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The exchange-traded product will be available on Swedens Spotlight Stock Market.
With a comically loud horn, a candy machine and a jukebox filled with Mozart, metal and more, it's the "Bitcoin Ambassadors" rally car adventure.
<p>The Bank for International Settlement (BIS) and its partners, the central banks of Israel, Norway and Sweden have completed a joint experiment on cross-border retail central bank digital currency (CBDC). The experiment was tagged ‘Project Icebreaker.’ Retail CBDCs are government-backed digital currencies used for payment purposes by consumers and businesses.</p><p>The experiment, which studied the potential advantages and challenges of using retail CBDCs in international payment, found that <a href="https://www.financemagnates.com/forex/" target="_blank" rel="follow">foreign exchange (FX) providers</a> can be used to facilitate cross-border <a href="https://www.financemagnates.com/tag/cbdc/" target="_blank" rel="follow">retail CBDCs</a> by breaking down a cross-border transaction into two domestic payments. </p><p>‘The Hub-and-Spoke Model’</p><p>In a statement released on Thursday, BIS explained that it has developed a “hub-and-spoke solution” through which cross-border retail CBDCs never have to exit their systems. This system works by requiring many forex providers to submit quotes to a retail CBDC system’s hub which then selects the cheapest alternatives for end users to settle their transactions.</p><p>This model differs from most of the existing cross-border payment systems under which users or payers have no choice about the exchange rate or who provides the forex conversion, the international financial institution noted. BIS added that its new solution uses bridge currencies to fight the problems of insufficient liquidity for currency pairs, thereby preventing the attendant issues of higher fees and delay in cross-border payments. </p><p>“The project also demonstrated that the hub-and-spoke model can reduce <a href="https://www.financemagnates.com/terms/s/settlement/" class="terms__main-term" id="2dc6d2c7-1626-4ecf-811e-4c1aabbdb280" target="_blank">settlement</a> and counterparty risk by using coordinated <a href="https://www.financemagnates.com/terms/p/payments/" class="terms__secondary-term" id="f1d2a713-da14-4a6b-8fcd-e8f360d07f45" target="_blank">payments</a> in central bank money; and complete cross-border transactions within seconds,” BIS explained.</p><p>Furthermore, BIS said the new model means that countries considering the development of their domestic CBDCs can introduce these features and other innovative services into their cross-border transactions. It added that the project provides a “deeper understanding of the technologies that can be used and the technical and policy choices available.”</p><p>“Project Icebreaker is unique in its proposition. It first allows central banks to have almost full autonomy in designing a domestic retail CBDC. Then it provides a model for that same CBDC to be used for international payments,” explained Cecilia Skingsley, the Head of the BIS Innovation Hub.</p><p>US, Australia Make New Moves on CBDC</p><p>Meanwhile, the United States and Australia both recently provided <a href="https://www.financemagnates.com/cryptocurrency/us-australia-make-new-moves-on-cbdc/" target="_blank" rel="follow">new updates on their efforts</a> towards assessing the feasibility of a CBDC. While the United States says it is planning to establish a new Treasury Department-led working group to deliberate on the possible launch of a digital dollar, the Reserve Bank of Australia unveiled 14 firms that proposed various CBDC uses cases to be tested in its limited-scale CBDC pilot that “will take place over the coming months.”</p> This article was written by Solomon Oladipupo at www.financemagnates.com.
<p class="MsoNormal">Binance Nordics AB, the Swedish subsidiary of top cryptocurrency exchagne, Binance, has been registered as a virtual currency trading and management institution by the Swedish Financial Supervisory Authority (Swedish FSA). </p><p class="MsoNormal">The new license marks the digital asset company’s seventh regulatory approval within the European Union region. The approval also means that Binance is now approved as a digital asset service provider in 15 jurisdictions across the world.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Hej Sweden ????<a href="https://twitter.com/hashtag/Binance?src=hash&ref_src=twsrc%5Etfw">#Binance</a> has been granted registration by the Swedish Financial Supervisory Authority.Furthering our commitment to compliance across Europe, this registration gives residents in Sweden access to a broad range of our regulated crypto and Web3 services.</p>— Binance (@binance) <a href="https://twitter.com/binance/status/1613160287103762433?ref_src=twsrc%5Etfw">January 11, 2023</a></blockquote><p class="MsoNormal">Binance in <a href="https://www.binance.com/en/blog/ecosystem/swedish-fsa-grants-binance-seventh-regulatory-approval-in-eu-1385399034980621164" target="_blank" rel="follow">a blog post</a> noted that the registration was granted following “months of constructive engagement” with the Swedish FSA.</p><p class="MsoNormal">“As the world’s largest digital asset exchange, this registration means that Swedish residents will now be able to access Binance’s broad range of crypto and Web3 services, including popular euro deposits and withdrawals, crypto buying with euro, trading, staking and the Binance Visa Card,” Binance wrote in the blog post.</p><p>Watch this Finance Magnates London Summit 2022 session on marketing digital asset.</p><p class="MsoNormal text-align-justify">Binance Racks up Licenses after Battle with Regulators </p><p class="MsoNormal">Binance’s expansion of its regulatory licenses comes after the top crypto exchange <a href="https://www.financemagnates.com/cryptocurrency/regulation/binance-fined-33-million-by-dutch-central-bank/" target="_blank" rel="follow">battled opposition</a> from several regulators for operating without approval in their jurisdictions.</p><p class="MsoNormal">In Europe, the exchange has now been granted regulatory approval by <a href="https://www.financemagnates.com/cryptocurrency/the-french-binance-license-is-paris-planning-to-become-europes-crypto-hub/" target="_blank" rel="follow">France</a>, <a href="https://www.financemagnates.com/cryptocurrency/regulation/binance-gets-green-light-from-italy-regulators/" target="_blank" rel="follow">Italy</a>, <a href="https://www.financemagnates.com/cryptocurrency/news/binance-obtains-vasp-registration-in-spain/" target="_blank" rel="follow">Spain</a>, Cyprus, Lithuania and Poland. </p><p class="MsoNormal">The crypto exchange also boasts of being approved in other regions of the world. These include licenses from Australia, <a href="https://www.financemagnates.com/cryptocurrency/binance-launches-in-new-zealand-amidst-global-expansion/" target="_blank" rel="follow">New Zealand</a> and <a href="https://www.financemagnates.com/cryptocurrency/binance-acquires-12th-license-after-acquisition-in-japan/" target="_blank" rel="follow">Japan</a> in the Asia-Pacific region, from <a href="https://www.financemagnates.com/cryptocurrency/abu-dhabi-grants-permission-to-binance-to-offer-custodial-services/" target="_blank" rel="follow">Abu Dhabi Global Market</a>, <a href="https://www.financemagnates.com/cryptocurrency/regulation/binance-bahrain-receives-full-category-4-license/" target="_blank" rel="follow">Bahrain</a> and <a href="https://www.financemagnates.com/cryptocurrency/news/binance-gains-mvp-license-from-dubais-virtual-asset-regulator/" target="_blank" rel="follow">the Dubai World Trade Centre</a> in the Middle East, from Canada in the Americas, and South Africa in Africa.</p><p class="MsoNormal">“Our next big task will be the successful migration and launch of local operations, including hiring of local talent, organizing more events and delivering more crypto education in Sweden,” Roy van Krimpen, Binance’s Nordics and Benelux Lead, explained.</p><p class="MsoNormal">Meanwhile, Finance Magnates reports that Binance is seeking <a href="https://www.financemagnates.com/cryptocurrency/binance-nears-acquisition-of-korean-crypto-exchange-gopax-report/" target="_blank" rel="follow">to acquire GOPAX</a>, a top Korean crypto exchange. The exchange plans to buy out GOPAX CEO Lee Jun-Haeng’s majority shareholding in the digital asset exchange business.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.
Sweden became the seventh EU jurisdiction where Binance received a regulatory green light.
The Nordics remain a cold place for crypto, but Estonia still leads as the public blockchain adopter.
Major figures in the crypto space argued the Bitcoin creator was the most deserving candidate for the economic award, despite the fact Satoshi's true identity remains unknown.
To render seamless and real-time cross-border payments, Ripple, a leader in blockchain and crypto enterprise solutions, has established On-Demand Liquidity (ODL) solutions in France and Sweden. (Read More)
Ripple has signed deals for its ODL system with Lemonway and Xbaht
The Bank for International Settlements (BIS) has rolled out Project Icebreaker with the central banks of Sweden, Norway, and Israel to see how CBDCs can be utilized for international remittance and retail payments. (Read More)
Skingsley's remarks assume significance as she is going to head Bank for International Settlements' (BIS) Innovation Hub from September 2022.
A report by the Riksbank makes the case for banning Bitcoin mining in Sweden over proof-of-work energy consumption concerns; Bitcoin Twitter was quick to react.
Riksbank argues that cryptocurrencies lack the stability to function as a store of value, medium of exchange, or unit of account.
Sweden finishes second phase testing of its CBDC. The Central Bank visualizes ways to promote privacy. Once complete privacy is
European watchdogs should encourage the proof-of-stake mining model as the proof-of-work one is bad for the environment, Erik Thedéen opined.
Inflation is on the rise in many parts of the world.
The post Sweden’s inflation rate at a 29 year high, “transitory” appeared first on CryptoSlate.
A SPAC, or Special Purpose Acquisition Company, is a company that has no commercial operations and is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring or merging with an existing company.
The post Sweden leads Europe’s first crypto SPAC, ticker “HODL” appeared first on CryptoSlate.
The financial regulatory authority said that some aspects of cryptocurrency assets are problematic.
“The claim that Bitcoin miners jeopardize the electricity network is completely misinformed,” says EU-based fund manager Melanion Capital.
Bitcoin, and cryptocurrencies in general, has been a controversial topic for a long time. There are many words for what cryptocurrencies pretend to be but are not: decentralized, safe, fair, valuable, stable, a currency, honest, a solution, the future. Much like many other central bankers, Sweden’s Central Bank governor is very skeptical about Bitcoin trading. The Sveriges Riksbank Governor’s Take On Bitcoin According to a Bloomberg article, the governor of Sveriges Riksbank, the central bank of Sweden, questioned the staying power of currencies without government backing. He compared buying and selling Bitcoins to trading stamps. Speaking at a banking conference in Stockholm, Sveriges Riksbank governor Stefan Ingves argued, “Private money usually collapses sooner or later,”. Further remarking, he said, “And sure, you can get rich by trading in bitcoin, but it’s comparable to trading in stamps.” Earlier this year, Ingves said that Bitcoin and other cryptocurrencies are unlikely to escape regulatory oversight as their popularity grows. Related Reading | Sweden to Bring Forward Launch of State-Backed Digital Currency e-Krona Despite his opinion of Bitcoin’s deficiencies as a currency, Ingves has taken its reputation among investors seriously. Highlighting consumer interests and money laundering as being of particular concern, the central banker conceded this June that the cryptocurrency had gotten “big enough” to merit close attention from regulators, central bankers, and lawmakers across the globe. Cryptocurrencies And Central Bank Governors Ingves’s remarks are in line with what other central bankers have said about crypto. Some central bankers have compared it to the tulip bubble of the 17th century, which ended in collapse. Related Reading | Bitcoin Outlives Tulip, Dotcom, and Every Notorious Market Bubble In February, Ireland’s central bank governor Gabriel Makhlouf said bitcoin investors should be ready to lose all their money. “Personally, I wouldn’t put my money into it, but clearly, some people think it’s a good bet,” Makhlouf said. “Three hundred years ago, people put money into tulips because they thought it was an investment.” Related Reading | Bank of England Governor Still Isn’t a Fan of Bitcoin Similarly, Bank of England governor Andrew Bailey said cryptocurrencies have no intrinsic value and may crash to zero. “I’m sorry, I’m going to say this very bluntly again: buy them only if you’re prepared to lose all your money,” Bailey said. “I would only emphasize what I’ve said quite a few times in recent years. I’m afraid they have no intrinsic value,” BTC trading above $45K | Source: BTCUSD on TradingView.com Around the world, central banks in countries such as China, Ghana, South Korea, Japan, and Switzerland have started researching, experimenting with, and testing the launch of Central Bank Digital Currencies. The Federal Reserve has also said it is researching the pros and cons of creating a CBDC for the United States. Meanwhile, El Salvador made history this week by adopting Bitcoin as legal tender. Featured image from Financial Times, Chart from TradingView.com
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