To contain the risks, the Central Bank of Myanmar (CBM) earlier this month announced that it does not recognise cryptocurrencies as an official currency and that financial institutions in Myanmar are not allowed to accept or facilitate transactions involving digital currencies. Cryptocurrency valuations have been volatile since they began trading in recent years. On April 1, the price of one bitcoin jumped 18 percent to US$4,900 in just 24 hours and closed the month at US$5200. Staying above the much-vaunted US$5,000 level was important, many commentators argued, to form the support level for the next bull-run. Myanmar buyers with access to an online payment method bought into the rising trend and local advertising for exchanges became more frequent on social media, which alarmed the CBM. This is because cryptocurrency is not tangible in the way that government-issued kyats, baht, yen or dollars are. Unlike gold or silver – metals traditionally used to hedge against inflation … [Read more...] about Central bank issues warning against cryptocurrency trading
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Retired Lebanese soldiers picket central bank over cuts
BEIRUT: Retired soldiers in Lebanon, concerned about any pension or benefit cuts as the government debates a draft budget, started picketing the Central Bank building late on Sunday, saying they aimed to stop workers from entering on Monday morning (May 13).As about 100 protesters gathered outside the Central Bank, Lebanon's coalition government held its latest meeting to try to agree a budget that would reduce the fiscal deficit in the heavily indebted state.General Sami Ramah, a spokesman for the retired soldiers, said they would stay at the bank, stopping employees from entering, until their demand of no cuts to the military budget was met.Information Minister Jamal Jarrah said after the meeting that the level of public sector salaries in the draft budget was not discussed on Sunday, but that decisions were made on "significant cuts" in the budgets of government departments.The retired soldiers have blocked the Central Bank's three entrances, including the one for vehicles, said a … [Read more...] about Retired Lebanese soldiers picket central bank over cuts
Singapore central bank studying licences for virtual banks
SINGAPORE: Singapore's central bank is studying whether to allow financial technology firms to operate digital-only banks in the city-state, it said, following moves by regulators in other Asian markets to issue virtual banking licences.Singapore is among several financial centres in the region, such as Hong Kong, Seoul and Tokyo, pushing to become a fintech hotspot. Measures in recent years include state funding, light-touch regulation and moves to allow start-ups to test financial products in a controlled environment."Technology and other non-bank firms have been making large digital strides, and they have brought substantive value to their customers in doing so. Some of these non-bank firms have established digital-only banks, either amongst themselves or in partnership with incumbent banks," the Monetary Authority of Singapore said in response to a query from Reuters on Tuesday (May 7)."MAS is studying whether to admit such digital-only banks with non-bank parentage."The … [Read more...] about Singapore central bank studying licences for virtual banks
News Election source codes deposited at central bank
MANILA -- The Commission on Elections on Thursday deposited at the central bank the last batch of source codes containing commands that will guide the May 13 election's automated system. The 3 sets of codes were evaluated by local reviewers and US-based software testing company Pro V& to avoid "doubts" on integrity, said Comelec Executive Director and Project Management Office Head Jose Tolentino. "None has said or found that there is any malicious code embedded in the source codes," he told reporters. The source codes, saved in USB drives, were placed inside sealed envelopes. These were placed in a small cash box with a paper seal at a vault of the Bangko Sentral ng Pilipinas. The poll automation law requires that source codes be deposited in escrow with the central bank. -- Report from RG Cruz, ABS-CBN News … [Read more...] about News Election source codes deposited at central bank
Central banks boost gold demand amid geopolitical worries: WGC
LONDON: The world's demand for gold rose in the first three months of 2019 as central banks diversified away from the dollar amid concern over geopolitical instability, the World Gold Council industry body said Thursday (May 2).Global demand increased by seven per cent to 1,053.3 tonnes in the first quarter compared to a year earlier, the WGC said in a quarterly report on the precious metal.Purchases by central banks hit 145.5 tonnes of gold, up 68 per cent. That was the best performance for that period since 2013."Central banks are diversifying away from the dollar," WGC spokesman John Mulligan said.The report added that "diversification and a desire for safe, liquid assets were again the main drivers of the purchases".Gold demand from exchange-traded funds (ETFs) meanwhile jumped 49 per cent to 40.3 tonnes.ETFs - which allow investment without trading on the futures market - witnessed the biggest inflows in the United States and also in Europe.ETF demand for gold was … [Read more...] about Central banks boost gold demand amid geopolitical worries: WGC