CENTRAL BANK
Central Bank is an institution in charge of monetary policies and regulating commercial banks. The core function of central banks is money issuance (money supply) and the decision on the interest rate through a basket of monetary policies and tools.
Custodia Bank's Application to Join Federal Reserve Rejected
Custodia, a digital asset bank, was denied membership in the Federal Reserve System.
Deal Box offers $125M blockchain and Web3 venture fund
Deal Box created a $125 million Web3 venture capital fund. Deal Box Ventures will support emerging growth, real estate, fintech, funtech, and social impact firms. It owns Total Network Services, Rypplzz, and Forward-Edge AI. Lesetja Kganyago spoke at WEF 2023 in Davos, Switzerland. Before launching CBDCs, the SARB governor suggested a national dialogue. Crypto barely fits two of three currency standards, he said.
SARB governor: CBDCs must tackle a "serious challenge" at WEF 2023.
Lesetja Kganyago spoke at WEF 2023 in Davos, Switzerland. The SARB governor suggested a national discussion before establishing CBDCs. Crypto barely fits two of three currency standards, he said.
Morocco Completed Crypto Regulation
Morocco may draft a crypto law soon. Industry stakeholders will debate the Central Bank's paper. Morocco has the fastest-growing crypto market in Northern Africa, rising from 2.4% to 3.1% in 2021. Soluna built the first blockchain wind farm in 2020.
Central Bank Executive Says Hong Kong Working On Investor Protection Measures
Central bank governors from around the world are currently in Thailand to discuss the role of central banks amid evolving financial technology. Eddie Yue, chief executive of the Hong Kong Monetary Authority discussed the rise of digital assets and central bank digital currencies (CBDC) and the risks associated with the new technology. Changyong Rhee, governor of the Bank of Korea was not so optimistic about the future of blockchain technology, especially in the monetary sector.
Bank of Japan will test digital yen with three megabanks
Bank of Japan is working with three megabanks and regional banks to issue CBDCs. The pilot will test the issue of Japan's digital yen in 2023. 2026 ruling on digital currency.
Russian law legalises crypto mining, sales under 'experimental legal system'
Cryptocurrency mining and sale of the cryptocurrency mined could be legal in Russia if a bill is passed by parliament. A Russian platform for cryptocurrency sales will be set up if the law is passed, and Russian miners will be able to use foreign platforms. Russian currency controls and regulations would not apply to the transactions, but they would have to be reported to the Russian tax service.
UAE's Central Bank Completes Wholesale CBDC Pilot Program
UAE's Central Bank has completed running its wholesale CBDC trials, readying for the next development phase.
South Africa's Monetary Authority Ask Banks to Work with Crypto Exchanges
South Africa’s Central Bank has released new guidelines stating that banks in the country may act as a channel for funds tied to crypto asset service providers.
Philippines Central Bank to Suspend Issuing Licenses to New Virtual Asset Service Firms
The central bank said it will stop processing licenses for new virtual asset services providers (VASP) for three years.
SARB to Introduce Crypto Regulation
South Africa has changed their mind in terms of crypto regulation. The regulator intends to introduce a legal framework to govern the use of cryptocurrencies in the country.
Central African Bank Regulator Announces Nationwide Crypto Ban
The Central Bank’s latest move in Central Republic Africa is contrary to the government’s announcement that Bitcoin is a legal tender in the nation.
Sudan’s Central Bank Warns Citizens against Crypto
The Central Bank has cautioned citizens against investing in crypto, which now has gained much popularity among investors across the globe.
Bank of Tanzania Preparing for the Launch of CBDC
The Bank of Tanzania is preparing to start exploring a possible launch of a central bank digital currency (CBDC). The central bank termed the move inspired by Nigeria’s central bank launch of its national digital currency.
Turkish Central Bank Announces Partnership with Technology Firms to Develop CBDC
Turkey’s central bank has expanded its commitment towards launching a CBDC. The monetary authority has formed partnerships with technology firms to develop a prototype of a national digital currency.