In a strategic decision toward modernizing its monetary system, the Bank of Korea (BOK) announced it is exploring the use of public blockchains to power its upcoming deposit tokens. The move, revealed by Deputy Governor Lee Jong-ryeol at the Blockchain Leaders Club in Seoul, signals a rare alignment between central
Major organizations across the world are eyeing Bitcoin to maintain their reserves, mitigating the risks associated with fiat currency reserves. While this strategy was originally adopted by Microstrategy years back, global firms and governments are onboarding this year. The latest to join the Bitcoin reserve strategy club is Canadian firm
The much-awaited Grand Finale of the FinTech World Cup (FWC) hosted by Trescon in partnership with Dubai FinTech Summit (DFS), VISA, Emirates NBD & Amazon Web Services (AWS), witnessed committed investments totalling worth over USD 9,250,000 (9.25 million) by various investors. In an intense showdown, 15 qualified start-ups from around
Binance US, the American arm of the world-renowned crypto exchange Binance, has announced a strategic partnership with payment startup MoonPay in an attempt to reestablish a seamless flow of USD transactions into the crypto market. The move comes as Binance US grapples with a series of legal and financial obstacles
The upcoming FinTech Festival Asia (FTF) 2023 is a major event that will uncover the dynamic landscape of the fintech industry and examine current trends. Scheduled to take place on 27th and 28th September 2023 at the prestigious Royal Paragon Hall in Bangkok, Thailand, this event aims to showcase the
Binance.US, one of the leading cryptocurrency exchanges in the United States, has recently announced the suspension of USD deposits and issued a warning regarding an upcoming withdrawal pause. The decision comes as Binance.US aims to safeguard its customers and the platform from what it describes as “extremely aggressive and intimidating
While it is true that BRICS countries have expressed their desire to reduce the dominance of the US dollar in international trade and finance, it would be an exaggeration to say that they are “racing” to achieve this goal. The BRICS countries have been exploring alternatives to the US dollar
White House economist Jared Bernstein disclosed in Congress that there is some evidence that “China wants the U.S. dollar to lose its position” as the world’s reserve currency. But Senator Bill Hagerty of the United States emphasized that the internal threat to the USD’s dominance is the greatest. On Tuesday,
This year has seen a lot of headlines regarding the rising economic dominance of the BRICS bloc of countries. According to a recent Bloomberg report, the BRICS countries are expected to grow their economies faster than the G7 nations. The collective country will grow economically to shift the global power
DXY hit the 114.5 level and touched 2003 high. Sterling recorded an all-time low of $1.0387. The U.S. dollar currency index (DXY) overcame significant opposition to reach its highest level since July 2002. As sterling fell to a record all-time low, the dollar index kept surging and flipped the RSI
