Browsing:Fintech News

UK Government Unveils Framework to Regulate Fiat-Backed Stablecoins
4 months ago 1 min read

UK Government Announces Regulatory Framework for Fiat-Backed Stablecoins

The UK government has released an update about its intentions to regulate fiat-backed stablecoins. These stablecoins are digital currencies backed by traditional currencies like the British pound or the US dollar. The UK government plans to introduce new laws in 2024 that will give the Financial Conduct Authority (FCA) the power to regulate these stablecoins. This is a big change in how digital currencies are supervised. The government wants local companies authorized by the FCA to ensure that overseas stablecoins meet UK standards. This is meant to make sure stablecoin operators follow the rules. The new rules will only apply

The Central Bank of the Argentine Republic
4 months ago 1 min read

Argentina to Roll Out Digital Peso Amidst Economic Challenges

The Central Bank of the Argentine Republic is making strides towards implementing a central bank digital currency (CBDC) in the country. With a focus on the potential economic benefits, the central bank is fast-tracking the legislative framework for the digital peso CBDC project, proposed by the Minister of Economy and presidential candidate Sergio Massa. During a public discussion on the Filo News channel on October 18, Argentina Central Bank director Juan Agustín D’Attellis Noguera revealed the accelerated efforts to bring the CBDC project to fruition. The official stressed that they plan to present the project “as soon as possible” and

The European Central Bank (ECB) has advanced to the next phase of its digital euro project
4 months ago 1 min read

The European Central Bank (ECB) to move on with digital euro project in November

The European Central Bank (ECB) has advanced to the next phase of its digital euro project, laying the groundwork for its potential issuance. The decision comes after a two-year investigation into the design and distribution of the digital euro. The preparation phase, starting in November 2023 and lasting for two years, involves finalizing a rulebook and selecting providers for the currency’s platform and infrastructure. This phase will focus on developing a digital euro that meets both the Eurosystem’s requirements and user needs. However, it’s essential to note that this development doesn’t signify the immediate issuance of a digital euro. The

Day one of Fintech Surge 2023
5 months ago 5 mins read

DAY 1 OF FINTECH SURGE 2023: GENERATIVE AI IS REVOLUTIONIZING THE BANKING SECTOR

– SME Elevate highlights that 95% of all customer interactions will be powered by AI by 2025 Dubai – United Arab Emirates – 15 October 2023: Day one of Fintech Surge 2023, the global gathering for the entire fintech ecosystem, commenced today at the iconic Dubai Harbour. The event is uniting regional and global players from across the fintech industry – from banks and financial institutions to regulators, start-ups, governments and investors. On the opening session of Fintech Surge, the primary focus was on the impact of generative artificial intelligence (AI) on the banking sector.  Ahmed Alzarouni, VP and Head of IT at Investment Corporation of Dubai, said during a panel that humanity has just seen the tip of

GFX Securities at COMEX Bahrain 2023
5 months ago 2 mins read

GFX Securities Takes the Stage at COMEX Bahrain 2023

GFX Securities, the largest Bahrain-based brokerage firm, took center stage at the prestigious COMEX Bahrain event from October 9 to 11. The global technology show welcomed over 5,000 visitors from around the world, providing GFX Securities with an ideal platform to introduce their company and products to a global audience. GFX Securities specializes in offering brokerage services in the field of securities and extends logistical support to investors around the world. The broker’s mission revolves around simplifying global market investments while upholding the highest international standards tailored to the potential of their valued clients. The GFX team made it clear

Metro Bank
5 months ago 2 mins read

Metro Bank Faces Share Price Plunge By 28%

Metro Bank, one of the top British banks, witnessed a significant 28% drop in its share price recently amid reports that it’s seeking to raise £600 million to strengthen its balance sheet. According to the Financial Times, the bank is currently in discussions with investors about securing £250 million in equity funding and an additional £350 million in debt financing. Metro Bank, in a statement, clarified that no final decision had been made yet. However, some reports suggest that a spokesperson indicated a potential £100 million equity raise. The primary concern lies in the bank’s market capitalization, which now stands

Zimbabwe Announces Launch of Retail-Focused Gold-Backed Digital Tokens
7 months 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.
8 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).
8 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
8 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

Coinbase CEO Brian Armstrong Faces Allegations of Insider Trading in High-Profile Stock Sale
9 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.
9 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