Category: Banking/Finance

Banking/Finance Two Russian Banks to Test Crypto Portfolio on Regulatory Sandbox

Two Russian Banks to Test Crypto Portfolio on Regulatory Sandbox

The two largest Russian banks are testing several crypto portfolios for their private banking based on digital financial assets within bank’s regulatory sandbox. Sberbank and Alfa Bank- largest players in Crypto banking market Under central bank supervisory, Alfa Bank and Sberbank are offering their clients shares in a special fund that will be trading the …

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Banking/Finance London Block Exchange Struck a Deal to Open a Bank Account with ClearBank

London Block Exchange Struck a Deal to Open a Bank Account with ClearBank

The two anonymous people cited that the UK Cryptocurrency exchange has struck a rare deal to open a bank account with British start-up ClearBank. ClearBank was launched in 2017 by Nick Ogden, the founder of payments group Worldpay, with a purpose to built clearing bank. According to the source, the bank has reached London Block …

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Banking/Finance Kuwait Finance House Is the First Arabic Bank to Join with Ripplenet

Kuwait Finance House Is the First Arabic Bank to Join with Ripplenet

Kuwait Finance House has become the first bank to associate with RippleNet. It is a venture of Blockchain network from the industry giant Ripple for an international remittance payment. This news was confirmed by the Kuwaiti bank and is moving ahead to join RippleNet. RippleNet’s solutions RippleNet is a network of institutional payment providers such …

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Banking/Finance Argentinian Bank to Use Bitcoin for Cross Border Payments

Argentinian Bank to Use Bitcoin for Cross Border Payments

The Bank in Argentina is the first bank in the world to allow customers to use bitcoin for cross border payments. It has also revealed its partnership with Bitex, a blockchain-based financial services based in Latin America.   According to the Facebook post, the Bitex, the Latin America exchange startup initiated in 2014 joined with …

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Banking/Finance Norges Bank, Norway’s Central Bank might develop its own Cryptocurrency

Norges Bank, Norway’s Central Bank might develop its own Cryptocurrency

The Norges Bank, Norway’s Central Bank and financial institution is stepping towards developing its own cryptocurrency in future. On 18th may, the work paper reported that its cryptocurrency ensures a confident and secured monetary system. According to the Norges Bank’s work paper, the central bank of Norway might develop its own cryptocurrency called by CBDC …

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Banking/Finance HSBC Deals with World’s First Trade Finance Transaction Using Blockchain Tech

HSBC Deals with World’s First Trade Finance Transaction Using Blockchain Tech

On Monday, May 14, 2018, the HSBC Holdings Plc has performed world’s first trade finance transaction using Blockchain Technology. It said that the indication of technology is feasible for trading finance. Along with ING Bank NV, HSBC have successfully completed the transaction for food and agricultural group Cargill. However, it was based on Blockchain technology …

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Banking/Finance Germany Bank Bitbond to Provide Loans in Bitcoin and Other Cryptocurrency

Germany Bank Bitbond to Provide Loans in Bitcoin and Other Cryptocurrency

Radoslav Albrecht of German established an online bank, Bitbond. It provides clients to transfer loans to any part of world utilizing Bitcoin. Bitbond utilizes digital currency like Bitcoin to circumvent the international transfer system. It lends finance all over the world and the service is fast at an affordable price. Bitbond Bank’s services Albrecht’s services are …

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Banking/Finance Bank of Korea (BOK) announced cryptocurrency guidelines & CBDC

Bank of Korea (BOK) announced cryptocurrency guidelines & CBDC

The Bank of Korea (BOK) has recently expressed that it has started studying cryptocurrencies. In an official statement on Wednesday, it also notes the planning of issuing CBDC (Central Bank Digital Currency) within few months.   Korea Times reported on Wednesday that it is set to reveal its guidelines regarding cryptocurrencies and also the plans …

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Banking/Finance 4000 New Crypto-Compatible ATMs to Open in Argentina

4000 New Crypto-Compatible ATMs to Open in Argentina

Crypto ATMs are increasing around the world and 75 percent of them are located in the Americas. Argentina regulatory changes about ATMs will encourage establishment of crypto ATMs. Argentina is joining the crypto craze by adding 4,000 new crypto-compatible ATMs across the country. This comes even as a decision by the Central Bank of the …

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Banking/Finance Mitsubishi UFJ Financial Group Tests Cryptocurrency in an Unmanned Convenience Store

Mitsubishi UFJ Financial Group Tests Cryptocurrency in an Unmanned Convenience Store

Mitsubishi UFJ Financial Group is testing usage of cryptocurrency in the payment of goods and services in its store. It is also piloting another program that could see customers pay bills in MUFG coin. Mitsubishi UFJ Financial Group has announced a major breakthrough in using the AMZN.O authentication protocol with cryptocurrency payments. The system allows …

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Banking/Finance Manny Pacquiao a Philippines boxer to release his own cryptocurrency

Manny Pacquiao a Philippines boxer to release his own cryptocurrency

The imminent Boxer of Philippines Manny Pacquiao to release his own cryptocurrency. Manny is all set to follow the footsteps of his comrade Floyd Mayweather to launch his cryptocurrency. Floyd Mayweather is a boxer who earns Rs 11 crore per second in a boxing match. Manny is expounding to regulate the virtual currency market. GCOX’s …

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Banking/Finance Canada’s Largest TD Bank Considers Public Blockchain for Tracking Assets

Canada’s Largest TD Bank Considers Public Blockchain for Tracking Assets

The system not only records point-of-sale computer transactions but also details about the transaction. It will help in the performance of near real-time transactions by eliminating the need to wait for block confirmations through miners. TD Bank published a patent application last week detailing a public distributed ledger system for point-of-sale computer track transactions that …

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Banking/Finance PKO Bank Polski Adopts Blockchain Document Storage System

PKO Bank Polski Adopts Blockchain Document Storage System

PKO Bank Polski will adopt the technology to cut down the costs and to ensure clients can access the documents securely. In addition to having the documents stored immutably and permanently on the blockchain. PKO Bank Polski is partnering with Confirm for a storage and verification system. It is based on the distributed ledger to …

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Banking/Finance Danske Bank the Biggest Bank in Denmark Bans Crypto Trades

Danske Bank the Biggest Bank in Denmark Bans Crypto Trades

Danske Bank will, however, allow customers to purchase cryptocurrencies with a credit card. The bank is taking the move due to risks imminent in the business including lack of backing by a central authority and volatility.   Danske Bank, one of the largest banks in the Nordic region, will now not allow customers to use …

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Banking/Finance Bank of Montreal Stopping Customers To Buy Cryptocurrencies

Bank of Montreal Stopping Customers To Buy Cryptocurrencies

The Bank of Montreal has initiated blocking transaction of cryptocurrency on its credit and debit cards, as per the bank employee who posted the document on Reddit. The Bank of Montreal, a Canadian multinational banking, and financial service corporation, operating as BMO Financial Group banned its customers for participating in cryptocurrency transactions. A Reddit user …

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Banking/Finance JPMorgan Chase & Co Gets Backlash over Oil Sands Financing

JPMorgan Chase & Co Gets Backlash over Oil Sands Financing

Stakeholders resolved in December to have the bank explain the policy about financing oil-sands. Thus, the loss might incur and whether the move is consistent with the 2015 Paris Climate accord. Some stakeholders want JPMorgan Chase & Co. to disclose the risks involved in its lending and financing of oil-sands producers and pipeline companies. One …

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Banking/Finance BMO Restricts Credit Card Purchases with Cryptocurrencies

BMO Restricts Credit Card Purchases with Cryptocurrencies

BMO joins other banks that have banned credit card crypto purchases citing high risks and volatility. The bank is, however, among other banks working with IBM for a blockchain-based trade platform to improve security and speed of transactions. The Bank of Montreal (BMO) customers will no longer purchase digital currencies using BMO Mastercard credit cards. …

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Banking/Finance Chief of Taiwan’s central bank restraints over cryptocurrencies

Chief of Taiwan’s central bank restraints over cryptocurrencies

Yang Chin-long, the new governor of Taiwan’s central bank said speculation has taken over from cryptocurrencies’ original role as a payments tool.  Earlier, Yang Chin-long while still as a deputy chief of Taiwan’s central bank stated that the banks are commencing the estimations of the advantages and trials of virtual currencies backed by several central banks. …

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Banking/Finance European Central Bank Says Bitcoin May Not a Future of a Cashless Society

European Central Bank Says Bitcoin May Not a Future of a Cashless Society

The two revive the debate about possibility of central bank backed cryptocurrencies. On a note, they can improve on the challenges of centralized banking systems as exposed by Bitcoin and other cryptocurrencies. Bank for International Settlements (BIS) also said central bank backed are a possibility but could drain banks’ digital resources in times of financial …

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Banking/Finance Ripple Powered Mobile App Can Provide On-Demand Payments in Japan

Ripple Powered Mobile App Can Provide On-Demand Payments in Japan

Japan Bank Consortium to release Ripple powered mobile app for on-demand domestic payments in Japan. It will be launched by 67 banks and seeks to remove friction in the current domestic payment markets in Japan. It will also facilitate cross-border payments and make them cheaper, faster and more secure The Japan Bank Consortium will use …

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Banking/Finance Singapore-based KaratBank creates a cryptocurrency bound to physical gold

Singapore-based KaratBank creates a cryptocurrency bound to physical gold

KaratBank crypto is reportedly pegged on the value of the gold from CashGold, but suspicions of scam are surfacing. For instance, the company was ban in Canada in 2014. It is currently holding a pre-ICO. KaratBank has launched KaratBank Coins (KBC), crypto pegged on gold. The company is a sister company of Germany-based KaratBars International …

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Banking/Finance Post Bank of Iran Is Working on a National Cryptocurrency

Post Bank of Iran Is Working on a National Cryptocurrency

The Central Bank of Iran says it does not deal or work with cryptocurrencies. It warned the public against engaging in cryptocurrency projects The Post Bank of Iran is working on a national cryptocurrency that is set to come before the ICT Ministry for review and testing. The bank has set out the necessary measures …

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Banking/Finance Toronto-Dominion Bank Restricts Crypto Purchase Using Credit Cards

Toronto-Dominion Bank Restricts Crypto Purchase Using Credit Cards

The financial institution, Toronto-Dominion Bank (TD Bank) has stopped its customer from using credit cards to make cryptocurrency purchase. In a recent post, Toronto-Dominion Bank is not allowing its customers to make crypto purchase through credit cards. However, it conducts a review and valuation of the “evolving market” and is in line with enhancing policy …

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Banking/Finance Bank of America has more number of patents filed

Bank of America has more number of patents filed

Bank of America is the company that has a number of patents than any other. It is in many bitcoiners’ view that is opposite of everything decentralized currency. According to Bitcoin patent report, Bank of America (BofA) has filed 45 numbers of a patent. However, 50 percent or 910 patents in cryptocurrencies come from China. …

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Banking/Finance UK Banking Group Barclays Confirms Crypto Purchase with Credit Cards

UK Banking Group Barclays Confirms Crypto Purchase with Credit Cards

The UK banking group Barclays confirms that its customers will be allowed to purchase cryptocurrencies using credit cards meanwhile Virgin Money banned. Barclays bank has not blocked the purchase of cryptocurrencies with credit cards as is the case with other large banks in the U.S that have stopped the purchases. It is also contrary to …

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Banking/Finance Versabank, Tiny Canadian Bank to Launch a Vault for Cryptocurrencies

Versabank, Tiny Canadian Bank to Launch a Vault for Cryptocurrencies

This can be said has an optimism time going on in the crypto community. The tiny Canadian bank is developing a vault for cryptocurrencies. Ontario-based VersaBank Inc is planning to have a digital vault for cryptocurrencies ready by this coming June to serve global customers. It is Canada’s smallest bank led by a tech-savy CEO …

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Banking/Finance UK Banking Giant Lloyds Bank Ban Bitcoin Purchases on Credit Cards

UK Banking Giant Lloyds Bank Ban Bitcoin Purchases on Credit Cards

The incessant drop off of Bitcoin price has led UK banking giant Lloyds Bank to restrict its clients from purchasing Bitcoins via their credit cards. This Banking group fears cryptocurrency’s fluctuating value could leave it with huge debt. Ban Pressures are Mounting on Lloyd’s credit card customers As the ban announcement rolled out on Monday, Bitcoin …

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Banking/Finance Cryptocurrency Culture still strong In Cambodia, Despite Distrust From National Bank

Cryptocurrency Culture still strong In Cambodia, Despite Distrust From National Bank

When bitcoin hit $1,000, In Mean realized he made a mistake not backing up his coin. The Cambodian developer mined but lost a lot of bitcoin not long after it was released in 2009. Today In Mean is working on a his own coin. He aims to educate the timing population of Cambodians trooping to …

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Banking/Finance Group Nduom urges one percent of Ghana’s reserve in Bitcoin

Group Nduom urges one percent of Ghana’s reserve in Bitcoin

Group Nduom Vice President has urged Bank of Ghana to place one percent of its reserves in Bitcoin to diversify investment. Kyle Torpey said everything is a gamble Responding to claims that Bitcoin is a gamble, he said “everything is a gamble”. One would not do anything if he or she was occupied with thoughts …

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Banking/Finance Swissquote has launched an exchange tradeable certificate

Swissquote has launched an exchange tradeable certificate

Swiss online bank launches Bitcoin certificate to solve volatility equation for investors Active Bitcoin Certificate Online Swiss bank Swissquote has launched an exchange tradeable certificate named Active Bitcoin Certificate. The certificate will reduce investors’ exposure to volatility by moving holding between Bitcoin and U.S. dollar through a proprietary machine-learning algorithm. The algorithm will analyze patterns, …

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Banking/Finance Goldman Sachs to set up cryptocurrency trading desk

Goldman Sachs to set up cryptocurrency trading desk

Goldman Sachs bank is trying to determine how it will maintain custody of the digital assets in readiness to set up a cryptocurrency trading desk by end of June 218. The intention is to make markets in digital currencies such as Bitcoin. According to Bloomberg report, which cites three people with knowledge of the strategy. …

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Banking/Finance Koreans Shinhan Bank to declare crypto wallet service

Koreans Shinhan Bank to declare crypto wallet service

The Korea’s second-largest financial institutions, Shinhan bank declares that its process of building cryptocurrency wallets. Since it allows customers to store their digital assets securely. Noticeable, the project will be soon being ready to launch as Shinhan bank began working on the service. Since it wants to provide a deposit for Bitcoin and other cryptocurrencies. …

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Banking/Finance Malaysia’s Bank Negara estimates cryptocurrency exchanges

Malaysia’s Bank Negara estimates cryptocurrency exchanges

Malaysia’s Bank Negara announced Wednesday that it is working on a regulatory framework over the use of cryptocurrencies in the country. The regulation will come in place by end of the year under Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act. Though no exact date exists for the implementation. The framework will help …

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Banking/Finance Tobam French asset manager launches Europe’s first Bitcoin mutual fund

Tobam French asset manager launches Europe’s first Bitcoin mutual fund

Tobam, the French asset manager yesterday launched Europe’s first bitcoin fund to grab investors interest in Bitcoin cryptocurrency whose price moved from $1000 to now more than $8300 this year. The launch is some evidence that cryptocurrencies continue to get mainstream attention. It is also ahead of CME’s plans to launch bitcoin futures before end …

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Banking/Finance Singapore’s Central Bank Proposed Payment Services Bill

Singapore’s Central Bank Proposed Payment Services Bill

Monetary Authority of Singapore (MAS), the country’s central bank, introduced the second consultation on its offered payment regulatory framework, known as the Payment Services Bill (the “Bill”). The payment Services Bill will streamline the regulation of all payment services underneath a single legislation. Particularly, the introduced bill is also dragging virtual currency service like Bitcoin, …

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Banking/Finance JPMorgan could allow clients to trade CME’s bitcoin futures

JPMorgan could allow clients to trade CME’s bitcoin futures

JPMorgan Chase is considering whether to allow its clients to trade CME’s new bitcoin futures product through its futures-brokerage unit, said a Wall Street Journal report on Tuesday November 21. The source said JPMorgan was investigating whether there is demand among its customers for the proposed CME bitcoin contract. The controversy and the interest It …

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Banking/Finance India’s largest bank to launch blockchain projects next month

India’s largest bank to launch blockchain projects next month

The State Bank of India, the largest bank in India with $460 billion of assets, announced Monday November 20 that it will launch two blockchain production-ready beta solutions next month. It is yet another indication that banks are welcoming blockchain tech. It intends as a solution to some of the problems experienced in the financial …

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Banking/Finance The rapid rise of bitcoin doesn’t mean spell end for banking

The rapid rise of bitcoin doesn’t mean spell end for banking

First, the rise and greater acceptance of cryptocurrencies do not lean only on the idea of facilitating transactions without a middle party for trust. Indeed, that’s would be a very narrow view of what cryptocurrencies can accomplish today. There are several issues like security and privacy issues, there is the issue of lowering transaction cost …

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