shadow banking
Facebook’s Libra Creating Shadow Monetary Ecosystem Warns FAC
Facebook’s creation of cryptocurrency Libra will spawn a ‘shadow banking’ system outside of sanctioned financial markets according to US banks.
US Prosecutors Seek Lengthy Sentence for Crypto Shadow Bank Executive
US prosecutors seek a sentence of at least 7 years imprisonment for Reginald Fowler, a former minority owner of the Minnesota Vikings NFL team, over his alleged involvement in shadow banking practices through Crypto Capital Corp, an alleged crypto shadow bank. Fowler is accused of acting as an unlicensed money transmitter and deceiving financial institutions through Global Trading Solutions (GTS), a firm he established under Crypto Capital in 2018. GTS and Crypto Capital are alleged to have processed approximately $750 million in cryptocurrency transactions, providing unlicensed crypto firms with unlawful access to the U.S. banking system.
Italian Banking Association Chose Decentralized Blockchain Route
The Italian Banking Association, Associazione Bancaria Italiana (ABI), chose to leverage the blockchain-based system Spunta, as they could not identify an appropriate single actor to run a centralized system.
Swiss Regulator Issues Banking Licenses to Two Blockchain Firms
The Financial Market Supervisory Authority (FINMA) in Switzerland has issued banking and securities dealers’ licenses to two new blockchain companies.
Open Banking & Banking Digital Transformation Congress will be held in August in Shanghai
Open Banking&Banking Digital Transformation Congress 2020 will be held on September 24-25 in Shanghai with a focus on digital transformation and open ecosystem construction of large state-owned banks, joint-stock banks, urban commercial bank, and foreign bank, etc. The congress will mainly discuss how iABCD empower retail, micro and corporate finance from perspectives of policy transmission, ecological construction, cultural innovation, business model innovation, product innovation, risk management, marketing, and the user experience, etc.
Brazilian Banking Federation President Claims Crypto Cannot Replace Fiat Money
The President of Brazilian Banking Federation has argued that cryptocurrencies do not meet the basic criteria of real currencies.
Banking on Blockchain: FinTech and Digitalization Will Play a Significant Role for the Chinese Banking Industry
China’s banking industry for small to medium-sized enterprises (SMEs) will rely on digitization and financial technology to build a “new infrastructure” for the entire industry. Highly endorsed by the country’s president, Xi Jinping, blockchain technology has seen a surge in popularity in the past year.
US Senate Banking Committee Chair Sends Letter to the OCC to Clarify Crypto Payment Rules
The US Senate Banking Committee Chair Mike Crapo sent a letter to the OCC to develop guidelines on digital payments.
UK Fintech Firm Mode Launches Bitcoin Banking App Enhancing Mass Consumer Accessibility
London-based fintech company Mode has announced that it has unveiled its Bitcoin banking app to advance user experience.
World First Crypto Bank Sygnum Receives Approval To Offer Banking Services In Singapore
Sygnum has been granted approval by the Monetary Authority of Singapore (MAS) to operate digital markets/banking services in the country
Why is Blockchain Technology Revolutionizing the Banking and Finance Market?
As technology continues to evolve year after year, it becomes glaring that it is gradually sweeping every productive sector in the world, more importantly, finance and banking. This is so because the sector is about the most sensitive in every economy. It’s got to be, right? Money is important and needed by everyone – one way or another.
UK Media Mogul Calls DeFi a Revolution Against Corrupt Global Banking System
Alexander Lebedev, the billionaire UK media mogul and former banker has endorsed the revolutionary power of DeFi against a corrupt global banking system.
US Senator Pat Toomey Eyes Senate Banking Committee Chair and Digital Currency Regulations
United States Senator Pat Toomey said he will take on digital currency regulation and payments reforms should he become the Senate Banking Committee’s next chairman.