Aliens, Meet Bitcoin: Roswell First In US To Hold BTC Reserves
Roswell, New Mexico has made history in municipal finance by becoming the first city in the United States to have an official Bitcoin reserve. Related Reading: Crypto Clean-Up Down Under: Australia To Crack Down On Inactive Exchanges Small Donation Puts Big Plans In Motion For Emergency Fund As per the city officials, the initially small […]
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Like small- and medium-sized business owners around the world, Ali Hamam was hit hard by coronavirus. But then he turned to Plan B. The post Meet The Restaurant Owner Who Moved His Business Reserves To Bitcoin appeared first on Bitcoin Magazine.
The U.S. Office of the Comptroller of the Currency (OCC) on Monday published a letter clarifying that national banks and federal savings associations can now hold reserves for stablecoin issuers in the country. According to the OCC’s interpretive letter, reserve accounts can either be funded through deposits from stablecoin issuers or deposits from individual stablecoin holders. It stressed that banks can hold such reserves provided that ”the issuer has sufficient assets backing the stablecoin in situations where there is a hosted wallet.” The letter responds to questions....
A new working paper titled "Should Cryptocurrencies Be Included in the Portfolio of International Reserves Held by the Central Bank of Barbados" suggests the Barbadian Central Bank to hold a small portion of Bitcoin as a part of its foreign currency reserves. The paper is authored by two economists - Winston Moore and Jeremy Stephen who previous worked at the Central Bank of Barbados and currently lecture at the University of West Indies. The complete working paper can be read or downloaded here. [PDF]. The paper notes that Barbados maintains a peg against the US dollar, making it....
More than 1.1 million bitcoin or over $30 billion worth of the crypto asset is held by a myriad of companies, according to the web portal bitcointreasuries.org. The massive stash of bitcoin reserves held by well known companies started swelling after the billion-dollar firm Microstrategy purchased $250 million worth of bitcoin in August. Now there are 29 firms that are holding the cryptocurrency in place of traditional reserves like stocks and cash. There’s been a new trend lately, as a great number of prominent companies have decided to leverage bitcoin (BTC) for reserves rather....
Federal banks in the U.S. see new capacity to provide services to crypto firms, specifically stablecoin operators. Per an interpretive letter from the U.S. Office of the Comptroller of the Currency released on Monday, national banks will be free to hold reserve currencies for stablecoins.The new guidance reads, "We conclude that a national bank may hold such stablecoin 'reserves' as a service to bank customers."Alongside the announcement, Acting Comptroller of the Currency Brian Brooks noted that stablecoin services are already a part of many banks' activities: “National banks and federal....