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On March 27th, former Bank of Japan (BOJ) board member Kazuo Monma stated on Friday that given the unprecedented challenges the Middle East conflict presents to interest rate setting, the BOJ is likely to warn in its upcoming quarterly report that underlying inflation could fluctuate sharply. Monma pointed out that before the US-Israel attacks on Iran on February 28th, the BOJ seemed prepared to raise interest rates as early as March or April, but the subsequent surge in oil prices and the disruption of shipping in the Strait of Hormuz made this path uncertain. He stated that as hopes for a swift end to the war fade, the BOJ now faces significant uncertainty regarding how this oil shock will impact global and domestic economic growth, inflation dynamics, and corporate wage setting. These variables are likely to prompt the central bank to warn of two major risks in its upcoming quarterly report: the Middle East conflict leading to a contraction in demand and impacting the economy, and the supply shock exacerbating inflationary pressures.The yield on Japans 30-year government bonds rose 14 basis points to 3.66%.Indonesian Energy Minister: Indonesias fuel oil and liquefied petroleum gas supply is secure.On March 27, Iranian sources reported that Irans Permanent Representative to the United Nations, Illavani, sent a letter to the UN protesting the assassination of the Iranian Parliament Speaker and Foreign Minister. He stated that reports of the two men being temporarily removed from the US and Israels purge lists confirm the existence of assassination threats, adding that "this threat stems from a criminal mentality; their open use of rules of engagement and stupidity is deeply concerning." In the letter, Illavani expressed his hope that UN Security Council members would "immediately take note of the reports published in the media." These reports indicate that a framework for assassinating senior Iranian officials does exist and has been systematically implemented since the start of the conflict.According to the Financial Times, the UAE is working with Bahrain to push for a UN Security Council resolution authorizing a future special task force.

California’s DFPI Investigating Multiple Crypto Lending Companies

Jul 14, 2022 14:28

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The California Department of Financial Protection and Innovation (DFPI), which regulates the activities of state-licensed financial institutions such as banks and premium finance businesses, has announced that it is investigating whether businesses that suspended customer withdrawals and transfers broke any laws.


More specifically, the government is looking at a number of cryptocurrency businesses with U.S. headquarters after some reputable lenders permanently stopped allowing transfers and withdrawals between user accounts.

Accounts for crypto assets that pay interest

In particular, the Department of Financial Protection and Innovation is concentrating on "multiple companies" that provide customers with interest-bearing crypto asset accounts, also known as crypto-interest accounts, as well as service providers who "may not have adequately disclosed risks customers face when they deposit crypto-assets onto [lenders'] platforms."


To ascertain if they are breaking any laws that fall within the purview of the Department is the main goal of the inquiry.


The DFPI previously emphasized that providers of crypto-interest accounts are not subject to the same regulations and safeguards as banks and credit unions, which is particularly concerning in light of some platforms' restrictions on customers' ability to withdraw money from and transfer funds among their accounts.


Because of this, the agency has advised customers to proceed with "great care" before answering any inquiries about investments or financial services.


Also pointing to two cease and desist orders it recently sent to BlockFi and Voyager Digital to suspend their sales in California, DFPI has shown how certain crypto-interest account providers have been promoting unregistered securities.

securing customer property

Following Voyager Digital, the second well-known cryptocurrency business to file for Chapter 11 bankruptcy in recent weeks, DFPI made its statement. The Toronto-based company calculates that it has between $1 and $10 billion in assets, over 100,000 creditors, and liabilities of the same amount.


According to Voyager Digital, the action is a part of a "Plan of Reorganization" that intends to provide customers access to their accounts once again. Customers will have the option of receiving cryptocurrency, money recovered from Three Arrows Capital, common shares in the newly reorganized business, and Voyager tokens.


Due to worries about liquidity, Celsius (CEL) has stopped withdrawals and transfers since June 12. There are rumors that the management of the firm has been discussing Chapter 11 bankruptcy with attorneys.


As it faces with the potential of bankruptcy, the business is presently seeking restructuring guidance from the advising firm Alvarez & Marsal.


Additionally, the turbulent market circumstances last week caused the Singapore-based cryptocurrency platform Vauld to stop operations. The business instantly halted all trading, deposits, and withdrawals, and said that, up until further notice, it would only accept client deposits for its collateralized loans product.


Currently, numerous platforms have had client money frozen for many weeks while the future of their depositors' assets is still unknown.


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