Since Facebook publicly announced its planned Project Libra digital currency payment system, policymakers around the world have scrambled to address new concerns about the technology’s potential impact. As the South China Morning Post reported today, Chinese officials are also concerned – and may respond by creating their own digital currency.
European Central Bank Executive Board member Benoit Coeure is urging quick action from regulators, as giant tech companies move forward with cryptocurrency projects that could impact the existing financial system. On Sunday, Coeure suggested that innovations like Facebook’s Project Libra only serve to highlight deficiencies in the current regulatory environment.
Major banking firm Goldman Sachs could eventually launch its own digital token, tech media outlet TNW reported this week. The article cited recent comments from the bank’s CEO, David Solomon, confirming that the firm has been researching the tokenization concept and recognizes its potential benefits.
The Reserve Bank of India’s research arm, The Institute for Development and Research in Banking Technology (IDRBT) is working to develop a model blockchain platform for banking, Hindu Business Line reported today.
European Payments Council (EPC) director general Etrienne Goosse is urging banks throughout the euro zone to move quickly to adopt the EPC real-time payment scheme, Reuters reported on Wednesday. According to Goosse, Europe’s financial sector needs to innovate to compete with new financial technology payment solutions from companies like Facebook.
JPMorgan Chase digital treasury services and blockchain head Umar Farooq has reportedly told Bloomberg that the company’s JPM Coin digital currency will likely be pilot-tested with clients before the end of 2019. That prediction was made during an interview in which Farooq said that the company’s clients have expressed interest in the coin’s benefits for bond trading.
Visa has announced the launch of its new Visa B2B Connect payment network, Reuters reported on Tuesday. The network uses elements of blockchain technology to allow financial institutions to rapidly process international corporate client payment transactions at lower cost.
The G20 issued a joint communiqué on June 9, after concluding its latest meeting in Fukuoka, Japan, in which it called on the Financial Stability Board (FSB) and international standard-setting bodies to continue to monitor risks related to cryptocurrency.
The Dubai Land Department (DLD) has reportedly partnered with UAE lender Mashreq Bank to introduce a new electronic mortgage system powered by blockchain technology, The National reported Tuesday. The move by Dubai’s real estate department is designed to bolster home loan services and improve speed and efficiency.
Shinhan Financial Group (Shinhan Bank) has announced the launch of a new blockchain-powered loan system, South Korean media outlet Yonhap reported on May 27. The new system uses blockchain technology to verify proof documents submitted by borrowers during “non-face-to-face” lending.
Fidelity Investments is only weeks away from launching crypto trading services for its institutional clients, Bloomberg reported on Monday, May 6. The report cited a “person familiar with the matter” who said that the firm’s planned service would involve buying and selling Bitcoin for those customers.
SecureKey Technologies announced this week that it’s blockchain-powered Verified.Me digital identity network is now being used for identity verification at five Canadian banks. The company revealed that CIBC, Desjardins, RBC, Scotiabank and TD are all using the system to allow customers to verify their identities online in a “privacy-enhanced and secure way.”
U.S. cryptocurrency firm Genesis Global Trading has confirmed that its lending business has issued $1.53 billion in digital currency loans to institutional borrowers since its launch last March, Reuters reports. In a report published online, the company said that lending was dominated by Bitcoin, which represents 68 percent of its loan portfolio.
The Financial Crimes Enforcement Network (FinCEN) announced this week that it has penalized an individual cryptocurrency trader for alleged violations of the Bank Secrecy Act (BSA). That trader, California resident Eric Powers, reportedly failed to properly register as a money services business, take the necessary steps needed to comply with the Act’s provisions, or properly report suspicious transactions.
France’s Finance Minister, Bruno Le Maire, called blockchain technology a “game changer” at the Paris Blockchain Week conference, Phys.org reported today. During his remarks, Le Maire noted the technology’s benefit as a tool to prevent banking institutions from monopolizing financial transactions:
The International Monetary Fund and World Bank have launched their own ‘quasi-cryptocurrency’ called Learning Coin as part of a project designed to explore blockchain and crypto technology, the Financial Times reported this week. The agencies reportedly stressed that their coin is not an actual digital currency, since it has no monetary value and is only for internal use.
When finance officials and central bank governors from G20 member states meet in Fukuoka, Japan in June, they will reportedly discuss anti-money laundering and counter-terrorism financing regulations, Japanese media reported late this week.
Belgium’s Financial Services and Markets Authority (FSMA) recently added another 7 websites to its list of suspicious cryptocurrency sites. The list now includes a total of 120 websites identified by the FSMA as potential scams designed to defraud investors.
Bank for International Settlements general manager Agustin Carstens issued a warning Friday to central banks that might be considering their own digital currencies. While speaking at the Central Bank of Ireland in Dublin on Friday, Carstens warned that central bank-issued digital currencies could potentially undermine financial stability.
California-based Silvergate Bank this week updated its filing with the U.S. Securities and Exchange Commission, revealing continued growth in its cryptocurrency-related services. According to the updated data, the bank now provides services to more than 500 crypto-related firms, even as major banks around the world continue to deny banking services to companies in the industry.