PYMNTS

JUNE 21, 2019

The head of Germany’s central bank warned about stablecoins, which are cryptocurrencies tied to traditional currencies, according to a report by Reuters. Jens Weidmann said that if the new currency becomes widely used, it could undermine banks. This might disrupt transaction banking and financial market intermediation.”.

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Central Bank Money Laundering Stablecoins Digital Currency 59

PYMNTS

APRIL 14, 2019

The International Monetary Fund ( IMF ) and the World Bank are partnering up to launch a private blockchain and “quasi-cryptocurrency.”. Since the coin has no monetary value, it’s not an actual cryptocurrency, according to The Financial Times.

Cryptocurrency 78

Cryptocurrency Blockchain Money Laundering Digital Currency 78

PYMNTS

DECEMBER 26, 2019

The Bank of Russia has been testing stablecoins that are attached to real assets, according to reports. The head of the bank, which is Russia’s central bank, said just because they’re testing the coins doesn’t mean they will eventually turn into a money substitute. “We Meanwhile, on Jan.

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Stablecoins Central Bank Rules Bitcoin 52

PYMNTS

APRIL 11, 2018

The central banks of Japan and Hong Kong are interconnecting their systems to support faster cross-border payments and trade between the two markets, according to Reuters reports on Tuesday (April 10). The Bank of Japan announced the plans that reports said may be the first of their kind by any central bank.

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Central Bank Faster Payments Cross-Border Payments Cross-Border 46

PYMNTS

NOVEMBER 12, 2019

12) that central banks have no reason to issue digital currency. Philadelphia Federal Reserve President Patrick Harker said in early October it is “ inevitable ” that central banks including the Fed will issue digital currency. Former U.S. Federal Reserve Chairman Alan Greenspan said Tuesday (Nov.

Digital Currency 40

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PYMNTS

FEBRUARY 28, 2020

The Deputy Governor of the Bank of England (BoE), Jon Cunliffe, said on Friday (Feb. 28) that digital currencies could potentially dry up lending for banks and affect the economy as a whole, according to a report by Reuters. The Central Bank of China is not a part of the group, although it is releasing a digital currency of its own.

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Digital Currency Stablecoins Central Bank Money Laundering 95

PYMNTS

DECEMBER 13, 2019

With the belief that it could cause instability within the country’s financial system, the government of Switzerland spoke against making a central bank digital currency available to the public. The SNB and the Bank for International Settlements (BIS) are said to be exploring the widespread use of digital central bank currencies.

Digital Currency 40

Digital Currency Central Bank Distributed Ledger Technology (DLT) Money Laundering 40

PYMNTS

MARCH 16, 2020

Alexey Guznov, the Bank of Russia’s head of legal office, said in an interview with a news agency in the country that the institution didn’t think the trading and issuance of digital currency should be legal in its borders. The individual received a penalty of $1,570 and jail time of three years.

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Bitcoin Digital Currency Central Bank Money Laundering 97

PYMNTS

SEPTEMBER 4, 2019

Cryptocurrency firms doing business in the Netherlands will soon be required to register with Dutch Central Bank , according to CoinDesk. The move comes as the European Union has passed tougher anti-money laundering (AML) laws. 10, 2020. “By

Central Bank 49

Central Bank Blockchain Money Laundering Bitcoin 49

PYMNTS

JUNE 1, 2018

Estonia has shelved plans to develop its own national cryptocurrency after the idea prompted criticism by banking authorities and Mario Draghi, the Italian economist and president of the European Central Bank. Police in Estonia said more money laundering could take place this year with the closure of Russian banks.

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Cryptocurrency Money Laundering Non-Bank Central Bank 49

PYMNTS

FEBRUARY 28, 2018

Taiwan’s central bank is looking into implementing blockchain technology in order to improve its operations. 2017, Taiwan’s Financial Supervisory Commission Chairman Wellington Koo spoke before parliament, asserting that Taiwan should take its cues from Japan, which provides licenses to cryptocurrency exchanges.

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Central Bank Blockchain Cross-Border Payments Cross-Border 42

Fintech News

FEBRUARY 27, 2024

TRM Labs’ Global Crypto Policy Review & Outlook 2023/24 delves into the advancements in regulation as well as the regulatory challenges faced by major APAC markets, shedding light on their unique strategies and key developments in navigating the complex world of cryptocurrency.

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APACS Regulations Stablecoins Cryptocurrency 114

PYMNTS

JUNE 29, 2020

The European Union (EU) is preparing to update its cryptocurrency rules that could make it more difficult for stablecoin projects, such as Facebook Inc.’s Last fall, the Libra Association petitioned the Swiss Financial Market Supervisory Authority ( FINMA ) for a Swiss payment system license for its planned cryptocurrency.

Stablecoins 88

Stablecoins Cryptocurrency Central Bank Money Laundering 88

PYMNTS

MARCH 19, 2018

Mastercard ’s Co-President of Asia-Pacific Ari Sarker said the payment company would happily look into facilitating the use of digital currencies that are issued by central banks around the world. By reclassifying such purchases as cash transactions, more fees are levied when customers purchase cryptocurrency.

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Central Bank Visa Digital Currency Cryptocurrency 41

PYMNTS

JULY 16, 2019

Treasury Secretary Steven Mnuchin believes that Facebook’s proposed cryptocurrency could pose as a national security threat. In a press conference on Monday (July 15), Mnuchin warned that Libra “could be misused by money launderers and terrorist financiers” and that it was a “national security issue.”.

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Treasury Security Money Laundering Cryptocurrency 75

Fintech News

JULY 3, 2024

Singapore, long known for its financial prowess and technological innovation, has emerged as an unexpected leader in cryptocurrency adoption. From the bustling streets of Marina Bay to the fintech hubs in the Central Business District, cryptocurrency has woven itself into the fabric of Singaporean life.

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Financial Literacy Cryptocurrency Digital Currency Accreditation 104

CoinRemitter

JULY 9, 2024

This blog will look into the key regulatory trends anticipated in 2024, equipping active cryptocurrency users with the knowledge they need to navigate this evolving landscape. Authorities are ensuring to enhance their oversight to address financial crime risks, like money laundering. So, let’s begin.

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Stablecoins Financial Crimes Cryptocurrency Money Laundering 40

PYMNTS

NOVEMBER 12, 2020

Christine Lagarde , European Central Bank (ECB) president, said the ECB could make its own digital currency within a few years, which could change up the eurozone financial sector drastically, Bloomberg reported. China, meanwhile, is also advancing plans for a central bank digital currency (CBDC), Bloomberg reported.

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Digital Currency Central Bank Federal Reserve Money Laundering 121

Clearly Payments

AUGUST 29, 2024

Central Bank Digital Currencies (CBDCs) have received attention in recent years as central banks worldwide explore the potential to evolve the way we conduct financial transactions. With the rise of digital payments, cryptocurrencies, and fintech innovations, CBDCs represent a new frontier in the evolution of money.

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Central Bank Digital Currency CBDC Cross-Border Payments 105

PYMNTS

JANUARY 2, 2020

A European Central Bank (ECB) policy maker is urging banks in the area to find alternatives to Facebook’s proposed cryptocurrency Libra, according to a report by Bloomberg. He also said the bank doesn’t yet need to develop its own currency. Last month , Federal Reserve Gov.

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Federal Reserve Central Bank Digital Currency Cryptocurrency 52

PYMNTS

SEPTEMBER 12, 2019

Now comes cryptocurrency nationalism? Coindesk reported this week that, in the Netherlands, cryptocurrency firms based outside of Europe may “get the boot” amid new regulations. Proponents say the moves by the central bank and intended by the legislation are good for an industry that has yet to, well, see a lot of regulation.

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Money Laundering Central Bank Cryptocurrency AML 43

PYMNTS

JANUARY 26, 2021

Signal is exploring the idea of adding cryptocurrency payments into its messaging app by integrating MobileCoin , a cryptocurrency supported by the Stellar blockchain, Platformer reported. Signal CEO Moxie Marlinspike “played down,” the cryptocurrency developments, telling Platformer it was only some “design explorations.”. “We

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Wire Transfer Blockchain Due Diligence Wires 97

PYMNTS

JUNE 10, 2020

Maxwell Opoku-Afari, the bank’s first deputy governor, reportedly said during a digital workshop that the bank remains steadfast in facilitating innovation and piloting ideas like a central bank cryptocurrency. A unit in the central bank’s banking department supervised the area prior to 2016.

Digital Currency 53

Digital Currency Accounts Money Laundering Central Bank 53

PYMNTS

MAY 6, 2020

Irish bitcoin ATM operator Boinnex found itself facing roadblocks from Allied Irish Banks (AIB), which shut down its account and said it didn’t want to deal with an unregulated form like cryptocurrency, according to CoinDesk. Cryptocurrency still isn’t recognized by the Central Bank of Ireland as a legitimate form of payment.

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Bitcoin Cryptocurrency AML Money Laundering 70

PYMNTS

DECEMBER 2, 2020

Facebook's cryptocurrency project on Tuesday (Dec. As part of its effort to reassure regulators, the Facebook-backed cryptocurrency project also stressed that it will “proceed only upon receiving regulatory approval, including a payment systems license for the operational subsidiary of the Association from FINMA.”.

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Money Laundering Cryptocurrency Legal Central Bank 62

PYMNTS

JUNE 17, 2020

Meanwhile, European Central Bank (ECB) board member Yves Mersch said at a recent virtual conference that about 80 percent of 66 central banks queried by the Bank of International Settlements were already working on central bank digital currencies (CBDC).

Digital Currency 89

Digital Currency Central Bank CBDC Deposit Account 89

PYMNTS

NOVEMBER 30, 2020

When PayPal announced recently that its 350 million users can deposit bitcoin and other cryptocurrencies in their accounts and spend it at 26 million merchants next year, it was characterized as the inevitable advance of digital currency. While few dispute the future potential viability of cryptocurrencies or stablecoins backed by the U.S.

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Bitcoin Cryptocurrency PayPal Privacy 117

PYMNTS

DECEMBER 18, 2019

18) outlined key risks associated with cryptocurrency in general and Facebook’s Libra in particular. A member of the Board of Governors of the Federal Reserve System, Brainard spoke at the European Central Bank (ECB) colloquium in Frankfurt on “ Monetary policy: the challenges ahead.” Federal Reserve Gov.

Risk 52

Risk Federal Reserve Stablecoins Central Bank 52

PYMNTS

JANUARY 20, 2021

The European Commission and the European Central Bank (ECB) have released a joint statement saying they’re considering beginning work on a digital euro. The timeline involves concerns over money laundering and privacy, along with the technology involved. Now that a public consultation that took place Jan.

Legal 68

Legal Money Laundering Central Bank Privacy 68

PYMNTS

OCTOBER 14, 2020

The head of the country’s only licensed and publicly traded cryptocurrency broker says tighter regulation and exponentially higher yields are causing corporate treasury and cash management accounts to seriously consider this alternative asset class. This in the wake of the OCC’s Sept.

Treasury 129

Treasury Cryptocurrency Stablecoins Fincen 129

PYMNTS

JULY 8, 2019

Many traditional banking institutions and governments have shown skepticism, silence and resistance to Facebook’s proposed cryptocurrency Libra, according to reports. . Though the currency could potentially alter the financial landscape for good, many banks have simply not responded to the issue.

Continuity 81

Continuity Cryptocurrency Money Laundering Central Bank 81

PYMNTS

JUNE 20, 2019

News of the launch of Facebook cryptocurrency Libra has highlighted how the U.S. The Wall Street Journal is reporting that the Federal Reserve and the Senate Banking Committee will both closely scrutinize the implementation of Libra. government will respond to the introduction of new digital currencies.

Regulations 67

Regulations Money Laundering Federal Reserve Digital Currency 67

PYMNTS

JULY 15, 2019

The top official overseeing Facebook’s Libra cryptocurrency told U.S. Libra Head David Marcus said the creation of Facebook’s cryptocurrency is not intended to compete with principal currencies and won’t interfere with monetary policy, Reuters reported. “The Monetary policy is properly the province of central banks.”.

Money Laundering 46

Money Laundering Regulations Fincen Cryptocurrency 46

PYMNTS

APRIL 16, 2020

Regulators and central banks, however, were worried the cryptocurrency could be used in money laundering, make monetary policy unstable and take away users’ privacy. The first plan was for Libra to be backed by a combination of government debt and currencies.

Multi-Currency 64

Multi-Currency Stablecoins Money Laundering Central Bank 64

PYMNTS

JULY 10, 2018

Although new rules to combat money laundering in the European Union took effect this week, there are already calls for more reforms after a series of banking scandals in Latvia, Estonia and Malta. The European Parliament has asked the ECB to boost its current AML checks before new reforms can be adopted.

AML 41

AML Money Laundering Laws Central Bank 41

PYMNTS

DECEMBER 12, 2019

The head of the European Central Bank (ECB), Christine Lagarde, said she wants a task force to identify clear objectives regarding the ECB’s proposed digital currency initiative by the middle of next year, according to a report by Reuters. Lagarde also said the ECB should be “ahead of the curve” on the issue.

Digital Currency 52

Digital Currency Money Laundering Central Bank Cryptocurrency 52

PYMNTS

JULY 9, 2019

India, Asia’s third-largest economy, remains skeptical about Facebook’s proposed cryptocurrency Libra and has said that it won’t just allow the coin into the country, according to a report by Bloomberg. But whatever it is, it would be a private cryptocurrency, and that’s not something we have been comfortable with.”. “But

Cryptocurrency 54

Cryptocurrency Laws Central Bank Money Laundering 54