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Banks Not Getting Anticipated Benefits From Rate Hikes, ECB Executive Admits

May 19, 2023 0

Eurozone banks are profitable but the benefits from higher interest rates may be smaller than expected, according to the deputy head of the single currency area’s monetary authority. The official noted that while most of the tightening has been done already, more rate increases are to come.

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Bitpay Ceases Prepaid Mastercard Program, Promises Enhanced Card Service in the Future

May 19, 2023 0

Cryptocurrency proponents in the United States are facing increasing challenges when it comes to utilizing digital assets for expenditures. Several crypto companies have encountered difficulties in securing banking partners. This week, Bitpay, a prominent player in the crypto payments sector, made an announcement regarding the termination of its current Bitpay prepaid

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Russia and Iran Phasing Out US Dollar in Bilateral Trade Settlements

May 19, 2023 0

The governments of Russia and Iran are starting to phase out the usage of the U.S. dollar to conduct bilateral trade settlements. Russian Deputy Prime Minister Alexander Novak stated that 80% of Russia-Iran trade transactions are settled using national currencies and that they are considering also the usage of the Chinese yuan. 80% of Russia-Iran […]

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Digital Ruble Law Likely to Be Passed in June According to Russian Official

May 19, 2023 0

The digital ruble law project, which was already discussed and approved in its first reading, could be passed in June, according to Anatoly Aksakov, chairman of the Duma’s Financial Markets Committee. The Bank of Russia is currently waiting for the enactment of this ruleset to conduct a live test of the CBDC’s (central bank digital […]

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Binance Halts Deposits and Possibly Withdrawals for Aussie Users After Being Cut Off by Australian Payment Service Provider

May 19, 2023 0

Binance Australia said on May 18 that it is “unable to facilitate PayID AUD deposits for Binance users” due to a third-party payment service provider’s decision to discontinue support for the crypto exchange. Binance Australia said while it works to find an alternative, users can still “buy and sell crypto using credit or debit cards.” […]

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Hong Kong Launches Digital Currency Pilot With 16 Firms Including HSBC, Bank of China, Alipay

May 19, 2023 0

The Hong Kong Monetary Authority (HKMA) has announced the commencement of its e-HKD pilot which “will take deep dives into potential use cases in six categories.” The pilot paves the way for “the possible implementation of a retail central bank digital currency (CBDC),” the central banking institution explained. Pilot Program for e-HKD Begins The Hong […]

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Venezuela’s President Declares Inevitable Shift Away From US Dollar in De-Dollarization Push

May 19, 2023 0

Venezuelan President Nicolas Maduro has announced that Venezuela will shift away from using U.S. dollars in trade, emphasizing that the de-dollarization process is “inevitable.” He described: “This is the path of Venezuela and the path of a free economy where currencies are not used to punish countries and impose sanctions.” Venezuela Shifting Away From USD […]

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Rate Hikes Affecting Housing Markets in Eurozone, United States, ECB Study Shows

May 18, 2023 0

Interest rate hikes in the euro area are already causing a decline in housing investment, the zone’s central bank revealed in a study. While smaller than in the United States, the impact of the monetary policy tightening on the Old Continent is likely to grow further, the regulator expects. Housing Investment in Europe Declining Amid […]

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Litecoin Network Surges With Activity as Ordinal Inscriptions Drive Transaction Volume

May 18, 2023 0

Based on recent data, the Litecoin (LTC) network has seen a considerable surge in activity due to an increase in Ordinal inscription minting happening on its blockchain. The cryptocurrency’s value has risen by more than 13% in the past week, although it has dipped more than 4% within the last 24 hours. Additionally, the Litecoin […]

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FTX Executives Sue Co-Founders Amidst Failed FTX Stocks Project

May 18, 2023 0

Court documents filed on May 17, 2023, reveal that current executives overseeing FTX and its subsidiary, Alameda Research, have initiated a lawsuit against Sam Bankman-Fried, the former CEO of FTX, Nishad Singh, FTX’s former director of engineering, and Zixiao “Gary” Wang, co-founder of FTX. The legal action stems from the exchange’s ambitious FTX Stocks project, […]