REGULATORY DEVELOPMENTS
OCC GRANTS A NATIONAL TRUST BANK CHARTER TO ANOTHER CRYPTOCURRENCY FIRM
On April 23, the OCC granted preliminary conditional approval to Paxos, the third cryptocurrency firm that has obtained approval to charter a national trust bank. A national trust bank is a type of nondepository national bank whose activities are limited to fiduciary ones. They are appealing to cryptocurrency firms since FDIC insurance is not required, and because the federal charter preempts various state laws with which state-chartered trust banks or trust companies must grapple. Paxos’ application indicated that it would: engage in custody services; act as a payment, exchange or other agent; provide KYC as a service; provide custody and management of USD stablecoin reserves; and offer other cryptocurrency services. This chartering action follows on, and cites to, an OCC interpretive letter issued earlier this year permitting national trust banks to engage in activities permissible f
The role of households in financing government debt in euro area
Prepared by Jeanne Pavot and Vilém Valenta
1 Introduction
The coronavirus (COVID-19) pandemic has reinvigorated interest in how governments finance their spending to an extent not seen since the global financial and euro area sovereign debt crises of 2008-12. Economic crises of such depth require governments to take decisions on how far the crisis-related costs should be financed by spending cuts elsewhere in the budget, by revenue increases and/or by incurring additional debt. At the same time increases in government debt raise questions as to the optimal financing strategy in terms of instruments and maturities, but also the investor base.
this post authored by Michael Lee and Antoine Martin
Since the launch of Bitcoin and other first-generation cryptocurrencies, there has been extensive experimentation in the digital currency space. So far, however, digital currencies have yet to gain much ground as a means of payment. Is there a vacuum in the landscape of digital money and payments that central banks are naturally positioned to fill?
In this post, Michael Lee and Antoine Martin, economists in the New York Fed’s Money and Payment Studies function, answer some questions regarding the concept of central bank digital currencies (CBDCs).
Q: There’s a lot of buzz about central bank digital currencies these days. How has the pandemic accelerated these discussions?
کورونا سے متاثرہ امریکی معیشت رواں برس 7فیصد بڑھ جائیگی jang.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jang.com.pk Daily Mail and Mail on Sunday newspapers.
Fed s Vice Chair for Supervision Calls on Bank Regulators to Pay More Attention to Cryptocurrency
The Federal Reserve’s top supervisory official has called on bank regulators to pay more attention to cryptocurrencies and stablecoins. His comments followed a number of major banks announcing that they will be offering products based on cryptocurrencies, particularly bitcoin, to their clients.
Bank Regulators Should Focus More on Cryptocurrency, Says Fed Supervisor
The Federal Reserve’s vice chairman for supervision, Randal Quarles, talked about cryptocurrency last week at a conference hosted by the Options Clearing Corporation. He urged bank regulators to pay more attention to stablecoins and cryptocurrencies.