An Australian Bitcoin exchange operator has taken legal action against two commercial banks in the country, accusing them of discriminatory practices.
While one of the goals of cryptocurrencies is to render traditional banking obsolete, banks as a financial institution still play a critical role in the advent and adoption of the emerging crypto economy in two ways.
Firstly, outside of a physical cash exchange for cryptocurrency, banks provide the fiat bridges to cryptocurrency markets. Without them, the influx of capital and interest in the blockchain industry would be nowhere near the magnitude it is today.
Secondly, many of the world’s leading banks are researching and, in some cases, developing their own central bank digital currencies, or CBDCs, which aim to secure hegemony in the digital asset space largely in response to the growth of the crypto economy.
As digital finance evolves before our eyes, banks as a commonplace financial organization may change drastically in their role and purpose in society — even if it leads to obsolescence.
With Acting Comptroller Brooks on his way out the door, the OCC has given its first digital bank charter.8527
Brooks considers the migration of the financial system onto the internet "inevitable."5265
The Association of Russian Banks is worried about regulators being unable to track illicit transactions of an offline-enabled digital ruble.3849
Brooks is optimistic that regulators will find it easier to work with algorithms than with bankers.10980
Bitcoin made a swift 20% recovery from the weekend’s bloodbath, while American banks prepare to post major losses in their upcoming quarterly reports.16228
South Korea’s Shinhan Bank has invested in a crypto custody service backed by local crypto exchange Korbit.3687
The OCC’s acting head is pushing against the Consumer Financial Protection Bureau’s intention to charter non-depository fintech firms.22300
HDBank has processed its first L/C transactions since joining the Contour platform for international trade.15321
The Italian Banking Association, ABI, is conducting digital euro tests as the European Central Bank is yet to make a clear decision on a central bank digital currency.9694
More state regulators are gunning for the OCC and Brian Brooks, this time over usury laws and predatory lending.9370
The latest from the Treasury's most crypto-forward office says that national banks don't have to fear stablecoin nodes.29276
When it comes to crypto regulation, the United States is falling further behind more progressive and visionary nations.10517
The heirs to the Bank of England may think they’re still leading, but their only options are to follow crypto or get out of the way.16323
A major network of state banking regulators is renewing its attack on the OCC's moves to register non-depository institutions.7427