Bill Dudley, former president of the Federal Reserve Bank in NY and chief economist at Goldman Sachs, believes that “to be effective, [the Federal Reserve] will have to inflict more losses on stock and bond investors than it has so far.” Why the Fed may push down tech and crypto The Fed’s tools to push…
Peer-to-peer payments processor Circle Internet Financial today announced that it has chosen the Bank of New York Mellon Corporation, also known as BNY Mellon, to become a primary custodian for its USD Coin (USDC) reserves. In the press release, Circle CEO and co-founder Jeremy Allaire noted: “As we continue to see exponential growth in USDC,…
The Bank of England (BoE), the United Kingdom’s central bank, has reportedly begun developing a new framework aimed at bringing cryptocurrencies and stablecoins into various existing regulatory fields. According to a report published by Reuters today, the regulator’s two main concerns are a possibility of Russia using crypto to evade sanctions (imposed on it following…
Global banking giant HSBC has purchased a plot of virtual land in The Sandbox metaverse as part of a newly announced deal with the virtual world platform. Financial and other details of the partnership were not disclosed. Delighted to announce we’ve partnered with @HSBC, one of the world’s largest international banking & financial services providers!…
The Goldman Sachs Group is reportedly looking into expanding its crypto-related services by offering clients bilateral crypto options, according to people familiar with the matter. Under the bilateral options, clients that hold crypto-like hedge funds or bitcoin miners — will be able to customize their trades to hedge risks or boost yields. Goldman’s global head…
Sanctions against the Russian Federation are hitting hard on the Russian nation and its businesses, financial- and payment systems, and citizens alike. More and more nations and institutions are lining up to impose sanctions, and it seems as if deeper and wider sanctions are coming. Russia has been on a mission to de-risk its dependence…
Mastercard and Visa have announced that they will no longer operate inside Russia. With Russia already cut off from the SWIFT network and PayPal, the impact of exclusive reliance on centralised financial services is increasingly evident. Guy from Coin Bureau noted on Twitter: “Now that Visa & Mastercard have suspended services in Russia, we will…
IMF has been pro-CBDC for a while, and the Central Banks from all around the world have been looking to digital currencies to replace cash and many have come a long way. Recently, IMF President Kristalina Georgieva acknowledged the recent movement towards CBDCs and re-stated their support to them by saying: “We know that the…
As the war in Ukraine is continuing on its sixth day, sanctions imposed on Russia are both widening and deepening. More and more countries and international institutions are implementing sanctions, and the sanctions already in place are getting tougher on the Russian regime. While sanctions imposed on the infrastructure of traditional finance and payments have…
As many have anticipated, and some feared, Western governments will be using the Society for Worldwide Interbank Financial Telecommunications (SWIFT) payment system to tighten sanctions on Russia after President Putin’s military attack on the neighboring country of Ukraine. Western leaders agreed Saturday to impose more financial sanctions on Russia, including removing “selected Russian banks” from…