Bank of America’s Merrill Lynch and Wells Fargo’s wealth management arm have reportedly begun offering some clients access to spot bitcoin exchange-traded funds (ETFs). Other investment platforms that offer some clients access to spot bitcoin ETFs include Fidelity, Charles Schwab, Robinhood Markets, and UBS. Major Banks Embrace Bitcoin ETFs Bank of America’s investment arm, Merrill […]
Argentine President Javier Milei Seeks to Penalize Central Bank Money Issuance
Javier Milei, the libertarian president of Argentina, is seeking to stop the issuance of money by the country’s central bank. Milei stated he would send a bill to Congress to penalize issuing money with jail time, explaining that central bank officials approving these movements would be incarcerated. Argentine President Javier Milei Aims to Establish Seigniorage […]
Deltec Bank Accused of Secretly Extending a $2 Billion Credit Line to Alameda Research
Deltec Bank and Trust Ltd, based in The Bahamas, stands accused of covertly extending a $ 2 billion line of credit to Alameda Research. A lawsuit, filed by those who claim to be victims of Sam Bankman-Fried, accused Deltec of granting a three-day grace period to Alameda Research for the settlement of purchased stablecoins. …
Nigerian Microfinance Bank Carbon Acquires Fintech Startup Vella Finance
Vella Finance, a Nigerian fintech startup, was recently bought by the microfinance bank Carbon. The acquisition of the fintech startup paves for Carbon to launch a new banking platform targeting Nigerian businesses. New Business to Leverage Artificial Intelligence The Nigerian microfinance bank, Carbon, has reportedly acquired the fintech firm Vella Finance for an undisclosed amount. […]
Nigeria’s Headline Inflation Increases as Central Bank Intensifies Foreign Exchange Controls
In the first month of 2024, Nigeria’s headline inflation rose from nearly one percent to 29.9%. However, on a year-on-year basis, the January 2024 headline inflation rate was 8.08 percentage points higher than the January 2023 rate. Many commentators identify foreign exchange shortages as the root cause of the naira’s poor performance against major currencies. […]
Stablecoins Are the ‘Biggest Misnomers’ and ‘Oxymorons’ Says New Zealand Central Bank Governor
The New Zealand Central Bank governor, Adrian Orr, recently branded stablecoins “the biggest misnomers” and “oxymorons.” Orr also rejected the notion that cryptocurrencies could serve as a replacement or supplement to central bank-issued money. Stablecoins Not a Viable Substitute for Money Despite their rise as an alternative to fiat currency in some regions, stablecoins are […]
Fed Chair Powell Briefs Lawmakers on US Central Bank Digital Currency Progress
Federal Reserve Chairman Jerome Powell has provided an update to Congress members regarding the Fed’s central bank digital currency (CBDC) work. “If we’re going to have a CBDC, Congress needs to authorize it,” he stressed. Moreover, the Fed chair reportedly said that a framework for stablecoins is needed. Fed Chair Powell on US CBDC and […]
Bank of Russia Detected Over 5,700 Pyramid Schemes in 2023
The Bank of Russia reported that the number of pyramid schemes and illegal lending providers in Russia rose to over 5,700 in 2023, an increase of 15.5% over the number detected in 2022. Specifically, the number of pyramid schemes detected increased by 46%, relying on the Internet and cryptocurrency as tools for promoting and carrying […]
Nigerian Currency Depreciation: Central Bank Head Reaffirms Commitment to Reviving Confidence in the Economy
The Nigerian central bank remains committed to building confidence in the economy but that hinges on the implementation of “bold reforms” and residents’ help in easing pressure on the naira. However, critics have faulted the central bank’s policies including the devaluation of the local currency in 2023 for worsening the plight of millions. Ordinary Nigerians […]
Federal Reserve Ends Enforcement Action Against FTX-Connected Farmington State Bank
The Federal Reserve terminated its enforcement action against Washington-based Farmington State Bank, previously known as Moonstone Bank and linked to FTX’s Alameda Research. Federal Reserve Terminates Enforcement Action of FTX-Linked Farmington Bank The Federal Reserve Board has officially concluded its enforcement actions against Farmington State Bank and its parent company, FBH Corporation. This termination marks […]
Vast Bank Withdraws From Cryptocurrency Sector, Shuts Down Mobile App
Vast Bank, the U.S. financial institution that once offered customers the unique ability to manage cryptocurrencies alongside traditional banking, is exiting the digital asset space and shutting down its crypto mobile app in response to a consent order from the Office of the Comptroller of the Currency (OCC). Vast Bank Closes Cryptocurrency App, Exits Digital […]
Nigeria Forex Crisis: Central Bank Removes Cap on Exchange Rate for International Money Transfer Operators
The Central Bank of Nigeria announced on Jan. 31 that it had removed caps on naira payout rates that international money transfer operators are allowed to quote. The central bank said the policy change is an effort aimed at further liberalizing the foreign exchange market. The naira’s Feb.1 gain versus major currencies has been attributed […]
30 Banks Participating in Russia’s Central Bank Digital Currency Pilot
The number of banks participating in Russia’s central bank digital currency pilot has increased to 30. Seventeen banks have signed an agreement with the Bank of Russia to participate in the digital ruble program. They will join 13 other banks, about 600 citizens, and 30 trading and service companies that are already testing Russia’s central […]
Russia Open to the Use of Crypto in Foreign Trade Says Central Bank Governor
The Russian Central Bank is discussing the possible use of central bank digital currencies as a payment method in foreign trade, according to Elvira Nabiullina, the bank’s governor. Nabiullina stated that while Russia is opposed to the use of crypto payments in domestic transactions, the country is open to the idea of using cryptocurrencies in […]
RFK Jr. and Donald Trump Both Vow to Stop the Fed From Issuing US Central Bank Digital Currency if Elected
U.S. presidential candidates Robert F. Kennedy Jr. (RFK Jr.) and Donald Trump have independently promised the American people to stop the creation of a central bank digital currency (CBDC) in the U.S. if elected President. “I will protect Americans from government tyranny,” Trump said, adding that a CBDC “would be a dangerous threat to freedom.” […]