IMF intends to develop a global CBDC, Stablecoins is money, Ripple, JP Morgan | Crypto Weekly 18 – 24 June

The Ukraine situation has caused widespread concern in global markets, affecting the cryptocurrency market as well.

The cryptocurrency sector is experiencing more regulatory scrutiny from governments all around the world.

Overall, the crypto sector is currently facing some challenges. The market’s performance in the coming weeks and months remains to be seen, but investors should be aware of the risks involved.

IMF’s Global CBDC Plan

The IMF is proposing a global CBDC that could make cross-border payments faster, cheaper, and more secure.

The project’s goal is to develop a framework that will make it simpler for consumers to engage in the financial system, increase payment system efficiency, and speed up international transactions.

CBDCs might be a game changer for the financially excluded, giving them access to government-backed digital money.

Deutsche Bank Seeks Crypto Custody License

The approval of Deutsche Bank’s proposal would be a significant milestone for the crypto sector since it would legitimize the asset class in the eyes of major financial institutions.

David Lynne, president of Deutsche Bank’s commercial banking division, revealed that the bank had applied to the German regulatory authorities for permission to offer crypto services.

Deutsche Bank is seeking regulatory approval from BaFin to offer digital asset services in a bid to boost fee income for its corporate bank subsidiary.

Romanian Authorities Seize $560K in Bitcoin from Andrew Tate

Romanian prosecutors have successfully seized Bitcoin from controversial social media personality and former professional kickboxer Andrew Tate.

Romanian authorities seized a staggering amount of assets from Andrew Tate, including 21 BTC worth $560,000, 15 high-end vehicles, 14 timepieces, 15 houses, and stakes in four businesses.

The Romanian Directorate for the Investigation of Organised Crime and Terrorism has indicted four suspects, including Andrew Tate’s brother Tristan. The accused will now be placed under house arrest as the judicial process continues.

Powell: Stablecoins Need Central Bank Regulation

Fed Chair Powell reiterated the need for strict central bank oversight of stablecoins during a House Financial Services Committee hearing on developing stablecoin legislation.

 Stablecoins and central bank digital currencies (CBDCs) were the main topics of interest when committee members asked Powell about digital assets.

Powell stressed that the central bank is the ultimate source of credibility in money and that this credibility is essential for the success of privately issued stablecoins.

Ripple Secures Major Step Forward with Singapore Payment License

Ripple has made a major stride in its global expansion with in-principle approval from the MAS. This permission will allow the firm to sell its products and services to a broader variety of clients in Singapore, as well as assist the company gain legitimacy in the eyes of other regulators across the world.

Ripple’s Singapore license comes at a time when the crypto sector is under attack from US authorities, but it demonstrates that other regulators are still eager to engage with the industry.

This initiative is a sign that Singapore is serious about becoming a leading player in the global digital economy. By approving Ripple, the MAS is signaling that it is open to new technologies and is willing to work with companies that are at the forefront of innovation.

JP Morgan Launches Euro Payments Revolution with JPM Coin

JPMorgan Chase is betting that blockchain technology will revolutionize the way we bank, and the company’s launch of euro-based payments using JPM Coin is a major step in that direction.

After a period of intense interest in 2021, banks and other traditional financial institutions are once again taking a serious look at the crypto and blockchain industry.

JPMorgan’s JPM Coin is now available for euro payments, a move that could revolutionize the way businesses send money across borders.

I am Vishal. I post articles about the cryptocurrency markets. I'm pursuing a BBA degree. My home is in Navi Mumbai, Maharashtra.I'm constantly interested in new advancements in this industry and I learn something new about it every day. I would love to share such information with you all.

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