2023-11-29 19:28
Copyrighted Image by: Reuters CANADA - The Bank of Canada's recent consultations on the potential introduction of a digital Canadian dollar have unveiled significant resistance from the public, with more than 80% of participants expressing opposition due to concerns over security and privacy. The findings, disclosed today, highlight deep-seated worries about the protection of personal information and the trustworthiness of institutions in managing such a currency. The central bank conducted these consultations to measure interest in a digital currency and to understand the public's concerns. The survey participants, who were self-selected, voiced that privacy and trust are paramount issues that need to be addressed. While this feedback suggests a strong sentiment against the digital dollar, the Bank of Canada has noted that the views expressed may not be fully representative of the national opinion due to self-selection bias among respondents. Despite the overwhelming resistance observed in the survey, the ultimate decision on whether to pursue the research and implementation of a digital dollar rests with the Canadian Parliament. The Bank of Canada has reiterated that it is Parliament's prerogative to authorize the creation of a digital currency, indicating that the future of this initiative is still uncertain. The bank's findings come at a time when many countries are exploring the possibilities of digital currencies and their implications for privacy, security, and financial stability. The debate in Canada reflects a broader global conversation about the role and design of digital money in an increasingly online world. https://www.investing.com/news/forex-news/bank-of-canada-faces-strong-opposition-in-digital-dollar-consultations-93CH-3246124
2023-11-29 17:27
Copyrighted Image by: Reuters The digital asset management firm Grayscale has reported a 24% growth in its Consumer and Culture Crypto Sector. This uptick is largely attributed to the robust performance of Bitcoin and burgeoning investor confidence in the cryptocurrency market. The sector encapsulates a wide array of crypto applications, ranging from entertainment and media to collectibles, sports, and art. Grayscale's findings come at a time when the crypto industry is witnessing increased mainstream adoption. The expected approvals for Bitcoin Exchange-Traded Funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) have notably lifted investor spirits. These financial products are anticipated to provide a safer and regulated pathway for institutional and retail investors to gain exposure to Bitcoin. The expansion of the Consumer and Culture Crypto Sector is also being fueled by significant investments from major tech entities. Meta (NASDAQ:META) Reality Labs, for example, is pouring resources into the metaverse, a collective virtual shared space created by the convergence of virtually enhanced physical reality and physically persistent virtual space. This investment is seen as a key catalyst for growth within the sector. Another key area of growth identified by Grayscale is the non-fungible token (NFT) platforms aiming to digitize the $372 billion collectibles market. These platforms are leveraging blockchain technology to provide authenticity and ownership of digital assets. Similarly, metaverse gaming applications are setting their sights on the massive $227 billion video game industry, seeking to revolutionize the way games are played and experienced. Grayscale's report reflects the dynamic nature of the crypto sector and its potential for continued growth as it intersects with various aspects of consumer culture. https://www.investing.com/news/cryptocurrency-news/grayscales-reports-consumer-and-culture-crypto-sector-sees-24-growth-93CH-3246072
2023-11-29 16:35
Copyrighted Image by: Reuters. NIGERIA - In a significant move for the Nigerian economy, the Central Bank of Nigeria (CBN) has announced that both old and redesigned Naira notes will indefinitely remain legal tender throughout the country. This decision follows a Supreme Court order and is in line with the CBN Act 2007, specifically Section 20(5), which mandates banks to accept and dispense all denominations of the national currency without discrimination. The CBN's directive comes with an encouragement for the public to transition towards electronic payments, aiming to reduce the dependency on physical cash. This shift is expected to enhance transactional efficiency and align with global digitalization trends. The CBN's dual approach of upholding cash circulation while promoting digital transactions demonstrates a commitment to maintaining currency stability and adapting to technological advancements. https://www.investing.com/news/forex-news/cbn-upholds-old-and-new-naira-notes-as-legal-tender-in-nigeria-93CH-3246036
2023-11-29 14:29
In an interview Wednesday with European media outlets, Andrea Enria, a representative of the European Central Bank (ECB), emphasized the necessity for cryptocurrency firms that offer services similar to traditional banks to be subjected to equivalent regulatory scrutiny. Enria pointed out significant challenges in regulating these firms, such as their decentralized nature and lack of physical headquarters. He used Binance's recent $4.3 billion settlement with the U.S. government as a case in point, highlighting the issues that arise when crypto companies operate in jurisdictions without proper approvals. The interview follows in the wake of the FTX collapse, an event that has brought to light the opacity and risk management issues prevalent in the cryptocurrency sector. The FTX case has raised questions about the financial dealings of crypto firms and the potential risks they pose to the stability of the broader financial system. Enria stressed the importance of applying banking laws to crypto entities, especially those that operate without clear issuers like Bitcoin, or that are part of decentralized finance (DeFi) projects which lack responsible overseeing bodies. This regulatory push aligns with ongoing discussions within the European Union about the potential introduction of a digital euro, which aims to provide a regulated alternative to private cryptocurrencies. The ECB's stance indicates a growing consensus among financial regulators that the crypto market must be held to the same standards as traditional financial institutions to protect consumers and maintain financial stability. The EU debates on the digital euro and the broader regulatory framework for cryptocurrencies are ongoing, reflecting the complexities of overseeing a rapidly evolving digital financial landscape. https://www.investing.com/news/cryptocurrency-news/ecb-official-stresses-need-for-crypto-firms-to-face-bank-regulations-93CH-3245940
2023-11-29 13:26
The Philippine Securities and Exchange Commission (SEC) has announced a significant regulatory move against the popular cryptocurrency exchange Binance. The SEC plans to block Filipino users' access to Binance's services due to the company's failure to secure necessary corporate registration and proper licensing for securities offerings in the Philippines. This decision comes after the SEC's observation of Binance's active marketing campaigns targeting Filipino investors on social media. The regulatory body is collaborating with the National Telecommunication Commission (NTC) and the Department of Information and Communications Technology (DICT) to implement the access restrictions within the next three months. Moreover, the SEC has taken action against major online platforms, directing Google (NASDAQ:GOOGL) and Meta (NASDAQ:META) to halt advertising that promotes Binance's services to the Philippine market. Under Republic Act No. 8799, entities that engage in securities transactions are required to hold a secondary license from the SEC. However, Binance has not registered as a corporation nor obtained the necessary licensing to operate within the Philippine jurisdiction. The SEC has issued a stern warning and has highlighted the possibility of pursuing legal action, which could result in significant fines or imprisonment, against individuals who facilitate or promote investment opportunities with Binance in the country. The SEC's enforcement of these measures reflects a broader effort to regulate the cryptocurrency market and protect local investors from unauthorized and potentially risky financial activities. https://www.investing.com/news/cryptocurrency-news/philippine-sec-to-block-binance-for-lack-of-proper-licenses-93CH-3245873
2023-11-29 13:09
Analysts at Standard Chartered (OTC:SCBFF) Bank has projected that Bitcoin's value could soar to $100,000 by the end of 2024, bolstered by a series of anticipated developments in the cryptocurrency market. This optimistic forecast hinges on several key factors, including regulatory advancements and fundamental supply constraints. The bank's analysis points to the U.S. potentially approving Bitcoin and Ethereum spot exchange-traded funds (ETFs) in the first quarter of 2024, which is expected to significantly boost institutional investment in the digital currency space. The approval of these financial products would mark a milestone for the cryptocurrency industry, providing easier access and potentially increasing investor confidence. Adding to the bullish sentiment, Bitcoin's market capitalization has achieved a dominant 50% share of the total cryptocurrency market since April. This milestone underscores Bitcoin's status as the leading digital asset, often viewed as a safe haven within the volatile crypto market. Miners' behavior is also contributing to the positive outlook, with a notable reduction in the selling of mined Bitcoins. Reports indicate that miners have decreased their sales to approximately 80% in the last quarter of this year, suggesting a collective strategy of accumulation in anticipation of higher prices. The anticipated Bitcoin halving event, scheduled for late April 2024, is another pivotal factor in Standard Chartered's forecast. Historically, halving events, which reduce the reward for mining new blocks and effectively constrict the new supply of Bitcoin, have been followed by significant price increases within the subsequent months. Furthermore, the forecast incorporates macroeconomic considerations, such as the recent decline in U.S. Treasury yields to 4.60%. Lower yields can make riskier assets like Bitcoin more attractive to investors seeking higher returns. Standard Chartered's analysis presents a comprehensive view of the potential trajectory of Bitcoin's value, intertwining market dynamics, regulatory expectations, and supply-side economics. https://www.investing.com/news/cryptocurrency-news/standard-chartered-sees-bitcoin-hitting-100000-by-late-2024-93CH-3245846
