Tag Archives: Banks

It seems China was really serious when talking about its digital currency. Even though China was trying to forbid cryptocurrency mining and trading, for the last three months it is in the process of creating its own.Head of the People’s Bank of China’s (PBoC) Digital Currency Research Institute, Mu Changchun, stated that the country’s digital yuan is finally ready for trials. The central bank digital currency (CBDC) will, as per the announcement, not come as a volatile asset like Bitcoin or...

Indian banks may start turning down potential customers, because of their religion, as per a recent report. Furthermore, protesters in Hong Kong are boycotting one of the largest banks in the country, HSBC, due to the latest alleged political arrests. Naturally, among economic and financial turmoil of the kind, it’s hard not to bring Bitcoin’s decentralized nature, which solves all of the above issues.Banks To Judge By Religion?According to a recent local report, Indian citizens who want to...

American financial services and holding company State Street Corporation has announced a new partnership with the Gemini crypto exchange and custodian firm, to test a new product that will perform reporting scenarios on digital assets held in custody with Gemini.According to the official State Street press release, the trial is the first of its kind and will first report on custody held on only two digital assets, citing issues with liquidity. The plan, however, is that the pilot will later...

New York-based enterprise blockchain technology company R3 has just successfully completed its largest finance trial test, according to a recent announcement. The move was a trial of the Marco Polo Platform for Open Account Trade Finance by R3 and was hosted on the company’s Corda blockchain.According to the announcement, the test had participation from more than 70 organizations across over 25 countries and five continents. It also had more than 340 participants and big names from several...

The Scandinavians are increasing the level of refusal to use cash in their daily transactions. Partnership of the Riksbank with Accenture will allow developing new crypto payment solutions. Such as smartphone app, POS terminals, and other devices and code.Considering the words by Christine Lagarde who shows interest in stablecoins, Sweden is “staying ahead of the curve”. European Central Bank is showing interest in stablecoins development. China will likely to restrict usage of anything...

Based on the recently revealed information, we all can make a conclusion about the passion of the second-largest bank by assets the Chinese Construction Bank (CCB) to blockchain. Sources indicate that CCB has introduced a refactoring platform that is to run totally on its own blockchain. The platform is aimed at corporate clients in the business of factoring and its goal is to improve operations and reduce risks and costs at the same time.Factoring is a fund-raising model where invoices from...

WeBank, China’s first digital bank in the sphere of helping small businesses access funding needed for operations, will now provide the technical infrastructure required for the deployment of China’s national blockchain network.According to a report from state-owned Financial News media platform, WeBank will be in charge of the creation and delivery of FISCO BCOS (Be Credible, Open & Secure) open-source consortium chain, for the Blockchain-based Service Network (BSN). The BSN Development...

For some time now, Japan’s banking sector has faced many challenges arising from money laundering. This problem has been in the limelight since the Financial Action Task Force found “numerous and serious deficiencies” back in 2014. Japan has long been blamed for weak measures that it has set up against money laundering and terrorism financing.In that context, the U.S. banking multinational, JPMorgan Chase & Co, is looking to launch an Interbank Information Network (IIN) in the East Asian...

According to the press release, the Bank of Lithuania wants the youth to buy collectible coins that remind them of history, money and virtual tech. That’s why the newly prepared coins will live both on a blockchain and in real life. The physical copies will contain signatures of people standing behind the local Act of Independence from 16 February 1918.Per Marius Jurgilas, the Board member of the BoL:“This innovative coin will feature the signatories due to their significant role in the...

Sequel to earlier reports that its digital currency was in the works, the Chinese are reportedly set to test its new digital currency electronic payment (DC/EP) in two cities of Shenzen and Suzhou. Sources further indicate that the People’s Bank of China (PBoC) will become the first Central Bank in the world to introduce its digital currency. It has also further emerged that the PBoC is set to work with seven state-owned corporate entities to run this test: three telecoms companies and four...