The Bank for International Settlements (BIS) has laid down new rules for banks holding Group 2 cryptocurrencies like XRP. Known as the bank for central banks, the BIS sets standards and fosters cooperation among global financial institutions. Group 2 assets, as defined by the BIS, include unbacked cryptocurrencies such as XRP, Bitcoin (BTC), and Ethereum […]
The Bank for International Settlements
Stablecoins: Promises of Stability Fall Short, BIS Report Warns
Stablecoins, a subset of cryptocurrencies designed to maintain a stable value against a reference asset, have garnered significant attention in the financial realm. However, a recent report by the Bank for International Settlements (BIS) casts doubt on their ability to live up to their name. The BIS study examined 68 stablecoins and found that none […]
Yes Bank Disaster Can Serve as a Perfect Example of Why India Needs Crypto
Financial ecosystems worldwide have been in a state of crisis since the Coronavirus outbreak. When this was happening, the Indian financial space was rocked by the news of the bankruptcy of Yes Bank and the subsequent takeover of State Bank of India [SBI]. Some people now believe that Indian crypto proponents can use the Yes […]