Banking Giant Goldman Sachs Seeks Digital Asset Project Manager for Crypto Development

Banking Giant Goldman Sachs Seeks Digital Asset Project Manager for Crypto Development

The recent hot story from the crypto news sphere is that the banking giant Goldman Sachs may follow the footsteps of JPMorgan and will launch its own USD-backed stablecoin. The CEO of Goldman Sachs, David Solomon, reveled in an interview with French news outlet Les Echos recently that the company is studying cryptocurrency for tokenization of various asset class and exploring possible ways to disrupt the current financial market with new products and services. Goldman…

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European Central Bank: Development of Facebook’s Cryptocurrency Libra is “Too Dangerous”

European Central Bank: Development of Facebook’s Cryptocurrency Libra is “Too Dangerous”

The newly-introduced cryptocurrency Libra of the social media giant Facebook has already created chaos in the crypto sphere and shaken financial regulatory bodies across the globe. Facebook Libra is a stablecoin backed by USD and it is quite different from Bitcoin, but it still works on the principle of decentralization (at least to a degree) which has become major concerns amongst regulators. Not only in Washington but regulators in Europe are also moving quickly to…

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Venezuela’s Maduro Compels All Banks to Allow Trade in El Petro Cryptocurrency

Venezuela’s Maduro Compels All Banks to Allow Trade in El Petro Cryptocurrency

Venezuela’s Maduro government recently took another step towards promoting its state-issued cryptocurrency, El Petro. The Venezuelan government asked Banco de Venezuela and all of its branches to allow citizens to buy and sell El Petro, the state-issued cryptocurrency that Maduro has been pushing aggressively. Venezuela has been facing tremendous pressure from strict US sanctions and trade embargo. As a result, Venezuela has almost come down on its knees. Not only foreign investors but domestic investors…

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New European Central Bank Boss Christine Lagarde May Be More Crypto-Friendly

New European Central Bank Boss Christine Lagarde May Be More Crypto-Friendly

Christine Lagarde, the newly-nominated European Central Bank (ECB) President, might bode well for the crypto industry as she presents a balanced perspective about cryptocurrencies. It is first important to note that cryptocurrencies, with Bitcoin in the lead, have been a topic of a lot of passionate discussions by economists and professionals in the finance industry as many of them are concerned about the volatility and legitimacy of digital currencies. Some believe that cryptocurrencies can be…

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Banking Giant Goldman Sachs May Launch its Own Crypto Stablecoin

Banking Giant Goldman Sachs May Launch its Own Crypto Stablecoin

One of the largest US-based multinational investment banks and financial services companies, Goldman Sachs, might launch its own stablecoin like its banking rival JP Morgan Chase that previously announced its own USD backed stablecoin called JPM Coin. In an interview with French financial newspaper Les Echos on June 28, Goldman Sachs CEO David Solomon said that the banking giant is doing extensive research on the concept of tokenization of assets to take part in the…

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From the Feds to Crypto: Stephen Moore Builds a Decentralized Central Bank

From the Feds to Crypto: Stephen Moore Builds a Decentralized Central Bank

The cold war between the Feds and the crypto space just got even more thrilling as a strong player, the reputable economist Stephen Moore, decided to move away from the Feds to eat and dine with what can only be referred to as ‘aspiring crypto Feds.’ This move came after Moore retracted his wish of having a seat at the Fed Reserve board. Just about the same time, at the SALT conference in May (where…

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Australian Bankers Fear Facebook Libra Would Endanger Old Conventional Financial Institutions

Australian Bankers Fear Facebook Libra Would Endanger Old Conventional Financial Institutions

According to reports in the Australian media, senior executives from the banking sector in Australia have made cautionary statements about the fact that the attempt made by Facebook to develop its very own virtual currency is a vividly clear threat to all other industries. However, there are other payment experts who doubt that this virtual coin will have any effect on the traditional monetary sector. For the banking business chief of NAB Anthony Healy, Facebook…

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Facebook Libra Fails to Apply for RBI Approval to Operate in India

Facebook Libra Fails to Apply for RBI Approval to Operate in India

Facebook’s new cryptocurrency, Libra, might not be available in India because of the current ban on all blockchain-based cryptocurrency transactions. A report by a local publication, The Economic Times, cites people familiar with the matter claiming that Facebook has yet to apply for Reserve Bank of India’s approval to launch Libra in India. Furthermore, a Facebook spokesperson has underlined that Libra will not be available in US-sanctioned countries or countries that have a ban on…

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Merrill Lynch Employee Fined and Suspended for Not-Disclosed Crypto Mining Operation

Merrill Lynch Employee Fined and Suspended for Not-Disclosed Crypto Mining Operation

The United States Financial Industries Regulatory Authority (FINRA) has suspended and fined an ex-Merrill Lynch banker, Kyung Soo Kim. The self regulating financial authority has taken the decision to impose a $5,000 fine,and one month suspension on Kim for partaking in a cryptocurrency activity without a proper notice. Kim allegedly performed a cryptocurrency mining operation in December 2017, right before the Bitcoin price peaked at almost $20,000. Although he has neither confirmed nor denied these…

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Israeli Supreme Court Rules a Major Bank Must Serve Crypto Exchanges

Israeli Supreme Court Rules a Major Bank Must Serve Crypto Exchanges

After a fierce legal battle, the Israeli Supreme Court has ruled in favor of the crypto exchange Bits of Gold against one of the largest banks in the state. This comes as a notable legal victory for the cryptocurrency exchange, following attempts by the Israel-based Bank Leumi to block the Israel-based digital currency exchange, citing policy and regulatory reasons, after the bank classified cryptocurrency firms as gambling companies. The bank, however, maintains its stand against…

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