Category: Banks

Another Chinese Lender Bailed Out After Bank Run

Another Chinese Lender Bailed Out After Bank RunYichuan Rural Commercial Bank, a lender operating in the central Henan province, has become the latest Chinese bank to be bailed out by the government this year. The small financial institution, which has around 30 branches only in the Yichuan county, experienced a bank run sparked by rumors that its top management was in trouble […]

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Why Central Banks Are Not Designed for Democracies

Why Central Banks Are Not Exactly Part of DemocraciesThrough their policies, central banks exert tremendous influence over the socio-economic conditions in a country and its business environment. Their decisions are so powerful that it’s obvious they are part of the government. But most people would be surprised to find out that central banks are almost never part of the due democratic process. Also […]

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Is China’s New Fascination With Blockchain Really Good for Bitcoin?

Is China’s New Fascination With Blockchain Really Good for Bitcoin?Blockchain development has kind of become an element of the party line in the world’s largest officially communist state. The General Secretary of the Communist Party of China, Xi Jinping, recently told a Politburo meeting that the People’s Republic has to gain an edge in the emerging field. Some say Xi’s statement brought back the […]

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Cash Runs Dry at ATMs as Protests Escalate in Chile

Cash Runs Dry at ATMs as Protests Escalate in ChileThere’s a lot of unrest in Chile right now as the country has seen massive protests against government manipulation and an escalation of financial problems. Local reports detail a few banking establishments have been burned after customers started having issues withdrawing cash from ATMs. Issues with the bank machines that don’t work coupled with rising […]

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McKinsey: Majority of Banks May Not Be Economically Viable

McKinsey: Majority of Banks Globally May Not Be Economically ViableManagement consulting firm McKinsey & Company has published a global banking review and found that a majority of banks worldwide may not be economically viable. More than half of them still do not generate their cost of equity 10 years after the crisis and may not survive an economic downturn. Also read: FATF Starts Checking […]

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The Demand for Permissionless Freedom Is Just Getting Started

The Demand for Permissionless Freedom Is Just Getting StartedEvery year the world seems to be getting crazier and more people are starting to realize that it stems from oppressive government transgressions against a peaceful society. The world has noticed millions of people from France, Hong Kong, Venezuela, Indonesia and more are rising up because citizens are sick and tired of the manipulation. Because […]

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Turkey Throws Another Wrench Into the USD’s Works and Joins Russian Swift

Turkey Throws Another Wrench Into the Works of the Dollar, Joins Russian SwiftThe dominance of the U.S. dollar as the global reserve currency is being robustly challenged on all fronts. Other geopolitical powers and smaller but important players are unwilling to accept the political influence Washington exerts through its fiat money. And in times of trade wars, sanctions, and even tensions between allies, the push to dethrone […]

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Major German Coop Bank Passes Negative Interest Rates to Customers

Major German Coop Bank Passes Negative Interest Rates to CustomersOne of Germany’s largest cooperative banks has begun charging its retail customers a negative interest rate. Other major banks could follow suit since the European Central Bank cut the deposit rate to a record low. Deutsche Bank recently said that it needs to be “much more robust about passing on negative rates.” Also read: Massive […]

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Why Bitcoin Is Better Than Banks: Major Credit Card Breach Exposes 60M Accounts

Why Bitcoin Is Better Than Banks: Major Credit Card Breach Exposes 60M AccountsSberbank, the largest bank in Russia with a regional and global presence, has suffered a major data breach. Personal information belonging to millions of clients is now being sold on the black market. Initial analyses suggest the trove of data for sale is real, highlighting the risks associated with traditional banking. Also read: Turkish Government […]

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Turkish Government Freezes Over 3 Million Bank Accounts

Turkish Government Freezes Over 3 Million Bank AccountsHundreds of thousands of businesses and individuals with tax obligations to the Turkish state have received foreclosure notices this week informing them about their frozen bank accounts. The government of Turkey, which is struggling with financial and economic problems under geopolitical pressure, is likely to push even more of its citizens towards cryptocurrencies with the […]

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RBI Ban Stops Indian Police From Cashing Out Seized Crypto

RBI Ban Stops Indian Police From Cashing Out Seized CryptoThe effects of banking restrictions by the Reserve Bank of India (RBI) have reached an Indian police department. The police sold some cryptocurrencies they seized only to find out that they cannot access the Rs 8.42 crore (~$1.2 million) proceeds due to the current RBI banking ban. Also read: India’s Popular ‘Who Wants to Be […]

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Massive Layoffs: Banks Cutting Nearly 60,000 Jobs Worldwide

Massive Layoffs: Banks Cutting Nearly 60,000 Jobs WorldwideBanks are laying off workers across the globe as revenue declines throughout the sector. According to reports, banks have announced nearly 60,000 job cuts so far this year, with most of the layoffs happening in Europe, especially in Germany. Also read: Panic at 137 Bank Branches as RBI Limits Withdrawals to ₹1,000 Almost 60,000 Job […]

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Bankers Start to Recognize Bitcoin’s Role in Financial Evolution

Bankers Start to Recognize Bitcoin’s Role in Financial EvolutionDigitization, disruption, blockchain, and frictionless payments. It’s amazing how prominent figures from the financial elite can provide a pretty detailed description of decentralized money without uttering “bitcoin” or “crypto.” But the fact of the matter is that clever businessmen in any industry, banking is no exception, would quickly spot emerging competition, analyze its strengths, and […]

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Swiss Banks Team With Fintechs to Enter the Crypto Space

Swiss Banks Team With Fintechs to Enter the Crypto SpaceMultiple joint projects between banks and crypto companies based in Switzerland now offer customers the opportunity to invest in digital assets and take advantage of banking services related to cryptocurrencies. It’s all happening in a regulated environment, generally friendly towards the growing crypto industry. The latest partnership between a traditional institution and a fintech startup […]

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At Least 19 Central Banks Give Way to Monetary Easing As Economy Slows

More Than 18 Central Banks Give Way to Monetary Easing As Economy SlowsIn a coordinated fashion, more than 18 central banks worldwide have or plan to cut interest rates, sparking a domino effect of monetary easing. It’s been 10 years since the world has seen central planners orchestrate such harmonization in an attempt to save the economy from a deep recession. Also Read: Money and Democracy: Why […]

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Crypto Facilitates Money Transfer for Restricted China

Crypto Facilitates Money Transfer for Restricted ChinaCrypto is not illegal in China, but it is illegal for banks and financial institutions to deal in crypto. It’s also illegal to send or receive over $50,000 in fiat money without government permission. Restrictive banking regulations, international trade wars, and a surveillance state in the midst of political unrest mean that transferring money can […]

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Big Banks Won’t Touch Crypto Clients – But These Smaller Banks Will

Catering to Crypto Clients, Small Banks Embrace an Opportunity Big Players Are Missing Out OnCryptocurrencies undoubtedly bring new business opportunities. The expanding industry around digital assets and its customers need more and more services that traditional sectors can provide. Banking is often a bottleneck in the crypto space as most traditional institutions are still reluctant to get their feet wet. Smaller banks, however, are more willing to occupy this […]

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Greta Thunberg Joins Satoshi in Questioning Bank Bailouts

Greta Thunberg Joins Satoshi in Questioning Bank BailoutsSaving planet Earth is a noble goal with many different dimensions. Climate change needs to be addressed vigorously as our world warms up faster than ever. Economic development needs a higher degree of financial freedom to provide everyone access to opportunities and wealth. A teenager from Scandinavia, dubbed a “next generation leader,” has once again […]

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Crypto Banking Expands With Positive Interest Rates and New Services

Crypto Banking Expands With Positive Interest Rates and New ServicesBanking, in the traditional sense of the term, has become a financial burden for account holders in regions where the era of subzero interest rates has already set in. European nations like Sweden, Denmark, Switzerland, and Eurozone countries have been in negative territory for some time, and banks there have started passing the burden to […]

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Why the Birth of Bitcoin Can Be Traced Back to 1971

Why the Birth of Bitcoin Can Be Traced Back to 1971The world economy is a complex system that has undergone many different phases in the past century. As strange as it may sound today, there have been times when banking crises were rare, pay was rising alongside productivity, and the U.S. dollar would buy a certain amount of pure gold. Despite its obvious successes in […]

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Crypto Lending Platforms Prepare to Assail the Banking System

Crypto Lending Platforms Prepare their Assault on the Banking SystemThe battle lines have been drawn and the troops assembled. On the one side stands the combined might of the banking cartels, centuries of deeply entrenched financial infrastructure supporting them. And on the other side stands a handful of crypto companies armed with little more than a passionate plea: “Ditch the legacy system and come […]

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Initiative to Curtail Negative Interest Rates Gains Traction in Germany

Ban on Negative Rates Initiative Gains Traction in GermanyNegative interest rates, a common occurrence in Europe these days, are unpleasant for both banks and clients. And financial institutions have been increasingly transferring the bulk of the burden on to their customers. Some political factions in Germany, however, aren’t happy with the trend and are pushing for adequate protection for the ordinary small saver, […]

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Major Swedish Bank Orders Negative Interest Rate on Euro Deposits

Major Swedish Bank Surprises With Negative Interest Rate on Euro DepositsSub-zero interest rates have become the norm in some countries, especially in Europe. Nordic nations such as Sweden and Denmark have been in negative territory for a while and a growing number of banks in the region are now charging depositors for keeping their money. Saving in fiat right now, unlike cryptocurrencies lately, leads to […]

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