Brazilian bank suspends native crypto token trading following 97% price drop
Nubank suspends trading of its native token, offering users the option to convert holdings to Bitcoin or USDC by Dec. 9.
The Reserve Bank of New Zealand (RBNZ) has maintained the official cash rate (OCR) since May last year, with potential cuts anticipated from early next year. Orr noted that despite a larger-than-expected contraction in growth towards the end of the previous year and a dip into recession, the New Zealand economy is aligning with the RBNZ's expectations, indicating progress towards achieving inflation targets.
Regarding banking regulations, Orr expressed skepticism about the Commerce Commission's proposal to relax rules and supervision, questioning whether it would effectively increase competition in the personal banking market dominated by the big four Australian banks. While the RBNZ oversees the banking sector, Orr highlighted that the main regulatory focus is not expected to significantly impact competition dynamics. Instead, Orr emphasized the importance of open banking initiatives as a key driver for fostering competition and innovation in the banking sector.
Open banking, allowing consumers to transfer their banking information seamlessly between institutions, and the integration of financial technology (fintech) are identified as potential game-changers in promoting competition and disrupting the traditional banking landscape.
