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Unbacked cryptocurrencies are not an efficient means of payment and stablecoins are vulnerable to runs, top officials at the European Central Bank have pointed out in a new article making the case for a digital euro. The executives have marked key objectives for the project which should provide Europeans with “easy access to central bank … Read more
The archipelagic country of the the Philippines is exploring blockchain use cases across different industry verticals. Go to Source Powered by WPeMatico
A new report by the European Central Bank (ECB), presented as a “deep dive into crypto financial risks,” calls for “appropriate” regulation and oversight of stablecoins and decentralized finance (defi). It also addresses the hot topic of Bitcoin’s carbon footprint in Europe, suggesting a ban on proof-of-work mining is probable. Growth of Stablecoins, Defi Warrants … Read more
Thousands of Sri Lankans took to the streets of Colombo in protest of the government’s response to the economic situation in the country. Go to Source Powered by WPeMatico
Some Chinese bank clients, whose accounts were frozen in April, were injured while staging a protest at the Zhengzhou branch offices of the country’s central bank. Reports from local media outlets suggest that as much as $6 billion in client funds is missing and the individual believed to be behind the disappearance is now outside … Read more
The central bank said the growth of the crypto market did not pose an “immediate threat” to the United Kingdom’s financial system, but had the potential to do so in the future. Go to Source Powered by WPeMatico
Puerto Rico regulators closed down Schiff’s bank for not maintaining the net minimum capital requirements. As a result, customers lost access to their accounts following a subsequent freeze. Go to Source Powered by WPeMatico
The Central Bank of Russia would agree to the legalization of cryptocurrency mining, provided the proceeds from the activity are converted to fiat outside of Russia. The regulator’s latest position on the matter comes after it softened its stance on the possible use of cryptocurrencies for payments, even if only internationally. Central Bank of Russia … Read more
Last week the Russian ruble hit a seven-year high against the U.S. dollar and while analysts have downplayed the rise, one economist said people should not “ignore the exchange rate.” American economists have been perplexed about the ruble’s market performance and Russian officials have been quoted as saying that a strong ruble “makes Russian exports … Read more
Markets beyond the euro slow to react as Europe acknowledges higher inflation may be permanent. Go to Source Powered by WPeMatico