Banks must establish infrastructure for digital assets before it’s too late
Crypto adoption in traditional legacy systems is moving fast, but a lack of technological infrastructure limits compliance and safe storage. The adoption of digital assets in traditional legacy systems is moving fast. In the middle of the year, the digital asset custody industry saw welcome developments when the Office of the Comptroller of the Currency officially announced that all nationally chartered banks in the United States can provide custody services for cryptocurrencies.The move, while positive for the ecosystem, is yet to be accompanied by a rigorous assessment of its....
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With sanctions cutting off Russia from global finances, Moscow’s motivation to establish a domestic market infrastructure for digital assets grows, a top official at the Russian finance ministry has noted. The comment comes as Russians are losing access to foreign crypto platforms.
Russia Recognizes Need for Local Crypto Assets Market
Amid expanding international sanctions over the invasion of Ukraine, Russia has been turning its attention to cryptocurrencies while concerns in the West are growing that the country may use them to circumvent financial restrictions. The....
More than half of the top 100 banks are major investors in Bitcoin, digital assets, and blockchain technology-based firms. World’s largest banks are reportedly growing rapidly in their involvement in the trending crypto and blockchain companies. They get involved through early and late-stage financing of businesses and projects within the industry. Blockdata Research Report Shows […]
eCurrency Mint (eCM), a Dublin-based company that has pioneered a new technology that enables central banks to issue digital fiat currency, has received an undisclosed amount of Series C funding from Omidyar Network, a global investment firm launched by eBay founder Pierre Omidyar. The investment helps sets the stage to establish digital fiat currency, which portends numerous benefits over physical currency for bankers, merchants and consumers. The Wall Street Journal also has an article noting that eCM has met with 30 central banks which are exploring digital currency backed by....
Ecuador's e-money initiative, which kicked off earlier this year after the country outlawed bitcoin, is about to see wider institutional involvement following a government directive. The country's banks were ordered late last month to adopt the payment system within the next year, according to a report by Pan-Am Post's Belén Marty. The pace at which the banks are required to add support for the initiative, which is a digital representation of the US dollar - Ecuador's official currency - depends on their size. Ecuadorean banks that possess $1b or more in assets have 120 days to integrate,....
The Bank of Thailand doesn’t want local banks or businesses using crypto, while the tourism ministry is still trying to attract crypto whales. The Bank of Thailand has stated that it does not want commercial banks to be directly involved in the trading of crypto assets.The edict came from central bank senior director Chayawadee Chai-Anant on Dec. 7 who cited risks associated with high price volatility."We don't want banks to be directly involved in digital asset trading because banks are (responsible) for customer deposits and the public and there is risk."The latest round of central bank....