Tag Archives: Banks

Smart people are famous for revaluation of their beliefs, and now the Bank of International Settlements (BIS) is ready to try implementing their own cryptocurrency to stay ahead of the market. The same man who was calling for a “clampdown on Bitcoin”, Agustín Carstens, now says: “We have a responsibility to be at the cutting edge of the debate. There is really no choice but to do so, as otherwise, events will overtake us…” By “events” Carstens presumably means thousands of companies that...

The General Manager of the Bank of International Settlements (BIS), Agustin Carstens, has urged for central banks to embrace digital money. He added that the financial world is going through a revolution at the moment, and banks, being trustworthy establishments, should be in control.The Digital Money RevolutionThe head of BIS, Agustin Carstens, appears to be taking a new stand regarding digital money: He said in a recent speech that central banks need to take control over digital assets so...

A Danish bank known as Nordea Bank has taken some flak for saying that its employees are not allowed to hold bitcoin or other cryptocurrencies. After a long legal battle, the court has ruled in favor of the institution.Nordea Bank Wins Its CaseAt first glance, the entire issue appears unconstitutional. People should be allowed to invest as they deem fit and hold whatever assets they want without experiencing interference from their employers or outside parties.However, the court ruling over...

Technology has been able to penetrate pretty much every industry in the global economy. The optimization and streamlining feature that the concept has can’t possibly be overstated, and while incumbent traditional organizations still control a large portion of the market share, there is a continued threat of newer firms coming over and posing a lasting challenge.One of the most important sectors of the global economy is the financial sector. As many have stated, the financial sector controls...

In what seems like an about-face, global banking custodian State Street has drastically cut down its Decentralized Ledger Technologies team, as sources indicate. Rather than focus on building a complete DLT ecosystem from scratch which hitherto before now had been the strategy that State Street pursued, the custodian has decided to focus on digital assets which include tokenized stocks and bonds as well cryptocurrencies. Such an approach is to be applied instead of a bottom-up strategy which...

National Westminster Bank (NatWest), one of the largest retail and commercial banks in the United Kingdom, has announced that it will lead a consortium that will leverage blockchain technology, to simplify and speed up the process of buying a property in the U.K.According to a recent Forbes report, NatWest will be leading this consortium with real estate blockchain startup Coadjute, along with six other firms including Dezrez Estate Agency Software, Search Acumen Property Data, LMS Panel...

Popular stock-trading startup Robinhood has decided that it is no longer interested in becoming a federally insured bank. Months ago, the company applied for a bank charter with the Office of the Comptroller of the Currency (OCC), in an effort to become a fully-fledged bank but has now decided to shelve said plans.According to the statement, the company has taken this step to shift its attention away from banking to its own core business directed at improving the efficiency of the financial...

XRP falls by 5.31% to hit $0.25 indicating weakness and trading apathy, even when Ripple Labs Inc has added another feather to its cap by adding a new remittance service on RippleNet. SBI Ripple Asia and SBI Remit, which is a financial services company in Japan, are set to introduce a new remittance that will enable customers to transfer money between Japan and Vietnam. The new service is set to operate using RippleNet, and the Vietnamese baking giant TP Bank (Tien Phong Commercial Joint...

Photo: RBCThe biggest Canadian bank, Royal Bank of Canada (RBC), might just possibly launch its own cryptocurrency trading platform. Media sources familiar with the situation said that RBC, that has more than $965 billion in total assets, has applied for four patents in Canada and the U.S. Those patents, according to the sources are showing the ways of how it could integrate cryptocurrencies into its operations.As per the patent: “To individual users, managing cryptographic keys and...

It’s a big win for Chinese tech giant Tencent as Hong Kong’s top-most regulator – Securities and Futures Commission (SFC) – has recently granted them a new license to open a virtual bank.On Friday, November 8, speaking at the World Blockchain Summit in Wuzhen, China, Tencent’s chief of blockchain division – Yige Cai – said that his company has received a go-ahead from the SFC to open blockchain-based virtual banking system in the country.Although not many details of the bank’s launch are...