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“# An online future for finance is inevitable, says OCC’s Brooks ” The departing leader of the Office of the Comptroller of the Currency is convinced that the future of finance is blockchain-native, per a conversation with crypto analytics firm Elliptic on Wednesday. Described by Elliptic CEO Simone Maina as “a fairy godfather to the…
“# Digital ruble could be still vulnerable to fraud, Russian banks warn ” Russia’s central bank digital currency, or CBDC, could contain a number of risks related to cybersecurity and fraud, according to several local financial institutions. The Association of Russian Banks, or ARB, has released its official feedback on Russia’s digital ruble project on Jan….
“# OCC’s Brian Brooks thinks that DeFi can root out bias and fraud in traditional banking ” In an opinion piece published in the Financial Times on Tuesday, Acting Comptroller of the Currency Brian Brooks put forward the need to reconfigure banking regulations for an age of algorithms. Brooks, who currently leads the Treasury’s Office…
“# Bitcoin price climbs 20% overnight as US banks brace for 40% profit cut ” The dollar value of Bitcoin (BTC) jumped 20% overnight leading into Jan. 12, as the world’s most well-known cryptocurrency recovered swiftly from a 27% decline suffered just days before. The broader cryptocurrency market followed suit on Tuesday, as over $150…
“#Wall Street tightens political donations following Capitol riot” Wall Street’s largest banks are shutting off the spigot of money to DC in the aftermath of last week’s deadly invasion of the US Capitol. Megabanks like JPMorgan Chase, Goldman Sachs, Citigroup and Morgan Stanley are all pausing some or all of their political giving in light…
“# Korea’s Shinhan Bank makes strategic investment in crypto custody consortium ” Shinhan Bank, the oldest banking institution in South Korea, continues its efforts to introduce digital asset custody services with a new investment. According to a Jan. 7 report by news agency Yonhap, Shinhan Bank has invested in Korea Digital Asset Trust, or KDAC,…
“# ‘Two cops on the beat’: Regulator wants sole authority to charter fintech firms ” Brian Brooks, the acting head of the U.S. Office of the Comptroller of the Currency and former chief legal officer to Coinbase, has warned against the Consumer Financial Protection Bureau receiving the right to grant “Fintech Charters.” Earlier this week,…
“#Stocks close higher as Wall Street shrugs off ‘very bad day’ in DC” The Dow Jones industrial average closed at an all-time high on Wednesday as investors brushed off the madness unfolding in DC to focus instead on the prospect of more stimulus funding to boost the economy. The Dow ended the day up 437.80…
“# Vietnamese bank issues its first letters of credit on the blockchain ” Major Vietnamese bank HDBank has now become the first bank in the country to issue letters of credit, or L/C, using blockchain technology. According to a Jan. 6 report by local media outlet Việt Nam News, the issuance, document presentation and successful…
“# Italian Banking Association launches experimental digital euro project ” The Italian Banking Association, or ABI, has affirmed its support for the implementation of a sovereign European digital currency by beginning pilot studies on a digital euro project. According to an announcement, the association is working with its research and development arm, ABI Lab, and…