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JPMorgan Boss Says ‘Emerging Issues’ Like Cryptocurrencies ‘Need to Be Dealt With Quickly’

08/04/2021 by Idelto Editor

JPMorgan Boss Says 'Emerging Issues' Like Cryptocurrencies 'Need to Be Dealt With Quickly'

JPMorgan’s boss Jamie Dimon has a bone to pick with cryptocurrencies, shadow banking, and the financial technology (fintech) economy. In a letter to JPMorgan shareholders, Dimon explained that banks are “playing an increasingly smaller role in the financial system” and there’s a list of items like digital currencies he’s named that needs to be “dealt with – and rather quickly.”

Jamie Dimon’s Letter to JPMorgan Shareholders Says Banks Need to Focus on the Future

Jamie Dimon has written a comprehensive letter to shareholders about the company’s accomplished goals and future concerns. Dimon’s letter, of course, meets the needs of his friends in Davos and the World Economic Forum’s 2030 playbook. The JPMorgan CEO addressed many of these targets like addressing climate change and lending more money to minorities who have limited access to banking.

In addition to the accomplishments and future changes, Dimon noted that financial incumbents are “bogged down in the past” and a concentration needs to be dedicated to the future.

Dimon highlights that U.S. banks have grown much smaller in comparison to shadow banks, fintech, and the magnitude of the ‘Big Tech’ companies. The JPMorgan CEO thinks however that it is “more important” for payment transactions to flow through the U.S. banking system than these alternatives.

“Transactions made by well-controlled, well-supervised, and well-capitalized banks may be less risky to the system than those transactions that are pushed into the shadows,” the letter to shareholders insists.

Competition and Dealing With Cryptocurrencies Rather Quickly

Still, Dimon recognizes the need for competition in the financial world.

“We need competition – because it makes banking better – and we need to manage the emerging risks with level playing field regulation in a way that ensures safety and soundness across the industry,” he stressed. Despite the competition, Dimon believes there are “serious emerging issues” that need to be “dealt with” soon.

“Not only are we slow in dealing with the past, but it distracts us from dealing with the future,” the JPMorgan boss emphasized. “There are serious emerging issues that need to be dealt with – and rather quickly: the growth of shadow banking, the legal and regulatory status of cryptocurrencies, the proper and improper use of financial data, the tremendous risk that cybersecurity poses to the system, the proper and ethical use of AI, the effective regulation of payment systems, disclosures in private markets, and effective regulations around market structure and transparency.”

Dimon has been well known for disliking cryptocurrencies and bitcoin and even called the leading crypto asset a “fraud” a few years ago.

Despite this, JPMorgan has shown strong interest in bitcoin (BTC) and the digital currency economy during the last year. In February even after calling cryptocurrencies the “poorest hedge for major drawdowns in equities” it said investors can allocate 1% of their portfolios in crypto assets.

What do you think about Jamie Dimon’s opinion about bitcoin needing to be “dealt with” rather quickly? Let us know what you think about this subject in the comments section below.

Filed Under: 1 Bitcoin, Banking, Banks, Big Tech, Bitcoin, Bitcoin (BTC), BTC, climate change, crypto assets, Cryptocurrencies, English, Finance, Fintech, Investing, Jamie Dimon, jpmorgan, JPMorgan Bank, News Bitcoin, shadow banking, US banks

Chinese Citizens Can Now Apply for the Digital Yuan Wallet Through 6 State-Owned Banks

26/03/2021 by Idelto Editor

Chinese Citizens Can Now Apply for the Digital Yuan Wallet Through 6 State-Owned Banks

Following the interview with Ma Changchun, the head of the People’s Bank of China-run Digital Currency Research Institute, a recent report indicates that residents from Beijing and Shanghai can now apply for a digital yuan wallet. According to the report, six different Chinese banks will participate in the process.

Beijing and Shanghai Residents Can Apply to Test the Digital Yuan Wallet

A recent report published by China’s Securities Times, explains that residents from China are now able to apply for the digital yuan wallet. The wallet is compatible with the People’s Bank of China’s digital currency project.

The report indicates that residents who live in Shanghai and Beijing can now apply for the wallet through six state-owned financial institutions.

The regional report also says that the banks involved with the digital wallet application procedure include the Agricultural Bank of China, Bank of Communications, Bank of China, Bank of Communications, China Construction Bank, and the Postal Savings Bank of China.

6 State-Owned Banks to Start Whitelisting Clients at Certain Branches

The central bank digital currency (CBDC) also known as “DCEP” has already started to see acceptance from various merchants in China.

Individuals can spend the digital yuan at vending machines in the Shanghai subway and the Xujiahui shopping center as well. Huijin department stores are also accepting the People’s Bank of China’s CBDC.

Internet platforms have also been experimenting with the digital yuan with platforms such as Meituan. After various tests throughout the past year, China’s central bank approved the six banks to start whitelisting clients at certain branches.

The Securities Times’ report also details that interested users can simply scan a QR code to access the application link to apply for the CBDC wallet. The guidelines also say that customers can bundle their bank card funds into the wallet too. The digital yuan wallet has a maximum payment limit of 1,000 yuan per day and customers can upgrade for higher payment tiers.

What do you think about the Chinese residents from Beijing and Shanghai being able to apply for the digital yuan wallet? Let us know what you think about this subject in the comments section below.

Filed Under: Banks, Central Bank, China, china digital currency, Chinese Banks, chinese cbdc, cryptocurrency, Digital Currency, Digital Yuan, digital yuan wallet, Economics, English, News Bitcoin, PBOC

Major South Korean Bank BNK Busan Plans to Offer Banking Services to Domestic Crypto Exchanges

26/03/2021 by Idelto Editor

Major South Korean Bank BNK Busan Plans to Offer Banking Services to Domestic Crypto Exchanges

The South Korean crypto frenzy among the banking industry remains on fire, as another major bank is treading waters to offer banking services for crypto exchanges. The BNK Busan Bank launched a program that consists of visiting competitors’ banks that already offer it.

BNK Busan Is Visting Its Competitors to Conduct the Research

According to the Busan.com news outlet, the bank researches how these financial institutions deal with the crypto exchanges amid the forthcoming regulation.

As the banks provide fiat services to the crypto businesses, the legislation set to promulgate on Friday will force them to use the Information Security Management System (ISMS) certification.

That’s the reason why the Digital Strategy Department and the Money Laundering Prevention Department of BNK Busan Bank are making an in-depth investigation on how such a system works and then offering it in the future.

Domestic crypto exchanges will be required to gather real names and social security numbers from their clients through the ISMS system already provided by the major South Korean banks.

Exchanges like Bithumb already have arrangements with the NH Nonghyup Bank for implementing such a system. Also, other domestic companies such as Coinone, Upbit, and Kobit already closed deals with South Korean banks to comply with the legislation.

The local media outlet added that the BNK Busan Bank is considering offering its crypto services, if plans go successfully, to small and medium-sized exchanges such as Copax and Gdac.

Struggles for Small and Mid-Sized Domestic Exchanges to Comply With the Legislation

However, there has been a broad discussion across the industry about the difficulties of implementing the ISMS system. As Bitcoin.com newsdesk reported on January 20, 2021, Heo Baek-young, Bithumb’s CEO, made an apocalyptic forecast for the local crypto firms.

He believes that smaller companies could “struggle” to meet the ISMS certification requirements. In fact, the executive believes there will only be between four and seven exchanges surviving the new regulation.

Heo’s words go in line with the complaints of the higher costs the ISMS certification compliance carries for the small and mid-sized exchanges.

What do you think about the plans announced by the BNK Busan Bank? Let us know in the comments section below.

Filed Under: Asia, Banks, crypto fiat, crypto services, English, Finance, Legislation, Money Laundering, News Bitcoin, South Korea, south korea cryptocurrency

Stock Exchange SIX Aims to List Bitcoin on SDX, Crypto Trading Platform to Launch This Summer

18/03/2021 by Idelto Editor

Stock Exchange SIX Aims to List Bitcoin on SDX, Crypto Trading Platform to Launch This Summer

On March 17, a report detailed that the digital exchange being developed by Switzerland’s principal stock exchange SIX is preparing to launch by the summer of 2021. The exchange called SIX Digital Exchange (SDX) reportedly will also offer bitcoin, alongside the possibility of non-fungible token (NFT) assets like tokenized works of art.

SIX to Launch SDX by the Summer, Bitcoin to be Listed on the SIX Digital Exchange

The exchange SIX based in Zurich is Switzerland’s most popular stock exchange that allows people to trade stock options, derivatives, Swiss government bonds, and other types of securities. Not only has SIX offered exchange-traded products focused on digital currencies like bitcoin (BTC) and ethereum (ETH), the stock exchange is launching a crypto asset exchange called SIX Digital Exchange (SDX) in the near future.

A report written by Finews author Samuel Gerber notes in a recently published report that SDX is planning to launch soon and in addition to securitized crypto assets, the leading cryptocurrency bitcoin (BTC) will also be listed.

Gerber says that SDX is “relying on an ecosystem of partners and SIX investments.” One partnership Gerber mentioned was SDX’s collaboration with the Daura consortium, a project that aims to launch Swiss cryptocurrency shares.

The well known bank that also deals with cryptocurrencies, Sygnum, is also a member of the Daura consortium. During the first week of December 2020, SDX also announced partnering with SBI Digital Asset Holdings. The joint venture between SDX and SBI aims to build a regional liquidity hub for institutional digital assets in Singapore.

Tokenized Works of Art and Traditional Banks Getting Into Cryptocurrencies

Gerber’s report says that SDX’s launch has been delayed because of the coronavirus and also a search for external sponsors. SDX was supposed to launch during the last quarter of 2020, but it is still looking for additional shareholders in addition to the partners and Swiss banks who have already collaborated with SIX. Additionally, the Finews report highlights that SDX may also list non-fungible token (NFT) assets like blockchain collectibles and tokenized works of art.

Eric Schmalzbauer, Head of U.S. Clients and Product Management at SDX thinks a lot of innovative blockchain products and crypto-related announcements will continue to happen in 2021. Schmalzbauer said that he thinks the biggest announcements this year so far, stemmed from the likes of Microstrategy and Tesla purchasing bitcoin (BTC). The SDX executive believes that big banks will follow along with these large corporations soon.

The recent interview with Schmalzbauer follows the announcement from the bank Morgan Stanley, which is making three bitcoin funds available to clientele. “I believe that traditional banks, especially the bigger banks, will get involved in the later future, as they are highly regulated, and the crypto space is not mature enough yet,” Schmalzbauer detailed during his interview.

“Many people may question the viability of crypto or bitcoin as a safe haven asset,” Schmalzbauer insisted. “Still, I think that over time, cryptocurrencies will help to facilitate the management of cash operations and balance sheets,” he added.

What do you think about SIX’s SDX trading platform launching this summer? Let us know what you think about this subject in the comments section below.

Filed Under: Art, Banks, Bitcoin, Bitcoin (BTC), BTC, collectibles, Daura consortium, Digital assets, Digital Currencies, English, Eric Schmalzbauer, Finance, morgan stanley, News Bitcoin, nft, NFTs, Samuel Gerber, SBI Holdings, sdx, Securities, SIX Digital Exchange, six exchange, SIX SDX, sygnum

With Bitcoin-To-Bank Sandbox, Colombia Will Become BTC Haven

04/03/2021 by Idelto Editor

With its “LaArenera” program, Colombia is embracing the integration of bitcoin with its regulated financial institutions.

Colombia has authorized eight bitcoin exchanges for regulatory sandbox testing to start this month.

The Financial Superintendency of Colombia (FSC) recently authorized nine alliances between local, regulated banks and cryptocurrency exchanges. The initial partnerships are reportedly going to include: Bancolombia with Gemini; Davivienda and Powwi with Binance; Banco de Bogotá with Bitso and Buda; Coltefinanciera with Obsidiam; Coink with Banexcoin; and Movii with Panda and Bitpoint.

Since 2020, the FSC has been focused on exploring the use of bitcoin in the country. Late last year, it published an official note to clarify that there are no prohibitions against companies in the country using their funds to buy bitcoin.

This latest pilot program, called “LaArenera” (or “the sandbox’) may last until 2022, according to reports. Eventually, the partners will be conducting financial operations under the scrutiny of Colombian regulators.

“The regulatory body reported that, once the application and selection phase is completed, the structuring phase will begin in which exchanges and banks will carry out operations with crypto assets,” according to Explica. “One aspect that stands out is that two of the most important exchanges in the Bitcoiner ecosystem applied for evaluations. In the event that Binance and Gemini successfully complete the evaluations together with the allied banks, then they would be formalizing their operations to the local market, all with the approval of the authorities.”

Bitcoin is going to produce global change and, through this sandbox program, this potential is already being realized in a sub-developed country that has been recognized for its place in the drug market, but is not well known for the real opportunities that it brings to future investors. This pilot program could change the perception of bitcoin around the world and could influence Colombia to consider it as a valid investment for its own citizens, as well as a future part of the Colombian stock market and its essential economic infrastructure.

Colombia is paving the way, and this country may soon be considered as the first option for the retirement of bitcoin millionaires and bitcoin investors all over the world, who will know that their bitcoin wealth is appreciated in a beautiful country that still has much to explore.

This is a guest post by Gaby Vivas. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

Filed Under: Banks, Bitcoin Magazine, business, colombia, English

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