Ex-Fed Official Rejects Idea that Cryptocurrency Should Replace Dollar as Reserve Currency
Sep26

Ex-Fed Official Rejects Idea that Cryptocurrency Should Replace Dollar as Reserve Currency

In August, Bank of England Governor Mark Carney called for the world to end the U.S. dollar’s status as the dominant global reserve currency, and suggested Facebook’s proposed Libra cryptocurrency as one possible replacement option. According to former Federal Reserve official Simon Potter, however, that argument makes no sense.

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Big Tech, Big Finance, and the Cryptocurrency Question
Sep18

Big Tech, Big Finance, and the Cryptocurrency Question

Traditionally, governments have held a monopoly over the economic systems and financial barter used in their nation. Today, however, with all the possibilities inherent in robust cryptocurrencies, large multinationals like Facebook, Twitter, and Google/YouTube see new opportunities to embed financial operations in their core business model.

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Wells Fargo to Pilot Its Own Digital Currency for Cross-Border, Internal Transactions
Sep17

Wells Fargo to Pilot Its Own Digital Currency for Cross-Border, Internal Transactions

Wells Fargo, the fourth largest bank in the United States, announced on Tuesday that it will be piloting a new digital currency for cross-border and interbranch cash transfers, Reuters reports. The blockchain-powered cryptocurrency, Wells Fargo Digital Cash, will reportedly be pegged to the dollar, and allow the bank to save money and time during asset transfers by eliminating the need to go through third parties.

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US Treasury Announces Sanctions Targeting North Korean Cyber Attack Groups
Sep15

US Treasury Announces Sanctions Targeting North Korean Cyber Attack Groups

On Friday, the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced new sanctions against three North Korean cyber groups believed to be responsible for cyber-attacks on financial institutions, cryptocurrency exchanges, and other critical infrastructure.

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Swiss Regulators Approve Licenses for Two Crypto Banks
Aug26

Swiss Regulators Approve Licenses for Two Crypto Banks

Regulators in Switzerland have formally approved banking and security dealer licenses for two digital asset-focused banks. The two firms, Sygnum and Seba Crypto AG, confirmed in online statements today that the Swiss Financial Market Supervisory Authority (FINMA) has granted them licenses.

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Report: Barclays Has Stopped Providing Banking Services to Coinbase
Aug14

Report: Barclays Has Stopped Providing Banking Services to Coinbase

British banking institution Barclays has stopped providing bank services to U.S.-based digital currency exchange Coinbase, according to Reuters, which cited “sources familiar with the matter.” Other recent reports suggest that Coinbase has secured a banking partnership with UK-based ClearBank.

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Report: Project Libra Could Prompt China to Speed Development of its Own Digital Currency
Jul08

Report: Project Libra Could Prompt China to Speed Development of its Own Digital Currency

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.

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ECB Executive Board Member Calls for Fast Regulatory Action on Cryptocurrency
Jul07

ECB Executive Board Member Calls for Fast Regulatory Action on Cryptocurrency

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.

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Report: Goldman Sachs May Consider Creating its Own Cryptocurrency
Jun29

Report: Goldman Sachs May Consider Creating its Own Cryptocurrency

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.

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RBI’s R&D Arm Developing Model Blockchain Platform for Banking
Jun28

RBI’s R&D Arm Developing Model Blockchain Platform for Banking

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.

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EU Banks Urged to Adopt Real-Time Payment System to Meet Fintech Challenge
Jun27

EU Banks Urged to Adopt Real-Time Payment System to Meet Fintech Challenge

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.

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Bloomberg: JPMorgan Likely to Begin Pilot Tests of JPM Coin by Year’s End
Jun25

Bloomberg: JPMorgan Likely to Begin Pilot Tests of JPM Coin by Year’s End

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.

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Visa Relying on DLT Elements in New Cross-Border Payments Network
Jun11

Visa Relying on DLT Elements in New Cross-Border Payments Network

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.

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G20 Joint Statement Calls for Continued Monitoring of Digital Asset Risks
Jun09

G20 Joint Statement Calls for Continued Monitoring of Digital Asset Risks

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.

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Dubai Land Dept Partners with UAE Lender for Blockchain-Backed e-Mortgage System
May28

Dubai Land Dept Partners with UAE Lender for Blockchain-Backed e-Mortgage System

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.

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Korea’s Shinhan Bank Launches Blockchain-Powered Lending System
May27

Korea’s Shinhan Bank Launches Blockchain-Powered Lending System

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.

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Bloomberg: Fidelity Expected to Launch Crypto Trading for Institutional Clients Soon
May06

Bloomberg: Fidelity Expected to Launch Crypto Trading for Institutional Clients Soon

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.

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SecureKey’s Blockchain Identity Verification System Now in Use at Five Canadian Banks
May05

SecureKey’s Blockchain Identity Verification System Now in Use at Five Canadian Banks

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.”

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Genesis Reports $1.5 Billion in Crypto Lending Since 2018 Launch
Apr25

Genesis Reports $1.5 Billion in Crypto Lending Since 2018 Launch

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.

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FinCEN Announces Penalties for Crypto Trader Accused of Violating AML Rules
Apr20

FinCEN Announces Penalties for Crypto Trader Accused of Violating AML Rules

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.

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