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Tag: central banks

BIS Survey: 70 Percent of Surveyed Banks Are Fidgeting with the Idea of Central Bank Digital Currencies  

Category: Blockchain, Business, Finance, News, Tech

BIS Survey: 70 Percent of Surveyed Banks Are Fidgeting with the Idea of Central Bank Digital Currencies  

A recent survey by the Bank for International Settlements (BIS) found the majority of the world’s central banks are not too keen on issuing digital currencies at least for the next three years but 70 percent of them accepted that they are exploring with the idea of CBDCs in some capacity, reports SCMP, on January 8, 2019. Low Acceptance Continues…

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Blockchain Shouldn’t Be an Enemy to the U.S. Federal Reserve

Category: Adoption, Altcoins, Blockchain, Commentary, Finance, News, Regulation

Blockchain Shouldn’t Be an Enemy to the U.S. Federal Reserve

Despite most central banks being reluctant to turn to blockchain technology, major institutions such as the U.S. Federal Reserve should figure out the implications of such distributed ledger technologies and how to adapt to them, economist Eswar Prasad argued in a Financial Times article on January 1, 2019. Blockchain Could Transform the World of Finance Blockchain has had its best…

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Dutch Central Bank Keen to Regulate Crypto Companies to Deter Money Laundering

Category: Bitcoin, Crime, Finance, News, Regulation

Dutch Central Bank Keen to Regulate Crypto Companies to Deter Money Laundering

De Nederlandsche, the Dutch central bank, is keen to regulate cryptocurrency companies to deter money laundering and terrorist financing. According to December 11, 2018, reports from Dutch Daily newspaper, De Telegraaf, cryptocurrency companies may require a license to continue operating in the near future. Cryptocurrency Industry Prone to Money Laundering The Dutch banking authority noted that having a license can…

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Boston Federal Executive Speaks on Limitations of Cryptocurrency and Blockchain

Category: Altcoins, Blockchain, Commentary, Finance, News, Regulation

Boston Federal Executive Speaks on Limitations of Cryptocurrency and Blockchain

Jim Cunha, the Senior Vice President of Treasury and Financial Services at the Federal Reserve Bank of Boston, spoke about cryptocurrency and blockchain at the Forbes‘ 30 Under 30 summit in the Massachusetts capital. The summit at Boston’s City Hall Plaza began October 1, 2018, with him describing the limitations of partnerships in cryptocurrency and the implications of a blockchain-enabled…

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Bitcoin as the Solution to the Brewing Global Economic Crisis

Category: Bitcoin, Blockchain, Commentary, Finance, Regulation

Bitcoin as the Solution to the Brewing Global Economic Crisis

Admir Tulic, a crypto enthusiast and investor, has likened Bitcoin to a valuable cure for a global economic disease. Writing in a blog post on his Medium page, the Accept.io Content and Community Manager stead that the pioneer cryptocurrency will take on and defeat what he terms as “the massive over-indebtedness and money-printing system that leads straight to the sixth…

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PBoC’s Fintech Research arm to Expand Blockchain Operations beyond Beijing

Category: Adoption, Blockchain, Business, Finance, News, Regulation

PBoC’s Fintech Research arm to Expand Blockchain Operations beyond Beijing

People’s Bank of China’s (PBoC) research arm, The Digital Currency Research Lab, is set to further its operations beyond the Chinese capital of Beijing. Per a report on September 4, 2018, by the local finance news daily CNStock, the research group is expanding outside Beijing in a bid to accentuate development of emerging financial technologies, including blockchain technology, cryptocurrencies, among…

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Kenyan Financial Institutions Looking to Integrate Blockchain Technology

Category: Adoption, Altcoins, Bitcoin, Blockchain, Finance, News, Regulation

Kenyan Financial Institutions Looking to Integrate Blockchain Technology

Several banks have adopted distributed ledger technology (DLT) across the world due to its ability to help them minimize costs and maximize profit. According to a Bloomberg report on August 22, 2018, Kenyan banks are now seeking approval from the nation’s regulators to adopt the innovation, in a bid to turn around their dwindling fortunes. Kenya Joins the DLT Bandwagon…

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Bank of Finland Advisor Calls Cryptocurrencies an “Illusion,” States Distributed Ledgers Are Irrelevant

Category: Adoption, Bitcoin, Blockchain, Commentary, Finance, News

Bank of Finland Advisor Calls Cryptocurrencies an “Illusion,” States Distributed Ledgers Are Irrelevant

In line with strict global sentiments over cryptocurrencies, an advisor to the Bank of Finland (BoF) released a report in June 2018 titled “The Great Illusion of Cryptocurrencies,” elaborating on why cryptocurrencies are a “fallacy” and an “illusion” of money. Blockchain Payment Systems “Irrelevant” Written by BoF’s Adviser on Digitalization and Head of the Digital Central Bank, Aleksi Grym, the…

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Swiss Banking Authority Warns that Bitcoin Is Impractical and an Environmental Disaster

Category: Bitcoin, Blockchain, Business, Commentary, Finance, News, Regulation, Tech

Swiss Banking Authority Warns that Bitcoin Is Impractical and an Environmental Disaster

In its latest warning about the burgeoning cryptocurrency sector, the Bank of International Settlements (BIS) stated on June 17, 2018, that cryptocurrencies are not scalable and “are likely to face a breakdown in trust” as the number of people using digital currencies increases. Other concerns revolve around their inherently self-limiting design flaws, and the fact that they can neither handle…

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Rural Banks in the Philippines to use ConsenSys’ Ethereum Blockchain System to Facilitate Real-time Transactions

Category: Blockchain, Business, Finance, News, Tech

Rural Banks in the Philippines to use ConsenSys’ Ethereum Blockchain System to Facilitate Real-time Transactions

On May 27, 2018, ConsenSyS announced the selection of five rural banks in the crypto-friendly Philippines to try out its blockchain-based real-time payments solution. Banking the Unbanked The Union Bank of the Philippines has joined forces with the ConsenSyS blockchain startup to change the faces of five rural banks in the Mindanao region. The project dubbed “i2i,” shorthand for “island-to-island,”…

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