BIS General Manager Casts Doubt on Stablecoins, Claiming Tokens Do Not Benefit From Regulations or Central Planning

BIS General Manager Casts Doubt on Stablecoins, Claiming Tokens Do Not Benefit From Regulations or Central PlanningAccording to Agustin Carstens, the head of the Bank for International Settlements (BIS), cryptocurrencies have lost the “battle” against fiat currencies issued by the world’s central banks. While speaking at the Monetary Authority of Singapore on Wednesday, Carstens stressed that stablecoins are not reliable because they lack the “institutional arrangements and social conventions behind them.” […]

Go to Source

Powered by WPeMatico

Singapore Regulator Explains Action Against Binance vs FTX — Warns Even Licensed Crypto Exchanges Can Fail

Monetary Autority of Singapore Clarifies Why It Treats Binance and FTX Differently — Warns Even Licensed Crypto Exchanges Can FailThe Monetary Authority of Singapore (MAS), the regulator overseeing the crypto sector, has defended the action it took against crypto exchange Binance and not the collapsed crypto platform FTX. The central bank also warned that cryptocurrencies are “highly volatile and many of them have lost all value.” Singapore’s Central Bank Clarifies Its Stance on Binance […]

Go to Source

Powered by WPeMatico

JPMorgan, DBS Bank, SBI Complete Live Defi Trades on Public Blockchain

JPMorgan, DBS Bank, SBI Complete Live Defi Trades on Public BlockchainJPMorgan, DBS Bank, and SBI Digital Asset Holdings have completed their first lives trades on a public blockchain using decentralized finance (defi), tokenized deposits, and verifiable credentials under the supervision of the Monetary Authority of Singapore (MAS). Singapore’s central bank is planning two more pilots that involve Standard Chartered Bank, HSBC, and UOB. JPMorgan, DBS […]

Go to Source

Powered by WPeMatico

Singapore Considers Stricter Rules for Retail Crypto Investors — Regulator Says Cryptocurrencies Are ‘Highly Hazardous’

Singapore Contemplates Stricter Rules on Retail Crypto Investors — Claims Cryptocurrencies Are 'Highly Hazardous'Singapore’s central bank, the Monetary Authority of Singapore (MAS), is contemplating imposing stricter rules on retail crypto investors. “MAS regards cryptocurrencies as unsuitable for use as money and as highly hazardous for retail investors,” said the central bank chief. New Rules May Be Coming to Retail Crypto Investors in Singapore Ravi Menon, the managing director […]

Go to Source

Powered by WPeMatico