California Is Ready To Pilot A Postal Banking Solution By Thomas M. Hanna and Jeff Olson, The Hill. October 14, 2020 California Is Ready To Pilot A Postal Banking Solution2020-10-142020-10-14https://popularresistance-uploads.s3.amazonaws.com/uploads/2017/12/popres-shorter.pngPopularResistance.Orghttps://popularresistance-uploads.s3.amazonaws.com/uploads/2020/10/usps.png200px200px Above photo: Greg Nash. The U.S. Postal Service (USPS) is under attack and at grave risk. But with that many Americans are awakening to both the value of the USPS and the manifest dangers of privatization. The crisis has also sparked renewed interest in postal banking, a win-win approach that could both make the USPS more financially resilient and provide badly needed financial services to tens of millions of Americans. Over the […]
Banking
https://cdn1.img.sputniknews.com/img/105761/07/1057610789_0:285:5472:3363_1200x675_80_0_0_79823f32074cc2480ee3d19227cebedf.jpg Sputnik International https://cdn2.img.sputniknews.com/i/logo.png Sputnik https://cdn2.img.sputniknews.com/i/logo.png https://sputniknews.com/uk/202010081080709687-uk-banking-system-is-able-to-prop-up-economy-amid-covid-19-pandemic-bank-of-england-says-/ MOSCOW (Sputnik) – UK banks are capable of providing support for the country’s businesses and households amid the COVID-19 pandemic, the Bank of England said on Thursday. According to the UK central bank, the recent spike in the coronavirus infection and health measures introduced could undermine the already strained situation for many people. “Since the global financial crisis in 2008, we’ve taken actions to strengthen the UK financial system. As a result, UK banks are strong enough to keep supporting households and businesses through this difficult period,” the Bank of England said in a […]
Senate Banking Committee member Pat Toomey (R-Pa.) said Monday that he intends to take up digital currency regulation and payments system reform if he becomes the committee’s next chairman. Source link
A new app that allows users to buy bitcoin, as well as earn interest on holdings, is reportedly looking at going public in the U.K. UPDATE (Sept. 7, 13:50 UTC): This article has been updated to clarify that Mode Banking uses custodial provider BitGo to hold customer assets. Source link
Acting Comptroller of Currency (and former Coinbase exec) Brian Brooks is spearheading the move to let payment firms operate as banks across state lines. Source link
The Coronavirus Aid, Relief, and Economic Security (CARES) Act , a $2 trillion economic stimulus bill signed into law by President Trump in March in response to the economic fallout from the COVID-19 pandemic, provides for a Paycheck Protection Program extending forgivable loans to small businesses. World banks are looking to siphon off some $18 billion in fees for facilitating the settlement of small business relief loans under the Paycheck Protection Program (PPP) that originated from the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Washington Center for Equitable Growth’s (WCEG) policy director, Amanda Fischer, is cited by The Intercept […]
Cryptocurrency exchange Kraken has added a new bank to its funding options for U.S.-based customers. Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Source link
Not every U.S. lawmaker is on board with the idea of a central bank digital currency (CBDC) or digital dollar, but no one explicitly rejected it during a hearing of the powerful Senate Banking Committee Tuesday. That’s probably the biggest takeaway from Tuesday’s hearing, where the panel heard from former regulator turned CBDC evangelist Chris Giancarlo, Paxos CEO Charles Cascarilla and Duke Law professor Nakita Cuttino as expert witnesses. The lawmakers present asked questions about financial inclusion, including what potential regulations or laws might make digitization easier and more accessible to the unbanked. “The U.S. needs a digital dollar,” said Senator […]
Why Banking Needs A Co-operative Revolution By Iwan Doherty, Mutual Interest. June 24, 2020 Why Banking Needs A Co-operative Revolution2020-06-242020-06-24https://popularresistance-uploads.s3.amazonaws.com/uploads/2017/12/popres-shorter.pngPopularResistance.Orghttps://popularresistance-uploads.s3.amazonaws.com/uploads/2020/06/banking-sector-scaled-e1593023275513.jpg200px200px You’d struggle to find anyone who believes our current banking sector was the ideal one for producing and maintaining a strong and just economy. The 2008 crisis showed how unstable, and vital to the wider economy, the sector is. The fact is, credit is both necessary and central to the global economy. Economists like Lazzarato have come up with theories about how debt drives economic production and an ever-increasing economy and in an era where finance has come to dominate our […]
Binance, the world’s largest cryptocurrency exchange by trade volume, has joined the Indian tech industry association that helped overturn the nation’s crypto banking ban earlier this year. The cooperation between Binance and the Internet and Mobile Association of India (IAMAI) is an early step in implementing industry best practices in the Indian crypto market, according to a press statement. India’s crypto sector has rapidly emerged after the lifting of a de facto ban in March 2020. Binance is now a member of the IAMAI’s crypto committee. The IAMAI is a not-for-profit trade body of digital businesses operating within the country. Its […]
U.N. and Federal Reserve experts independently researched central bank digital currencies and found they could effectively compete with the commercial banking system. Meanwhile, New York State and France have entered into a regulatory agreement and Europol is concerned about the bitcoin privacy wallet Wasabi. Here’s the story: You’re reading Blockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’s newsletters here. Top shelf Demise of Banking?In a new research paper, the Federal Reserve of Philadelphia investigated the implications of an account-based CBDCs, focusing on its potential competition […]
Lebanon’s financial crisis has banks looking for alternative monetary policy and citizens scrambling for alternative banking services. The economic crisis has been raging for years, but political turmoil and the pandemic-induced global market downturn has raised fears of government defaults and the devaluation of the Lebanese pound. As a result, more Lebanese people are seeking information about bitcoin (BTC), which is relatively cheap and accessible compared to the fractured banking system. The exchange rate for Lebanese pounds to dollars has skyrocketed from 1,500 pounds for every dollar to 4,000 pounds for every dollar, said Patrick Mardini, CEO of the Lebanese Institute […]
Crypto bank Avanti now has the backing of several popular investors in crypto. The bank raised $5 million in an angel round and closed on a subscription to issue an additional amount at its option at a later date, said Avanti CEO Caitlin Long. The round was led by the University of Wyoming Foundation with participation from Anthony Pompliano’s Morgan Creek Digital, Blockchain Capital, Digital Currency Group, Lemniscap, Madison Paige Ventures, Malex Enterprises, Susan B. Anthony, LLC, Gary Gigot and others. “This announcement means Avanti is sufficiently funded to get through the process of applying for a charter application,” Long said. […]
India’s commercial banks can indeed provide banking services to traders and firms dealing in cryptocurrencies, the nation’s central bank clarified last week. “As on date, no such prohibition exists,” the Reserve Bank of India (RBI) said on May 22. The statement came in response to a query filed by BV Harish, co-founder of the cryptocurrency exchange Unocoin, under the Right to Information (RTI) Act. As reported by The Economic Times on Tuesday, the RTI was filed on April 25, seeking clarification on whether banks were still prohibited from providing services to cryptocurrency traders and service providers despite a recent ruling by […]
Treasury Secretary Steven Mnuchin speaks during a coronavirus task force briefing in April. Jabin Botsford/The Washington Post via Getty Images hide caption toggle caption Jabin Botsford/The Washington Post via Getty Images Treasury Secretary Steven Mnuchin speaks during a coronavirus task force briefing in April. Jabin Botsford/The Washington Post via Getty Images Treasury Secretary Steven Mnuchin and Jerome Powell, chair of the Federal Reserve Board of Governors, will remotely address the Senate Banking Committee on Tuesday regarding the disbursement of hundreds of billions of dollars in coronavirus relief aid. In written testimony released on Monday (below), Powell described the pandemic as having […]
The Pandemic Has Shown That We Need A Public Option For Banking Services By Raúl Carrillo, Inequality.org. May 18, 2020 The Pandemic Has Shown That We Need A Public Option For Banking Services2020-05-182020-05-18https://popularresistance-uploads.s3.amazonaws.com/uploads/2017/12/popres-shorter.pngPopularResistance.Orghttps://popularresistance-uploads.s3.amazonaws.com/uploads/2020/04/publicbank-e1589818416424.jpg200px200px As marginalized families without bank accounts struggle to get stimulus checks, it’s time to fix the rusty pipes of our inequitable financial system. The COVID-19 pandemic response has shown that the very foundations of our economy are shaky, fragile, and — for some of us — downright dangerous. We’re once again watching working people, especially working people of color, bear the brunt of the fallout. Meanwhile, big companies traded […]
Things are settling in on the third day of Blockchain Week. Tuesday saw Nym’s Harry Halpin give an in-depth demonstration on how to shield your transactions, while Vitalik Buterin walked back a comment he made the previous day. Here’s what my colleague Nikhilesh De watching for throughout the day: Good morning folks, and welcome to day three of CoinDesk’s Consensus: Distributed. There’s a lot to look forward to today, but in the interests of keeping this newsletter opening relatively short I’m going to focus on two themes I’m personally interested in: financial inclusion and the Travel Rule. Financial inclusion is an issue that’s […]
A key bank regulator in the U.S. may be open to allowing crypto companies to be licensed as financial institutions on a national, rather than state-by-state, level. Brian Brooks, chief operating officer of the U.S. Office of the Comptroller of the Currency (OCC), the nation’s national bank overseer, said Monday he believes crypto companies could fall under a federal licensing regime – if they provide what can be described as payment services. Speaking at CoinDesk’s Consensus: Distributed virtual conference, the former Coinbase chief legal officer said many crypto companies are payments companies, and it therefore might make sense to treat these […]