Features News Today TheBitTimes.Com

BRICS member China’s new payment system, Chartered Institute of Procurement & Supply (CIPS), has processed over 175 trillion Chinese yuan payments (equivalent to $24 trillion), according to the latest report from The Economist. Worldwide, over 1,700 banks facilitated the payments as the transactions rose faster than ever in 2024, up by 43% from the previous year. Banks from around the world, including from Turkey, Mauritius, and the BRICS member UAE, facilitated the Chinese yuan payments via CIPS. China recently expanded the CIPS services to Africa and the Middle East, gaining a hold in the markets. All of these are mostly operated by Chinese institutions covering payments in over 33 market sectors. Also Read: China Invests $10B in South Africa, Launching BRICS “Silicon Valley” BRICS: China Powers the Chinese Yuan via CIPS Payments Source: iStock CIPS is a large-scale payment infrastructure primarily for clearing and settling cross-border Chinese yuan payments for banks and financ...

Bitstamp is negotiating with major European banks to offer crypto currency service s, fueled by optimism over the EU’s forthcoming MiCA regulations. Bitstamp, one of the oldest cryptocurrency exchanges, is negotiating with three leading European banks to provide cryptocurrency services. This initiative aligns with the imminent European Union regulatory structure, known as Markets in Crypto Assets (MiCA), designed to integrate digital currencies into traditional financial systems. Institutions such as Deutsche Bank and HSBC have made headlines for their growing interest in digital assets, a trend corroborated by Bitstamp’s new partnerships. You might also like: Binance executive flags potential EU stablecoin removal amid MiCA uncertainty The MiCA effect  The forthcoming MiCA regulations appear to be instilling confidence among traditional financial institutions in Europe. This is in marked contrast to the climate in the United States, where regulators are...

DFSA's decision about Saxo Bank's crypto holdings will have a "very limited impact" on its business and its customers will not experience any significant changes, the lender said. Financial regulators in Denmark are coming after cryptocurrency service providers, declaring that local banks are not allowed to hold cryptocurrency to hedge against trading risks. On July 4, the Danish Financial Supervisory Authority (DFSA) officially ordered the local investment bank Saxo bank to dispose of its own holdings in crypto. The regulator said that Saxo Bank’s crypto activity “lies outside of the legal business area of financial institutions,” citing section 24 of the Denmark’s Financial Business Act. According to the DFSA, Saxo Bank offers its customers the opportunity to trade a number of cryptocurrency products through its platform. The firm also offers several crypto-linked exchange-traded funds and exchange-traded notes, the regulator noted, adding that “it is possible to s...