In the dynamic environment of international banking, trust and operational integrity are the fundamental pillars for the growth and sustainability of any institution.

Bancamiga’s participation in FIBA (Financial and International Business Association) represents a highly significant strategic milestone, consolidating its firm commitment to the highest global standards in the prevention and control of money laundering and terrorist financing.

Founded in 1979 and headquartered in Miami, Florida, FIBA is a non-profit trade association and an international center of excellence widely recognized by regulators, oversight bodies, and law enforcement agencies worldwide.

Its primary mission is to promote best practices in international trade, correspondent banking, wealth management, and, most importantly, regulatory compliance.

Bancamiga’s participation in the recent FIBA AML Argentina conference is a step forward in its intention to join an elite network where future preventative policies are being defined.

The organization is an undisputed leader in Anti-Money Laundering (AML) education and certification, setting global standards in partnership with prestigious academic institutions such as the Florida International University (FIU) School of Business.

Active participation of strategic areas of the bank

The participation of four strategic areas of the bank, which are part of its preventative structure (UPCLC/FT/FPADM, Treasury, International Business, and Legal), in the FIBA AML Argentina conference has significant implications for the institution’s projection within the global financial ecosystem:

1. It demonstrates that Bancamiga’s anti-money laundering policies not only comply with local regulations but also rigorously align with the most demanding global standards.

2. It strengthens Correspondent Banking by opening direct channels and reinforcing mutual trust, facilitating the efficient and secure flow of foreign trade operations for Bancamiga’s clients.

3. It provides access to cutting-edge knowledge, allowing the bank’s compliance specialists to remain at the forefront of defense with immediate access to the latest types of financial crimes, monitoring technologies, and methodologies for mitigating emerging risks.

4. It allows for collaboration with global banking giants. FIBA brings together some of the largest, most influential, and most respected financial corporations and institutions in Europe, the United States, Latin America, and the Caribbean. Sharing this space of governance, committees, and technical exchange allows Bancamiga to directly integrate into a network representing more than 600 financial institutions across the hemisphere.

5. Transparency, the cornerstone of management. For a universal bank, the best calling card is an impenetrable compliance system. By actively participating in FIBA, Bancamiga reaffirms that the security of its users’ transactions and the transparency of its management are non-negotiable institutional assets before the world.

Strengthening Bancamiga’s Comprehensive Risk Management System

Attendance at the event involved fulfilling formalities that help strengthen Bancamiga’s Comprehensive Risk Management System, as well as acquiring tools and knowledge that allow the bank to anticipate new guidelines currently in place and those that will govern the international banking ecosystem, positioning the institution as a reliable player in the existing correspondent network that communicates using the same international language.

Information and image courtesy of Bancamiga Banco Universal

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La entrada Bancamiga Raises Global Standards at FIBA AML apareció primero en Bitfinance.

On Monday, June 22, Argentine President Javier Milei authorized the Treasury to acquire $5 billion in new debt under partial guarantee schemes provided by multilateral organizations.

While the resolution does not specify the lenders involved, it does mention the “recent approvals from the World Bank, the Multilateral Investment Guarantee Agency, and the Inter-American Development Bank, which provided guarantees totaling $2.55 billion to facilitate access to foreign currency.”

The Mieli administration considers the measure a “strategy to reduce its financing costs, deeming the collaboration with internationally recognized banking institutions as advantageous.”

The funds in question are urgently needed to meet debt payments in foreign currency due for the current and next fiscal years.

By tying international banks to public coffers, the government is compromising the country, “deepening an external dependency that limits social spending and public investment.”

Regarding the country’s internal situation, it is known that the first major payment is due on July 9, with the maturity of $4.35 billion in principal on Global and Bonar bonds. Of this total, $3.8 billion is owed to private creditors, so the economic team must ensure immediate liquidity to avoid a default scenario.

M.Pino

Source: ultimasnoticias

(Reference image source: Paul on Unsplash)

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La entrada Argentina secures $5 billion in new international loans apareció primero en Bitfinance.

The Central Bank of Chile, the local regulatory body in monetary matters, indicated that bitcoin will not be incorporated as a reserve asset.

According to the entity, “cryptocurrencies do not meet the IMF criteria.” Hence the decision not to incorporate bitcoin into its treasury.

The authorities have indicated: “International reserves aim to maintain economic and financial stability in the face of adverse external shocks and the conduct of exchange rate policy. Therefore, they must meet high criteria of security, liquidity and quality, according to the definitions of the IMF to guarantee central banks their immediate availability with a limited impact on the market and efficient access in case they need to be used in periods of crisis.”

The Central Bank of Chile stressed that cryptocurrencies do not have these essential legal characteristics and, in addition, are affected by high volatility.

In the local scenario, “the law establishes narrow criteria for the assets that can be included in the books of the Central Bank of Chile. Specifically, the regulations limit reserve assets to “gold, securities, negotiable instruments, instruments issued or guaranteed by foreign states, central banks or international financial institutions.”

For now, Chile does not contemplate a change of assets to include cryptocurrencies, which represent a high risk for its reserves and to comply with the mandate to guarantee the economic and financial stability of the country.

M.Pino

Source: diariobitcoin

(Reference image source: Erling Løken Andersen on Unsplash)

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La entrada Chile rules out incorporating bitcoin as a reserve asset apareció primero en Bitfinance.

Tesla published its financial report for the fourth quarter of 2022, revealing that it had not bought or sold any Bitcoin.

Elon Musk’s electric car company first added the flagship cryptocurrency to its balance sheet in February 2021, when it announced a $1.5 billion purchase of Bitcoin.

However, it then sold most of it during the second quarter of 2022, generating a profit of just over $63 million. Despite the turbulence in the cryptocurrency industry, caused by the bankruptcy of FTX and other high-profile firms, Tesla has held onto the coins for two consecutive quarters.

The bitcoin price crash had an impact on Tesla’s treasury. According to the recent earnings report, the company had $184 million in digital assets as of December 31, down from $218 million in the prior quarter.

The automaker reported an impairment charge on its bitcoin holdings, meaning the value of those assets fell below their book value or acquisition cost. In short, even though Tesla still holds the same amount of BTC, its value has gone down due to the decline in its market price.

K.Tovar

Source: Diariobitcoin

(Reference image source: Paul Steuber, Unsplash)

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La entrada Tesla hasn’t moved its Bitcoin holdings apareció primero en Bitfinance.

Between January and May 2022, Petróleos de Venezuela (PDVSA) has obtained revenues of more than 6,100 million dollars, equivalent to more than 69 % of the financial resources that entered the Treasury of the state company during the same period of 2021, to despite the stagnation of exports.

The international reference price for Venezuelan oil is stipulated by the price of Merey crude, which reached a price of over 88 dollars per barrel in May, which impacted revenues of over 1,300 million dollars.

The average price of Merey for the first months of this year reached 79.13 dollars per barrel, a level that is 78.5 % higher than that registered in 2021. While external sales during the year registered 5 % below of what was reported last year, which represents about 617,336 barrels per day.

Export expectations

Venezuela had the expectation of exporting, by this date, some 800,000 barrels per day and for the second half of the year more than one million barrels per day had been estimated, but the limitations that the state-owned PDVSA has had to increase production and the increase in domestic consumption has curbed export expectations.

The national executive expects that income from oil exports will be taxed between 14,000 and 15,000 million dollars if the price of crude oil is maintained at current levels. However, there are other more positive projections such as the one by Ecoanalitica that highlighted, two months ago, that its estimates ranged between 13,000 million to 17,000 million dollars.

If the country had a production between 2 and 2.5 million barrels per day, those revenues would only represent 31 %.

M. Rodríguez

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Source: themoneypost.io

La entrada PDVSA revenues exceed 69 % between January and May 2022 apareció primero en Bitfinance.

The Federal Reserve of the United States (FED) decreed a new increase in reference interest rates in the order of 0.5 percentage points to place them in a range that oscillates between 0.75 % and 1 % with the purpose of avoiding a increase in inflation.

The information was provided through an official statement from the institution where they indicated that “Inflation remains high, reflecting supply and demand imbalances related to the pandemic, higher energy prices and broader price pressures”.

This increase is the third that the FED has made since March, after inflation registered an unexpected increase last month and warned that other increases may come. Not since 1994 has a rise in interest rates of this magnitude been recorded.

Control of employment and long-term inflation

The FED projected a slowdown in the economy and a rise in unemployment in the coming months, which is why it plans to “achieve maximum employment and inflation at a rate of 2 percent in the long term, because they have decided to raise the target range for the federal funds rate of 1-1/2 to 1-3/4 percent and anticipates that continued increases in the target range will be appropriate.”

On the other hand, the Committee will reduce its trends “for Treasury securities and agency debt and agency mortgage-backed securities” in accordance with the provisions of the Plans to reduce the size of the Federal Reserve balance sheet, published last month of May.

The institution indicated that it would be prepared to adjust the monetary policy if factors occur that impede the control of inflation. Forecasts indicate that interest rates will reach 3.4% by the end of the year, a movement that affects citizens in aspects such as higher borrowing costs for credit cards or mortgages.

M. Rodríguez

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Source: finanzasdigital.com 

La entrada The Fed decreed a new increase in interest rates apareció primero en Bitfinance.

The UK Treasury Department ratified its decision to continue with plans to regulate stablecoins under the Money Markets and Services Bill, after last week’s collapse as stablecoin terrausd (UST) lost their peg with the US dollar, and after terra LUNA plummet to almost zero.

A Treasury spokesman said: “This will create the conditions for issuers and repair providers to operate and develop in the UK, while ensuring financial stability and high regulatory requirements.”

Likewise, the Treasury Department spokesperson stressed that the entity “does not plan to incorporate algorithmic stable currencies within the laws, saying that they do not ensure stability. Terrausd (UST) is an instance of an algorithmic stablecoin.”

For his part, the British Chancellor of the Exchequer, Rishi Sunak, explained that the plan will certify that the UK currency industry is always at the forefront of technology and innovation.

Crypto property regulation plan

The Treasury spokesman pointed out that the laws that will allow stable currencies to be regulated, as well as the sites that can be used as a means of payment, are part of the Money Markets and Services Bill presented during the speech made to the Queen.

As will be remembered, recently Prince Charles delivered the speech detailing the UK government’s legislative agenda in which “particularly cryptographic ownership” is contemplated.

A detailed plan is contemplated within the regulatory agenda “to make the nation a world cryptographic center and a suitable place for cryptocurrencies.”

This plan aims to create a “dynamic regulatory framework for cryptocurrencies, regulate stablecoins and deal with the Royal Mint to create a non-fungible token (NFT),” the spokesperson explained.

M. Rodríguez

Source: diariorealidad.news

La entrada UK ratifies plans to regulate stablecoins apareció primero en Bitfinance.

Jared Polis, governor of the state of Colorado, revealed that the entity is preparing to become the center of the crypto economy and as of August it will be ready to receive different cryptocurrencies as a form of payment of the entity’s taxes, although not keep in your treasury.

 “We are putting Colorado at the center of the crypto economy. not only do we have favorable laws and regulations, but we also have a great innovation ecosystem here (…).”

The governor stressed that, for the development of this initiative, his administration is working to make alliances with companies in the cryptographic industry in order to support the state in the process of cryptocurrency transactions.

According to Polis, the state of Colorado will not keep the digital assets received in its treasury, which is why it is looking for a way to work with a payment processor that makes the change to fiduciary currency. “Our budget is still in dollars. We don’t want to take the speculative risk of having crypto, so we’ll have a transactional layer there,” he expressed.

Colarado maximizes the use of blockchain technology

The Governor of Colorado recalled that his entity has been working in the crypto economy for some time and highlighted that his state was the first to hire a specialist blockchain architect for its technical office and is currently developing the ETHDenver conference, a free multi-day event focused on in the Ethereum ecosystem.

Since 2019, the Colorado authorities have been working on the cryptographic ecosystem and legislators, in particular, began discussions on the possibility of taking advantage of blockchain technology for different operations such as soil monitoring and water rights management and apparently the initiative finally succeeded.

According to Polis, in the coming months, the state will be making various announcements about the adoption of cryptos and the underlying technology they possess.

M. Rodríguez

Source: diariobitcoin.com

La entrada Colorado will accept cryptocurrencies for tax payments apareció primero en Bitfinance.

Philadelphia Mayor Jim Kenney stated that the city is ready to partner with the CityCoins donation program to address the city’s challenges and boost its treasury with cryptocurrencies.

CityCoins is a software application on the Stacks (STX) blockchain that makes it easy for municipal authorities to create a unique cryptocurrency that executes transactions on Stacks and is settled on the Bitcoin network.

Mark Wheeler, Philadelphia Chief Information Officer and Bitcoin (BTC) supporter announced through his twitter account that “Philadelphia is ready to start working with CityCoins.” He stressed that he would initiate inquiries into the legal guidelines that allow him to ensure any association with CityCoins is within the current laws regarding cryptocurrencies.

On the other hand, the official indicated that this application does not require users to use any additional hardware that could cause damage to the environment. “I think we can just say this is not Bitcoin and it doesn’t require installing new servers or being power intensive.”

CityCoins reaches other US cities

CityCoins already has a presence in other cities in the United States developing cryptocurrencies. Among them, the cities of New York and Miami stand out, which are already using the Stacks blockchain software to increase their treasury reserves. About 30 % of the mined STX tokens are sent to the city wallet and then sold for dollars, which go directly to the city treasury. The miners keep the rest.

Last August, Miami launched its MiamiCoin with CityCoins with the purpose of raising funds that, according to the city’s mayor, Francis Suárez, could be used to cover the tax burden of all its residents.

For its part, the city of New York launched its NYCCoin in a partnership with CityCoins last November. Using the same methodology as MiamiCoin, NYCCoin miners receive STX and BTC rewards for supplying tokens to the city.

Other cities such as Austin and Texas have already made the alliance, but have not started mining.

M. Rodríguez

Source: en.cointelegraph.com

La entrada Philadelphia to partner with CityCoins to boost its crypto treasury apareció primero en Bitfinance.

The third monetary reconversion is imminent, but that strategy will not make citizens prefer the bolivar. This was stated by the economist and former deputy José Guerra, who also indicated the need to create a new currency.

According to the expert, the new currency should be anchored to the dollar, while the economy recovers and subsequently it is necessary to progress to “a floating system on solid fundamentals.”

As a consequence of the damage caused by the economic policies, especially between 2007 and 2020, the former deputy considers that it is impossible to restore the bolivar. He affirmed that, in financially unstable countries, the issuance of local currency must be supported by international reserves so that the public chooses to maintain it and that does not happen in Venezuela.

According to the economist, it is imperative to defeat hyperinflation. This requires the design and application of an extensive program of economic and institutional reforms with external financing, in order to prevent the Central Bank of Venezuela (BCV) from continuing to increase the fiscal deficit.

“The most expeditious recipe for destroying a currency is for the central bank to use its issuing capacity to finance the treasury, a populism tool known as the inorganic issuance of money and it is the strategy most used by all countries that have suffered from hyperinflation”, Guerra concluded.

M. Rodríguez

With information from national media

La entrada José Guerra: “It is necessary to create another currency in Venezuela” apareció primero en Bitfinance.