Milan Ignjatovic, ICT & Economics Expert

06Oct 2025 by Milan Ignjatovic

Make-or-Break Month for XRP? SEC ETF & Ripple Bank Charter Decisions Converge

The Ripple Labs application for a U.S. national trust bank charter by the Office of the Comptroller of the Currency (OCC) remains top of mind for the crypto space, especially as the deadline draws closer. Ripple Labs is seeking to charter Ripple National Trust Bank, a new (de novo) limited-purpose national trust bank. The charter is primarily for non-depository activities like custody, fiduciary, and reserve management. The main stated purpose of the bank is to offer supportive activities for Ripple's stablecoin (RLUSD) and other payment businesses, including stablecoin reserve management and related fiduciary services for institutional customers. The application was filed in July 2025 and made available in early August 2025, and the legislative 30-day public comment period has lapsed. However, much of the submission (about ≈90%) was marked confidential.…

06Oct 2025 by Milan Ignjatovic

Is AI the Next Dotcom Bubble? Goldman Sachs CEO warns of Market Crash

Economy

Goldman Sachs CEO David Solomon spoke at Italian Tech Week in Turin, Italy, on Friday, October 3, 2025. He predicted a market drawdown. His warning of a "drawdown with respect to equity markets" in the coming 12 to 24 months (i.e., between October 2026 and October 2027) is a professional prognosis based on previous market history after significant technological leaps fueled by the current frenzy and investment of capital in Artificial Intelligence (AI). He likened it specifically to previous cycles of technology, like the Dotcom Bubble, where the market is prone to "run ahead of the potential" and a lot of the invested money "will prove not to deliver returns." He was careful not to outright label it as a "bubble" but noted that investors are "out on the risk…

05Oct 2025 by Milan Ignjatovic

ECB Bets $278M on AI Fraud Defense: Why the Digital Euro Hires a Portuguese Startup

Bank news

The digital euro is the ECB project of a Central Bank Digital Currency (CBDC), a digital form of central bank money available to all the euro area citizens as well as cash. The ECB envisions the digital euro as being at the heart of the financial sovereignty of the Eurozone through a European digital instrument of payment, reducing reliance on non-EU payment intermediaries (e.g., Visa and Mastercard) and responding to the rise of U.S.-pegged stablecoins. The project is currently at the preparation phase, which began in November 2023. The framework agreements are to prepare for readiness. ECB indicated that it continues to await legislative approval by the European Parliament and the member states. Aiming to receive parliamentary approval somewhere in the middle of next year, as preparation for a potential…

04Oct 2025 by Milan Ignjatovic

The Oldest Private Banks in the World (1472–1903)

About banks

The history of modern finance is built on centuries of continuous trade, prudent wealth management, and absolute trust. At the very foundation of this system lie institutions like Banca Monte dei Paschi di Siena (1472) and Berenberg Bank (1590), with roots that antedate the Age of Enlightenment. The 20th century was an era of unprecedented financial upheaval, marked by the two World Wars, economic downturns, nationalizations, and widespread consolidation. To have survived this upheaval and to continue operating today in some form is testimony to remarkable longevity, prudent management, and the power of brand name. This roll challenges the world's oldest merchant and private banks (dating from 1472 up to 1914) not merely to have survived the First and Second World Wars but also to have continued with their original…

02Oct 2025 by Milan Ignjatovic

Korea’s FX War: Is the Won Doomed by Debt and the Dominant Dollar?

Economy

The central bank of South Korea intervened in the FX market by selling $800 million US dollars (or other currencies) and buying Korean won (KRW) to support the value of the won. This is typically done to suppress volatility or alleviate the depreciation of the local currency. We accept the facts that US Dollar is the most common currency for South Korea's trade and financial transactions. The depreciation problem is almost always the Won-Dollar exchange rate (USD/KRW). That is not the only matter The Bank of Korea (BOK) has significantly increased its foreign exchange intervention in recent years by selling US dollars and buying Korean won with the aim of stabilizing its economy. Intervention PeriodNet Sale AmountContextJuly 2023 to June 2024$9 Billion (Net Sale)Total amount net-sold by the Korean government…

28Sep 2025 by Milan Ignjatovic

Stablecoins Explained: Types, Risks, & The U.S. GENIUS Act

Financial System Fundamentals

Stablecoin is a type of cryptocurrency that is designed to maintain a stable value, typically by being pegged to a specific asset. Unlike highly volatile cryptocurrencies like Bitcoin, stablecoins aim to provide price stability, making them more suitable for everyday transactions, savings, and financial contracts. Stablecoins are issued by a variety of entities, ranging from large financial technology companies and crypto exchanges to decentralized autonomous organizations (DAOs). The issuer is responsible for creating the stablecoin, managing its reserves, and ensuring its stability mechanism functions correctly. How Stablecoins Work Stablecoins achieve their stability through different mechanisms, which also define their various types: Fiat-Backed Stablecoins: These stablecoins are backed by a reserve of a traditional fiat currency, such as the US dollar or the Euro. The issuer holds a corresponding amount of…

27Sep 2025 by Milan Ignjatovic

Security or Surveillance? Inside Vietnam’s Mass Account Freezing and the War on Financial Privacy

Bank news, Economy

The news circulating that Vietnam's State Bank (SBV) froze or deactivated millions of bank accounts is related to a massive-scale "data-cleansing" and anti-fraud campaign. Over 86 million accounts were largely inactive, dormant, unverified, or were "ghost" accounts that did not comply with the new biometric authentication standards (facial recognition or fingerprint information linked to the national ID database). Reason behind this move is under a government initiative (Project 06) to combat fraud, money laundering, and cybercrime by making every bank account traceable to a confirmed, biometrically validated identity. The move is viewed as a wholesale regulatory transformation, aimed at placing Vietnam's electronic payment system on a secure foundation as it races ahead to becoming a cashless economy. This step triggers a hot debate between national security and financial inclusion objectives.…

25Sep 2025 by Milan Ignjatovic

Europe’s Banks Are Fighting Back. The Digital Euro Is Just the Beginning.

Bank news

Nine of Europe's top banks, including UniCredit and ING, said that they are creating a new business to launch a euro-denominated stablecoin. The Amsterdam-based venture will roll out its stablecoin in the second half of next year. Based on information made public, the new company's name founded by the European banks has not been publicly disclosed yet. The articles cite that a CEO would be appointed "soon" and that the consortium has incorporated a new company in the Netherlands. It is intended to be licensed and regulated by the Dutch Central Bank as an e-money institution under the EU's Markets in Crypto-Assets Regulation (MiCAR). The focus of the launches has been on the stablecoin itself and banks participating in the project behind the venture are ING, UniCredit, DekaBank, Banca Sella,…

25Sep 2025 by Milan Ignjatovic

Swiss franc the world’s “safe haven” currency who Rejects a Retail Digital Franc (CBDC) for public use

Economy

Over 90% of the world's central banks are now considering, developing, or piloting a CBDC. Very Small Nations/Territories may be without resources, financial infrastructure, or urgent need to assign a central bank team to a CBDC project. It is extremely difficult to detail a certain number of nations that possess national currencies with no study of a digital equivalent, since any list would be transient and would simply include the smallest, least developed economies whose central banks are not publicly reported to international bodies. In practical terms, almost every economy of scale is under CBDC exploration. Switzerland are particularly involved in the development and research of Central Bank Digital Currencies (CBDCs) but on very different approach than the rest of the world. The SNB is one of the earliest major…

24Sep 2025 by Milan Ignjatovic

The First Domino Falls? How Kazakhstan is Building a ‘CryptoCity’ and Unlocking the Digital Tenge

Economy

The National Bank of Kazakhstan has introduced a pilot project of a stablecoin named Evo (KZTE), whose price will be tied to the country's national currency, the tenge. The test is being conducted within the bank's Digital Assets Regulatory Sandbox. It is not an isolated endeavor but part and parcel of a very large, concerted effort for the transition of the country's economy. The economy of Kazakhstan has been historically dependent on mining and energy industries. The government, led by President Kassym-Jomart Tokayev, is actively pursuing a policy of digitalization to decrease the economy's reliance on these industries and make it more contemporary. Kazakhstan desires to transform into a regional leader and a "digital nexus" of Central Asia. Being a central bank, the role of the National Bank is to…