Tag: central banks

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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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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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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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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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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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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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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It’s now becoming quite common for apex banks to take the law into their own hands and place blanket bans on cryptocurrencies even though they have little or no legal rights to make such drastic decisions. On May 11, 2018, the Reserve Bank of Zimbabwe (RBZ) barred citizens from owning, trading or transferring bitcoin. The country’s cryptosphere refused to go…

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More financial institutions are warming up to blockchain technology and cryptocurrencies even with the largely unregulated nature of the digital currency space. In another similar development, the UnionBank of Philippines may be looking to integrate Bitcoin mining into its operations, as the financial institution recently displayed its cryptocurrency miners at a business summit in the nation. The Philippino Bitcoin Craze…

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Morgan Stanley, the investment giant, has published a report that examines the global cryptocurrency trading landscape. The report is part of the detailed research carried out by the company on the online exchange market of which has been in the midst of a resurgence since recent weeks. This revival comes after a difficult start to 2018 where regulatory crackdowns led…

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