The People’s Bank of China (PBoC) has released its latest financial stability report, addressing the regulation of cryptocurrencies and decentralized finance (DeFi). In the report, the PBoC emphasizes the need for global cooperation in establishing rules for the crypto industry.The report highlights that the cryptocurrency market represents only 1% of the global financial system and […]
The Bank of China’s Shanghai division has successfully completed its first transaction involving precious metals using China’s official central bank digital currency (CBDC), the digital yuan. The transaction, worth $14 million, took place on December 19 and was facilitated by receiving funds from abroad. This marks a significant milestone in the utilization of the digital […]
Russia has taken a significant step towards the implementation of its central bank digital currency (CBDC), the digital ruble, by integrating it into the nation’s tax code. President Vladimir Putin signed the new legislation into law, which aims to regulate the use and taxation of the upcoming CBDC. The tax code includes a definition of […]
The Migros Bank, a Swiss institution with a large customer base, is making efforts to attract customers and make saving more attractive. Starting from January 1, 2024, the bank will increase the interest rate on its Bonus Savings Account to 1.4 percent. Additionally, the interest rates on Youth Savings Accounts and the Free25 Personal Account […]
The Bank of China’s Shanghai branch has successfully completed the first-ever cross-border settlement for precious metals using the digital yuan central bank digital currency (e-CNY CBDC). The settlement, which took place on December 20, involved the transfer of 100 million yuan ($14 million) e-CNY CBDC received overseas for gold via the Shanghai Financial Exchange International […]
The Zurich Cantonal Bank (ZKB) has announced its plans to eliminate various account and card fees starting in 2024. This move comes as a response to the ongoing digitization in the banking industry, where the cost of maintaining a regular account should be minimal. While these fees may only amount to around 50 Swiss francs […]
The Swiss Bankers Association (SBVg) has responded cautiously to the lessons learned from the Credit Suisse crisis, staying true to its previous stance that a thorough analysis is necessary before any potential regulatory changes are made. The analysis and self-assessment by the Swiss Financial Market Supervisory Authority (FINMA) regarding the downfall of Credit Suisse has […]
The long-time president of the Swiss National Bank, Thomas Jordan, reportedly wanted to intervene at Credit Suisse much earlier than previously known. However, his concerns were not heeded. Months before the emergency takeover by UBS in March of last year, Jordan wanted to inject 50 billion Swiss francs of liquidity into the country’s second-largest bank […]
The Swiss National Bank (SNB) is facing new challenges as it struggles to combat the appreciation of the Swiss franc. Despite successfully taming inflation, SNB President Thomas Jordan now finds himself lacking the necessary ammunition to fight against the currency’s strengthening.In a recent speech titled “Does the Swiss National Bank Need More Capital?” Jordan emphasized […]
The digital tenge, Kazakhstan’s central bank digital currency (CBDC), has successfully completed a month-long pilot project. The pilot run involved various initiatives, including providing schoolchildren with free lunches in Almaty using the local Onay! card, originally designed for the transit system. The Kazpost postal system operator facilitated these transactions.During the pilot, plastic cards were issued […]
