Tag Archives: Banks

Wells Fargo – a leading American financial services organization – and HSBC Bank – a major British monetary institution – will employ a blockchain-based product to settle matched foreign exchange (Forex) transactions. Through the partnership, the two entities will use a shared ledger to process operations with US dollars, Canadian dollars, British pounds, and Euros. There are also plans to extend to additional currencies in the near future. Blockchain in Forex Transactions...

German Savings Banks Association – a network of over 400 savings banks throughout Germany – may allow customers to start trading cryptocurrencies from their accounts in 2022. As the market leader among Germany’s financial institutions, the service could give easy crypto access to more than 50 million people. Adopting Crypto Services As reported by the German magazine “Capital”, the concept is being prepared by a dedicated team at S-Payment – an IT service provider. It will...

The central bank of Thailand reportedly urged local financial institutions to stay away from cryptocurrencies citing risks coming from their enhanced volatility. It added that the broad employment of bitcoin and the altcoins could also impact the Bank of Thailand’s ability to monitor the national economy. BoT Against Crypto Trading According to a coverage by The Bangkok Post, the Bank of Thailand (BoT) does not want local banks to be directly involved in digital asset...

The Israeli pensioner Esther Freeman has reportedly turned an ILS 10,000 Bitcoin investment, worth roughly $3K at that time, into ILS 1,000,000 (~$324K) in eight years. However, Hapoalim Bank – one of the largest in the country – denied accepting the profits as the initial investment source might have had a connection to illegal financial operations. Cash Is The Problem In 2013 a 69-year old retired citizen of Israel, Esther Freeman, decided to enter the cryptocurrency market...

Israel’s Authority for Combating Terror Financing and Money Laundering will reportedly impose new regulations on various digital financial products, with cryptocurrencies being some of them. The government unit raised hopes that the legislation will diminish crypto’s use in criminal activities and grant more support to the local investors. Clear Standards for Crypto A recent report by the Jerusalem Post reads that Israel intends to increase the clarity in the digital asset...

ING – the Dutch multinational banking corporation – has begun collaborating with the Netherlands’ financial authority on utilizing decentralized finance. The Bank’s Defi Project Annerie Vreugdenhil – ING’s Chief Innovation Officer – said as much at the Singapore Fintech Festival earlier today. Speaking in a panel discussion, the CIO complimented Singapore’s welcoming regulatory environment. As reported last week, the Monetary Authority of Singapore has no plans on banning...

Bankers and government officials around the world are proving more welcoming to crypto than ever before. Tharman Shanmugaratnam – Singapore’s Central Bank Chairman – recently stated that cryptocurrency has a place in the country’s financial sector. All it needs are some regulations around illicit finance. A Place For Stablecoins The chairman showed his support at the Asia Financial Markets Forum on Wednesday. He said that the technology’s financial use-cases could extend...

The United States will aim for clear regulatory rules to enable banks and their customers to hold and operate with cryptocurrencies, said the FDIC chair, Jelena McWilliams. As such, the positive developments coming from the world’s largest economy continue as the nation recently had its first Bitcoin Futures ETF. US Banks to Hold Crypto? Up until a year ago, banks and cryptocurrencies were two mutually exclusive terms as the former refused to acknowledge even the mere...

While the talks of central bank digital currencies have been on the table for a few years now, few countries actually took the steps to issue one. Nigeria, in turn, following extensive research and development, is finally ready to unveil the eNaira. ‘Same Naira, More Possibilities’ In a press release syndicated through mass media but issued on the official website of Nigeria’s Central Bank, the Director of Corporate Communications, Osita Nwanisobi, revealed that the eNaira...

The German-American billionaire entrepreneur – Peter Thiel – praised bitcoin’s recent surge to an all-time high price. According to him, this rise shows that the major financial institutions are struggling to cope with the current economic situation. Underinvested in Bitcoin Peter Thiel – Co-Founder of PayPal and Palantir Technologies – has been a long-standing cryptocurrency advocate, with bitcoin being his most preferable digital asset. In a recent appearance in Miami, he...