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

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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

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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.”

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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

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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

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PYMNTS

JUNE 18, 2019

The announcement today establishes Libra as the foundation for a new, low or no cost, global payments and financial services ecosystem, one built by Facebook, to give billions of people access to the “internet of money.” Users will be able to download the app inside of those platforms and transact with it using the Libra currency.

Currencies 98

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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

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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

Global Finance

APRIL 7, 2025

So too are a flat corporate and income tax rate of just 10% and a local currencythe levtied by a currency board to the euro. A strategic location in southeastern Europe on the edge of the Black Sea, a well-educated workforcedespite the labor shortagesand an economy fully integrated with the European mainstream are all positives.

Education 52

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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

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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

OCTOBER 8, 2019

In other news, Germany’s federal finance minister has sent out a warning about private currency projects like Libra. Minister Olaf Scholz said in an interview a local German outlet that he remains “very, very critical” of Libra, but conceded that an e-euro would be good for Europe’s financial system. or any private providers.”.

Currencies 40

Currencies Finance Financial Systems Securities 40

PYMNTS

OCTOBER 1, 2018

31, 2018, will mark the 10th anniversary of the day that a link to a paper , authored by Satoshi Nakamoto , describing the digital currency called bitcoin was first publicly circulated. Ten years after bitcoin launched, it remains the go-to currency of criminals and a way for cybercrooks to wash their money. The end of this month, Oct.

Currencies 85

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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

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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

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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

OCTOBER 7, 2019

Access to smartphones is giving people unprecedented access to financial services, Libra recounted at launch – and the Libra network and currency, coupled with the Calibra wallet, would accelerate and democratize access to those services. These are the same 1.5 billion people that Libra said at launch it intended to help.

Currencies 79

Currencies Advertising Construction Financial Systems 79

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

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.

Banking 64

Banking Currencies Financial Systems Planning 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

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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

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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