Digital Financial News

Numerous private sector consortiums, central banks, and governments around the globe are debating the need and the potential that central bank digital currencies (CBDC) may bring to their society. The European Central Bank (ECB) and Bank of England (BoE) have dedicated working groups exploring the opportunities and risks at play, with several design choices drafted and published. Specifically, the Hackathon sought to address the potential risk of fragmentation in payments markets and retail deposits, unless interoperability between existing and new forms of money can be solved with this retail CBDC design. The Hackathon required participants to connect to Barclays’ simulation of a central bank, Payment Interface Providers (PIPs), commercial banks, and other ecosystem services. This simulation was based on the Bank of England’s (BoE) platform model for retail UK CBDC provision. The teams represented a range of players, including IBM, Lloyds Banking Group, Mastercard, Industria, REGnosys, Rethink Ledgers, UST, SDK.finance, and Barclays (Barclays was not eligible for a place).

"There is an opportunity for the UK to benefit from this economic and social value, both domestically and globally," says the paper, adding that the country's position in global finance will be partly determined by its approach to the nascent sector.This year, Singapore has overtaken the UK as the number two destination for investment in DLT and crypto-asset based businesses.To fight back and ensure its place at the top table, the country must have a joined-up strategy across government, regulators and the legal system that is alive to the potential benefits as well as the risks of crypto-technologies, and provides clarity for businesses and consumers interacting with them, says the paper.There must also be a continued review of UK law and regulation to ensure it provides the basis for recognising digital assets and digital transactions, as well as an improvement in the responsiveness and service levels of the UK’s regulators in their processing of applications for new businesses in the sector.Separately, Ousmène Jacques Mandeng, a visiting fellow at the LSE and blockchain advisor at Accenture, has called for the launch of a CBDC and the issuance of blockchain-based gilts to support the competitiveness of the City of London.He writes: "The bank introducing a wholesale CBDC and the Treasury announcing that a significant share of gilts will be issued on blockchain could be catalysts for the adoption of blockchain-based financial applications.

The EBA says it wants access to real-time data on crypto-assets and crypto-assets markets via a subscription model. The authority has split the tender into two lots, one covering blockchain analytics and forensics data, valued at about EUR240,000, and the other crypto-assets market data, valued at around EUR120,000.

The latest insights into digital asset investment products (DAIP) and their weekly numbers highlight a troubling trend. Needless to say, such a trend is bound to come to the attention of investors too. 

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Catherine Zhou, global head of ventures, digital partnerships and innovation, HSBC, seemed a fitting individual to kick off Finextra’s Sibos coverage. Joining a the panel titled, ‘Spotlight on Digital Value: Conquering the metaverse - should securities firms start buying plots of virtual land,’ Zhou will dive in to the meaty Metaverse world, sharing the perspective of one of the globe’s largest financial institutions.

The United Nations (UN) published a news piece on 3 October warning masses of the possibility of a Fed-induced global recession. The Biden administration, thus, urged Congress to speed up the implementation of a regulatory framework for cryptocurrencies and digital assets.

MicroStrategy ’s bet on bitcoin is going beyond buying and hanging onto the biggest cryptocurrency, as the group pushes into developing software for a payments network built on the bitcoin blockchain.

When it comes to US custodian banks, they don’t get much bigger than State Street.

Juno is a digital banking platform that encourages users to spend crypto in their everyday transactions. Its flagship product is the Juno card, where users can transact with Circle’s stablecoin USDC.As part of the fundraising, Juno is introducing a loyalty token, Juno coin (JCOIN), which will only be distributed to verified account holders.

Celsius filed for bankruptcy in July.

Risks tied to cryptocurrencies could grow rapidly and eventually threaten the broader financial system, a panel of senior US officials warned on 3 October, calling for tougher oversight of digital assets.

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State Street’s digital assets arm has “no plans” to trade crypto any time soon, but is instead focusing the vast majority of its efforts on bringing existing trades onto the blockchain, according to the unit’s global chief Nadine Chakar.

Lido Finance’s [LDO] tremendous run between June and August seems to have ended following its recent mediocre performance. Recall that LDO went parabolic in June and continued the surge into August while recording three digits percentage profits. As of 13 August, however, LDO was worth just $2.97.

A long-awaited digital collectible feature has finally arrived on Instagram after parent company Meta announced last week that its non-fungible tokens (NFTs) would be available to millions of U.S. users. The new feature lets Facebook and Instagram users connect their cryptocurrency wallets to their accounts and show off their NFTs. Meta also announced NFT support on Instagram for 100 different countries.

The installation of Bitcoin [BTC] ATMs across the globe has been on the rise since 2017. The bull run for the same finally seems to have come to an end in September 2022. The number of installations finally took a hit last month amid the ongoing crypto winter. 

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Wall Street is preparing for the next round of crypto volatility with tried and true tactics, according to brokers and analysts.

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