PYMNTS

JANUARY 14, 2021

At least it seems so, if recent comments by European Central Bank President Christine Lagarde are any indication. As quoted by Reuters, she termed the cryptocurrency a “highly speculative asset, which has conducted some funny business and some interesting and totally reprehensible money laundering activity.”

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Money Laundering Bitcoin Regulations Central Bank 61

PYMNTS

FEBRUARY 27, 2020

Bank of Japan (BOJ) Deputy Governor Masayoshi Amamiya said that before they issue their own digital currencies, central banks around the world should attempt to get a better understanding of the pros and cons of the process, according to a report by Reuters. They will also confer with colleagues overseas on the topic.

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Central Bank Digital Currency Money Laundering CBDC 64

PYMNTS

JULY 10, 2020

Stablecoins, the virtual currencies which seek price stability, could be the next target for money laundering and terrorist financing, a report found. If stablecoins were to become widespread, it could potentially lead to new risks regarding money laundering and terrorist financing,” FATF President Xiangmin Liu said at the time. “It

Money Laundering 56

Money Laundering Stablecoins Cryptocurrency Digital Currency 56

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

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.”.

Central Bank 59

Central Bank Money Laundering Stablecoins Digital Currency 59

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.

Digital Currency 95

Digital Currency Central Bank Stablecoins Money Laundering 95

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

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.

Digital Currency 121

Digital Currency Central Bank Federal Reserve Money Laundering 121

PYMNTS

NOVEMBER 4, 2020

Toward that end, and more mainstream use cases, getting the rails in place to speed and streamline transactions, regardless of the cryptocurrency used, remains key. As spotlighted in this space , Ternio said it has joined Visa’s Fast Track as a cryptocurrency-focused enablement partner.

Bitcoin 83

Bitcoin Cryptocurrency Office of the Comptroller of the Currency Consumer 83

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.

APACS 131

APACS Regulations Stablecoins Cryptocurrency 131

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

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.

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Treasury Cryptocurrency Stablecoins Fincen 129

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.”.

Treasury 75

Treasury Security Money Laundering Cryptocurrency 75

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.

Bitcoin 117

Bitcoin Cryptocurrency PayPal Privacy 117

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 Wires Wire 97

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.

Central Bank 46

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

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.

Cryptocurrency 49

Cryptocurrency Money Laundering Non-Bank Central Bank 49

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

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.

Stablecoins 52

Stablecoins Central Bank Rules Bitcoin 52

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

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

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.

Central Bank 42

Central Bank Blockchain Cross-Border Payments Cross-Border 42

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.

Financial Literacy 107

Financial Literacy Cryptocurrency Digital Currency Money Laundering 107

Fintech Review

DECEMBER 31, 2024

The Central Bank of Kenya introduced regulations enabling mobile money systems like M-Pesa to thrive. This regulatory flexibility allowed non-banking institutions to offer financial services. Brazils Central Bank actively engages with international regulators while addressing domestic challenges.

FinTech 111

FinTech Regulations Best Practices Central Bank 111

PYMNTS

DECEMBER 24, 2020

If 2020 taught us anything about cryptocurrencies, it’s that they’ve reached a tipping point. Or maybe that cryptocurrencies have yet to go mainstream beyond the headlines because fraud still lurks. Bitcoin, of course, exists as one of the most widely recognized cryptocurrencies. Dollars Done Digitally.

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Federal Reserve Bitcoin Cryptocurrency Office of the Comptroller of the Currency 103

PYMNTS

FEBRUARY 24, 2017

Though the cryptocurrency flirted with higher numbers, bitcoin mostly settled just above or below $1,000 for the first half of the month — likely while investors waited to see how the whole Chinese exchange investigation storyline would pan out. The cryptocurrency’s maximum value, reached on Nov. On Thursday (Feb.

Bitcoin 77

Bitcoin Money Laundering ATM Cryptocurrency 77

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.

Bitcoin 70

Bitcoin Cryptocurrency AML Money Laundering 70

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

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.

Central Bank 41

Central Bank Visa Digital Currency Cryptocurrency 41

PYMNTS

NOVEMBER 12, 2018

Over the past two years, exit scammers have stolen more than $100 million worth of cryptocurrency. In an effort to protect its residents from crypto scams, the Central Bank of the Bahamas (CBOB) has released a regulatory framework before it integrates cryptocurrency-based assets into its services.

Scams 71

Scams Money Laundering Digital Currency Cryptocurrency 71

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

Digital Currency Central Bank Fed Federal Reserve 40

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

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.

Federal Reserve 52

Federal Reserve Central Bank Cryptocurrency Digital Currency 52

PYMNTS

JUNE 9, 2019

G20 finance ministers and central bank governors have requested that the Financial Stability Board ( FSB ), as well as global standard-setting organizations, work together to monitor risks around crypto assets. The incident happened when a customer was intentionally withdrawing money and the machine started tossing out the money.

Bitcoin 72

Bitcoin ATM Risk Regulations 72

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 12, 2020

The fear is that stablecoins could be used for money laundering and terrorist financing, among other crimes. The G7 draft also notes that a number of G7 authorities “are exploring the opportunities and risks associated with central bank digital currencies (CBDCs).”.

Regulations 80

Regulations Digital Currency Stablecoins Money Laundering 80

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.”.

Money Laundering 62

Money Laundering Cryptocurrency Legal Central Bank 62