NewsRoom Articles - Page 37 of 171

ThursdayJun 22, 2023 12:00 pm

The IMF is Designing a Global CBDC Platform

Kristalina Georgieva, managing director of the International Monetary Fund (IMF), announced that the organization is engaged in the development of a platform to facilitate transactions between nations using central bank digital currencies, or CBDCs. Georgieva underscored the necessity of connecting nations through interoperable systems, stating that CBDCs shouldn’t be restricted to individual countries but should aim for global efficiency and fairness. To address this, the IMF was actively seeking to make the reality of a worldwide CBDC platform. Georgieva cautioned that any failure to reach a consensus on this matter could leave a void which could potentially be taken advantage…

TuesdayJun 20, 2023 12:30 pm

SEC Asks for Additional Time in Coinbase Rulemaking Petition

The U.S. Securities & Exchange Commision (SEC) has requested more time to respond to Coinbase's plea for regulatory certainty in the crypto space. The SEC stated in a June 13, 2023, letter that it would require an extra four months to address Coinbase's request for the implementation of new regulations and improved comprehension of the regulatory environment for cryptocurrencies. The letter was written in response to the court's order from June 6, 2023, asking the SEC to make it clear if it was rejecting the rulemaking or just needing more time to think it through. The SEC's recent statement follows…

FridayJun 16, 2023 10:30 am

Crypto Prices Show Signs of Stability After SEC Crackdown Concerns

This week marked a period of relative stability in the cryptocurrency market, as prices showed signs of steadying after a significant sell-off triggered by legal actions from the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase for violating securities regulations. According to Coin Metrics, Cardano's ADA coin remained unchanged on Monday, following a brief weekend tumble of approximately 17%. Conversely, Solana's SOL recorded a 6% decline, while Polygon's MATIC experienced a drop of more than 2%. During the weekend, both Polygon and Solana saw substantial declines of around 20% and 17%, respectively. Binance's BNB remained relatively stable over…

WednesdayJun 14, 2023 10:30 am

SEC Clampdown Triggers Deposit Withdrawals Worth $4B

Lawsuits filed by the U.S. SEC against Binance.US, Binance and Coinbase have triggered a substantial withdrawal of approximate deposits totaling $4 billion from these prominent cryptocurrency exchanges, as indicated by blockchain data. According to Glassnode and Nansen data, the three exchanges collectively experienced net withdrawals of $864 million in Bitcoin and $3.1 billion through Ethereum last week. The withdrawals were swiftly and neatly processed by the exchanges throughout the week. The SEC initiated legal action against Binance, its CEO Changpeng CZ Zhao and its U.S.-based subsidiary Binance.US last week, citing various violations of federal securities laws. Subsequently, the agency sued…

MondayJun 12, 2023 9:00 am

Chainlink, Swift to Trial Linking Financial System Actors to Blockchains

Swift, the messaging system used for interbank communication, and Chainlink (LINK), a supplier of blockchain real-world data, have announced a collaborative effort with numerous financial institutions. The objective of this initiative, as outlined in a press release released last week, is to explore how these institutions can establish connections with various blockchain networks. In a series of tests, Swift will join forces with prominent traditional financial organizations such as the DTCC, ANZ, Citi, BNY Mellon, BNP Paribas, Euroclear and Clearstream. The primary aim is to evaluate the feasibility of utilizing Swift's innovations to facilitate the exchange of tokenized assets between…

FridayJun 09, 2023 11:15 am

Game-Changing Cryptocurrency Bill Tabled in Congress

Ethereum, Bitcoin and two other popular cryptocurrencies, Binance's BNB and Ripple's XRP, have experienced a remarkable surge this year, contributing a staggering $350 billion to the cryptocurrency market in 2023. However, the value of Bitcoin has declined in the past month, falling from its peak of just over $30,000 in 2023. This downward trend affected the price of Ethereum as well as BNB and XRP. Despite this, major players such as Microsoft and Goldman Sachs are covertly preparing for the next bullish market. Amid concerns that the crypto industry is on the verge of a potential explosion, lawmakers in the…

WednesdayJun 07, 2023 9:45 am

Growing Crypto Adoption Sees Ethereum’s Transaction Volume Rivaling Visa

Ethereum, despite being relatively young compared to traditional payment giants such as Visa, has demonstrated remarkable growth and established itself as a formidable force in the blockchain realm. In only a decade, blockchain technology has evolved into a significant player that rivals established financial institutions. According to recent data from Coingraph, Ethereum processed $3.01 trillion in transactions last year, just shy of Visa's $3.08 trillion total. This number emphasizes how widely used this emerging technology is, despite its frequent and undeserved associations with cybercriminals, scammers and drug traffickers. As the second-largest cryptocurrency, Ethereum currently boasts a market capitalization of $227.7…

MondayJun 05, 2023 11:15 am

Web3 Berlin Conference: Pioneering the Future of Cryptocurrency

Blockchain technology experts, crypto enthusiasts, investors, and business owners are invited to attend the Web3 Berlin Conference to be held in Berlin, Germany, June 10-11, 2023. As the technological world is on the verge of evolution, the much-awaited Web3 Berlin Conference is set to unveil the potential of associated disruptive technologies. Hosting the prominent gathering of unique ideas and intellectual minds, Web3 Berlin Conference promises to celebrate technological innovation. The conference has a rich history of successful events, featuring engaging workshops and immersive panel discussions. The keynote speakers will share insights into blockchain technology, decentralized applications (dApps), decentralized finance (DeFi),…

MondayJun 05, 2023 9:00 am

UAE and Hong Kong Collaborate on Rulemaking for Crypto Industry

In a significant development for the cryptocurrency industry, the Monetary Authority of Hong Kong (HKMA) and the UAE Central Bank (CBUAE) have joined hands to foster cooperation and establish regulatory frameworks. The two entities met on May 30, 2023; the meeting signified the announcement of their intent to collaborate on matters related to digital asset regulations, knowledge sharing and fintech initiatives. Recognizing the importance of market connectivity and financial infrastructure, both central banks expressed their commitment to strengthening ties between their jurisdictions. H.E. Khaled Mohamed Balama, the governor of CBUAE, emphasized the potential for a long-term relationship with the HKMA,…

FridayJun 02, 2023 12:00 pm

Crypto Insurance Still Hard to Work Out, Insiders Say

Cryptocurrency insurance providers spend a significant amount of time determining whether to insure a crypto enterprise, and nearly none of them offer coverage to individuals. With only exploits and hacks taken into account, $3.9 billion was stolen from cryptocurrency businesses, decentralized financial platforms and consumers in the past year, a staggering 22% increase from the year before. Some think that 2023 might even be worse. The initial risk assessment of a cryptocurrency platform is a difficult procedure, according to Raymond Zenkich, head of Evertas, a cryptocurrency insurance company. Zenkich stated that underwriting, which is the process of analyzing and assessing…