A Bank for International Settlements (BIS) study reveals dollar-backed stablecoins are fostering 'digital dollarization' in emerging markets, largely bypassing capital controls. This trend, driven by macroeconomic stress, challenges traditional monetary policy and necessitates new regulatory tools, despite offering financial access.
The Bank of Korea is reportedly planning to launch the second phase of its wholesale central bank digital currency (CBDC) pilot, Project Hangang, as early as September. This phase will expand participation to nine banks, introduce new payment features, and test government subsidy disbursements using tokenized bank deposits.
The European Central Bank (ECB) warns that stablecoins threaten European bank deposits by operating outside the traditional banking system, potentially reducing lending capacity. Executive board member Piero Cipollone presented the digital euro as a structural solution to safeguard deposits and transaction data for commercial banks.
ECB Executive Board member Piero Cipollone warns that widespread stablecoin adoption could reduce commercial banks' retail deposit base, while promoting the digital euro as a solution to preserve banks' role in the payments system.
The Enforcement Directorate has frozen Rs 440 crore in All India Trinamool Congress (TMC) bank deposits in Kolkata under the Prevention of Money Laundering Act. The action is part of a probe into alleged financial transactions linked to cyber fraud proceeds routed through aviation and travel companies.
Russian President Vladimir Putin has signed a new law allowing the arrest of property, bank deposits, and accounts of citizens residing abroad who commit crimes against Russia's interests, including discrediting the armed forces or inciting hatred.
India's government and RBI introduced measures to attract foreign portfolio investors and non-resident funds into government bonds and bank deposits, including tax exemptions and risk mitigation strategies, leading to a significant rupee gain.
US Senator Thom Tillis said the current text of the CLARITY Act offers a compromise for the crypto industry and banks and provides a bipartisan path for the bill’s passage.
US banking groups are pressing regulators to slow parts of the federal rollout of the GENIUS Act, opening a new front in their broader fight over how far stablecoins should be allowed to move into territory long dominated by bank deposits. On April 22, the American Bankers Association (ABA) and three other banking trade groups […] The post US Bankers push for 60 day delay to stop national stablecoin rules going live appeared first on CryptoSlate.
US banking groups are pressing regulators to slow parts of the federal rollout of the GENIUS Act, opening a new front in their broader fight over how far stablecoins should be allowed to move into territory long dominated by bank deposits. On April 22, the American Bankers Association (ABA) and three other banking trade groups […] The post US Bankers association push for 60 day pause to stop stablecoin rules going live appeared first on CryptoSlate.
