#UK: Bank of England, Parliament Consider New Crypto Regulations

[world politics news]

The Bank of England and the Financial Conduct Authority plan on consulting on new rules for stablecoins later this year, Cunliffe said. Last May the bank said it will regulate stablecoins that could have an impact on financial stability. Meantime, the Financial Services and Markets Bill, which will help regulators put in place rules for crypto and bring stablecoins under existing payment legislation, is nearing its final stages in Parliament.

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World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#SWITZERLAND: Lawmakers Take Symbolic vote Rejecting Bank Merger

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The Swiss Lower House has voted to retrospectively reject the 109 billion Swiss

 Franc rescue package for the embattled Credit Suisse bank.

On Tuesday the upper house approved the package. The vote was largelybaymbolic, 

since the Takeover of the bank by UBS has already occurred.

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#SWITZERLAND: Parliament Opens Inquiry Into Credit Suisse Takeover By UBS.

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The Office of the National Council, the lower house of the Swiss parliament, is calling for a parliamentary inquiry commission to be set up to examine details of the recent takeover of Credit Suisse by UBS.

The Office of the National Council voted unanimously in favor of the establishment of the Parliamentary Commission (PUK) to clarify the responsibilities of the authorities and bodies in connection with Credit Suisse’s takeover by UBS, it said.

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#RUSSIA: Lower House Considers Ban On Crypto For Domestic Uses

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The lower house of Russia's parliament is considering legislation that would bar crypto platforms from hosting purchases with crypto assets, Bitcoin.com reported.

According to Bitcoin.com, the backers of the legislation specifically want to stop the use of digital assets for real-world transactions within the Russian Federation. Crypto could still be used for international trade.

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#EU: Euro Parliament Postpones Crypto Bill Vote

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The parliament of the European Union is delaying a vote on a framework aimed at regulating cryptocurrencies amid concerns over proof-of-work mining.

In a Friday Twitter thread, European Parliament economics committee member Stefan Berger said the government body had canceled a vote on the Markets in Crypto Assets, or MiCA, framework scheduled to take place on Monday. 

Berger said parliament needed to clarify “the question of proof-of-work” in discussions with stakeholders to ensure a proper legal framework, adding that some might misinterpret the proposal as a ban on crypto.

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#UKRAINE: Parliament Approves Use Of Cryptocurrency

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The Verkhovna Rada, Ukraine's parliament, has adopted Bill No. 3637 "On Virtual Assets," which establishes in Ukraine a mechanism for the legal regulation of virtual assets, such as cryptocurrencies.

According to Ukrinform, 276 MPs voted for the document at its second reading and in its entirety in a Sept. 8 session.

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#KENYA: Officials Say China Can't Seize Port If It Defaults On Debts

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Authorities in Kenya have allayed fears that China will seize the Port of Mombasa if the country defaults on loans procured to finance the loss-making Standard Gauge Railway (SGR). 

The project is part of China's worldwide "Belt and Road Initiative," meant to facilitate World trade, and some say, to entrap poor Nations in debt and seize their assets when they inevitably cannot pay to loans back.

Many have speculated that China could seize the valuable Mombasa port if the country fails to make payments.

But National Treasury cabinet secretary Ukur Yatani said Kenya did not offer the strategic national asset as collateral for the $3.2 billion loan sourced from the Export Import Bank of China to finance the project.

“The port of Mombasa has no adverse exposure to any lender or category of lenders through existing loan agreements with the government,” said Yatani.

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#UK: Banks Will Forgo Mortgage And Loan Payments For Coronavirus Sufferers

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UK banks including Royal Bank of Scotland, Lloyds and TSB are to offer repayment holidays on mortgages and loans, as part of relief measures for customers affected by the coronavirus outbreak.

The moves are part of efforts by UK banks to stem a potential tide of defaults if customers become ill, have to self-isolate or lose pay from employers and clients as the virus continues to spread.

The announcement from the UK lenders came after Italy declared it was suspending all mortgage repayments across the nation, following extended emergency measures that placed the entire country under lockdown.

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#UKRAINE: Legislature Passes Bill On Financial Re-Structuring

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Ukraine's parliament, the Verkhovna Rada, has approved a bill on introducing amendments to some laws to improve the procedure of financial restructuring in Ukraine.

The proposed law eliminates  shortcomings of the current legislation and introduces amendments to the laws ‘On financial restructuring’, ‘On mortgage’ and ‘On securing creditors' claims and registration of encumbrances.

The document envisages a joint financial restructuring procedure for several debtors who are related parties but have different creditors. Also, the bill proposes that the operation of the Law of Ukraine ‘On financial restructuring’ be extended for six years.

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#GERMANY: Merkel Endorses Key Planks Of Her Successor's Platform; Including Joint European Union Aircraft Carrier

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Chancellor Angela Merkel has endorsed some of the key European reform ideas put forward by her successor to the Christian Democratic Union leadership Annegret Kramp-Karrenbauer, including a joint EU aircraft carrier. Kramp-Karrenbauer, who succeeded Merkel as leader of the CDU in December, etched out her vision in a weekend response to French President Emmanuel Macron's proposals for European Union reform. Her essay included a call for a stronger EU border force, a pan-European climate pact and a common market for banking.

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#UGANDA: Finance Min. Says China Won't Seize National Assets Over Debt Repayment Concerns

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China will not take over Uganda's assets because of failure to pay back loans, Finance minister Matia Kasaija has said.

Kasaija says Ugandans shouldn't be worried because all the money owed to China shall be serviced thanks to the government's smart investment decisions. Uganda owes China $1.6 billion. Kasaija said Uganda's economy is growing at a fast pace, adding that unless there is a catastrophe, nothing will stop Uganda from servicing the Chinese loans.

A June 2018 report showed public debt amounted to $10.7 billion, 41.5% of the country's GDP. The international standard is 50% or higher.

Last year, China took over Sri Lanka's port for 99 years over failure to service loans. There are reports that China may take over Zambia's airport and national power distributor, and Kenya's Mombasa port, due to these countries' failure to service their loans.

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#ITALY: Deputy PM Salvini Condemns Bank Corruption, Calls For Break-Up Of Central Bank

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Italy’s coalition government is in sharp disagreement over protecting the independence of the Bank of Italy, after senior politicians threatened to remove its leadership.

Deputy Prime Minister Matteo Salvini, head of the Eurosceptic League Party, said the central bank and Consob, the country’s stock market regulator, should be “reduced to zero, more than changing one or two people” and that “fraudsters” who inflicted losses on Italian savers should “end up in prison for a long time."

Such language is rarely heard from politicians, and reminded some of the jail sentences and recriminations doled out to Bankers in Iceland after the financial crisis of 2008.

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#KUWAIT: Legislators Weighing Debt Forgiveness Plan To Tackle Rising Consumer Debt

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Members of parliament have launched an investigation into the rise in consumer debt and its causes, with some openly considering forgiving consumer debt. MPs blame the rise in personal debt on the rising prices of commodities as a result of the country’s failure to diversify sources of national income. MP Mohammed Hayef has submitted questions to Finance Minister Dr Nayef Al-Hajraf about the consumer loan policies of the Central Bank of Kuwait and the level of compliance among local banks. He says some banks are incorrectly raising interest rates on consumer loans, increasing consumers' financial burdens.

[FULL STORY HERE]

World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#SAUDIARABIA: New Bankruptcy Law Seeks To Empower Loaners, Preserve Debtor's Rights, Improve Int'l Standings

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A new bankruptcy law will come into effect in August that seeks to empower loaners, while also preserve the rights of debtors. Majed al-Rasheed, secretary general of the bankruptcy committee at the Ministry of Commerce and Investment, says the law will also improve Saudi Arabia's standing in international reports dealing with insolvency. The Kingdom currently ranks at 168 out of 190 countries.

[FULL STORY HERE]

#FRANCE: Britain's HSBC And France's Societe Generale Bank Close Marine LePen's Personal, Party Accounts

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French far-right leader Marine Le Pen on Wednesday said she is filing lawsuits for "political discrimination" against bank Societe Generale, its subsidiary Credit du Nord and Britain’s biggest bank, HSBC, for closing her and her National Front party’s accounts. Le Pen said she and her party were the victims of what she called a "banking banishment" meant to silence them. According to Le Pen, she was informed by phone earlier on Wednesday by HSBC's French boss Thomas Vandeville that her personal account was being shut. She said she had been a client of the bank for 25 years.

[FULL STORY HERE]

#DENMARK: PM Rasmussen Refuses To Drop "Socialist" Home Loan Plan Despite Internal Opposition

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Prime Minister Lars Løkke Rasmussen has denied rumors of a spilt within the Venstre (Liberal) party after a minister called a proposal for a state loan system “socialist." The plan calls for the government to take over issuing home loans. According to a news report, Venstre's political group chairman Søren Gade said that he considered the proposal to reflect socialist policy. Rasmussen said that he would move ahead with the proposal, despite the party's internal disagreement over it.

[FULL STORY HERE]

#GHANA: Deposit Protection Bill Passes Amid Bank, Microfinance Co. Failures

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The Parliament in Ghana has passed the Depositors Protection Bill to protect the savings of depositors and also promote confidence in the financial system. The bill became necessary in the wake of the microfinance financial crisis involving DKM Microfinance Company and four other Savings and Loans Companies. The bill requires the establishment of Deposit Protection Fund Corporation where the banks and depositors pay an amount when they deposit their money to the Corporation.

#EU: European Parl. Creates Tax Haven "Blacklist," Sanctions For Illegal Activities

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Members of the European Parliament have today voted through measures to make corporation tax fairer, which include drawing up a blacklist of tax havens, sparked by the Panama Papers scandal. Sanctions were also proposed for companies, banks, accountancy and law firms and tax advisers which are proven to be involved in "illegal, harmful or wrongful activities."

#INDIA: Cabinet Approves PM Modi's Plan For State Bank Of India To Take Over Five Smaller Banks

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Prime Minister Narendra Modi's cabinet has approved the takeover by State Bank of India of several subsidiaries, a government source said, in a first move to consolidate the country's struggling public sector banks.

#CHINA: Gov't Urges Banks to Increase Loan Activity To Continue Recovery

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The National Development and Reform Commission - China's top planning authority - has pledged to adopt more proactive measures to expand investment in order to sustain the economic recovery. The government says it will actively encourage commercial banks to issue credit and attract investment from the private sectors.