• Bundesbank President Weidmann wants a limited role initially for digital euro

      Bundesbank President Weidmann wants a limited role initially for digital euro

      A digital euro, currently under design by the European Central Bank, should have a limited role initially as it could disrupt the bank sector and overly extend the role of central banking, Bundesbank President Jens Weidmann said on Tuesday, cited by Reuters. "A gradual approach might make sense given the risks involved – that means a digital euro with a specific set of features and the option to add further functionalities later," Weidmann, who is member of the European Central Bank (ECB) Governing Council, told a conference.

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    • PayPall allows crypto deals for UK clients

      PayPall allows crypto deals for UK clients

      The payments platform PayPal announced it would allow its clients based in UK to buy and sell cryptocurrencies. Until now PayPal only allowed its US customers to trade in crypto asstets. The company sees its UK expansion in digital money trading as a milestone in its cryptocurrency services, Reuters reported.

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    • Mastercard faces £10bn UK penalty

      Mastercard faces £10bn UK penalty

      UK court in London gave a go ahead to a class action against the global card operator Mastercard. The action is valued to over 10 billion pounds, Reuters reported. The claimants are said to be some 46 million British adults which are seen as eligible to receive some £300 if the court reaches a favourable verdict.

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    • Bank of England keeps stimulus despite inflation woes

      Bank of England keeps stimulus despite inflation woes

      The UK central bank vowed to keep its stimulus measures in place despite mounting arguments linked to an increase of consumer prices across Britain. Earlier two BoE board members - Deputy Governor Dave Ramsden and Michael Saunders called for the end of the 900bn pounds worth bonds buying scheme but their arguments were dismissed, Reuters elaborated.

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    • Credit Suisse ends a spying scandal

      Credit Suisse ends a spying scandal

      Swiss bank Credit Suisse announced it had reached an agreement to end a spying scandal that involved its former employee Iqbal Khan. The allegations of spying had led to the resignation of the Chief Executive Tidjane Thiam, Reuters reported quoting a spokesperson for the bank. "Everybody involved has agreed to settle and this matter is now closed," Simone Meier said, confirming a report in Swiss newspaper NZZ am Sonntag said.

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    • IMF approves largest expansion to fight pandemic

      IMF approves largest expansion to fight pandemic

      The executive board of the International Monetary Fund approved on Friday a $650bn expansion in resources in an effort to support economically vulnerable nations as they battle the Covid-19 pandemic. As noted by IMF Managing Director Kristalina Georgieva, that the new support is the largest such expansion in the history of the 190-nation lending institution but it would be a “shot in the arm for the world.”

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    • UK swings global tax rules to exempt financial services

      UK swings global tax rules to exempt financial services

      UK scored a decisive win over the global tax rules, agreed at the G7 summit earlier last month, Reuters reported. London managed to earn an exemption for financial services from a new global tax system. The new global corporate taxation was planned to press multinational companies to pay more. However UK Treasury Secretary Rishi Sunak passed a deal for financial service firms to be exempt to help protect the City of London's largest banks from paying more tax.

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