Diem to Sell Assets to Silvergate Bank for $200M: Report

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Vladimir Putin Offers Hope for Crypto in Face of Central Bank Call for Ban

Russian President Vladimir Putin has called for consensus between his country’s government and the central bank following the latter’s recent call for an outright ban on crypto. Speaking in a video conference with government ministers on Wednesday, Putin asked for “some kind of unanimous opinion” between his government and the Bank of Russia to be formed via discussions in the near future. Russia’s central bank called for a complete ban on crypto in a report last week, citing its volatility and use for illegal activities. The Bank of Russia’s crypto…

Bank of America says stablecoin adoption and CBDC is ‘inevitable’

It appears that the U.S. will finally be moving forward to create its own central bank digital currency (CBDC) according to the Bank of America. Bank of America crypto strategists Andrew Moss and Alkesh Shah wrote in a Jan. 24 note that CBDCs “are an inevitable evolution of today’s electronic currencies,” according to a Bloomberg report. The analysts wrote: “We expect stablecoin adoption and use for payments to increase significantly over the next several years as financial institutions explore digital asset custody and trading solutions and as payments companies incorporate…

Bank of America Says US CBDC Would Preserve Dollar’s Status as World’s Reserve Currency

Stablecoins are likely to see an increase in usage in the absence of CBDCs, the bank noted, adding that the two largest by market value, tether and USD coin, had a combined market value of around $121 billion as of Jan. 21. Their use as a means of payment is increasing, particularly for cross-border remittances, the report said, as they are faster and cheaper than using fiat currency. Author: Will Canny Source link

Bank of Korea completes first phase of digital currency pilot

The Bank of Korea has successfully completed the first phase of its central bank digital currency mock testing started in August 2021.  The South Korean central bank said that the first phase of its CBDC mock testing was completed in December while the second phase is currently underway, reported YNA news. The first phase of the mock test involved some of the basic functions of the sovereign digital currency such as distribution and issuance. The second phase of the central bank digital currency (CBDC) pilot would test real-world functionalities such…

Union Bank of the Philippines selects Metaco and IBM to facilitate digital asset custody operati​​ons

On Thursday, Metaco, an enterprise cryptocurrency platform for securing, trading, issuing, and managing digital assets, announced the addition of UnionBank as its latest client. Founded in 1982, UnionBank is one of the largest banks in the Philippines, with a collective $15 billion in assets under management. UnionBank will be also be deploying its digital asset management services on the IBM Cloud, which are fully integrated with Metaco’s solutions. Through the integration, UnionBank will be able to improve the insurability of assets with FIPS 140-2 Level 4 certified controls for managing…

Iran to reportedly pilot central bank digital currency soon

The Central Bank of Iran (CBI) is reportedly planning to launch a central bank digital currency (CBDC) pilot soon. According to a report by the Iranian Labour News Agency, the CBI vice governor said that CBDCs could help the country resolv financial inconsistencies.  The development of a sovereign digital currency in Iran began in 2018 at the Informatics Services Corporation — the executive arm of the CBI. The development phase has been completed and a pilot will be launched soon. However, CBI didn’t reveal many details about the time frame. The…

Bank of America Says Solana Could Take Market Share From Ethereum, Become the Visa of the Crypto Ecosystem – Altcoins Bitcoin News

Bank of America’s analyst says that Solana could take market share away from Ethereum. Noting that Solana is optimized for micropayments, gaming, and non-fungible tokens (NFTs), the analyst expects “Solana could become the Visa of the digital asset ecosystem.” Bank of America on Crypto, Ethereum, and Solana Bank of America (BOFA) analyst Alkesh Shah published a research note on cryptocurrency this week arguing that Solana could take market share away from Ethereum. The Bank of America analyst described that Solana “produces a blockchain optimized for consumer use cases by prioritizing…

National Bank of Egypt and LuLu International Exchange Connect Through RippleNet to Elevate Remittance Experience into Egypt

Today, we’re excited to announce our partnership with the National Bank of Egypt (NBE), the North African country’s largest bank. Through Ripple’s global payments network RippleNet, NBE has connected with the UAE-based financial service provider LuLu International Exchange – part of the LuLu Financial Group – to process cross-border payments from the United Arab Emirates (UAE) to Egypt. With a large diaspora employed abroad in the Gulf states – including the UAE – Egypt received $24 billion in remittances in 2020 alone, making it one of the top five remittance…