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Japan’s Financial Services Agency (FSA) is planning to review regulations that would enable banks to acquire and hold cryptos such as Bitcoin for investment purposes. According to a Livedoor News report , that would mark a major policy shift given that current supervisory guidelines effectively ban banks from holding crypto due to volatility risks.  The report said that the FSA plans to discuss the change in regulation at an upcoming meeting of the FInancial Services Council, which is an advisory body to the Prime Minister. The goal behind the reform is to align crypto asset management with that of traditional financial products such as stocks and government bonds.  Banks Could Operate Licensed Crypto Exchanges As part of the reform, the FSA is also reportedly considering allowing banking groups to register as licensed crypto exchange operators. If this happens, it will allow banks to offer trading and custody services directly to their customers.  However, reg...

Global nations have long been battling Trump’s stringent tariff policies. These tariffs have rattled world politics and economic strata, all while exploring ways to limit the US dollar. The USD, on the other hand, is rapidly declining, battered by Trump’s tariff ordeal. If that’s not it, global banks around the world have started to explore US dollar alternatives, trying to protect their economies from volatility caused by the fluctuating US dollar. This development is fueling global de-dollarization, with banks opting for euros to safeguard their interests. Also Read: China’s BRICS Play: Fuels De-dollarization & Russian Oil to Defy US Euro: The Global Banks’ Favorite New Currency Source: FXstreet The US dollar is currently standing in a precarious position. On one hand, the stringent US dollar policies have now started to impact the dollar’s global positioning, challenging its reserve currency status. On the other hand, the nations have now started to explore USD alte...

The IMF's Kristalina Georgieva said wholesale CBDCs, on the other hand, have “fairly little space for undesirable surprises.” A myriad of unforeseeable “consequences” will be brought about by retail central bank digital currencies (CBDCs), the managing director of the International Monetary Fund (IMF) claimed. The IMF's Kristalina Georgieva erred on the side of caution regarding retail CBDCs in a May 1 interview at the Milken Institute’s 2023 Global Conference. Georgieva explained the IMF considers retail CBDCs to have far more room for error than wholesale CBDCs. “We think that wholesale CBDCs can be put in place with fairly little space for undesirable surprises, whereas retail CBDCs completely transform the financial system in a way that we don’t quite know what consequences it could bring.” Retail CBDCs are state-backed virtual currencies issued by central Banks for use by consumers and businesses. Wholesale CBDCs are similarly central bank-issued but are designed to allow...

Despite four major banks imploding recently, Bitcoin remains resilient, but questions persist over the long-term sustainability of its ongoing rally. On March 19, the United States Federal Reserve announced that it had entered a joint program with several major central banks — including the European Central Bank, the Bank of Canada, the Bank of England, the Bank of Japan and the Swiss National Bank — to support U.S. dollar cash flow and alleviate strains in global funding markets.  Moreover, Fed Chair Jerome Powell said swap lines — agreements between two or more central banks to maintain a crucial liquidity backstop and ease strains in global funding markets — will remain active until at least the end of April. This could result in the Federal Reserve slowing its rate hikes, which have been cited as a contributing factor to the ongoing banking crisis. Since the beginning of March 2023, several major financial entities, including Silvergate Bank, Silicon Valley Bank (SVB), Signature ...

Top10 News 1. Silvergate’s weekly summary a. Silvergate may be poorly capitalized link Silvergate, a prominent crypto-friendly bank, couldn’t file its annual financial report on time and told the SEC that it may be “less than well-capitalized.” “The company is currently in the process of reevaluating its businesses and strategies in light of the business and regulatory challenges it currently faces,” Silvergate said. b. Coinbase is no longer accepting or initiating payments to or from Silvergate link “Coinbase Prime has elected to make changes to our USD banking partners,” the firm said in a message to customers. “We are facilitating fiat withdrawals and deposits using Signature Bank, effective immediately.” c. Circle: We are sensitive to the concerns around Silvergate link Circle: We are sensitive to the concerns around Silvergate and are in the process of unwinding certain services with them and notifying customers. We’re continuing longstanding plans to expand our breadth of banking...