Tag: Bank

Bank of England keeps interest rate steady at 4% in November

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Key Takeaways The Bank of England kept the base interest rate unchanged at 4%. The Monetary Policy Committee is maintaining a cautious and measured approach to monetary policy decisions. Share this article The Bank of England decided to keep its base interest rate unchanged at 4% today, maintaining its cautious monetary policy stance amid evolving economic conditions. The Monetary Policy Committee emphasized a measured approach to rate changes, weighing recent budget details against inflation improvements across the UK economy. Market analysts remain divided on the likelihood of near-term rate adjustments,…

UK’s Top Bank Says Stablecoin Rules Will Roll Out as Quickly as US

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Bank of England Deputy Governor Sarah Breeden expects the government to keep pace with the US in stablecoin regulation, stating that it is “really important” for the allies to be synchronized on rules governing the $310 billion industry. Speaking at the SALT conference in London on Wednesday, Breeden reportedly said the UK will implement a stablecoin regulatory framework “just as quickly as the US” — rebuffing fears that it is falling behind, particularly after the US passed the landmark GENIUS Act in July. Source: Bloomberg Breeden confirmed that UK regulators…

Bank of England to align stablecoin regulations with US

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Key Takeaways The Bank of England and the US will coordinate on stablecoin regulations to ensure synchronized oversight. Deputy governor Sarah Breeden emphasized harmonization between the UK’s and US’s approaches for effective regulation. Share this article The Bank of England will coordinate its stablecoin regulations with the US to ensure synchronized oversight of digital assets. Sarah Breeden, deputy governor at the Bank of England, emphasized the need for harmonized approaches to stablecoin regulation between the two nations. Bank of England officials have stressed the critical need for the UK and…

Binance founder CZ rejects claim he suggested Kyrgyz crypto bank

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Binance co-founder Changpeng “CZ” Zhao has pushed back on reports that he has been driving a proposal to establish a crypto-friendly private bank in the Central Asian nation of Kyrgyzstan, where he provides advisory services. The rumors emerged after Kyrgyzstan President Sadyr Japarov told the Kabar news agency on Sunday that CZ had visited the country in May and suggested a cooperative effort to establish a private bank that also deals in cryptocurrency. Japarov claims he would have preferred to open a state-owned bank, but when CZ rejected the idea,…

Tokenized Bank Deposits Are Inferior to Stablecoins: Professor

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Banks and financial institutions have started experimenting with tokenized bank deposits, bank balances recorded on a blockchain, but the technology is doomed to lose out to stablecoins, according to Omid Malekan, an adjunct professor at Columbia Business School. Overcollateralized stablecoin issuers, who must maintain 1:1 cash or short-term cash equivalent reserves to back their tokens, are safer from a liability perspective than the fractional reserve banks that would issue tokenized bank deposits, Malekan said.  Stablecoins are also composable, meaning they can be transferred across the crypto ecosystem and used in…

Malaysia’s central bank launches asset tokenization initiative

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Key Takeaways Bank Negara Malaysia launched the Digital Asset Innovation Hub as part of its three-year initiative to explore asset tokenization in finance. An industry working group will gather industry feedback on potential tokenization use cases. Share this article Through a new Digital Asset Innovation Hub and industry working group, Bank Negara Malaysia has started a three-year program to evaluate how real-world asset tokenization can be applied to sectors like supply-chain and Islamic finance. Bank Negara Malaysia has published a report inviting industry feedback on asset tokenization to guide future…

Basel Reportedly Aims for Friendlier Crypto Bank Guidelines

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Global banks may soon take a more favorable view of cryptocurrencies as the Basel Committee on Banking Supervision (BCBS) prepares to revise its landmark guidance on crypto exposure, according to a Bloomberg report published Friday. According to Bloomberg, citing sources familiar with the matter, the Basel Committee’s 2022 guidance on banks’ treatment of crypto will be updated next year to be more favorable. This follows the issuance of previous standards in 2022, with most banks interpreting them as a signal to avoid crypto altogether. Bloomberg’s sources said the Basel Committee…

Chainlink Brings Deutsche Bank And DWS’s EURAU Multichain

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AllUnity’s euro-backed stablecoin, EURAU — a joint venture between Deutsche Bank and asset manager DWS — is expanding across multiple blockchains by using Chainlink’s crosschain infrastructure. According to a Thursday announcement shared with Cointelegraph, EURAU will use Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to connect with Ethereum, Arbitrum, Base, Optimism, Polygon and Solana. The company said it also plans to extend the stablecoin to the Canton Network, a blockchain focused on institutional financial applications. AllUnity CEO Alexander Höptner said the CCIP will allow EURAU to “operate seamlessly across multiple blockchains,” improving…

Major Nordic Bank Will Allow Customers to Access Bitcoin ETP

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Scandinavia’s largest bank, Nordea, has shifted its stance on crypto in the face of growing adoption and regulatory clarity, announcing its customers can access an external Bitcoin-linked exchange-traded product (ETP) in December.  The Bitcoin ETP, developed by digital asset investment firm CoinShares, holds Bitcoin (BTC) as its underlying asset, Nordea stated on Thursday.  The ETP will only be offered as an “execution-only offering, meaning that customers can buy this product, but Nordea does not offer advice on it,” the bank added. Nordea has over $286 billion in assets under management,…