This is probably going to sound silly, but hear me out: The Bank of England's new £50 note featuring Alan Turing is a quiet nod to cryptocurrency. What do you know about Alan Turing? In multiple disciplines, you may have heard of him. He has the most prominence in cryptography and computer science but plays an essential role in military and LGBTQ+ history as well. Is Fiat Money Turing Complete...
By CCN: Dave Ramsden, deputy governor for markets and banking at the Bank of England, said in an interview with CNBC that crypto assets like bitcoin are too volatile to be a store of value and they do not meet the principles of currency. Citing the research of the Financial Policy Committee (FPC), Ramsden stated that the high volatility and the relatively high costs of crypto transaction...
The U.S. stock market declined sharply on Thursday after the Bank of England (BOE) slashed its growth outlook for 2019, citing underlying risks tied to Brexit. The United Kingdom is struggling to carve out a clear exit strategy from the European Union after Members of Parliament voted to reject Theresa May’s latest Brexit deal. DOW JONES TAKES THE PLUNGE All of Wall Street’s major indexes headed...
By CCN.com: Legacy banks are not worried about crypto because it has no value and fails the fundamental tests of financial services. That's the assessment of Huw van Steenis, the senior adviser to Bank of England Governor Mark Carney. Van Steenis says while traditional banks are always trying to fend off competition from new fintech platforms, he's not losing any sleep over cryptocurrencies like...
The G20 Countries have signed a joint declaration in Buenos Aires, where it promises to regulate cryptocurrencies and combat its use for money laundering and the financing of terrorism in line with the Financial Action Task Force (FATF) standards, per a Saudi Gazette report. Section 25 of the declaration signed by the forum reads: "We will regulate crypto-assets for anti-money laundering and...
Britain’s financial regulatory body has had some pressure taken off its shoulders as the downturn in the value of bitcoin and other digital assets signaled a reduction in the threat cryptos could pose to the British financial system, per a Reuters report. Last year, the world witnessed a crypto explosion, as digital assets like bitcoin and ethereum saw astronomical increases in their value...
The reserve banks of Canada, Singapore and the United Kingdom have singled out central bank digital currencies as being one of the solutions that can be implemented in order to solve the challenges encountered when making cross-border payments. The report by the Monetary Authority of Singapore, Bank of England and Bank of Canada notes that CBDCs, which can either be retail CBDCs or Wholesale...
Venezuela, where bitcoin trading is at an all-time high and the socialist government has issued its own cryptocurrency amid record-breaking inflation and other economic woes, has been denied access to its own gold reserves by the Bank of England. The justification used for denying the country’s request to repatriate 14 tons of gold, worth about $550 million, is that there are fears that Nicolas...