The FDIC has noted in its annual review the potential for new and complex risks to the US banking system from crypto-related activities, citing fraud, legal ambiguities, misleading statements, and vulnerabilities in risk management.
Despite the Hong Kong government making efforts to establish the territory as a crypto hub, local crypto companies are having difficulty in securing corporate bank accounts.
Michael Saylor, CEO of MicroStrategy, has recently expressed his conviction that major banks are beginning to acknowledge the huge potential of Bitcoin.
The European Commission has implemented a new clause in the MiCA, the EU crypto regulation legislation, that requires banking institutions operating within the Union’s 27 countries to disclose information regarding the availability of reserves in digital currencies.
Moody’s believes the introduction of cross-border transaction technology related to CBDCs could be detrimental to banks as the new infrastructure would reduce their role significantly.
Xapo Bank has partnered with financial technology company Circle to introduce USD Coin (USDC) payment rails as an alternative to SWIFT.
Signature Bank was reportedly able to resolve their outflow of deposits by the time the New York state regulator had chosen to close the financial institution.
"A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution." - Satoshi Nakamoto (Bitcoin White Paper)
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