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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.

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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.

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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

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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

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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

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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

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CFO Talks

NOVEMBER 20, 2024

As a CFO, you’re not just preparing one financial report—you’re preparing two, and they need to align without creating confusion for your investors. Invest in strong financial systems that allow for dual reporting. Consider hedging strategies to reduce the impact of currency fluctuations.

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Global Finance

SEPTEMBER 4, 2024

“The Meli Dolar is an open solution from Mercado Pago, which has a unique capacity to scale financial products and services for everyone,” explains André Chaves, senior vice president at Mercado Pago, the Mercado Libre subsidiary responsible for the operation.

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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

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CFO Talks

JULY 4, 2024

Key Takeaway: Companies should consider candidates from diverse professional backgrounds for CFO roles to bring a holistic approach to financial leadership, encompassing not just accounting, but also operations, IT, HR, and strategic development.

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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.”.

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CFO News

APRIL 1, 2024

Over the years, the RBI's responsibilities have expanded to include monetary management, financial system regulation, foreign exchange management, currency issuance, payment system oversight, and developmental functions.

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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.”.

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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.

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Global Finance

SEPTEMBER 4, 2024

He also provides an update on Brazil’s innovative financial initiatives, including the development of DREX, the country’s digital currency. However, doing innovation sometimes means competing with the financial sector for people. This touches both the administrative and financial autonomy that we seek.

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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 ).

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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.

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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

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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.

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Global Finance

OCTOBER 10, 2024

György Matolcsy: After the global financial crisis, central banks realized that monetary institutions and policy needed to be renewed. The crisis pointed out the vulnerability of the financial system; therefore, the merger of the central bank and financial supervision into one institution helped strengthen financial stability.

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PYMNTS

JULY 5, 2019

The bank is worried that the currency will be difficult to regulate and that it could potentially harm the existing financial system. “It Some are worried that the fact that Libra could be tied to several national currencies means that Facebook is trying to avoid being under control from any particular country. .

Financial Systems 40

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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.

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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. ”

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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

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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.

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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.

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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.

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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

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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

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PYMNTS

JUNE 30, 2020

BIS General Manager Agustín Carstens called the move “an investment in the future of central banking and the financial system.”. BIS, in surveying 66 of the world’s banks, has also seen a shift toward creating central bank digital currencies (CBDC).

Currencies 59

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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

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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.

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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.”.

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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

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Global Finance

OCTOBER 11, 2024

trillion in extended credit and new capital for its consumer and institutional clients while moving $10 trillion in over 120 currencies daily. At the same time, UBS teams in Asia, the Middle East,and Latin America have kept working relentlessly to improve the bank’s digital offering for emerging market currencies.

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PYMNTS

JUNE 2, 2020

Brooks , Acting Comptroller of the Currency, said in a series of letters that some states’ long-term efforts to curb the coronavirus could lead to reduced real estate values and debt payments. The closures, Brooks said, were seemingly “indefinite” in some states, a press release from the Office of the Comptroller of the Currency (OCC) said.

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PYMNTS

OCTOBER 18, 2019

The Financial Action Task Force (FATF) said it is worried about “ stablecoins ,” like Facebook’s Libra , and how they could be used for illicit purposes. Facebook said Libra could help financial systems in developing countries, and give access to the unbanked population in those countries. Libra is planned for a 2020 release.

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