Fintech News - Optimisus

Zimbabwe Announces Launch of Retail-Focused Gold-Backed Digital Tokens

1 month ago 2 mins read

Zimbabwe Introduces Gold-Backed Digital Tokens for Retail Transactions

The Reserve Bank of Zimbabwe (RBZ) has taken a significant step towards modernizing its financial landscape by announcing plans to introduce a gold-backed digital token (GBDT) for retail transactions. The move comes as the country seeks innovative solutions to stabilize its local currency amidst soaring inflation rates. RBZ’s introduction of the Gold-Backed Digital Tokens (GBDT) earlier this year aimed to address these challenges and provide accessible and reliable market-based instruments for investors. The GBDT initiative began with the issuance of physical gold coins, which garnered considerable interest from investors. Building on this success, RBZ unveiled the GBDT, a digital representation

$700K worth of digital yuan tokens and coupons before the end of 2023.

2 months ago 2 mins read

Changzhou City in China to Give Away $700,000 in Digital Yuan Tokens and Coupons

The city of Changzhou, China, is taking part in the nation’s central bank digital currency (CBDC) pilot by giving away $700,000 worth of digital yuan tokens and coupons. The initiative aims to promote CBDC spending during an upcoming citywide shopping festival by distributing e-CNY in lucky red envelopes, a symbol of good fortune in China. This move is part of Changzhou’s efforts to further integrate the digital yuan into its local economy and enhance the adoption of the central bank’s digital currency. Changzhou started distributing digital red envelopes in June and is now gearing up for a second round of

A recent revelation by a blockchain developer has sparked controversy surrounding Brazil's pilot central bank digital currency (CBDC).

3 months ago 1 min read

Controversy Surrounds Brazil’s CBDC Pilot Over Code Allowing Fund Control

A recent revelation by a blockchain developer has sparked controversy surrounding Brazil’s pilot central bank digital currency (CBDC). The developer claims to have reverse-engineered the CBDC’s source code and discovered functions that would enable a central authority to freeze funds or reduce balances. What are the code functions and potential use cases? The code includes functions such as freezing and unfreezing accounts, adjusting balances, transferring currency between addresses, and creating or burning digital real from specific addresses. These functions could be utilized by Brazil’s central bank for secured loans and financial operations based on decentralized finance (DeFi) protocols. What are

SEC Slaps JP Morgan with $4 Million Fine for Violations

3 months ago 2 mins read

JP Morgan Faces $4 Million Penalty from SEC for Misconduct

Yesterday, JP Morgan Chase faced a significant setback as the US Securities and Exchange Commission (SEC) fined the banking giant $4 million. The penalty was imposed on JP Morgan Securities LLC, a subsidiary of JP Morgan Chase, for deleting approximately 47 million emails from over 8,700 inboxes. These emails, which should have been retained as business records under the Exchange Act and Rule, were related to the period from January to April 2018. Let’s dive into the details of this administrative offense and its implications. Miscommunication and Mistaken Deletion The SEC’s order reveals that JP Morgan initiated a project in

4 months ago 2 mins read

Coinbase CEO Brian Armstrong Accused of Insider Trading in Controversial $1.7 Million Stock Sale

Recent allegations of insider trading against Coinbase CEO Brian Armstrong have sparked concerns within the investment community and industry experts. Armstrong sold over $1.7 million worth of Coinbase shares just days before the Securities and Exchange Commission (SEC) initiated enforcement action against the company. According to a Form 4 filed with the Securities and Exchange Commission, Coinbase CEO Brian Armstrong sold a substantial 29,730 shares of the company’s Class A Common Stock on June 5, 2023. The sale, conducted in eight separate transactions, took place at an average price of $60.3 per share, resulting in a total of over $1.7

Google Cloud feature is designed to protect customers from the financial and security risks posed by crypto mining attacks.

4 months ago 1 min read

Google Launches $1M Crypto Mining Attack Protection for Enhanced Security

Google Cloud has announced a new protection feature that offers up to $1 million in coverage to subscribers of its Security Command Center Premium. The feature is designed to protect customers from the financial and security risks posed by crypto mining attacks. Cryptomining attacks are a type of cyberattack in which hackers use a victim’s computer to mine cryptocurrency. This can lead to a number of problems, including increased energy consumption, performance degradation, and security vulnerabilities. Google Cloud’s new protection feature uses a combination of machine learning and artificial intelligence to detect and prevent crypto mining attacks. If an attack

A reputable Manhattan-based financial publication has shed light on Ripple's endeavors in the development of CBDCs and stablecoins.

4 months ago 2 mins read

Ripple Continues to Lead CBDC Development Efforts

American Banker, a reputable Manhattan-based financial publication, has shed light on Ripple’s endeavors in the development of Central Bank Digital Currencies (CBDCs) and stablecoins. According to the publication, Ripple has been focused on ensuring the secure minting and distribution of these digital currencies. Ripple recently launched its CBDC platform, which aims to enable central banks, financial institutions, and governments to create and manage their digital currencies and stablecoins in a secure and seamless manner. The platform, launched on May 18, 2023, builds upon Ripple’s original Private Ledger launched in 2021 and offers enhanced capabilities for managing fiat-based CBDCs, including minting

5 months ago 1 min read

China’s Jiangsu Province to Expand Digital Yuan Adoption in Education Sector

Jiangsu Province, one of China’s most populous provinces, is set to expand the use of the digital yuan in the education sector. The province has already piloted the use of the digital yuan in schools and universities, and the expansion will see the digital yuan used for a wider range of payments, including tuition fees, school meals, and textbooks. The expansion of the digital yuan in the education sector is part of China’s broader efforts to promote the use of digital currency. The Chinese government sees the digital yuan as a way to modernize the country’s payment system and reduce

Samsung has announced that it will be collaborating with the country’s central bank to research the use of CBDC

5 months ago 1 min read

Samsung to Research South Korea’s CBDC for Offline Payments

South Korean tech giant Samsung has announced that it will be collaborating with the country’s central bank to research the use of central bank digital currency (CBDC) for offline payments. The research will focus on developing a prototype CBDC that can be used to make payments without an internet connection. This is important for South Korea, as many rural areas do not have reliable internet access. The research is being conducted by Samsung’s research and development (R&D) arm, Samsung Research. The company has been working on CBDC technology for several years, and it has already developed a prototype that can

Silvergate Bank prepares for staff reduction as it commences NYSE delisting process

5 months ago 1 min read

Silvergate Bank initiates NYSE delisting proceedings amid plans to lay off 230 employees

Silvergate Capital, the parent company of the defunct Silvergate Bank, has revealed that 230 employees will be let go as it prepares to be delisted from the New York Stock Exchange (NYSE). In a filing to the US Securities and Exchange Commission (SEC) on May 11, Silvergate Capital announced the suspension of trading in its stock, with the delisting to commence “shortly” after. The staff cut is estimated to cost the firm around $13.6 million, including expenses on severance, retention, bonus pays, and job placement programs. After the cuts, approximately 80 officers and employees will be left behind to continue

the 3rd and 4th of May, the 3rd Annual Middle East WealthTech Forum & Awards

5 months ago 3 mins read

Wealth Technologies: The Future of Wealth Management

Over the past two days, the 3rd and 4th of May, the 3rd Annual Middle East WealthTech Forum & Awards was concluded, leaving behind the resonance of the copious knowledge and insight shared during the course of its duration. “Technology will create new paths in investment decisions and asset management which probably don’t exist today.” A statement made by Robert Hahm – Chief Executive Officer at Mashreq Capital (DIFC) Ltd. perfectly reflects the purpose of this year’s forum. Captivating discussions during the summit focused on the future trajectory of wealth & asset management and the dynamic characteristics of the market,

China continues to forge ahead with its digital yuan adoption plans, with the latest move seeing the CBDC being integrated into the education and public transport sectors. The province of Jiangsu has revealed that it is set to launch a platform that will enable its citizens to pay education and exam fees using the digital yuan before the end of the year. Additionally, the province's Department of Education will allow scholarship grants to be paid out in the CBDC. Jiangsu has plans to "comprehensively promote" digital yuan pilot work in the education field and aims to have each provincial-level school promoting at least one digital yuan application project by the end of 2025. Meanwhile, in Guangdong Province, the city of Jiangmen has announced that digital yuan payments will be accepted on its entire bus network. State-owned operator Jiangmen Bus said that all of its public buses, school buses, and park transport systems would allow CBDC payments. The city has updated its buses with new software that allows card readers to scan QR codes from digital yuan wallets. These latest developments come after a digital yuan partnership was announced earlier this month between BNP Paribas China and the state-owned Bank of China. The deal will enable BNP Paribas China's corporate clients to pay in digital yuan via a CBDC management platform.

5 months ago 1 min read

Chinese Province Introduces Plan to Adopt Digital Yuan

Chinese provinces are taking further steps towards digital yuan adoption as the central bank digital currency (CBDC) continues to be used in education and public transport. Jiangsu, a coastal province, has announced plans to launch a platform for citizens to pay education and exam fees using the digital yuan. It will also enable scholarship grants to be paid out in CBDC, and all provincial-level schools will be required to promote at least one digital yuan application project. Jiangmen, a city in Guangdong Province, has announced that digital yuan payments will now be accepted on all its public buses. The update