National Australia Bank Becomes Second Australian Bank to Build Stablecoin: Report

The purpose of AUDN would be to allow its customers to settle transactions on blockchain technology in real-time using Australian dollars, NAB said. AUDN could also be used for several other purposes including “carbon credit trading, overseas money transfers and repurchase agreements,” NAB’s Chief Innovation officer Howard Silby told AFR. Author: Amitoj Singh Source link

Aussie ‘Big 4’ bank mints stablecoin for carbon trading and remittances

National Australia Bank (NAB) is set to become the second “Big 4” Australian bank to launch an Australian dollar-pegged stablecoin on the Ethereum network. Set to launch sometime in mid-2023, the AUDN stablecoin is aimed at streamlining cross-border remittances and carbon credit trading, according to a Jan. 18 report from the Australian Financial Review (AFR). NAB’s chief innovation officer Howard Silby said the decision to mint the AUDN stablecoin on Ethereum — which is backed 1:1 by the Australian dollar (AUD) — was based on their belief that blockchain infrastructure…

Bank of England governor questions need for digital pound

Andrew Bailey, the Bank of England (BoE) governor, expressed skepticism on the need for a digital pound shortly after finance ministers from eurozone countries backed further work on a digital euro.  The BoE governor recently questioned the need for a wholesale central bank digital currency (CBDC), citing that there already is a “wholesale central bank money settlement system with a major upgrade.” In addition, Bailey also expressed that there are no plans to abolish cash regarding retail use. The BoE governor does not believe that retail payments need to change…

South African Reserve Bank Supports Friendly Crypto Operations

According to the banking regulator, minimizing risk by disconnecting crypto-related consumers may represent a “threat” to financial integrity. The Reserve Bank of South Africa’s Prudential Authority advised its subsidiaries to avoid illegal activity, asking banks not to terminate all links with bitcoin. It implied that such an act might pose a higher risk in the long term. Prudential Authority CEO Fundi Tshazibana signed the formal notification. Certain South African banks have already severed links with crypto asset service providers (CASPs), as referred to in the letter, due to unclear laws…

Bank of America Affirms investor interest hasn’t been frozen despite concerns about the crypto winter.

According to research released by Bank of America (BAC) on Tuesday, following its Web3 & Digital Assets Day Conference last week, investor interest in the industry has not been affected by worries of a so-called “crypto winter.” According to the report, discussions with some of the 160 clients who attended the event made it evident that “blockchain technology and the digital asset ecosystem are here to stay,” and the bank is still enthusiastic about the adoption of digital assets by the general public. The bank stated that while recent market…

Argentina Was at the Cusp of a Crypto Boom. The Central Bank Had Other Plans

According to sources, the BCRA’s decision generated bewilderment among the numerous exchanges operating in Argentina, which have recorded high growth rates in the last three years, largely because Argentines are not prevented from acquiring dollar-pegged stablecoins on their platforms. Consequently, in 2021, for example, the use of stablecoins increased sixfold, with DAI leading the way. Author: Source link