Banks to record crypto transactions in Australia due to SVB crises
Following the spread of the Silicon Valley Bank (SVB) crisis, Australia’s prudential regulator has reportedly requested local banks to record cryptocurrency transactions. The Australian Financial Review reported on March 21 that the Australian Prudential Regulatory Authority (APRA) has begun demanding banks to identify their exposures to startups and crypto-related enterprises. The regulator has asked banks […]
FDIC writes to banks on risks associated with crypto activities
The Federal Deposit Insurance Corporation (FDIC) of the United States has written to the banks it regulates, expressing worry about the risks associated with crypto activities and how it affects consumer protection. “Crypto-related activities may pose major safety and soundness hazards, as well as concerns about financial stability and consumer protection.” Furthermore, because crypto-related activities […]
Central Bank of Nigeria (CBN) Sanctions Banks Over Crypto Regulations
The Central Bank Of Nigeria (CBN) has sanctioned and fined three commercial banks, Access Bank Plc, United Bank for Africa Plc, and Stanbic IBTC Bank a total of N800 million for failing to comply with regulations prohibiting customers from trading in cryptocurrencies. The sanctions are part of the CBN’s efforts to crack down on cryptocurrency […]
G7 leaders establish digital currency guidelines for central banks
This week, the Group of Seven (G7) advanced economies discussed central bank digital currencies (CBDCs), deciding that they should “do no harm” and adhere to strict guidelines. On Oct. 13, G7 finance officials gathered in Washington to discuss central bank digital currencies and adopted 13 public policy guidelines for their deployment. The G7 countries, which […]
How the Luxury Bank’s Unique Concept Will Transform the Industry
Banks and other traditional organisations have a tendency to discriminate against bitcoin users, which is why the Luxury Bank was formed. New developments in this market continue to drive demand for platforms that have the capability of harvesting the full amount of power available from cryptocurrencies, DeFi, Non-Fungible Tokens (NFTs), and other types of digital […]