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As the coronavirus outbreak causes havoc to the world economy, the U.S. is trying to prepare for the onslaught of new cases. U.S. politicians crafted shelter-in-place orders in various states and shut down a decent fraction of American industries. Now politicians are penning an enormous bailout package and American citizens are fighting about whether or … Read more
Former bank employees have received bonuses worth millions of euros in an illegal trading scheme that also involved a tax lawyer, prosecutors in Frankfurt revealed this week. The case is part of multiple investigations carried out across Germany, the hardest hit country in a notorious tax fraud scandal known as the Cum-ex Files. Also read: … Read more
Twenty-three leading central banks participated in an in-depth survey on their digital currency developments and requirements, including fungibility, convertibility, and availability. They also discussed the timeframe for issuing consumer-ready central bank digital currencies and divulged their greatest concerns about implementing them. Also read: China Ranks 35 Crypto Projects as President Xi Pushes Blockchain The First … Read more
Digitization, disruption, blockchain, and frictionless payments. It’s amazing how prominent figures from the financial elite can provide a pretty detailed description of decentralized money without uttering “bitcoin” or “crypto.” But the fact of the matter is that clever businessmen in any industry, banking is no exception, would quickly spot emerging competition, analyze its strengths, and … Read more
The world economy is a complex system that has undergone many different phases in the past century. As strange as it may sound today, there have been times when banking crises were rare, pay was rising alongside productivity, and the U.S. dollar would buy a certain amount of pure gold. Despite its obvious successes in … Read more
Banking giants are in trouble and it’s starting to show. Key players in the industry have already announced massive job cuts and executives with hefty salaries have been dismissed. HSBC, the largest bank in Europe, has revealed it plans to lay off over 4,000 employees and Citigroup is preparing to shrink its trading staff slashing … Read more
On August 1, it was discovered that the giant retail corporation Walmart has patented plans for a stablecoin that’s backed by U.S. dollars. If released into the wild, the USD-based cryptocurrency would be issued to select Walmart retailers and partners while the patent’s description explains the coin could be used outside of Walmart’s retail scope … Read more
The best thing about Facebook’s proposed digital currency isn’t its BTF consensus algorithm, account-based data model or single Merkle tree structure. No, the greatest thing about Libra has to be the triggered reactions from politicians and bankers who can sense the rug being pulled from under their feet, threatening their hegemony and upending their world … Read more
The Swiss Bankers Association (SBA) has released a set of guidelines intended to bolster the availability of financial services to cryptocurrency companies. They are in response to the stubbornness of many banks to provide financial services to crypto-related businesses. Also Read: Markets Update: Despite Negative Headlines – Crypto-Prices Continue to Rise Swiss Bankers Association Publishes Guidelines Intended to … Read more
From Washington to Moscow, cryptocurrencies have entered the agenda of those who share a vocation to rule and regulate. Following the congressional summer vacation, the House of Representatives passed a bill that will enable the Treasury to investigate crypto transactions, while a Congressman plans to introduce three drafts supporting the crypto industry. Also in The … Read more
