Fintech News

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

May 3, 2024 1 min read

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

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

April 18, 2024 1 min read

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

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

March 26, 2024 1 min read

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

Coinbase shares have turned a profit since 2021

February 16, 2024 1 min read

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,

Former President Donald Trump voiced strong concerns about CBDCs and AI

February 5, 2024 1 min read

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,

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

January 30, 2024 1 min read

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

Mailer Lite loses $600,000 in phishing attack

January 24, 2024 1 min read

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

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

January 18, 2024 1 min read

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

Nigeria’s CBN to launch cNGN stablecoin on February 27

January 8, 2024 1 min read

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

Congressman Tom Emmer proposes a bill to reduce surveillance through CBDC

January 3, 2024 1 min read

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

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

December 27, 2023 1 min read

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

Philippines Explores Blockchain and CBDC for Government Bond Sales

November 21, 2023 1 min read

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