Deutsche Bank Predicts Switch from Fiat to Crypto in the Next Decade

Deutsche Bank Predicts Switch from Fiat to Crypto in the Next Decade

In a pretty lengthy yet enlightening research dubbed ‘Imagine 2030 – The Decade Ahead,’ a research team of Deutsche Bank predicts the imminent doom of fiat currencies as crypto takes over if the current trend is left unchecked. Jim Reid, the strategist behind this forecast took his time to point out some of the shortcomings – or ‘forces’ as he put it – that may eventually lead to the end of traditional fiat currency in…

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Treasury Secretary Mnuchin & Fed Chair Powell: No Plans for National Cryptocurrency

Treasury Secretary Mnuchin & Fed Chair Powell: No Plans for National Cryptocurrency

According to Treasury Secretary Steven Mnuchin, the U.S. government sees no use of diving into cryptocurrency anytime soon. Mnuchin was speaking at the House Financial Services Committee in Washington. The decision to not creating a national digital currency comes after a discussion with Jerome Powell, Chairman of the Federal Reserve. The conversation happened on Thursday while the two of them were having their weekly meeting. Mnuchin commented: “Chair Powell and I have discussed this —…

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Outrageous Predictions: New Asian Virtual Currency Will Counter Dollar’s Dominance

Outrageous Predictions: New Asian Virtual Currency Will Counter Dollar’s Dominance

According to the new release of ‘Outrageous Predictions’ by the banking fintech company Saxo Group, The United States dollar’s long-lived reign as the main reserve currency might soon meet its end, especially as China has started working on the creation of a new digital currency that is driven by blockchain technology. The prediction alleges that after its long history of funding itself in the US dollar, China has been a main constituent for the staggering…

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Softbank Rolls Out Smart Crypto Credit Cards with Advanced Wallet Functions

Softbank Rolls Out Smart Crypto Credit Cards with Advanced Wallet Functions

While we have seen a few crypto-based smart cards over the past year, the Japanese multinational conglomerate holding company Softbank just raised the bar a notch higher as it launched a set of ‘actual’ smart cards with cryptocurrency wallet functionalities. As opposed to previous cryptocurrency cards that perform basic operations of familiar conventional credit and debit cards, the SBC Wallet Cards are designed to perform way more functions, catering to both the users’ security needs…

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South African Reserve Bank Tightens its Claws on Cryptocurrency

South African Reserve Bank Tightens its Claws on Cryptocurrency

South African Reserve Bank (Sarb) is planning on presenting new rules to curb illegal use of cryptocurrencies in activities such as money laundering. The cryptocurrency news came after Kuben Naidoo, Deputy Governor of Sarb, mentioned the plans while talking to reporters. The new rules, which have been under consideration for five years, are expected to be implemented by the first quarter of the coming year (2020). Currently, South Africans are limited to sending 11 million…

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New Law in Germany Allows German Banks to Offer Crypto-Related Services

New Law in Germany Allows German Banks to Offer Crypto-Related Services

German banks have so far not been allowed to conduct their various businesses in cryptocurrency. However, a new law called the fourth EU Money Laundering Directive is going to revolutionize the way banks and customers interact. At its basic, the new law will empower banks to become the primary custodians of digital currency for their customers. Local news agency Handelsblatt reports: “Starting in 2020, financial institutions will be able to offer their customers online banking,…

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Banque de France Official Suggests Issuance of Central Bank Digital Currency

Banque de France Official Suggests Issuance of Central Bank Digital Currency

Denis Beau, First Deputy Governor of Banque de France (France’s central bank) discussed the possibility of central banks in Europe developing a digital currency at the AFME Annual Capital Market Technology and Innovation Conference, held in Paris on 21st November. Beau stated that the tokenization of financial assets, along with applications based on blockchain technology and distributed ledgers used for storage and exchange of electronic assets, can be a possible solution to meet consumers’ demand….

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South Africa’s FirstRand Bank Terminates Accounts Related to Crypto

South Africa’s FirstRand Bank Terminates Accounts Related to Crypto

FirstRand Bank has notified some of the most major cryptocurrency exchanges in South Africa about the closure of their accounts. These crypto exchanges include VALR, Luno and ICE3X. The decision came out after the bank reconsidered its risk factor when it comes to digital currencies and decided to discontinue working with companies that it considered to increase the risk factor. The decision, however, can be revised. According to the bank’s statement, it might change its…

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Ex-Federal Reserve Chairman Greenspan: ‘No Point’ Issuing Central Bank Digital Currency

Ex-Federal Reserve Chairman Greenspan: ‘No Point’ Issuing Central Bank Digital Currency

The former Federal Reserve chairman Alan Greenspan said at a conference that it is pointless for central banks to issue their own digital currencies. Presenting his views, Greenspan said that national (fiat) currencies are backed up by sovereign credit and therefore are far superior to digital assets proposed by tech giants like Facebook. “There’s no point for them to do it,” Alan Greenspan affirmed a financial conference in China. Describing the importance and potential of…

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Switzerland-Based Banking Firm SEBA Now Fully Functional After Receiving Licence

Switzerland-Based Banking Firm SEBA Now Fully Functional After Receiving Licence

After successfully obtaining a banking license from the Swiss Financial Market Supervisory Authority (FINMA), SEBA Bank announces the launch of its services in digital assets and traditional assets banking. In a blog post that announced the launch of the bank’s new crypto services, it reports that the bank will now cater to a wide range of clients that include “asset managers, pension funds, companies, and professional private investors.” FINMA has closely monitored the operations at…

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