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The latest in financial news: BRICS Bank issue first bond, Europe approves first spot ETF for Bitcoin, and mortgage demand drops

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BRICS Bank Issues First South African Bond

BRICS’ New Development Bank has just sold a 1 billion rand and 500 million rand bond in South Africa this past week. This is part of the BRICS plan to create a banking system that is separate from the US Dollar. As part of this, the banks are trying to increase the amount of bonds in the local currency of different countries. The South African bonds are the latest ones.

Bitcoin Spot ETF Approved in Europe

Over the past week, the European Union has just approved the first Bitcoin spot ETF. The ETF was available for trading on an Amsterdam exchange on August 15, 2023. Meanwhile, the US Congress continues to debate and review 4 different crypto regulations and the SEC continues to be reviewing applications for Bitcoin ETFs.

Mortgage Demand Continues to Decrease

CNBC released an article about the demand for mortgage loans has decreased compared to this time last year. This is ultimately driven by the high-interest rates. As it gets more expensive to buy houses, the less people are willing or able to buy a house. But on the flip side, CNBC reports that applications for mortgage loans for new houses have increased by over 35% in July.

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