The increasing use of stablecoins—cryptocurrencies which try to offer price stability by pegging their market value to a reserve asset—has triggered concerns at the Federal Reserve, with the central bank’s latest financial stability report warning that these digital assets are “prone to runs.” “Stablecoins typically aim to be convertible, at par, to dollars, but they…
Remittance Firms Slow to Add Bitcoin, Despite El Salvador Move
LONDON—El Salvador may be touting bitcoin’s use to help its citizens living abroad send funds back home, but the biggest remittance firms are cautious about offering cryptocurrency services. In a move that could be a harbinger of crypto becoming a more popular way to send money across borders, El Salvador on Wednesday became the first…
Americans Stand Trial in Japan, Accused in Ghosn’s Escape
TOKYO—Two Americans charged with helping former Nissan chairman Carlos Ghosn flee Japan while he was facing accusations of financial misconduct agreed Monday that they took part in a scheme for him to escape the country. Statements by Michael Taylor and his son, Peter, on the opening day of their trial in Tokyo suggest the pair…
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