An Indian cryptocurrency ban would have grave implications for the future of the country’s economy, and would result in currency devaluation “of the worst form,” says blockchain entrepreneur and HashCash CEO Raj Chowdhury. Chowdhury, also the managing director of the United States-based PayBito cryptocurrency exchange, said India’s rejection of Bitcoin (BTC) and other cryptocurrencies would be the equivalent of rejecting the U.S. dollar. Without regulating and eventually adopting cryptocurrency as a reserve currency, Chowdhury believes India’s economy would suffer in the long term. “Maintaining Cryptocurrency reserves are as important as maintaining dollar reserves. By banning crypto, India will end up …

Institutional investors will soon be able to receive Bitcoin-collateralized U.S. dollar loans through Silvergate Capital Corporation — the holding company of pro-crypto institution, Silvergate Bank. According to an announcement from Silvergate, Coinbase Custody will be the custodian for loans funded through the bank’s Silvergate Exchange Network, or SEN. The network will provide access to capital through U.S. dollar loans collateralized by Bitcoin (BTC) while Coinbase holds the crypto in cold storage. "Traditional lending services generally do not exist in the digital currency industry, which means there aren’t many lenders for investors to choose from," said Jon Melton, Silvergate director of …

Bitcoin’s (BTC) market capitalization of $1 trillion and potential for continued growth have made the cryptocurrency “too important to ignore,” according to Deutsche Bank analysts. Deutsche Bank Research, the financial research subsidiary of global banking giant Deutsche Bank, issued a report devoted exclusively to Bitcoin, titled “The Future of Payments: Series 2 Part III. Bitcoins: Can the Tinkerbell Effect Become a Self-Fulfilling Prophecy?” In the 18-page study, Deutsche Bank Research describes the basic characteristics of Bitcoin and analyzes the key drivers of its historical price growth to a $1 trillion asset. Deutsche Bank analysts suggested that the Bitcoin price “could …

Cryptocurrency startup Fireblocks has raised $133 million in a Series C funding round. The investment round was led by venture capital firms Coatue, Ribbit and Stripes, with strategic investment from BNY Mellon and Silicon Valley Bank. Michael Shaulov, CEO of Fireblocks, said the cash injection will allow the company to expand the settlement infrastructure needed to onboard new customers as crypto adoption heats up: “While we have no plans to become a bank, we believe our infrastructure will lend itself perfectly to power an entirely new era of financial services.” Regarding his firm’s investment in Fireblocks, Micky Malka of Ribbit …

Switzerland's Financial Market Supervisory Authority, the country's principal financial regulator, has made an "unfavorable prognosis" regarding Bitcoin Suisse's application for a banking license. According to an official announcement on Wednesday, Bitcoin Suisse's current application is ineligible for approval on the grounds that "various elements that are relevant under licensing law make it unlikely that a license will be granted." As such, Bitcoin Suisse has decided to withdraw its application. Speaking to Cointelegraph, Bitcoin Suisse CEO Arthur Vayloyan remained optimistic, stating that the firm still has "so many options on the table." He explained that the firm's reputation for cryptocurrency storage …

Japan is taking a measured but attentive approach to global interest in central bank digital currency issuance. In his latest remarks published on Tuesday, Bank of Japan Governor Kuroda Haruhiko noted that the institution has not changed its stance and still does not currently have a concrete plan to issue a CBDC. However, this non-commitment does not mean inactivity on the CBDC research and development front by any means. In October 2020, Japan's central bank pledged to begin the first of several testing phases for its own CBDC proof-of-concept. Haruhiko has now confirmed that these are due to begin this …

Shanghai’s New World City and New World Daimaru Department Store, and food caterer Taikang Food Store handled thousands of digital yuan transactions over the past weekend, Shanghai Daily reports. As part of the trial, the retailers featured digital yuan payments as part of a sales campaign in conjunction with International Women’s Day. Brand director of Shanghai New World Li Wei said that the firm reached out to commercial banks to offer discounts as part of the campaign. “We have worked to upgrade the digital payment module ahead of the trial program, and we believe it offered extra stimulus for shoppers …

Major South Korean commercial bank Shinhan Bank is looking to collaborate with the country’s central bank on developing a national digital currency. Shinhan Bank has developed a blockchain-based pilot platform for a central bank digital currency, or CBDC, in partnership with LG Corporation’s IT services arm, LG CNS, South Korean news agency Yonhap reported Monday. Shinhan Bank and LG CNS created a virtual CBDC model where the Bank of Korea issues a CBDC, while other banking institutions like Shinhan Bank act as financial intermediaries. The bank emphasized that CBDC intermediaries would be an integral part of a digital won ecosystem, …

A 44-page report commissioned by CPA Australia delves into the status of central bank digital currency development worldwide, while exploring viable blockchain candidates for hosting CBDCs in the coming years. The report offers up evaluations of the three most transacted cryptocurrencies — Bitcoin (BTC), Ether (ETH) and XRP — and analyses their suitability (or lack thereof) for use by central banks. Bitcoin’s decentralized network and lack of oversight by banks or governments make it generally unsuitable for use in a national CBDC network, notes the report. Although Bitcoin is still accepted as a medium of exchange the world over, its …

Just last month, SCB 10X — the venture arm of Siam Commercial Bank — had announced its new $50 million fund dedicated to investments in global blockchain, decentralized finance and digital asset startups. The banking institution is Thailand's oldest bank, established by royal charter back in 1907, and its latest forays into blockchain via SCB 10X are already underway. According to a report on March 5, SCB 10X is a contributor to the recent $80 million Series C raised by Anchorage, a crypto custodian and digital asset platform that received the United States' first federal digital asset banking charter at …

Colombia’s oldest commercial banking institution, Banco de Bogotá, is reportedly exploring cryptocurrency-related services. According to a report by local news agency Portafolio, Banco de Bogotá announced Monday that it will participate in a pilot project directed by the Superintendencia Financiera de Colombia, the country's top financial regulator. The project will be run within a regulatory sandbox — dubbed la Arenera — which was approved by the Ministry of Finance and Public Credit in September 2020. Banco de Bogotá will explore the business model and potential risks associated with the management of crypto assets by allowing a select group of clients …

Turkey made itself a name as a crypto-friendly country with a "wait and see" approach to digital assets, but that could be about to change, as the government is now ready to take things in hand. The Turkish Ministry of Treasury and Finance went to Twitter to express concerns about cryptocurrencies and to announce collaborative work on the topic with several local regulators on Monday. According to the announcement, the ministry is working with the central bank alongside two financial regulatory agencies: "We share the rising concerns about crypto with the rest of the world. The developments (on crypto around …