107.9FM NYJ/LA

Translate This Page

More countries are regulating cryptocurrencies, fearing systemic risk from the volatile digital currencies

Posted by Rina Chandran and Thomson Reuters Foundation on Friday, February 18, 2022 Under: Technical Analysis


By Rina Chandran

Jan 26 (Thomson Reuters Foundation) - The International Monetary Fund (IMF) has urged El Salvador to drop bitcoin as a legal tender, citing risks to the nation's financial stability and consumer protection, joining a growing chorus of countries clamping down on private digital currencies.

The Central American nation became the first in the world to adopt bitcoin as legal tender in September alongside the U.S. dollar, with authorities saying it will help save residents remittance commissions, and expand financial inclusion.

But adoption has been rocky, with only a fraction of businesses taking bitcoin payments, and technical problems plaguing the government's cryptocurrency app.

There are "large risks associated with the use of bitcoin on financial stability, financial integrity, and consumer protection, as well as the associated fiscal contingent liabilities," the IMF said in a statement on El Salvador on Tuesday.

It urged authorities to "narrow the scope of the bitcoin law by removing bitcoin's legal tender status."

Advocates of cryptocurrencies - particularly in developing nations - say they are an effective hedge against hyperinflation and uncertainty.

But the crypto market is increasingly dominated by big investors, and authorities fear that the highly volatile digital currencies could undermine their control of the financial and monetary systems, increase systemic risk, promote financial crime and hurt small investors.

Here is a look at countries that have recently regulated - or plan to regulate - cryptocurrencies.

RUSSIA

Russia's central bank last week proposed banning the use and mining of cryptocurrencies on Russian territory, citing threats to financial stability, citizens' wellbeing and its monetary policy sovereignty, as well as high energy consumption.

Russia - the world's third-largest player in bitcoin mining - has argued for years against cryptocurrencies, saying they can be used in money laundering or to finance terrorism. It gave them legal status in 2020, but banned their use as a means of payment.

INDONESIA

Indonesia's Financial Services Authority (OJK) this week said that financial firms are not allowed to offer and facilitate sales of crypto assets in the country where crypto currencies cannot legally be used for payment.

Last year, the Indonesian Ulema Council (MUI), a top body of clerics, likened trading of cryptocurrencies to gambling, and said that using them as a means of payment is unlawful in Islam, because they carry elements of uncertainty and harm.

INDIA

The Indian government has said it was looking to bar most private cryptocurrencies in a new bill that would allow only certain cryptos in order to promote the underlying technology and its uses.

The central bank has also voiced "serious concerns" about cryptocurrencies, and is set to launch its digital currency.

Prime Minister Narendra Modi has said it is important for democratic nations to cooperate on regulating cryptocurrencies so they did not fall into "wrong hands" and corrupt the youth.

PAKISTAN

Pakistan's central bank earlier this month recommended banning cryptocurrencies, arguing that allowing them to be traded would cause capital flight.

"After a careful risk-benefit analysis, it emerged that risks of cryptocurrency far outweigh its benefits for Pakistan," it said in a report.

SINGAPORE

The Monetary Authority of Singapore last week banned all advertising of crypto assets, including ads through social media influencers. Companies can only market them on their own websites and social media platforms.

While the central bank "strongly encourages" the development of blockchain technology and innovative applications of crypto tokens, the trading of cryptocurrencies is "highly risky and not suitable for the general public", the MAS said in a statement.

Service providers should not portray trading of cryptocurrencies in a manner that "trivialises the high risks" of trading in them, it said.

SPAIN

Also last week, Spain regulated advertising of crypto assets, including by social media influencers, and requires any advertising to include warnings about the risks involved.

AUSTRALIA

Australia last month said it will create a licensing framework for cryptocurrency exchanges and consider launching a retail central bank digital currency.

The government will begin consultation this year on establishing a licensing framework for digital exchanges, allowing the purchase and sale of crypto assets by consumers in a regulated environment, authorities said.

CHINA

Regulators in China intensified a crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining in September, after barring financial institutions and payment companies from providing services related to crypto transactions in May, as well as in 2013 and 2017.

China sees cryptocurrencies as a threat to its sovereign digital yuan, which is at an advanced pilot stage.

Before the ban, China accounted for more than half the world's crypto supply, and miners have since moved elsewhere.

TURKEY

Turkey's central bank last year banned the use of crypto assets in payments, saying they entailed significant risks due to volatile market values, irrevocable transactions and because they are used in illegal activities.

NIGERIA

Nigeria's central bank barred local banks from dealing in or facilitating transactions in cryptocurrencies last year, reinforcing restrictions that have been in place since 2017.

The ban has pushed the industry underground, with Nigerians trading between themselves using mobile messaging apps and platforms such as Binance and Paxful. This has opened them up to scams and the risk of arrest.


In : Technical Analysis 


Tags: rina chandran and thomson reuters foundation more countries are regulating cryptocurrencies  fearing systemic risk from the volatile digital currencies 

Panerai Luminor "Blackseal" PAM76 Titanium Black & Silver dial 44mm Automatic wa

PANERAI WATCH
LUMINOR / Ref. PAM76
44mm, Titanium
W525050
Panerai Luminor "Blackseal" PAM76 Titanium Black & Silver dial 44mm Automatic watch
TRY IT ON
G&S Price: $22,000

SALE PRICE

$16,900 


    HOT 103.1 FM HOUSTON

    Fashion director finds. Everything our fashion office is obsessed with right now.

    Shop Janelles's finds


     
     
    E*TRADE from Morgan Stanley 
    View in browser   |   Log on
     
     
     
    Make the most of your cash in 2025
     
    Boost your earning power with a high-yield savings and bank certificate of deposit (CD) account.
    BANKING
     
    You’re already building your portfolio with E*TRADE from Morgan Stanley. Now, unlock more of your financial potential and open a high-yield bank account from Morgan Stanley Private Bank, Member FDIC, on etrade.com.
    Bank smarter with some of today’s best rates
    Bank CD accounts
    Bank CD accounts
     
    Plus, even more reasons to bank with us
    Award Icon
    Award-winning banking*
    Our accolades speak for themselves
     
     
    Check Icon
    Easy money management
    With E*TRADE from Morgan Stanley’s best-in-class digital experience6
     
     
     
    Lock Icon
    FDIC
    protected

    Up to applicable limits. Certain conditions must be satisfied.7
     
     
     
    Learn how to manage cash strategically
    Not sure which account is right for you? Learn how to use cash as an asset class to balance your short-tern needs with your long-term goals. Read article
     
     
    Facebook twitter Youtube
    Privacy Pledge  |  Security Center  |  FAQs
     
     
     
     
    *February 3, 2025. Buy Side from Wall Street Journal. Reprinted with permission by Dow Jones & Company, Inc.

    1. As of 2/21/2025, the Annual Percentage Yield (APY) of the Premium Savings Account offered by Morgan Stanley Private Bank, National Association is 4.00%. Your interest rate and APY may change at any time and fees may reduce earnings. Please visit etrade.com/ratesheet for information regarding this account's current interest rate and corresponding APY.

    2. Based on comparison to the National Deposits Savings Average Annual Percentage Yield (APY) as published on the FDIC Weekly National Rates and Rate Caps Weekly Update, as of January 21, 2025.

    3. Certificate of Deposit (CD) interest rates are fixed from the start of the term until their maturity date.

    CD offerings can change on a daily basis. The interest rate on the Settlement Date can be higher or lower than the interest rate that was available at the time of account opening. If your Settlement Date is within 10 calendar days of the account opening, the applied interest rate will be the highest of the prevailing interest rate on the date of account opening or the date of Settlement. Maturity is determined based on the Settlement Date and the term selected. The APY is based on no withdrawal of credited interest and no redemption prior to the stated maturity date. A withdrawal will reduce earnings. See the CD Rate Table page at etrade.com for information on term lengths, current interest rates and corresponding APYs.

    Interest is compounded daily. Interest will compound from the Settlement Date until the last full day before the date of withdrawal using the daily balance method. Accrued interest posts to your account on a quarterly basis, unless you select at account opening to receive interest via check.

    4. As of 2/21/2025, the Annual Percentage Yield (APY) of the Certificates of Deposit is up to 4.25%. Your interest rate and APY may change at any time until funding is settled, and penalties may reduce earnings. The APY is based on no withdrawal of credited interest and no redemption prior to the stated maturity date. Please visit etrade.com/ratesheet for information regarding the current interest rate, corresponding APY, and account terms.

    5. Bank CD accounts must be opened and funded to lock in a fixed rate.

    6. For the StockBrokers.com 2024 Annual Awards, all 17 U.S. equity brokers reviewed were assessed on over 200 different variables across eight areas: Commissions & Fees, Investment Options, Platforms & Tools, Research, Mobile Trading, Education, Ease of Use, and Overall. E*TRADE from Morgan Stanley was awarded the #1 Investor App, and #1 Web Trading Platform. In addition, E*TRADE received fifteen Best in Class distinctions: Overall Rating, Commissions & Fees, Research, Platforms & Tools, Investment Options, Mobile Trading Apps, Education, Bank Brokerage, Beginners, Futures Trading, IRA Accounts, Options Trading, Penny Stock Trading, High net Worth Investors, and Ease of Use. E*TRADE's star ratings for all category rankings out of 5: Overall (5.0 stars), Customer Service (4.0 stars), Commissions & Fees (4.5 stars), Research (5.0 stars), Platforms & Tools (4.5 stars), Mobile Trading Apps (5.0 stars), Investment Options (4.5 stars), Education (5.0 stars), Ease of Use (5.0 stars), Customer Service (4.0). Read the 2024 Online Broker Review.

    7. The Premium Savings Account gives Morgan Stanley Private Bank, National Association, Member FDIC the ability to send any amount held on deposit in your Premium Savings Account to other depository accounts at Federal Deposit Insurance Corporation (“FDIC”) member banks with the purpose of affording you additional FDIC insurance coverage. The Program is designed to offer up to $500,000 in FDIC coverage to individual accounts (up to $1 million for joint accounts). Certain conditions must be met. Learn more.

    Deposits held in Certificate of Deposit accounts are FDIC insured up to $250,000. Learn more.

    No minimum initial deposit is required to open a Premium Savings Account and Certificate of Deposit Account. However, account must be funded within 30 days to remain open.

    This is a promotional email from Morgan Stanley Private Bank, National Association. Click here to unsubscribe.

    Morgan Stanley Private Bank, P.O. Box 484, Jersey City, NJ 07303-0484

    Please see our Privacy Pledge for details about how Morgan Stanley handles personal information.

    Banking products and services are provided by Morgan Stanley Private Bank, National Association, Member FDIC.

    © 2025 E*TRADE from Morgan Stanley. All rights reserved. E*TRADE Copyright Policy







    Invest, spend, and earn 2.05% APY*–all through your brokerage account.
    Our goal at Robinhood is to democratize finance. This means delivering products that help you do more with your money and improve your life. Today, we're excited to introduce Cash Management, a new feature to give you more flexibility with your brokerage account.
    JOIN THE WAITLIST
    Flexible Spending
    Use your Robinhood debit card anywhere Mastercard® is accepted around the world.
     
    Earn 2.05% APY
    Your uninvested cash is moved to banks in our program that pay you 2.05% APY*. Like all variable rates, this could go up or down over time.
     
    FDIC Insurance
    Your cash in the program banks is eligible for up to $1.25 million of FDIC insurance, or up to $250,000 per bank, subject to FDIC rules.
     
    75,000+ ATMs
    Don't pay fees at any of the 75,000+ ATMs in our network.
    JOIN THE WAITLIST


    See the source image



    For the next two weeks, you can earn increasing levels of Stock-Back™ rewards when you shift your everyday spending to your Stash debit card.* 

    Every qualifying swipe over $5 gets you closer to leveling up your Stock-Back rewards. Levels start tomorrow and reset to zero on Monday, November 18.

    Follow Us

     

    Flag Counter


    Flag Counter

    Make a free website with Yola