Big banks are taking the ideas behind blockchain and adapting the technology to their business models. For instance, much of Italy’s banking sector uses Spunta,…
Posts published in “Banks”
Global central banks have already set interest rates at record lows and earmarked trillions of dollars on asset purchases as an economic response to the coronavirus pandemic.
“Financial crises recur in part because memories fade.” – Ben S. Bernanke, Timothy F. Geithner and Henry M. Paulson Jr in “Firefighting: The Financial Crisis and Its Lessons.”
Neel Kashkari, president of the Federal Reserve Bank of Minneapolis told CBS’s “60 Minutes” that “there is an infinite amount of cash in the Federal Reserve. We will do whatever we need to do make sure there’s enough cash in the banking system.”
“Forget the mattress! Keeping large sums of cash at home is risky,” the FDIC tweeted today. “The best place to protect your money is in an FDIC-insured bank where it’s safe and sound.”
Italy’s banking staffs have worked without protection against the coronavirus epidemic, and they may go on strike, according to the head of the sector’s main union on Tuesday.
Deutsche Bank says that inflation could become “more embedded” in the world economy, leading people to later question fiat money. The bank predicts “demand for alternative currencies will therefore likely be significantly higher by the time 2030 rolls around.”
The bank even wonders if, as authorities will face policy dilemmas as they try to balance higher yields with record debt levels, fiat currencies will survive.
Goldman Sachs’ private equity clients are bracing for a recession. “Every one of our clients is focused on being prepared for a recession,” said Alison Mass, the bank’s chairman of investment banking.
While interviewed on Bloomberg TV, Mass said the bank’s clients are creating checklists of ways in which to navigate a recession.
U.K.-based Cashaa, a cryptocurrency banking platform, has launched bank accounts for U.S.-based crypto firms in U.S. dollars.
Cashaa is offering the accounts through a partnership with Metropolitan Commercial Bank, which saw a more than 300-percent increase, year-on-year, in its non-interest income. Metropolitan Commercial Bank, which is headquartered in New York City, is a full-service commercial bank with banking centers in Manhattan, Boro Park Brooklyn and Great Neck, Long Island.
It had been reported that The Royal Bank of Canada (RBC) –– the country’s largest bank at more than $965 billion in total assets –– might launch a cryptocurrency trading platform. But, those reports turned out to not be true. With that said, according to Forbes, RBC is leading in enterprise blockchain research.
“Like many other organizations, files patent applications to ensure proprietary ideas and concepts are protected,” RBC spokesperson Jean Francois had told The Logic, before CoinDesk published an update clarifying that RBC had no plans to launch an exchange.
£910BILLION worth of bad debt could collapse the European Union banking system. The “urgent and actionable” reality in Europe, which has left to increasingly radical…
Gold refineries in Switzerland sent a record amount of gold to Shanghai last December, and Russia is buying gold in droves as well, as the United States experiences a time of tumultuous politics and the european banking system is reported to be on the verge of collapse.
Figures released at the end of January by Federal Customs Administrations showed that Switzerland, a world leader in gold production, sent 158 tonnes of gold to China, a five time increase over November’s sum and nearly three times the volume in December 2015.
The Spanish Government acted today to cap cash payments at €1,000, down from the current cap of €2,500. Anti-fraud measures enacted today include a VAT information and increased regulation of deferred payments.
The government is working on measures against fraud, including limiting the payment in cash to 1,000 euros instead of the current 2,500. The decree is set to be approved by the Council of Ministers next Friday. The Ministry of Finance admits it could be delayed.
In new rules for global banks who do financial business in Europe, Brussels tries to undermine future financial crises within the bloc and even gain more control over foreign financial firms.
Bitcoin and banks were never supposed to go hand-in-hand. So, in 2015, when the world’s largest financial institutions began investigation the technology behind Bitcoin, blockchain, it took many people by surprise. Now, approximately two years after those efforts began in earnest, it seems there’s somewhat of a clash taking place between Bitcoin and the consortium through which the world’s largest banks investigate blockchain technology, R3.
JPMorgan has uploaded the code for its private, Ethereum-inspired blockchain code to popular code repository Github. Quorum, which JPMorgan calls a “permissioned implementation of Ethereum supporting data privacy,” is essentially a blockchain focused for enterprise use.
JPMorgan promises “high speed and high throughput” processing of private transactions. “Quorum addresses specific challenges to blockchain technology adoption within the financial industry, and beyond.”
Two people were in critical condition and four others suffered serious burns when a man set himself on fire in a bank in Melbourne, Australia earlier this week.
The 21-year-old man, one of the critically injured patients, walked into Commonwealth Bank in the Melbourne bank carrying flammable accelerant and started a fire about 11:30 am AEDT.
Citizens of Cyprus, known as Cypriots, are finding out that their duly elected representatives have now sanctioned theft of their private bank accounts. President Nicos…