Two of Russia’s largest banks are testing cryptocurrency-based investment options for retail investors, local news media out Kommersant reported June 15. As part of the Russian central bank’s ‘regulatory sandbox,’ Sberbank and Alfa-Bank opted to begin experimenting with products based on so-called “digital financial assets” at a meeting last Wednesday,...
Ripple (XRP) is expecting a positive regulatory framework to be forthcoming from India’s Reserve Bank (RBI), according to a Times of India report published Friday, June 15. Dilip Rao, Ripple’s global head of infrastructure innovation, is quoted by the Times as saying that despite RBI’s imposition of controversial restrictions on...
A Bank of Canada (BoC) official questioned the effectiveness and security of using blockchain tech for banking at a conference in South Korea today, June 14, according to local reports. As part of a presentation at the 2018 G20 Global Financial Stability Conference in Seoul, James Chapman, senior research director...
Arab markets were flooded with new investors in April after an Islamic scholar announced cryptocurrency is halal under Sharia law. The announcement settled contradicting statements issued by several other Islamic experts, but there are still conflicting interpretations of Sharia’s allowance of virtual currencies among Muslim leaders.   The mufti’s announcement...
A Ripple Executive has downplayed the cost-savings of blockchain technology over traditional banking arguing that growth is a stronger message for attracting business clients, including banks.more than $100 million worth of XRP to start letting users trade the asset but this wasn’t accepted.Princeton UniversityMassachusetts Institute of Technology’s Computer Science...
Ripple chief cryptographer David Schwartz claims that banks are unlikely to deploy blockchain to process international payments, citing low scalability and privacy problems, Reuters reports June 13. In an interview with Reuters, Schwartz argued that despite the fact that banks acknowledge blockchain technology’s potential in reducing transaction times and costs,...
Adoption of the blockchain within the financial services industry is on an intense upward trajectory, according to the findings of management consulting company Greenwich Associates. They have found that the industry is spending about $1.7 billion per year on the technology.Banking Industry Spends $1.7 Billion Each Year on Blockchain...
A group of South Korean commercial banks will launch a blockchain-powered customer ID verification platform in July 2018, local news outlet Korea JoongAng Daily reports today, June 12. According the report, the Korea Federation of Banks (KFB) will launch their “BankSign” identity verification system to be used in both online...
Multiple Russian corporate giants, including state-owned Gazprombank, have created a joint venture that plans to develop projects in blockchain and the digital economy, local news outlet TASS reported June 9. Russian telecom company MegaFon, Gazprombank, government corporation Rostec, and the USM Group have created a joint venture – referred to...
The UK’s Financial Conduct Authority (FCA) has issued guidance for banks on how to handle the risks associated with “crypto assets”, according to a letter posted on the FCA’s website June 11. Per the statement issued by Executive Directors of Supervision Jonathan Davidson and Megan Butler, banks should apply a...