PYMNTS

NOVEMBER 8, 2016

And just like that, two swaths of Indian currency are gone. As reported by the BBC , taking those notes out of the financial system represents an effort to stymie fraud efforts, corruption and what the site noted as “illegal cash holdings.”

Currencies 59

Currencies Financial Systems Banking Marketing 59

PYMNTS

MAY 13, 2020

The Bank of Mauritius is progressing toward providing a central bank digital currency (CBDC) per its governor, CoinDesk reported. Seegolam noted that any digital currency would need to be distributed via the current banking system to steer clear of the risk of putting the island’s financial system in an uneven position.

Currencies 61

Currencies Banking Forecasting Financial Systems 61

PYMNTS

SEPTEMBER 30, 2020

House committee this week began reviewing the idea of allowing the likes of Amazon or Facebook to receive charters to operate as banks — an idea that’s already gotten plenty of pushback from traditional financial institutions (FIs). A lack of safety and soundness rules will expose the financial system to significant vulnerabilities.”.

Banking 139

Banking Financial Systems Concentration Currencies 139

PYMNTS

NOVEMBER 13, 2018

Bitmain , the Chinese digital currency mining firm, has filed a suit in U.S. In other news, Overstock CEO Patrick Byrne believes the adoption of cryptocurrency will survive the collapse of the financial system, Cryptovest reported. When people start getting into it is when their own financial systems collapse.”

Financial Systems 54

Financial Systems Currencies Accounting 54

CFO News

FEBRUARY 16, 2024

Vasudevan, an executive director at the Reserve Bank of India (RBI), stated that cryptocurrencies lack underlying value and therefore cannot be considered as currencies. The RBI has expressed concerns about cryptocurrencies like Bitcoin, citing potential systemic risks to financial systems.

Currencies 52

Currencies Financial Systems Banking 52

Spreadym

OCTOBER 20, 2023

A multi-currency account reporting refers to the financial reporting and tracking of transactions in multiple currencies within a single account or financial system. Here's how it works: Multiple Currency Support: In a multi-currency account, you can hold balances in different currencies simultaneously.

Currencies 52

Currencies Accounting Risk Management Compliance 52

PYMNTS

DECEMBER 5, 2019

5) that digital currencies like Facebook’s Libra have no place in the European Union unless the consequences and pitfalls are adequately sorted out, Reuters reported. “No As a cryptocurrency, Libra is considered a stablecoin because it would be backed by traditional currency or securities.

Currencies 52

Currencies Finance Financial Systems Banking 52

PYMNTS

JANUARY 3, 2020

Digital currencies, yes – but with limits. According to a paper that debuted this week from the European Central Bank (ECB), central bank currencies in digital form have their uses, but individuals should be dissuaded from holding too much of a hypothetical digital euro.

Currencies 52

Currencies Banking Financial Systems Retail 52

PYMNTS

DECEMBER 3, 2020

Today in B2B payments, Visa embraces the USDC digital currency for corporate payments. Visa Teams With Circle on USDC Digital Currency Corporate Card. Dollar Coin (USDC), which Circle Internet Financial built, Forbes reported. Visa is linking its 60 million-merchant-strong international payments network to the U.S.

Currencies 60

Currencies B2B Accounts Payable Invoicing 60

Future CFO

DECEMBER 4, 2024

Also, the rising prominence of digital currencies and Blockchains will require finance leaders to reassess business models, financial systems, and transaction processes in a rapidly changing environment.”

Finance 98

Finance Leadership Problem Solving Benchmarking 98

Barry Ritholtz

NOVEMBER 26, 2024

Today, he’s talking about it transforming the world of currency and he holds more Bitcoin than almost anyone else. Sort of the core idea of DeFi is that the existing financial system is too slow, too intermediated, too costly. DeFi offers the potential to improve that, But of course the two systems have to come together.

Investments 59

Investments Currencies Financial Systems Marketing 59

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. Instead, it would give rise to new risks, especially with regard to financial stability.”.

Currencies 40

Currencies Banking Financial Systems Technology 40

PYMNTS

NOVEMBER 22, 2018

The reconsideration comes, according to the Times , as half of Sweden’s retailers have said they will stop accepting hard currency within the next few years. Regulators are now prodding banks to keep notes in circulation, as they mull what happens in various scenarios tied to the country’s digital eKrona currency.

Currencies 80

Currencies Financial Systems Banking Retail 80

PYMNTS

SEPTEMBER 14, 2016

government seems to be accepting the positive impact that digital currencies and blockchain could have on legacy financial systems, according to Business Insider. According to the resolution, digital currencies increase transparency and provide more secure payment authentication. 12) by the U.S.

Currencies 78

Currencies Financial Systems Securities Technology 78

PYMNTS

APRIL 22, 2020

But when it comes to establishing operations abroad and managing money throughout the globe — whether it be reconciling finances across multinational business units or paying suppliers in foreign currencies — the challenges are vast. ” Easing Payments Friction. “Compare it to sending an email,” he continued. ”

Currencies 96

Currencies Advertising B2B Finance 96

PYMNTS

AUGUST 6, 2020

In an interview, the London-based executive projected that a transition to an all-blockchain-based financial system, with all assets and liabilities native to that, could happen in “the next five to 10 years,” CNBC reported. “So

Currencies 103

Currencies Forecasting Financial Systems Finance 103

PYMNTS

NOVEMBER 16, 2020

Virtual assets do not include digital representations of fiat currencies, securities and other financial assets that are already covered elsewhere in the FATF Recommendations.”. The SECP also examined various regulatory measures in the paper. Meanwhile, Binance on Monday (Nov.

Currencies 118

Currencies Financial Systems Securities Investments 118

PYMNTS

JANUARY 15, 2021

It also said the bank’s Check Cashing Group admitted that it failed to file thousands of suspicious activity reports (SARs) as well as thousands of Currency Transaction Reports (CTRs) from 2008 to 2014. financial system.”.

Banking 107

Banking Compliance Currencies Financial Systems 107

PYMNTS

JUNE 19, 2019

The success of this venture depends on its trusted and safe integration with the existing financial system,” Facebook said on Tuesday. The currency, Facebook said, would be backed by existing currencies and hard assets.

Treasury 77

Treasury Currencies Financial Systems Finance 77

PYMNTS

JULY 16, 2019

Mnuchin added that the Treasury has informed Facebook, as well as other cryptocurrency users, that they need to implement the same anti-money-laundering and counter-terrorism safeguards as other financial institutions. He added that the crypto is not intended to compete with principal currencies and won’t interfere with monetary policy.

Treasury 75

Treasury Securities Currencies Financial Systems 75

PYMNTS

MARCH 22, 2019

He said if banks issued similar currency it could lead to people moving money away from commercial banks. A move like this could potentially undermine the whole system, he said. There are other downsides to central bank-issued digital currency (CBDC), he explained.

Banking 69

Banking Currencies Financial Systems Retail 69

PYMNTS

OCTOBER 23, 2018

The SBI Group plans to license Sepior ApS ’ wallet technology to use in its own wallet, which will become a part of its digital currency exchange platform, the company said in an announcement. Work remains to be done to determine how it can be set up to maximize the benefits for the whole financial system.”.

Startups 76

Startups Banking Currencies Financial Systems 76

PYMNTS

JUNE 19, 2019

It’s also tied to traditional currency. The launch of Libra has also attracted the attention of regulators around the world , and the Group of Seven (G7) has called for an investigation into the supposed risks of cryptocurrencies and how they would affect the current financial system.

Currencies 72

Currencies Financial Systems Finance Marketing 72

PYMNTS

MARCH 6, 2019

Twitter Chief Executive Jack Dorsey is spending thousands of dollars per week to purchase bitcoin, betting the digital currency’s value will rise again. Dorsey predicted that bitcoin or a competing digital token will morph into the internet’s currency with global reach.

Currencies 64

Currencies Financial Systems Marketing 64

PYMNTS

JANUARY 6, 2021

Which meant, of course, that cash was, and still is, king — as tens of millions of people conduct daily commerce outside the confines of the traditional financial system. And they're used basically once with an ATM to withdraw" funds, said Diaz. Diaz estimated that cash still accounts for as much as 95 percent of transactions.

Banking 145

Banking Planning Accounting Currencies 145

PYMNTS

DECEMBER 9, 2016

According to the report, the move on the part of the Indian government is a direct result of its move to take high currency notes out of the system. The government recently banned currency in the 500-rupee and 1,000-rupee denominations.

Currencies 76

Currencies Financial Systems Banking Sales 76

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. The proposed currency has been on the minds of many regulators lately.

Banking 59

Banking Currencies Financial Systems Accounting 59

PYMNTS

MARCH 3, 2020

The hacking of virtual currency exchanges and related money laundering for the benefit of North Korean actors poses a grave threat to the security and integrity of the global financial system,” said U.S. but did not register with the Financial Crimes Enforcement Network (FinCEN). Attorney Timothy J.

Currencies 56

Currencies Financial Systems Securities Economics 56

PYMNTS

JUNE 20, 2019

government will respond to the introduction of new digital currencies. On Wednesday (June 20), Fed chairman Jerome Powell said that the country’s central bank has “significant input into the payments system,” which is the eCommerce system that Libra will affect. “We I think we’re a long way from that,” he said. Cowen & Co.

Currencies 67

Currencies Financial Systems Banking eCommerce 67

PYMNTS

SEPTEMBER 16, 2016

Smith went on in his speech to say that the lessons learned from the Bitfinex hack have improved the digital currency environment. Perhaps, with a few more $60 million learning opportunities, bitcoin should be well on its way to an established, viable currency. With time, the fundamentals surrounding the bitcoin market improved.

Currencies 77

Currencies Concentration Securities Banking 77

Global Finance

OCTOBER 10, 2024

Azerbaijan Taleh Kazimov: B+ Central bank Governor Taleh Kazimov, in office since 2022, had a boost in July when Fitch Ratings upgraded Azerbaijan’s long-term foreign currency issuer default rating to BBB- from BB+ with a stable outlook. Bangladesh has suffered years of financial system dysfunctionality.

Benchmarking 98

Benchmarking Foreign Exchange Forecasting Economics 98

PYMNTS

JULY 13, 2020

The nation’s banks hoping to use COVID-19 as an excuse to shutter branches or get permanent concessions from regulators better think again, the Financial Times reported. Brian Brooks , Acting Comptroller of the Currency, an independent agency within the U.S. Brooks told U.S.

Banking 68

Banking Currencies Treasury Financial Systems 68

PYMNTS

NOVEMBER 24, 2016

Visa and Mastercard both benefit as paper currency or checks turn toward electronics,” said Moshe Orenbuch, an analyst at Credit Suisse Group AG, who has a buy recommendation on both stocks, in an interview with Bloomberg.

Currencies 72

Currencies Financial Systems Investments Banking 72

Barry Ritholtz

SEPTEMBER 30, 2022

John Paulson on Frothy US Housing Market: This Time Is Different Unlike subprime era, financial system is not at risk, he says Real interest rates blamed for lackluster gold price. The ultrawealthy are donating more than ever. That doesn’t mean the rest of us are giving less. ( Bloomberg ). Fox Business ). • New York Times ).

Currencies 72

Currencies Financial Systems Banking Economics 72

PYMNTS

JULY 1, 2020

The Office of the Comptroller of the Currency (OCC) said in a report this week that it will examine how the coronavirus is impacting compliance by financial institutions (FIs). As noted in this space last month, Brian Brooks, acting Comptroller of the Currency, said in letters to the National League of Cities, U.S.

Compliance 66

Compliance Banking Currencies Financial Systems 66

PYMNTS

AUGUST 26, 2019

House Financial Services Committee Chair Maxine Waters met with government officials in Switzerland about Libra, and said she remained concerned about the viability of the currency, according to a report by Reuters. Facebook, which announced the currency in June, wants to get regulators on board with Libra so that it can move forward.

Currencies 58

Currencies Compliance Financial Systems Investments 58

PYMNTS

SEPTEMBER 21, 2020

The reality of the global financial system is that there will always be attempts to launder money and evade sanctions; the responsibility of banks is to build effective screening and monitoring systems, and we work closely with regulators and law enforcement to bring perpetrators to justice.”.

Banking 139

Banking Leverage Technology Compliance 139