Why The U.S. Fed Could Give Crypto Banks Access To Legacy Banking System
According to a press release, the U.S. Federal Reserve (Fed) might provide crypto banks and other entities with access to Federal Reserve accounts and payment services. Following two proposals from the Federal Reserve Board in May 2021 and March 2022, the institution has arrived at final guidelines for these purposes. Related Reading: MakerDAO Set To […]
Related News
A new fintech report by the Massachusetts Institute of Technology (MIT) has legacy banking will “undoubtedly disappear” and that future banking will need to handle both private and state-issued virtual currencies. MIT: Legacy Culture ‘Inhibits Innovation’. The report, dubbed “DIGITAL BANKING MANIFESTO: THE END OF BANKS?” was released this month by Alex....
Cardano Founder Charles Hoskinson shared his damning thoughts on the legacy financial system, concluding that cryptocurrency will take over because it offers a better way. The Banking System Brought This On Itself Much is said about the enmity between cryptocurrency and banking. While the banking system towers above cryptocurrency in terms of both capitalization and […]
With the financial ecosystem on the proverbial brink of collapsing, there is a growing concern among banking industry experts. Not about the imminent collapse itself, though, but how hackers can easily attack the global financial system. A Threat to The Archaic Global Financial System. Although hackers attempting to steal funds is not particularly new in....
Apple Inc. is battling with five of Australia’s banks that are seeking to negotiate collectively with Apple for access to its mobile payment technology. Over the last several months, the banks have complained Apple is not permitting access to mobile payment technology. Commonwealth Bank of Austrailia, National Australia Bank, Westpac Banking Corporation, Adelaide Bank and Bendigo have applied to the Australian Competition and Consumer Commission (ACCC) seeking approval for collective bargaining in negotiating with Apple. Apple Responds To Banks. In a submission to the ACCC, Apple gave....
The legacy banking system is in the process of a technological refresh. This is rather like how cars are updated. A new car is redesigned every five years or so, and three years later they get some navigation system updates, a new grille, and maybe some increased horsepower. The banking industry is certainly not getting redesigned, and the last time they had an engineering overhaul was way back when in the dot-com era, when online banking was added a generation ago. Banks are never at the cutting edge, consistently being five to ten years behind the curve. Now, one international mega-bank,....