Category: Central Bank

India’s Central Bank RBI Warns Crypto Could Lead to Dollarization of Economy

India’s Central Bank RBI Warns Crypto Could Lead to Dollarization of Economy

India’s central bank, the Reserve Bank of India (RBI), has expressed concerns that cryptocurrencies could lead to the dollarization of a part of the Indian economy. “It will seriously undermine the RBI’s capacity to determine monetary policy and regulate the monetary system of the country.” RBI’s Crypto Warnings and Dollarization of Economy The Reserve Bank […]

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US Central Bank Raises Rates by Half a Percentage Point, Fed’s Powell Says Similar Hikes Are on the Table

US Central Bank Raises Rates by Half a Percentage Point, Fed’s Powell Says Similar Hikes Are on the Table

The U.S. Federal Reserve raised the benchmark interest rate on Wednesday and the increase was the biggest rate hike in two decades. “Inflation is much too high,” the central bank’s chair Jerome Powell said after the Fed raised rates by 0.5%. FOMC Decides to Hike Rate by 3/4 to 1% — Increase Was the largest […]

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Bahrain Central Bank Issues New Regulations Governing Operations of Crowdfunding Platforms

Bahrain Central Bank Issues New Regulations Governing Operations of Crowdfunding Platforms

The Central Bank of Bahrain (CBB) has said new regulations compelling operators of crowdfunding platforms to ensure their products are suitable for clients are set to replace existing rules which were first issued in 2017. Segregation of Client Money From Platform Operators The Central Bank of Bahrain (CBB) has issued new guidelines which apply to […]

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Bank of Russia Seeks to Allow Stock Exchanges to Trade Digital Assets

Bank of Russia Seeks to Allow Stock Exchanges to Trade Digital Assets

The Central Bank of Russia has recently proposed authorizing traditional stock exchanges to operate in the digital assets market. Industry watchers say the regulator aims to provide investors with an option to trade cryptocurrencies in a controlled environment. Russian Stock Exchanges to List Digital Financial Assets, Central Bank of Russia Suggests Stock exchanges and central […]

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Bank of Russia Rejects Idea of Using Cryptocurrency to Circumvent Sanctions

Bank of Russia Rejects Idea of Using Cryptocurrency to Circumvent Sanctions

The Central Bank of Russia has turned down a proposal to allow the use of digital currencies for the purpose of sanctions evasion. The monetary authority believes this is hardly an option as Western regulators are already taking steps to prevent such transactions. Employing Bitcoin to Evade Sanctions Not Possible, Central Bank of Russia Says […]

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Russian Prime Minister, Economy Ministry Support Legalization of Cryptocurrencies

Russian Prime Minister, Economy Ministry Support Legalization of Cryptocurrencies

Prime Minister Mikhail Mishustin and the Russian Ministry of Economic Development have backed efforts to regulate cryptocurrencies and integrate them into the country’s economy. The support comes amid mounting sanctions over the war in Ukraine which restrict Russia’s access to global finances. Finance Ministry’s Push to Legalize Russian Crypto Space Gains Traction Russian authorities are […]

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Thailand Adopts Rules Restricting Cryptocurrency Payments From April

Thailand Adopts Rules Restricting Cryptocurrency Payments From April

Regulators in Thailand have decided to limit the use of cryptocurrencies as a means of payment. The authorities consider the country’s current payment system efficient and insist cryptos would only bring risks for the financial system, economy, people and businesses. Thailand SEC Issues Regulations Limiting Use of Digital Assets for Payments Financial regulators in Thailand […]

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Idea to Use Digital Ruble as Reserve Currency Circulated in Sanctioned Russia

Idea to Use Digital Ruble as Reserve Currency Circulated in Sanctioned Russia

A call to make the digital ruble a reserve currency has been issued in the State Duma, the lower house of Russia’s parliament. Meanwhile, concerns have been raised in the West that the new incarnation of the Russian fiat may be employed to evade sanctions that have been isolating the country. Digital Ruble to Serve […]

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Pakistan Central Bank Governor on Cryptocurrency: ‘The Potential Risks Far Outweigh the Benefits’

Pakistan Central Bank Governor on Cryptocurrency: ‘The Potential Risks Far Outweigh the Benefits’

The Pakistani central bank governor, Reza Baqir, recently revealed that his organization has determined the risks posed by cryptocurrencies “far outweigh the benefits.” The governor, however, suggested that if solutions that address these potential risks emerge, the central bank “is open to looking at them.” Crypto Said to Have No ‘Real Economic Benefits’ for Pakistan […]

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Bank of Russia Reports First Successful Digital Ruble Transfers Between Users

Bank of Russia Reports First Successful Digital Ruble Transfers Between Users

Testing of the digital ruble has started in Russia with the country’s central bank announcing the first complete transactions between individual wallets. The monetary authority, a staunch opponent of cryptocurrencies, says its digital currency will create new opportunities for citizens, businesses, and the Russian state. Digital Ruble Transactions Carried Out by Commercial Banks and Bank […]

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