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15% of Metropolitan Bank’s Deposits are Owned by Cryptocurrency Investors

Metropolitan Bank, a commercial bank based in New York, has revealed that more than 15 percent of the bank’s deposits are made by cryptocurrency investors and clients, and that the bank is willing to continue its support for digital asset traders. In an interview with Leigh Cuen of Coindesk, Metropolitan Bank CTO Nick Rosenberg said: The post 15% of Metropolitan Bank’s Deposits are Owned by ...
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‘A Moral Hazard’: Bank of Korea Opposes Central Bank Digital Currency

The Bank of Korea (BoK) has revealed it is against the idea of issuing a central bank digital currency following a feasibility review. South Korea’s central bank isn’t keen on issuing a central bank digital currency (CBDC) citing concerns related to its impact on the basic mechanics of monetary policy and implementation as well as The post ‘A Moral Hazard’: Bank of Korea Op...
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JPMorgan Fined $65 Million for Manipulating US Dollar Benchmark

The Commodity Futures Trading Commission (CFTC) on Monday slapped JPMorgan Chase Bank with a $65 million fine for attempting to manipulate the value of a US Dollar benchmark index. JPMorgan Busted for Trying to Manipulated USD Benchmark According to the CFTC, JPMorgan traders repeatedly attempted to manipulate the US Dollar International Swaps and Derivatives Association The post JPMorgan Fined $6...
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The ‘Central Bank for Central Banks’ Disses Cryptocurrencies in New Report

The Bank for International Settlements (BIS), which serves central banks in their efforts to promote monetary and financial stability, claims permissionless cryptocurrencies are not suited to serve as the basis of a monetary system, although the bank acknowledges there are niche areas where cryptocurrency can provide improved efficiencies. The bank also acknowledges the possibility of The post The...
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Bitcoin Futures Could Spur Bank Ratings Downgrades

Rating agencies may downgrade banks that clear bitcoin futures if these financial products continue to see increasing volumes over the coming months. Financial publication Risk.net reports that each of the three large rating agencies — Standard and Poor’s, Moody’s, and Fitch — have expressed concern over increasing volume in bitcoin futures markets, which are currently The post Bitcoin...
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Former FDIC Chair Urges Fed to Consider Issuing Central Bank Digital Currency

Sheila Bair, a former chair of the Federal Deposit and Insurance Corporation in the U.S., thinks the U.S. Federal Reserve Bank should seriously consider issuing a digital currency to reduce the risk of a financial crisis and improve monetary policy. Writing in Yahoo Finance, she noted that market volatility continues to shake confidence in banking The post Former FDIC Chair Urges Fed to Consider I...
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UK Financial Watchdog Tells Banks to ‘Enhance Scrutiny’ on Crypto Clients

The United Kingdom’s financial regulator and watchdog has urged bank CEOs to follow good practices to lessen the risk of financial crimes brought on by the abuse of cryptocurrencies. In a letter [PDF] addressed to domestic bank CEOs, the UK’s Financial Conduct Authority (FCA) specifically urged financial institutions to ramp up their scrutiny of clients The post UK Financial Watchdog Tells Banks t...
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Wells Fargo Bans Customers from Buying Cryptocurrency with Credit Cards

Banking giant Wells Fargo has become the latest financial institution to ban its customers from using their credits cards to buy cryptocurrency. Fortune reports that Wells Fargo — the third-largest US bank with nearly $2 trillion in total assets as of the end of last year — will begin declining transactions made at known cryptocurrency The post Wells Fargo Bans Customers from Buying Cr...
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Zimbabwe Central Bank Defends Cryptocurrency Trading Ban

The Reserve Bank of Zimbabwe has filed opposing court papers supporting its directive to ban cryptocurrency exchange company, Golix, from dealing with banks and saying its directive was procedural. The Zimbabwean apex bank argues that by continuing to process crypto transactions through formal banking channels presented risks to the financial system while Golix’s platform for The post Zimbabwe Cen...
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