Browsing:Fintech News

Fed maintains current interest rates, citing inflation concerns and a strong job market
2 months ago 1 min read

Fed maintains current interest rates, citing inflation concerns and a strong job market

Following its biennial policy meeting, the Federal Reserve maintained interest rates at their current level on Wednesday. This is the sixth instance in which the central bank has paused its rate adjustments since it began increasing rates in March 2022. The Federal Reserve decided to maintain interest rates due to a combination of significant inflation and a stable job market. Authorities expressed their need for more data indicating a consistent and ongoing approach of inflation towards the 2% mark, prior to implementing rate cuts. In a Wednesday press conference, Fed Chairman Jerome Powell said that while short-term inflation projections are

The Reserve Bank of New Zealand has started a new stage in investigating the implementation of a CBDC
2 months ago 1 min read

New Zealand’s Reserve Bank launches consultation for a digital dollar, eyeing a 2030 release

The Reserve Bank of New Zealand has started a new stage in investigating the implementation of a central bank digital currency (CBDC), with the objective of launching it by 2030. The implementation of the digital NZD would provide seamless exchanges between digital and physical currency as well as bank deposits. This system would be overseen by the Reserve Bank in collaboration with commercial banks and payment service providers. The Reserve Bank places a strong emphasis on privacy and security, assuring that it would not engage in monitoring individual expenditure. The central bank digital currency (CBDC) seeks to serve as a

SWIFT completes pivotal CBDC test
3 months ago 1 min read

SWIFT completes pivotal CBDC test, paving the way for global digital currency integration

SWIFT has successfully concluded its second testing phase for Central Bank Digital Currencies (CBDCs), with a specific emphasis on digital ledger technology (DLT) and smart contracts. The six-month trial demonstrated the capacity of the SWIFT connector to link together existing CBDC networks without the need to create a new digital currency. The connector leverages Distributed Ledger Technology (DLT) and smart contracts to guarantee precise and uniform transaction records, offering possible use cases in digital commerce, securities, and international trade. The demonstration showcased the use of typical financial applications, including trade payments, foreign currency, and liquidity-saving methods. The introduction of atomic

Coinbase turned a profit for the first time since the Q4 of 2021
4 months ago 1 min read

Coinbase shares have turned a profit since 2021

Following a strong fourth-quarter earnings report in which the firm swung to profit and earnings that exceeded Wall Street expectations, Coinbase’s shares increased by over 12.5% after hours. Coinbase’s net revenue in the fourth quarter exceeded consensus estimates of around $825 million, rising 45.2% from the third quarter to $905 million. At the same time, the firm turned a profit for the first time since the fourth quarter of 2021, with a net income of $273 million. Coinbase reported a $2 million net loss for the prior quarter. With $529.3 million in revenue, transaction profit accounted for most of the

During a recent interview on Fox's Sunday Morning Futures, former President Donald Trump criticized CBDCs and AI
4 months ago 1 min read

Former President Donald Trump voiced strong concerns about CBDCs and AI

During a recent interview on Fox’s Sunday Morning Futures, former President Donald Trump criticized central bank digital currencies (CBDCs) and artificial intelligence (AI), citing their potential to jeopardize individual privacy and global security. With Trump’s potential candidacy for the US Republican Party in the upcoming 2024 presidential election, his critical views are gaining attention. As a means of facilitating government monitoring and financial control over private citizens, Trump attacked CBDCs, calling them “extremely dangerous.” Further, he painted a picture of a time when CBDCs were seen as instruments for possible government overreach and threatened individual freedom. Trump’s stance against CBDCs

Digital Asset Investment Products Witness $500 Million Outflows, Bitcoin ETFs Remain in Focus
5 months ago 1 min read

Digital Asset Investment Products Witness $500 Million Outflows; Bitcoin ETFs Remain in Focus

Last week, digital asset investment products experienced a $500 million outflow, with Bitcoin-indexed exchange-traded products (ETPs) accounting for nearly 96% of the total outflows, according to asset manager CoinShares’ recent publication. Bitcoin, a key player in this scenario, saw outflows of $479 million, indicating that investors are cautious. Conversely, short positions in Bitcoin saw increased interest, with total inflows approaching $11 million. Ethereum, Polkadot, and Chainlink all experienced outflows of $39 million, $0.7 million, and $0.6 million, respectively. Despite the negative trend, Solana-indexed investment products saw an increase of $3 million in assets under management. Examining regional dynamics, the majority

Mailer Lite loses $600K in phishing attack
5 months ago 1 min read

Mailer Lite loses $600,000 in phishing attack

Mailer Lite, a digital marketing platform, was recently targeted by a phishing attack, resulting in a financial loss of more than $600,000. The attackers used a vulnerability in Mailer Lite’s system to impersonate Web3 organizations and send deceptive emails containing malicious links. Blockaid, a Web3 security and privacy firm, revealed the complex details of the attack. The perpetrators used a vulnerability in Mailer Lite’s infrastructure to create emails that appeared to be from various Web3 entities. Mailer Lite had previously been granted permission to send emails on behalf of these organizations, allowing for potential exploitation. The attackers used a technique

Donald Trump says he will stop a government-controlled digital currency (CBDCs)
5 months ago 1 min read

Donald Trump says he will stop government-controlled digital currency (CBDCs)

Former President Donald Trump has stated his intention to obstruct the development of a government-controlled digital currency. This announcement comes amid discussions between the Federal Reserve and many global banks about central bank digital currencies (CBDCs). During a recent speech in New Hampshire, Trump expressed his determination to prevent the establishment of a CBDC. His primary concern is that a government-controlled digital currency could give the authorities too much control power over monetary matters. He expressed concern that such a scenario could result in unprecedented levels of government influence, including unauthorized access to citizens’ funds. Trump’s stance reflects his commitment

Nigeria's CBN Set to Launch cNGN Stablecoin on Feb 27
5 months ago 1 min read

Nigeria’s CBN to launch cNGN stablecoin on February 27

The Central Bank of Nigeria (CBN) is preparing to launch its naira stablecoin, cNGN, on February 27, 2024, in a significant step toward embracing blockchain technology. This ground-breaking initiative is part of a pilot program within the CBN’s regulatory sandbox, and it represents a significant step forward in improving global transactions. The Africa Stablecoin Consortium, comprised of Nigerian banks and fintech firms, was instrumental in obtaining approval for the cNGN stablecoin. Working closely with regulatory authorities, their collaborative efforts are focused on ensuring the stablecoin’s stability, transparency, and compliance. Unlike the CBN-initiated eNaira digital currency, the cNGN is managed by

Congressman Tom Emmer
6 months ago 1 min read

Congressman Tom Emmer proposes a bill to reduce surveillance through CBDC

Congressman Tom Emmer’s proposed bill, aimed at reducing surveillance through a central bank digital currency (CBDC), has received widespread support, with 75 cosponsors signing on. The bill, which was first introduced in January 2022 and reintroduced in September 2023, emphasizes the importance of protecting Americans’ financial privacy in the digital currency landscape. In the context of a potential CBDC in the United States, Emmer’s legislative effort places a strong emphasis on protecting individual privacy rights. The bill addresses concerns about government surveillance of transactions, especially with the introduction of digital currencies. The proposed measures aim to strike a balance between

Hong Kong Sets the Stage for Fiat-Referenced Stablecoin Regulation, Invites Public Input Until Feb 29, 2024
6 months ago 1 min read

Hong Kong Sets the Stage for Fiat-Referenced Stablecoin Regulation, Invites Public Input Until February 29, 2024

Hong Kong has made an important step forward by revealing plans to regulate fiat-referenced stablecoins (FRS), a type of digital currency that is pegged to fiat currencies. The announcement was made on December 27 by the Financial Services and Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA). The regulatory bodies have invited public input on this proposal until February 29, 2024, and are accepting opinions and insights. According to the proposed rules, any company intending to offer FRS in Hong Kong must obtain a special license from the HKMA. To obtain this license, businesses must ensure that their

Philippines Explores Blockchain and CBDC for Government Bond Sales
7 months ago 1 min read

Philippines Explores Blockchain and CBDC for Government Bond Sales

The Philippines is planning to work with the central bank to investigate the possibilities of blockchain technology for the sale of government bonds. The Treasury is considering blockchain technology in light of its successful tokenized bond campaign to raise 15 billion pesos ($271 million). To better understand the benefits and drawbacks of central bank digital currency (CBDC), the Bangko Sentral ng Pilipinas (BSP) is now testing CBDC for use in major financial transactions. In this investigation, Distributed Ledger Technology (DLT) is crucial, as Deputy Treasurer Erwin Sta. Ana noted, saying, “We’re testing the DLT. With the BSP’s CBDC initiative, we