Banking

Bangladesh Bank with $4 Billion in Assets Now Employs RippleNet

Bangladesh-based Bank Asia has joined Ripple’s RippleNet blockchain-based financial services network. The partnership was only recently discovered after a Twitter user pointed out the Bank Asia logo in an official Ripple document on Feb. 10. Still, the partnership must be well over a month old, given that the document in question was published in December …

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Crypto Exchange Zebpay Announces Relaunch in India Ahead of Supreme Court Decision on RBI Ban

</header> <strong>Zebpay is returning to India more than a year after closing down local crypto exchange operations due to the banking ban imposed by the central bank, the Reserve Bank of India (RBI). Under a new leadership team, the exchange has also revealed a number of upcoming new services, including a crypto-to-crypto exchange and a …

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Silvergate Bank Adds 48 Crypto Clients in Q4 Even as Deposits Slip 4%

Silvergate Bank, one of the few U.S. banks openly serving crypto-related businesses, added more crypto clients in the fourth quarter of 2019 but saw deposits and fee income from those clients drop. The La Jolla, Calif.-based bank, which went public on the New York Stock Exchange under the trading symbol SI in November, released its …

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India Unveils National Blockchain Strategy, Calling on RBI to Issue Digital Currency

</header> <strong>India’s National Strategy on Blockchain has been published. It recommends, among other things, for the Reserve Bank of India (RBI) to issue a central bank digital currency. The Ministry of Electronics and Information Technology tasked the National Institute for Smart Government with drafting this national policy.</strong> Also read: Regulatory Roundup — New US Crypto …

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Crypto-Related Deposits Drop by Half at Metropolitan Commercial Bank

Metropolitan Commercial Bank’s deposits from digital currency businesses have steadily declined for more than a year, a sign competition is heating up in a field where the bank was once one of the only games in town. Over the course of 2018, the New York-based lender’s deposits from the industry shrank by 52 percent, to …

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Singapore Act to License Cryptocurrency Firms Comes Into Effect

Legislation regulating the operations of cryptocurrency firms in Singapore comes into effect today, Jan. 28. The new Payment Services Act will regulate cryptocurrency payments and trading enterprises under some aspects of the regulatory regime that currently governs traditional payment services and require them to hold a license. Crypto payment services must also comply with the …

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Hawaiian Bill Would Let Banks Act as Crypto Custodians

Hawaiian lawmakers have submitted a bill that allows banks to provide custody for digital assets. SB2594, introduced on Jan. 18 with bipartisan backing, would make it legal for Hawaiian banks to hold “digital securities,” “virtual currencies,” “digital consumer assets” and other “open blockchain tokens” for their customers. It would further authorize Hawaiian courts to hear …

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Swiss Banks Enter the Age of Bitcoin

DAVOS — Switzerland’s banking industry has long been known to privately safeguard wealth, so some bankers see bitcoin as a natural fit for the nation’s financial sector. Although such bankers may still be a minority, Zurich-based SEBA Bank AG opened in November 2019 with a universal banking license and a suite of services ranging from fiat …

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Paxos Launches Automatic Conversions Between Bank Deposits and Stablecoins

Paxos announced Tuesday a new feature allowing customers to automatically wire transfer funds from their bank accounts into either Paxos Standard or Binance USD stablecoins. Conversely, any PAX or BUSD sent to the designated address will be automatically wired back to the individual’s bank account in USD. Zach Kwartler, senior product manager at Paxos, told …

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Six Major Central Banks to Collaborate on Digital Currency Research

The central banks of Canada, the United Kingdom, Japan, European Union, Sweden and Switzerland created a group with the Bank for International Settlements (BIS) to jointly research central bank digital currencies (CBDC). According to a press release published by the Bank of England on Jan. 21, the aforementioned institutions will share their experience with other …

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