BITCOIN

International cooperation is necessary to regulate crypto conglomerates, according to the head of the central bank of France. Speaking at a tech forum in Paris, Governor Villeroy de Galhau also suggested that a new version of the EU’s recently adopted crypto law may be needed to deal with the issue. Regulation in Single Jurisdiction Insufficient in Case of Crypto Giants, Villeroy Convinced Cooperation on the international level is needed to regulate crypto conglomerates, the Bank of France Governor, Francois Villeroy de Galhau, stated at an event during the Vivatech technology conference in the French capital. Quoted by Bloomberg, Villeroy elaborated that it’s not sufficient to regulate one legal entity in one jurisdiction. He gave an example with U.S. crypto companies that have different legal entities operating in various jurisdictions which, in his view, creates the need for international collaboration. While emphasizing that the European Union is ahead in terms of crypto regul

Goldman Sachs’ strategists have cautioned that markets seem to be more optimistic than they are about the pace of inflation’s decline. “Although we expect further declines in inflation going forward, markets appear considerably more optimistic than we are about the pace of cooling,” they explained. Goldman Sachs Expects U.S. Inflation to Decline Slower Than Market Anticipates Goldman Sachs’ strategists, led by chief interest rates strategist Praveen Korapaty, warned in a note Friday that inflation in the U.S. is projected to decrease at a slower pace than what is currently being priced by the markets, Bloomberg reported. The Goldman strategists explained that investors may be assuming that a sharp slowdown in economic growth would result in a more rapid decline in inflation. Moreover, they could also be more bearish about energy prices compared to what is implied by commodity futures. However, the strategists argued that these factors will have a limited impact on inflation, emphas

JPMorgan’s strategists have explained that even if China overtakes the U.S. as the world’s largest economy around 2030, the U.S. dollar may remain the world’s dominant currency for the rest of the 21st century. The global investment bank cited the historical experience of when the U.S. overtook Great Britain as the world’s largest economy. JPMorgan Discusses Future of U.S. Dollar Amid China’s Projected Economic Dominance Global investment bank JPMorgan’s strategists recently discussed the potential impact on the U.S. dollar in the event that the Chinese economy surpasses the U.S. as the world’s largest economy. According to the Centre for Economics and Business Research (CEBR), one of the U.K.’s leading economics consultancies, China is projected to surpass the United States as the world’s largest economy by 2030. The JPMorgan strategists explained that even if China surpasses the U.S. economy, the USD is unlikely to lose its status as the world’s reserve currency immediately, cit

The Nigerian currency’s official exchange rate versus the greenback recently plunged to NGN634 per dollar from just under NGN470 per dollar. The central bank’s decision to allow the naira to “float” came a few weeks after Nigerian president Bola Ahmed Tinubu pledged to end the CBN’s multiple exchange rate regime. The Naira Devaluation The Nigerian currency’s official exchange rate versus the U.S. dollar plunged to an all-time low of NGN634 per greenback on June 14. The naira’s fall by more than 30% came just days after the Central Bank of Nigeria (CBN) denied devaluing the currency’s exchange rate to NGN631 per dollar from just NGN470 per dollar. The central bank’s decision to allow the naira to “float” also came a few weeks after Nigerian president Bola Ahmed Tinubu pledged to end the CBN’s multiple exchange rate regime. Understanding the Operational Changes to the Foreign Exchange (FX) Market 1/3 pic.twitter.com/kNIhH7GIsw — Central Bank of Nigeria (@cenbank) June 16, 2023 Be