A draft law designed to regulate crypto mining in Russia introduces harsh penalties for miners failing to report digital assets to the state. In its latest revision, the bill also threatens to punish those who organize illegal trading of cryptocurrencies with imprisonment and hefty fines. Forced Labor Awaits Miners and Traders Who Operate Outside Law, According to New Bill Russian…
As the 40-year-old banking institution, Silicon Valley Bank (SVB), winds down operation, numerous venture capitalists and investors joined hands and decided to cushion the impact in case the bank “were to be purchased and appropriately capitalized.” Approximately 125 VCs and investors signed a statement supporting SVB as a way to limit the fallout of the bank’s collapse and subsequent extinction…
The Nigerian central bank recently said it had issued operational guidelines for open banking in Nigeria which are expected to enhance efficiency and access to financial services. According to the central bank, some of the guidelines’ objectives include ensuring “consistency and security across the open banking system.” Customer Permissioned Data Sharing The Central Bank of Nigeria said on March 7…
Billionaire Bill Ackman has urged the United States government to “guarantee” all Silicon Valley Bank’s (SVB)’s deposits within the next “48 hours,” or it risks the “destruction” of many financial institutions. In a Mar. 11 tweet, Bill Ackman, CEO of hedge fund management firm Pershing Square, said a “giant sucking sound” will be heard from the ”withdrawal of substantially all…
Use of cryptocurrencies is increasing in Russia, the head of the country’s financial watchdog has informed President Putin. The agency, Rosfinmonitoring, is following thousands of participants in digital asset transactions with a new blockchain analytics system, the official revealed. Volume of Crypto Transactions in Russia Almost $13 Billion, Financial Authority Says The turnover of crypto assets in Russia is growing,…
The death spiral of the Terra (LUNA) and TerraUSD (UST) ecosystem served as a catalyst to the 2022 bear market — causing losses in the millions, damaging investor sentiment and intensifying the regulatory spotlight over cryptocurrencies. However, the recent depegging of Circle’s USD Coin (USDC) led Binance CEO Changpeng ‘CZ’ Zhao to believe that traditional banks are a risk to…
Billionaire Bill Ackman has warned of “vast and profound” consequences of the U.S. government letting Silicon Valley Bank (SVB) fail without protecting all depositors. “No company will take even a tiny chance of losing a dollar of deposits as there is no reward for this risk. Absent a systemwide FDIC deposit guarantee, more bank runs begin Monday am,” he cautioned.…
Federal Reserve and Federal Deposit Insurance Corporation (FDIC) decisions concerning the future of Silicon Valley Bank may affect regional banks across the United States, putting trillions of dollars at risk of a bank run, said former Bridgewater executive and CEO of investment firm Unlimited Bob Elliot. In a Twitter thread on March 11, Elliot stated that nearly a third of…
The Bank of England (BoE) has halted the operations of Silicon Valley Bank’s U.K. branch (SVB UK), stating that it has a “limited presence” and no “critical functions” supporting the financial system in the United Kingdom (UK). BoE issued a statement on Mar. 10, declaring that SVB UK will “stop making payments or accepting deposits,” as BoE intends to apply…
The Bank of England (BoE) has halted the operations of Silicon Valley Bank’s U.K. branch (SVB UK), stating that it has a “limited presence” and no “critical functions” supporting the financial system in the United Kingdom (UK). BoE issued a statement on Mar. 10, declaring that SVB UK will “stop making payments or accepting deposits,” as BoE intends to apply…
