto firm has now expanded to Dubai and New Zealand. On June 17th, Huobi Group obtained an Innovation License to operate in Dubai. This was after registering with the Dubai International Financial Centre (DIFC). Lily Zhang, the Chief Financial officer of…
Various regulators are showing concern as the crypto market continues its downward slide. They believe it is high time that a move is taken to regulate the sector. Moreover, agencies like the Securities Exchange Commission (SEC) call for more regulations. The SEC boss, Gary Gensler, earlier stated that crypto regulation is not enough. While commenting…
The recent crash in the crypto sector has caught the attention of global authorities. Several regulatory agencies are sitting up on the issues of crypto regulation. According to the Bank of Canada, urgent regulation is needed in the crypto sector. It added that: “The sector is growing and might affect the overall financial market if…
Globally, the usage of digital currencies has increased over the years. In addition, various financial institutions have made it easy for users to buy and sell cryptos. One of the available options for users is the use of crypto ATMs. Bitcoin of America Continues To Install More Crypto ATMs Meanwhile, Bitcoin of America, a BTC…
The EU’s latest decision to restrict the usage of non hosted wallets appears to be taking effect. A state in Europe has taken the first step to outlaw non hosted crypto wallets. Lithuania Moves To Ban Anonymous Crypto Wallets The government of Lithuania has taken steps to tighten its crypto regulations. The government made a…
A recent report states that Brazil’s central bank is developing a unique kind of CDBC. According to the central bank’s president, the CBDC will be used for wholesale purpose. Also, private banks will be able to use the digital Real as collateral to issue stablecoins. Digital Real Will Be wholesale Oriented Brazil plans to issue…
Globally, different countries are embracing the usage of blockchain technology. This is due to the benefits it offers to various sectors of the economy. The Nigerian crypto and blockchain advocacy group SIBAN has announced guidelines for all VASPs. The goal is to promote regulation and innovation in the blockchain and crypto sectors. Safeguarding The Nigerian…
