Jewel Bank was approved as Bermuda’s first digital asset bank, which plans to issue a stable currency currency is a medium of exchange that defines value. in USD and other single fiat currencies.
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- Bermuda Monetary Authority Approved Jewel Bank
- It is the first digital asset bank licensed on the island
- Jewell Bank to issue stablecoins
Jewel Bank, a Bermuda-based bank, received its full digital asset trading and banking licenses from the Bermuda Monetary Authority (BMA). Se convierte así en el primer banco de activos digitales de la isla, tal como afirmó la compañía en un comunicado.
It is worth noting that Jewel Bank will serve digital asset companies in unsanctioned countries around the world, including the U.S. The bank plans to offer services in Bermuda and says it will help accelerate the “digital transformation” of the nation.
Jewel Settle is a real-time settlement network a network refers to all nodes in the operation of a blockchain at any given moment in time. for payments. It will allow select customers of Jewel liquidar con sus contrapartes de comercio de activos digitales en USD en minutos y en cualquier momento del día.
Stable currency in USD
In addition, Jewel Bank plans to issue a stable USD currency and has plans for other single fiat currencies. The bank also plans to issue stable currencies to other banks and non-bank financial institutions that do not have the same regulatory, technological and compliance capabilities.
“Institutional banking infrastructure has been the critical missing link for high-growth digital digital technologies are these electronic tools that have the ability to generate, store or even process data. asset exchanges and institutions outside the U.S., bringing much-needed liquidity, reliability and scale to this rapidly growing global space and its demand for fiat fiat currency is “legal tender” backed by a central government, such as the Federal Reserve, and with its own banking system, such as fractional reserve banking. It can take the form of physical cash, or it can be represented electronically, such as with bank credit. ramps and stable coin a coin can refer to a cryptocurrency that can operate independently or to a single unit of such cryptocurrency. payments.” said Chancellor Barnett, founder, chairman and chief strategy officer of Jewel Bank.
He added: “ Jewel Bank will serve as a bridge between the traditional fiat banking system and new digital asset rails to serve the high-volume payments and settlement needs of our large global customers, including crypto exchanges, with traditional and stable coin-based payment solutions.”
As the bank itself said, the main focus of the Jewel Bank is to meet the needs of companies licensed or domiciled outside the U.S. by providing essential digital asset banking, payments, fiat on- and off-ramps, custody, crypto-secured lending, stable coin issuance and real-time settlement services for large digital assets.
The bank also plans to offer domestic retail banking services in Bermuda and help accelerate the island’s digital transformation.
Bermuda and crypto
It is important to note that already Bermuda, as a nation, had advancements in cryptocurrencies.
This month, Bermuda’s Premier, David Burt, told CoinDesk for a podcast at the World Economic Forum in Davos, Switzerland, which he was leading for the first time. projects to use the island as a proving ground for stable currencies and to launch a national community-owned digital bank.
In September 2020, the Bermuda government announced the launch of a pilot test with cryptocurrencies, with which made use of a stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. own to promote a stimulus program financial assistance for the country’s residents affected by the pandemic by the COVID-19.
Likewise, in 2018 the government itself signed an agreement with the exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Binance which included several things, including the creation of an educational program, the setting up of an office at the exchange, and advice on developing a regulatory framework.
Prior to that, in 2017, the island’s government had installed a working group to investigate cryptocurrencies .
That’s why, Jewel Bank says he chose Bermuda as the non-U.S. jurisdiction. “optimal for its global digital asset bank due to Bermuda’s existing DABA1 digital asset framework under a single regulatory body. Similarly, Bermuda’s previous commitment to accepting stable USD fiat-backed currencies for payment of taxes and government services, Bermuda’s history as a leading global financial services centre in reinsurance and insurance, and the support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. and innovation of the highest levels of leadership in Bermuda, including its driving force”.
Sources: Coindesk , Jewel Bank , press release , archivo
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