Latest News for: Banking system

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Bank of Israel teams with Norway, Sweden on digital currency trials

Globes 28 Sep 2022
Cross-border payments are an Achilles heel of the international banking system, which are plagued by high costs, low speed, limited access and insufficient transparency ... being sent via several different banks to the final recipient (the so-called correspondent banking system).
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Penalising service providers

Kuensel 28 Sep 2022
The bank is negotiating the monetary fine of Nu 6.2 million imposed for the system failure that affected the banks’ services for about three days earlier this month. The country’s oldest and biggest bank had its online and offline system out of service affecting business and everyday transactions.
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Uttar Pradesh government asks banks to upgrade security systems

Suryaa 28 Sep 2022
Lucknow, Sep 28 (IANS) The Uttar Pradesh government has decided to upgrade the security system in the banking sector ... and data storage would be made more effective to strengthen the security system of banks.
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Yogi government asks banks to upgrade security systems

The Siasat Daily 28 Sep 2022
The Uttar Pradesh government has decided to upgrade the security system in the banking sector. Principal secretary, home, Sanjay Prasad said, surveillance systems and data storage would be made more effective to strengthen the security system of banks ... The banks should ...
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BIS concludes CBDC pilot with cross-border payments totalling $22M transacted

Cryptoslate 28 Sep 2022
In addition, it sought to design a novel cross-border payment system that resolves the current pain points of banks, including high cost, low speed, and operational complexities ... Phase 2 also enabled multiple central banks to explore a DLT cross-border payment system through which they can issue their own CBDC and distribute it.
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Bank of Ghana will not relent in efforts to tame inflation, achieve price stability – Governor

Ghana Business News 28 Sep 2022
Government must ensure that this is not done at the cost of financial sector stability, inadvertently undoing so much of what has been achieved in strengthening the banking sector, as a sound and stable economy needs an equally sound and stable banking system, one that can support the country’s long-term goals.”.
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Turkiye banks abandon Russian MIR payment system, bowing to US pressure

Middle East Monitor 28 Sep 2022
Turkish banks have completely ceased the facilitation of transactions through the Russian payment system MIR, following significant pressure and the ...
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The U.S. Central Bank Digital Currency Narrative Is A Fantasy

Bitcoin Magazine 28 Sep 2022
... who have had years, decades in some cases, building customer support systems to handle such failures and issues regularly drop the ball, take forever to respond to people and drag the entire process out into a long and frustrating ordeal before actually solving the problem.
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Russia Plans To Roll-Out Its First Ever CBDC Soon

Bitcoinist 28 Sep 2022
As more expansions and innovations in cryptocurrency emerge, many nations are utilizing its unlimited possibilities hence, the development and exploration of central bank digital currency (CBDC) are increasing in several countries. Many problems are associated with traditional banking in the global system today.
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Turkish state banks exit Russian payment system – Bloomberg

Russia Today 28 Sep 2022
Three Turkish state-run banks, the only ones in the country processing transactions with Russia’s Mir cards, are planning to pull out, Bloomberg reported on Tuesday, citing an unnamed senior official ... Since the introduction of the new payment system, Russian banks have issued more than 129 million Mir cards.
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Bank of Canada to start releasing rate decision summaries next year

FX Empire 28 Sep 2022
OTTAWA (Reuters) – The Bank of Canada said on Wednesday it would begin publishing a summary of its monetary policy deliberations starting next year, accepting a key recommendation from a transparency review by the International Monetary Fund ... 25 meeting, Canada’s central bank said.
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Russia to Launch CBDC Soon, Focusing on Mutual Settlements With China: Report

CryptoPotato 28 Sep 2022
The move aims at reducing the US hegemony over the global financial system, media�reports�said.� Russian CBDC to Take on US Hegemony�� ... “If we launch this, then other countries will begin to actively use it going forward, and America’s control over the global financial system will effectively end,” the Russian lawmaker said.
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Jerome Powell Calls for Appropriate DeFi Regulation Following Reports of Significant Structural Issues

Coinspeaker 28 Sep 2022
Powell also acknowledged that the relationship between DeFi and the banking system has not been important in terms of financial stability, limiting the impacts of the “DeFi winter.”. “We were able to witness the DeFi winter that did not have significant impacts on the banking system and broader financial stability.
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Fed Chair Powell Sees ‘Real Need’ for More Appropriate Defi Regulation Citing ‘Very Significant Structural Issues’

Bitcoin 28 Sep 2022
“The good news, I suppose, is that … from the financial stability standpoint, the interaction between the defi ecosystem and the traditional banking system and the traditional finance system is not that large at this point.
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Turkish Banks Cut Russia Banking Ties Under US Pressure

Voa News 28 Sep 2022
The decision of three Turkish state banks to pull out of the Russian Mir payment system follows two private Turkish banks suspending Mir transactions earlier this month.� ... Treasury last week warned that Turkish banks working with the Mir payment system "risk supporting Russia's efforts to evade U.S.

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AP / Alexander Zemlianichenko, Pool
File - Russia's President Vladimir Putin and Russian Defense Minister Sergei Shoigu, right, attend the opening of the Army 2022 International Military and Technical Forum in the Patriot Park outside Moscow, Russia, Aug. 15, 2022.
AP / Sputnik, Kremlin Pool Photo via AP, File
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