Bankers at WEF see the need for caution and speed on central bank digital currencies

The process of introducing a central bank digital currency (CBDC) is fraught with unknowns, some of which were elucidated in a panel of experts gathered Monday at the World Economic Forum in Davos, Switzerland. The panel concluded that good design is key to a successful CBDC, and there are fewer challenges for wholesale CBDC introduction. Bank of Thailand governor Sethaput Suthiwartnarueput said that although many central banks are considering a CBDC, there is little practical experience with them. The Thai National Bank began proof-of-concept programs in 2018. Its mBridge project…

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Commonwealth Bank puts crypto trading trial on ice as regulators dither

The Commonwealth Bank of Australia (CBA) has put its plans for a second pilot program of crypto trading services on hold indefinitely and cut off access to those in the first round of testing. CBA sent Cointelegraph a transcript of a Tuesday bank briefing where CEO Matt Comyn said that he was still waiting on regulatory clarity. He also said that he was “working with a number of regulators very closely, as you would imagine, about the appropriate treatment of this particular product.” “Our intention still, at this stage, is…

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Japan’s largest investment bank Nomura readies new crypto subsidiary

The largest investment bank in Japan, Nomura, is set to establish a new subsidiary company to help institutional clients invest in cryptocurrency and nonfungible tokens (NFTs). The Financial Times reported on Tuesday that people with knowledge of Nomura’s plans said the firm will bring together several crypto services under one single company with a staff of about 100 people by 2023. Nomura is one of Japan’s ten largest banks, with $569 billion in assets under management as of Q1 2022. Nikkei Asia, a Japanese news outlet, reported that the subsidiary company…

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Latin America’s largest digital bank will allocate 1% to BTC, offer crypto investment services

Nubank, the largest digital bank in Brazil and Latin America, announced that it has partnered with Paxos to allow the bank’s customers to buy, sell and store cryptocurrencies directly through Nubank. Along with the launch of the new cryptocurrency transaction services, Nubank announced it will allocate roughly 1% of its net assets to Bitcoin (BTC) through the cashier of Nu Holdings, a company that controls the Nubank Group. “This move reinforces the company’s conviction in Bitcoin’s current and future potential in disrupting financial services in the region,” Nubank said, as…

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Bank of Israel claims ‘public support’ for its CBDC project

Despite the fact that it still didn’t make a final decision on the launch of the “digital shekel,” Israel’s central bank reported that the public feedback on the project is mainly positive. According to Reuters, on May 9, The Bank of Israel summarized the results of the public consultation on its central bank digital currency (CBDC) plans. It has received 33 responses from different sectors with half of them coming from abroad, and 17 from the domestic fintech community. While specifying that the final decision on the project’s fate is…

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Central African bank scolds the CAR for Bitcoin adoption

The governor of the Bank of Central African States (Banque des États de l’Afrique Centrale, BEAC) has issued a scathing letter to the Central African Republic (CAR) regarding the country’s adoption of cryptocurrencies. In a letter addressed to the CAR Finance Minister Hervé Ndoba, the Governor of the BEAC Abbas Mahamat Tolli describes the “substantial negative impact” that the CAR adopting crypto will have on the monetary union of Central Africa. The CAR passed a bill announcing its intention to adopt cryptocurrencies in April. No surprise that the International Monetary Fund…

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US Fed hikes interest rates, Bitcoin plunges below $36K, and Argentina’s central bank says no to financial institutions offering crypto: Hodler’s Digest, May 1-7

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Fed hikes interest rates by 50 basis points in effort to combat inflation On Wednesday, the United States Federal Open Market Committee (FOMC) voted to raise interest rates by 0.5%, marking its biggest upward adjustment in over two decades. It was the second rate increase…

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Argentina’s central bank steps in to block new crypto offerings from banks

The central bank of Argentina (BCRA) has put the kibosh on financial institutions offering crypto trading only days after two of the country’s largest banks signaled they were opening up to digital assets. On May 5 the BCRA said the move was to mitigate the risks crypto poses to users and “to the financial system as a whole” citing crypto’s high volatility, use in money laundering and absence of regulatory safeguards. The news came hot on the heels of an announcement on Monday from two of the countries largest banks,…

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El Salvador’s central bank accepts Qredo’s registration to provide crypto services

Decentralized finance firm Qredo has received approval for registration as a Bitcoin (BTC) service provider in El Salvador. In a Wednesday announcement, Qredo said the Central Reserve Bank of El Salvador accepted the crypto firm’s registration as a recognized Bitcoin service provider as laid out in the country’s Bitcoin Law. According to the registration website, Qredo was authorized to custody BTC, provide Bitcoin wallets, process payments and act as a digital asset exchange. HOT OFF THE PRESS#ElSalvador‘s Central Bank has approved Qredo to offer a range of Bitcoin services Qredo…

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Global private bank LGT to open Bitcoin and Ether trading

LGT Group, a top family-owned private banking and asset management group, is moving into cryptocurrency by launching Bitcoin (BTC) and Ether (ETH) investments at LGT Bank in Liechtenstein. Managing over $292 billion of assets, LGT Bank is preparing to debut digital asset custody and trading services in cooperation with Swiss cryptocurrency bank Seba, according to a joint announcement released on Wednesday. LGT Bank will initially offer custody and trading services for BTC and ETH, while Seba supports more than 14 cryptocurrencies, including altcoins like Litecoin (LTC), Polkadot (DOT), Tezos (XTZ),…

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