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  • Arab Bank launches much-awaited cryptocurrency services in Arab world

    Arab Bank (Switzerland) has revealed its plans to launch suite of diverse cryptocurrency services in Arab world featuring Bitcoin brokerage and custody. Middle East is warming up to the crypto revolution and this is major news in the current scenario. Canton-of-Zug (Switzerland) based bank announced that it has responded to the growing call from local customers to tap into the Arabian crypto market. Younger clients are looking to invest in cryptocurrencies and digital assets in their bid to diversify their portfolio. Its clients are renowned high net worth individuals from prominent industrial families, entrepreneurs, and regional leaders. The Middle East represents a rather untapped region when it comes to cryptocurrency investments. Huge market for cryptocurrency services in Arab world Arab Bank’s chief executive officer, Serge Robin adds that the bank firmly believes that cryptocurrencies will significantly disrupt the conventional finance industry. Blockchain has the potential to provide a potent alternative to the traditional money market. The bank has clear intentions to provide digital assets to its clients in the region helping them create a secure portfolio in a regulated environment….

    Sep 20, 2019
  • Rwanda’s Central Bank Is Researching a Possible Digital Currency Launch

    Rwanda’s central bank is studying the development and issuance of its own digital currency.

    Aug 23, 2019
  • Bank of America Files Patent for Multi-Tiered Digital Currency Wallet

    United States-based investment banking company Bank of America (BofA) has filed a patent for a digital currency wallet with multiple layers of asset access.

    Aug 20, 2019
  • Report: Israeli Bitcoiners Petition Banks to Disclose Crypto Policies

    The petition purportedly seeks to require local banks to disclose their policies on money originating from digital currencies.

    Aug 20, 2019
  • World Bank Sells $33.8 Million More of Its Private Ethereum Blockchain Bonds

    The World Bank has issued a second round of its landmark blockchain bonds.

    Aug 20, 2019
  • Central Banks Worldwide Testing Their Own Digital Currencies

    Central banks worldwide are examining the possibility of issuing a central bank digital currency (CBDC), with some already testing theirs for different uses.

    Aug 16, 2019
  • Can Central Bank Digital Currencies Be Used to Fight Financial Crimes?

    Such a solution would have great advantage of combating shadow economy and illegal activities, and could be a viable alternative to corporate-backed digital currencies like Libra.

    Aug 15, 2019
  • China’s Digital Currency Is Ready, Central Bank Says

    The People’s Bank of China (PBoC) has claimed that its digital currency “can now be said to be ready.”

    Aug 12, 2019
  • Report: Israeli Cryptocurrency Traders Locked Out of Banking System

    After being unable to deposit profits, Israeli cryptocurrency traders are looking for answers from banks and regulators.

    Aug 9, 2019
  • Central Banks to Hedge Dollar Risks with Bitcoin, Pompliano Predicts

    Every central bank will be buying Bitcoin (BTC) to hedge risks to the United States dollar, according to a forecast by major crypto bull Anthony Pompliano. In a tweet on Aug. 1, Pompliano, co-founder of asset manager firm Morgan Creek Digital Assets, noted the recent news that central banks made the largest historical acquisition of gold. As reported by The Financial Times, global central banks purchased a record of $15.7 billion in the first half of 2019 in order to diversify their reserves from the U.S. dollar amid global trade tensions. According to the report, central banks accounted for almost one-sixth of total gold demand in the period. Bitcoin as a non-correlated asset While the World Gold Council expects geopolitical uncertainty to keep pressure on central banks to build gold reserves, Pompliano now predicts that banks will turn to Bitcoin as a store of value that is unrelated to traditional assets. He wrote: “Wait till they find out about the non-correlated, asymmetric upside profile of Bitcoin. Every central bank will be buying Bitcoin.” The new forecast follows a recent debate on CNBC Africa between Pompliano and…

    Aug 2, 2019
  • Philippines’ UnionBank Launches Payments-Focused Stablecoin

    In a bid to drive greater financial inclusion, Philippines-based UnionBank has launched a payments-focused stablecoin pegged to the Philippine peso. A report from PhilStar Global on July 26 revealed that the new, bank-backed cryptocurrency —  dubbed PHX — is being implemented on UnionBank’s i2i platform.  Rural banks and Philippines’ main financial network I2i is an acronym for island-to-island, institution-to-institution, and individual-to-individual and is the name given to the blockchain-based clearing system that connects UnionBank to rural banks in the country. Arvie de Vera, UnionBank’s senior vice president, has outlined that the UnionBank-issued PHX is designed to function as “a stable store of value, medium of exchange and is a programmable token with self-executing logic. It enables transparent and automatic execution of payments.”  According to PhilStar Global, buy, transfer, redemption transactions and domestic remittances using PHX have been already been completed by three rural banks — Summit Rural Bank in Luzon, Progressive Bank in Visayas and Cantilan Bank in Mindanao — on the i2i network.  De Vera has added that the stablecoin resolves reconciliation issues and eases audit and compliance issues. Initially, the currency…

    Aug 1, 2019
  • Bank of America Files Patent for Settlement System Citing Ripple

    Bank of America has filed for a patent for a settlement system citing the Ripple ledger, according to a filing on Google Patents. The patent in question — the application of which was published on June 6 — describes a system using distributed ledger technology (DLT) as an interbank communication tool. The proposed system would enable real-time settlement with transactions being communicated through a shared, decentralized ledger to which both the banks would have access. The decentralized network would both verify the identity of the payer and the payee and enable communication between the institutions. Notably, multiple illustrations included in the patent explicitly cite Ripple DLT. Ripple’s base asset and proposed settlement gateway asset XRP is not mentioned in the patent. In June, news broke that Siam Commercial Bank, Thailand’s largest commercial bank, denied any plans to start using Ripple’s XRP token, contrary to earlier indications. The denial came after the bank tweeted that an “XRP system will be announced soon” on June 5. As reported earlier this month, Ripple incubator and investment arm Xpring has distributed $500 million to over 20 XRP projects — including the blockchain-based…

    Jul 22, 2019
  • Turkey’s New Economic Roadmap Calls for Central Bank Cryptocurrency

    An economic road map unveiled by the government of Turkey this week includes several items related to blockchain, including a bid to create a central bank digital currency based on the technology. The Eleventh Development Plan, published on the government’s official website, was  submitted to the Turkish Parliament on July 8, according to regional reports. It covers the period between 2019 and 2023, and is broadly intended to serve as a guiding point for improving Turkey’s economy. The wide-ranging plan covers an array of subjects, but notably states that a “blockchain-based digital central bank money will be implemented,” according to a translation. The document also indicates that legal and technology infrastructure will be fostered by the government in an effort to utilize blockchain for “transport and customs” purposes. Additionally, blockchain is mentioned as one of a number of new approaches, including artificial intelligence and connected devices — also known as the Internet of Things — that will be used to enhance public services. In this latter case, it’s not clear at this time how blockchain will be utilized. Few details of the…

    Jul 11, 2019
  • European Central Bank Exec Calls for Fast Regulatory Action Regarding Libra

    European Central Bank executive board member Benoit Coeure said that financial regulators must act fast to prepare for Facebook’s Libra stablecoin, Bloomberg reports on July 7. Per Bloomberg, Coeure argued on Sunday in Aix-en-Provence in southern France that allowing for the development of new financial services and asset classes in a regulatory void is irresponsible. He concluded: “We [financial regulators] have to move more quickly than we’ve been able to do up until now.” According to Coeure, the development of digital assets has exposed gaps in current financial regulations, and underlines banks’ slow rate of adoption of new technologies: “All these projects are a rather useful wake-up call for regulators and public authorities, as they encourage us to raise a number of questions and might make us improve the way we do things.” The ECB has generally approached crypto assets with caution, with one bank official predicting that crypto will end up as a “complete load of nonsense” in January. The bank has also discussed the possible benefits and drawbacks of central bank digital currencies. Coeure’s reaction is in line with the predictions of Jeremy Allaire, co-founder and CEO of payments company Circle….

    Jul 8, 2019
  • Bitcoin Disrupting Banking; Deutsche Bank to Cut 18,000 Jobs by 2022

    Throughout history, the banking industry has always been vulnerable to a range of risks, but somehow, it has been able to survive for over three thousand years. But now, traditional banking is increasingly under threat from geopolitical uncertainty and, most significantly, from the advent of new technologies, including artificial intelligence and Bitcoin. As a result, behemoths like Deutsche Bank are now undergoing efforts to radically transform their business model. DEUTSCHE BANK TO INVEST DEEPLY IN TECH BY 2022  New technologies, may have already profoundly disrupted existing banking and financial systems. Some banks are taking drastic steps to ensure that they survive by trying to catch up on innovation. The most recent example comes from Deutsche Bank. Its management is aware that “Digital is on the rise. No getting away from it.” Thus, on July 7, 2019, Deutsche Bank CEO Christian Sewing admitted that 150 years after its founding, the bank now has to be rebuilt in order to survive. Sewing stated, “The rebuilding will, however, only be successful if we fundamentally reshape our infrastructure – all of the cross-divisional functions supporting the…

    Jul 8, 2019
  • Bank of Japan: Adopting Central Bank Crypto Would Mean Dropping Cash

    An official at the Bank of Japan (BoJ) has ruled out the use of central bank digital currencies because to do so may require the country to abandon cash. According to a report by Reuters, Masayoshi Amamiya, deputy governor of the Japanese central bank, on Friday cast shade on the notion that central banks could make negative interest rate policies more effective by issuing their own digital currencies (CBDCs). The issue comes down to the fact that, if the BoJ issues a digital yen and set a negative interest rate, individuals and businesses would effectively be charged for holding the CBDC. As a result, he argued, holders would drop the digital coin and instead hold cash. Amamiya concluded: “To overcome the nominal zero lower bound, central banks would need to eliminate cash. Eliminating cash would make settlement infrastructure inconvenient for the public, so no central bank would do this.” Back in April 2018, Amamiya also said the BoJ had no plans to issue a CBDC directly for consumers because it could undermine the existing two-tiered system and affect financial stability. Currently central banks only give…

    Jul 5, 2019

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