Some Russian public officials have to disclose their crypto holdings, while other officials are obliged to hold zero crypto by April 1, according to a new law.
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.
Strategists at the Wall Street megabank disagree with their colleagues view that Bitcoin is becoming digital gold.11944
Banks in many countries continue to either outrightly deny or limit their services to crypto exchanges.14568
Sberbank has applied with the Central Bank of Russia to launch a blockchain platform for its “Sbercoin” stablecoin.12258
An Australian Bitcoin exchange operator has taken legal action against two commercial banks in the country, accusing them of discriminatory practices.5130
With Acting Comptroller Brooks on his way out the door, the OCC has given its first digital bank charter.8583
Brooks considers the migration of the financial system onto the internet "inevitable."5275
The Association of Russian Banks is worried about regulators being unable to track illicit transactions of an offline-enabled digital ruble.3859
Brooks is optimistic that regulators will find it easier to work with algorithms than with bankers.11015
Bitcoin made a swift 20% recovery from the weekend’s bloodbath, while American banks prepare to post major losses in their upcoming quarterly reports.16288
South Korea’s Shinhan Bank has invested in a crypto custody service backed by local crypto exchange Korbit.3704
The OCC’s acting head is pushing against the Consumer Financial Protection Bureau’s intention to charter non-depository fintech firms.22301
HDBank has processed its first L/C transactions since joining the Contour platform for international trade.15329
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.9708
More state regulators are gunning for the OCC and Brian Brooks, this time over usury laws and predatory lending.9377