Why Banks and Payment Processors Shun Perfectly Legal Businesses
Porn, gambling and even furniture sales are deemed “high-risk” merchant categories. Sometimes the risk is financial; other times it’s just bad publicity. Original Source
Read More
Banks
The world doesn’t need banks, policymakers or NGOs — It needs DeFi
Where I grew up, on the southern border in Texas, a tremendous number of people have come to the United States to work and send money back home. They don’t make much money, but they pay considerable fees on their transfers. Their focus is not on getting rich, but on
Read More
Banks May Face Competition From CBDCs, Study Suggests
Profit-driven banks may be more interested in seeking wealthy clients, rather than ensuring access to the financial system for the 1.7 billion people who don't have access, the FSI argued. By allowing new kinds of private payment providers into the market, “CBDCs could introduce more vibrancy and innovation, leading to
Read More
Morgan Stanley Says US Could Regulate Stablecoin Issuers Like Banks
Implications for the crypto markets could be far reaching as about 60% of bitcoin and ether exchanges are trades versus a stablecoin, and stablecoin lending has become an important part of centralised and decentralised finance (DeFi), the note added. DeFi is an umbrella term used for lending, trading and other
Read More
Want to See the Future of Banks? Look at Telcos
DeFi may allow banks to offer a wide range of services fast and efficiently, but in the end, these organizations will focus on their traditional, core strengths. Source
Read More
FDIC Asks All Banks to Report Crypto Activities
On Thursday, the Federal Deposit Insurance Corporation (FDIC) issued a financial institution letter – a letter sent to CEOs of FDIC-insured banks – requesting that banks should notify their regional FDIC director of their crypto activities. This request applies to both current and future crypto-related activities. Original Source
Read More
The FDIC wants US banks to report on current and intended crypto-related activities
The Federal Deposit Insurance Corporation, the United States government corporation that insures depositors at U.S. commercial and savings banks, issued a financial institution letter Thursday. The letter requests the institutions supervised by the agency to notify the appropriate regional director of their activities with crypto-related assets or their intentions to
Read More
Commonwealth Bank’s plans to expand crypto services to 6.5M delayed by red tape
Financial regulators are standing in the way of expanded crypto services on Commonwealth Bank of Australia’s (CBA) mobile app. In an Australian first, the bank aims to grant all of its 6.5 million users access to cryptocurrency services.The CBA’s crypto products started a pilot of the services late last year
Read More
More than three-quarters of central banks considering a CBDC: research
More than 80% of central banks are interested in launching a Central Bank Digital Currency (CBDC) or have already done so according to research conducted by accounting firm PwC.The second annual Global CBDC Index report released on Monday, April 4, measures a central bank's level of maturity in deploying its
Read More
Wall Street Watchdog Cautions Banks on Trading Crypto Derivatives
The Basel Committee on Banking Supervision is already looking into the capital treatment for such crypto-related exposures at banks. Whatever that global standard-setter decides will influence the decisions made by its member governments, including the U.S. Original Source
Read More