Former Governor of French Central Bank Joins Board of Directors of Blockchain Firm Setl

British blockchain technology group Setl has hired former governor of the French central bank Christian Noyer as a member of its board of directors. The new appointment was confirmed in a blog post published on Jan. 17. Founded in 2015, Setl is a financial company with a focus on blockchain technology. Setl  has built a blockchain-based infrastructure for institutional payments and settlements, with a reported capacity of over 1 billion transactions per day. According to the most recent announcement, Noyer has joined the board of directors of Setl, bringing a…

Central Bank Veteran’s Blockchain ‘E-Money’ Startup Raises $2 Million

Ethereum development studio ConsenSys has participated in a $2 million seed funding round for Iceland-based blockchain startup Monerium, the firm announced Friday. The round was led by early-stage venture capital firm Crowberry Capital and included participation from private investment firm Hof Holdings, both also based in Iceland. Founded in 2016, Monerium is a fintech startup led by, among others, Jon Helgi Egilsson, former chairman of the Central Bank of Iceland. The firm is developing a solution for transacting fiat currencies over blockchains, what it calls “e-money.” The seed funding will…

What We Know About Yellow Vests’ Bank Run and How Crypto Could Help It

On Jan. 7, activists of the French grassroots political movement the Gilets Jaunes — Yellow Vests — announced a bank run via social media, essentially hoping to meet their goals by destabilizing the local financial system. Dubbed the “Collectors’ Referendum,” the movement’s latest demonstration calls on supporters to withdraw their savings from financial institutions on Saturday, Jan. 12. While the political action does not mention cryptocurrencies, it seems that such a run on the banks could hypothetically affect the crypto market — and vice versa. What’s a bank run? A…

Major Indian Bank Threatens to Close Accounts of Users Transacting in Crypto: Report

Kotak Mahindra Bank — India’s second largest private sector bank by market cap — is allegedly requiring account holders to refrain from dealings in cryptocurrency. The claim was made by Twitter user “Indian CryptoGirl” (@Desicryptohodlr) in a tweet posted Jan. 8. According to the screenshot provided in Indian CryptoGirl’s tweet, Kotak Mahindra Bank makes explicit reference to the Reserve Bank of India’s (RBI) regulations in its apparent terms and conditions for account holders, which allegedly demand consent to the following: “Basis [sic] the regulations issued by RBI, I hereby declare…

ConsenSys Backs Icelandic Startup Co-Founded by Ex-Chair of Country’s Central Bank

Ethereum (ETH) blockchain startup and incubator ConsenSys has participated in a $2 million seed funding round for Iceland-based blockchain startup Monerium, according to a press release from the firm, published Jan. 11. The startup counts the former chairman of Iceland’s central bank among its four founders. The funding round was reportedly led by Icelandic venture capital fund Crowberry Capital, and has also seen the participation of Icelandic private investment firm Hof Holdings. Founded in 2016, Monerium is reportedly developing a solution for “bridging fiat money and blockchains,” issuing what it…

Overregulation Prevents Crypto Development, Says Central Bank Official

Overregulation in Ukraine is reportedly preventing the cryptocurrency industry from evolving in the country. An official of the Ukrainian central bank (NBU) told this to a local crypto news outlet LetKnow Tuesday, Jan. 8. Mikhail Vidyakin, the director of the strategy and reform department of NBU, believes there are too many institutions in the country that have the authority to regulate cryptocurrencies. LetKnow has highlighted that there are at least three government organizations in Ukraine that fall under that definition: the NBU, the Ministry of Finance and the National Securities…

France’s Yellow Vests Plan Bank Run to ‘Scare State Without Violence’

French grassroots political movement the Gilets Jaunes — Yellow Vests — is planning a bank run similar to Bitcoin’s (BTC) Proof of Keys, sources revealed on social media Jan. 7. Dubbed the “Collectors’ Referendum,” the latest demonstration by the movement calls on supporters to withdraw all their savings and other deposited cash from financial institutions on Saturday. Speaking in a video uploaded to Facebook, an activist known only as Tahz San said the gesture aimed to “scare this (French) state completely legally and without any violence, yet more effectively than…

European Central Bank Policy Maker Calls Crypto ‘a Fairy-Tale Story’

A member of the Governing Council of the European Central Bank (ECB) has warned that “the [cryptocurrency] bubble has already started to collapse,” Bloomberg reported Jan. 7. Speaking at a conference in Riga, Latvia, Ardo Hansson — also the governor of Estonia’s central bank — stated that digital currencies will end up as a “complete load of nonsense.” The official warned that “the bubble has already started to collapse and maybe we should just see how far this collapse goes, and what is left when we’ve reached a new kind…

Central Bank Report States Crypto Does Not Threaten Financial Stability

The Reserve Bank of India (RBI) has stated that cryptocurrencies currently pose no threat to financial stability in its recent financial report, published Dec. 28. The document entitled “Report on Trend and Progress of Banking in India 2017-18” reads: “[C]rypto-assets do not pose risks to global financial stability currently. The market continues to evolve rapidly, however, and this initial assessment could change if crypto-assets were to become more widely used or interconnected with the core of the regulated financial system. RBI quoted a conclusion drawn from a recent report by…