#banking News

Reserve Bank of India vs Cryptocurrency: Showdown for the Banking Ban

August 14, 2019 by Ashwath Balakrishnan at Regulation

The Indian Supreme Court has held the initial hearing for the court case between the RBI and the Internet and Mobile Association of India (IAMAI), a not for profit body to enhance online services. The IAMAI appointed Mr. Ashim Sood as their counsel, representing the interests of cryptocurrency companies in...

Federal Reserve clock ticking lightining payments

The U.S. Federal Reserve to Launch Real-Time Payments System

August 6, 2019 by Ogwu Osaemezu Emmanuel at Finance

In a bid to make it possible for financial institutions under its purview to facilitate real-time, round-the-clock payments, the United States Federal Reserve, the nation’s central bank, has announced plans to launch its new payment and settlement service called FedNow, according to a press release on August 5, 2019. Modernized...

Ripple Q2 Market Report: XRP Sales Decline, Partnerships Bolster Market Width

July 25, 2019 by Ashwath Balakrishnan at Altcoins

Ripple Inc's Q2 2019 market insights report shows mixed results from a fundamental growth perspective. The company has relied on the sale of XRP tokens for a major chunk of its revenue, and this number has sunk to a mere $251 million this quarter. 3 billion XRP was released from...

Bank of America Patent Displays use of Ripple Ledger

July 21, 2019 by Ashwath Balakrishnan at Blockchain

A now publicly available patent from Bank of America (BofA) has revealed a system of real-time settlement that utilizes the Ripple ledger for inter currency transactions, July 20, 2019. Huge Breakthrough for Ripple Bank of America's patent reveals the exclusive usage of the Ripple ledger to improve efficiency and cost-effectiveness...

The United States Seeks to Prohibit Big Tech from Banking and Finance

July 16, 2019 by Ashwath Balakrishnan at Regulation

A copy of draft legislation barring big tech from entering the banking industry and providing financial services has been doing the rounds. It is believed that this draft has been circulated amongst the House Financial Services Committee's Democratic majority. This is a direct response from big banking to the threat...

Australian Bank Completes Blockchain-Based Logistics Trial to Send Almond Shipment to Germany

Australian Banks Set to Trial IBM’s Blockchain Platform for Retail Financing

July 5, 2019 by Ogwu Osaemezu Emmanuel at Blockchain

The three largest banks in Australia, Commonwealth Bank of Australia, New Zealand Banking Group Ltd. and, Westpac Banking Corp are partnering with Scentre, a Westfield mall owner, to test IBM's new blockchain-based bank guarantee platform for processing retail financing, reports Reuters on July 4, 2019. Australia's Biggest Banks to Trial...

Facebook in a Meeting with a CFTC official statue of liberty in the background

US Congress Wants Facebook to Halt Libra Cryptocurrency Project

July 3, 2019 by Anthonia Isichei at Altcoins

Members of the United States Congress have demanded in a letter that Facebook halts development of the Libra cryptocurrency as it poses a threat to the hegemony of the U.S. dollar. This call by the U.S. Congress is the latest in a long line of government hard-line stances against the...

CEO of Blockchain Startup Acquires U.S.-Based Bank

July 2, 2019 by Ogwu Osaemezu Emmanuel at Business

Jeffrey Berns, a 56-year-old consumer protection lawyer, cryptocurrency millionaire and CEO of Blockchains LLC, a distributed ledger technology (DLT) firm created in 2017, has purchased Kirkwood Bank of Nevada for $28 million. The move is part of Berns' broader plans to build a decentralized financial ecosystem powered by blockchain technology,...

Central Bank Digital Currencies May Come Sooner than Expected

July 1, 2019 by Edoardo Vecchio at Finance, Regulation

After the official announcement of Libra, Agustín Carstens, the general manager of the Bank for International Settlements (BIS), revealed that central banks may adopt digital currencies sooner than we expect. The fear is that big tech groups such as Facebook could establish a dominant position in global finance and pose...

West Africa Gets Serious with New Banking Technologies

July 1, 2019 by Ogwu Osaemezu Emmanuel at Blockchain, Finance

Nigeria, the most populous nation in Africa has announced plans to officially adopt an open banking standard powered by new technologies such as distributed ledger technology (DLT), to promote transparency in the financial services sector, according to a report by local news source the Guardian on July 1, 2019. Nigeria...

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