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Crypto-assets should be regulated as “alternative investments”, China’s central bank officials said

  Find out how China Offshore can introduce you to new intermediaries for your project or services.       By Kelly Le   China’s central bank is exploring a new stance towards Bitcoin and other cryptocurrencies, now calling them investment vehicles – but not currency   China’s central bank officials said that bitcoin and other cryptocurrencies should be regulated as “investment vehicles” or “alternative investments” in the Boao Forum this weekend, as reported by CCTV, a Chinese state-owned TV station.    “We believe Bitcoin and stable coins are crypto-assets that should be regarded as investment vehicles, not currencies,” said Li bo, the Deputy...

St Kitts and Nevis Keeps its Digital Transformation Promise by Launching Digital Currency

The Eastern Caribbean Central Bank (ECCB) has officially launched its digital currency, also known as DCash, this week. The Federation of St Kitts and Nevis is one of the first Eastern Caribbean nations to embed the pilot currency, a sentiment in line with its digital transformation promised in 2020. DCash, considered legal tender, is a real-time payment option available within the Eastern Caribbean Currency Union (ECCU) and offers a safer, faster, and cheaper method for making payments.   According to the Governor of the ECCB, Timothy Antoine, the initiative's goal is to increase opportunities for inclusion and create financial growth...

Bank of Asia Powered Up for Its New Chapter of Growth

By Bank of Asia   Mrs. Lorna Smith, OBE welcomed the Bank's guests on behalf of its Chairman, Mr. Carson Wen, and the other members of the Board of Directors.   Chairman of BVI Finance and Regional Managing Director of Trident, Mr. Nick Bishop in his brief remarks, expressed his pleasure and gratitude that the principals of Bank of Asia had taken the decision to open a bank in the BVI. He considered the advent of the Bank of Asia to be a positive story and encouraged the industry to support the Bank.   President of the Bank Ms. Lisa...

Cayman’s Offshore Banking Sector Shows First-quarter Growth

By Michael Klein   In the first quarter of 2020, the assets and liabilities of Cayman Islands banks both increased for the first time in years.   The number of resident banks declined to 124 at the end of March, down from 125 at the end of 2019 and 133 at the end of 2018. But banking assets grew from US$662.7 billion to $727.5 billion in the first quarter and corresponding liabilities jumped from $662.2 billion to $723.9 billion, Cayman Islands Monetary Authority statistics show.   Since the financial crisis in 2007, cross-border assets and liabilities reported by banks licensed in...