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arusso • Dec 4, 2023, 11:53 am EST

Argentina’s Path Out of Economic Ruin

Amid profound economic disarray, Argentina undergoes a significant political transition as the Peronist duo hands over power to libertarian economist Javier Milei. Milei inherits a troubled economic landscape characterized by high inflation, a bankrupt central bank, and a poverty-stricken population. His proposed solutions, including dollarization and sweeping deregulation, aim to address the country’s economic challenges. However, Milei faces formidable opposition and the need to navigate a complex fiscal and regulatory environment as he seeks to transform Argentina’s economic trajectory.

3 minutes

carlp • Nov 16, 2023, 11:43 am EST

The Bank Secrecy Act & Financial Surveillance

The Bank Secrecy Act (BSA) has long been a cornerstone of financial regulation in the United States. Congress first passed the Bank Secrecy Act in 1970 as the first laws to fight money laundering in the United States. Originally targeting insured banks, its scope has widened over the years, now encompassing a broad category of entities termed “financial institutions.” This expansion, while seemingly straightforward, raises significant constitutional and legal questions. The BSA grants the Secretary of the Treasury sweeping powers, including the ability to expand or narrow the range of entities under surveillance and to exempt certain parties from obligations.

3 minutes

carlp • Oct 20, 2023, 1:41 pm EDT

Major Banks Accelerate Closure of Branches Nationwide; BofA Leads with Over 50 Shutdowns in a Single Week

Consolidation within the banking sector continues to accelerate as major financial institutions across the United States are rapidly shuttering physical bank branches, raising concerns among consumers and highlighting the shifting landscape of banking in the digital age. October Bank Closures Based on a recent bulletin released by the Office of the Comptroller of the Currency (OCC), Bank of America has taken the lead in this trend, closing down a staggering 21 branches within the first week of October. Wells Fargo closely followed with 15 closures, while US Bank and JPMorgan Chase reported the closure of nine and three branches, respectively.

3 minutes

carlp • Sep 15, 2023, 1:43 pm EDT

Deutsche Bank Enters the Bitcoin and Crypto Space

Deutsche Bank, a financial giant with assets totaling $1.3 trillion, has made a significant announcement regarding its entry into the world of cryptocurrency asset custody services for institutional clients. Teaming up with Swiss crypto firm Taurus, this partnership marks a pivotal moment not only for Deutsche Bank but also for the broader financial industry. While the cryptocurrency markets continue to recover from the bear market turbulence of the past year, including the collapse of major crypto exchanges and substantial investor losses, Deutsche Bank’s decision introduces a new layer of legitimacy to the growing trend of institutional adoption. This move has reignited global debates among policymakers about the urgent need for regulatory frameworks to govern cryptocurrencies and blockchain technology.

2 minutes

satoshin • Sep 7, 2023, 12:02 pm EDT

Byte Federal, Inc. Expands its Services to Arkansas with New Money Transmitter License

Byte Federal, a trailblazer in the fintech industry, is proud to announce its latest achievement: securing a Money Transmitter License in Arkansas, further expanding its reach across the United States. Arkansas becomes the newest addition to the growing list of states benefiting from Byte Federal’s Kiosk network, point of sales system, and ByteWallet App.

2 minutes

arusso • Aug 15, 2023, 3:42 pm EDT

Europe’s First Spot Bitcoin ETF Officially Lists in Amsterdam

A groundbreaking moment unfolds in the realm of cryptocurrency investment as Europe celebrates the official listing of its first-ever Spot Bitcoin ETF on the Amsterdam exchange. This milestone marks a pivotal juncture where traditional finance seamlessly intersects with the dynamic world of digital assets. The launch of this ETF not only signals the growing acceptance of Bitcoin within established financial markets but also provides investors with a regulated and accessible avenue to participate in the crypto market’s potential.

3 minutes

johnd • Aug 15, 2023, 2:48 pm EDT

Investigating the TSB Bank IT Meltdown: The Bank of England’s Ongoing Inquiry

The extensive IT failure at TSB Bank that occurred last year continues to be the subject of a meticulous investigation, as confirmed by Sam Woods, the Bank of England’s Deputy Governor. A Significant Operational Failure In a formal session with the Treasury Select Committee in Parliament this Wednesday, Woods detailed the TSB IT disaster as an “enormous inconvenience” and labelled it as a “very severe operational failing”. This statement highlights the significant impact of the event, which notably strained the bank’s standing and placed substantial stress on its clientele, disrupting services for nearly 2 million customers. Collaborative Examination The Bank

3 minutes

johnd • Aug 9, 2023, 2:37 pm EDT

Bank of England Creates CBDC Academic Advisory Group

The rollout of the CBDC marches on. A few weeks ago we took a look at the possibility of a Britcoin which included cautions expressed by Susie Violet Ward, a financial analyst, who expressed her concerns on NTD’s “British Thought Leaders” programme. Today, the Bank of England, in collaboration with HM Treasury, issued an open call of interest for scholars and researchers to join the newly formed CBDC Academic Advisory Group (AAG). With the ever-evolving financial landscape moving swiftly towards digitization, the AAG aims to be the bedrock of expertise and research, bringing together professionals from diverse fields including monetary policy, behavioural science,

2 minutes

carlp • Aug 9, 2023, 1:22 pm EDT

Federal Reserve Introduces New Oversight for Stablecoin Activity

The Federal Reserve, in its latest attempt to navigate the rapidly evolving digital currency landscape, announced on Tuesday that state banks must now seek approval before they can issue, hold, or transact crypto stablecoin payments. This pivotal directive underscores the growing concern of federal regulators as the world of finance gets increasingly intertwined with complex technological partnerships and blockchain advancements. Stablecoins, a type of cryptocurrency pegged to fiat currencies like the U.S. dollar, have grown in prominence as they offer a semblance of stability compared to the volatile nature of cryptocurrencies such as Bitcoin and Ethereum. Their growing popularity has

2 minutes

carlp • Aug 7, 2023, 1:18 pm EDT

PayPal Unveils US Dollar-Pegged Stablecoin, PYUSD

PayPal, a heavyweight in the fintech sector, unveiled its latest innovation on August 7, a stablecoin coined as PayPal USD (PYUSD). The currency, pegged to the U.S. dollar, marks a major stride for the American fintech firm in its mission to solidify its position in the rapidly evolving cryptocurrency landscape. The launch of PYUSD, issued by Paxos Trust Co., marks a significant shift as PayPal moves from being a mere conduit for digital payments to being a creator of financial assets. It is backed by U.S. dollar deposits, short-term Treasurys, and similar cash equivalents, offering a sense of stability and

3 minutes