Category Archive : Banks

You Can Now Bank with Metropolitan Bank with Crypto Banking App Cashaa

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. Read More

Royal Bank of Canada Might Not Be Pursuing a Crypto Exchange, But It Ranks Among Enterprise Blockchain Leaders

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. Read More

The European Union Wants to Create a Public Bank for Continent’s Toxic Debt



big-banks

£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 parties claiming seats in the continent’s parliaments, has led to regulators on the continent plan for a “bad bank” contingency. Such a “bad bank” would effectively collectivize among the taxpayers the bad bets made by banks on the continent. 

According to Andrea Enria, chairman of the European Banking Authority, EU’s banking problems have become “urgent and actionable.”  Mr Enria recommended an EU “bad bank” be created in order to buy up toxic loans and fix the forlorn economy. The bad bank would use taxpayer funds to buy bad loans from struggling lenders.

Related: The Truth About Gold Buying in Europe

The EU is reportedly researching the ways in which regulators can reduce failing bank loans. A report, co-written by national finance ministries, is due in March, Express UK reports.

EU banking system is burdened by  €1.06trillion in toxic debt. That’s 5.4 percent of the entire EU’s total loans.  Approximately 10 EU states have an average bad loan ratio of 10 percent.



China & Russia are Stockpiling Gold



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. Read More

Spanish Government Limits Cash Withdrawals to €1,000



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. Read More

Brussels tries to take more control over non-EU banks

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.

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R3 Sends Cease-and-Desist to Bitcoin Developer Peter Todd

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. Read More

JP Morgan Publishes Code for Permissioned Ethereum

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.” Read More

Man Who Set Self on Fire in Australia Bank Complained about “No money for food”

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.
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