UK-based banking giant HSBC has reportedly completed the world’s first ever trade finance transaction powered by blockchain, the Financial Times (FT) reported today, May 14. As multiple news outlets report, HSBC, which is the world’s largest trade finance institution, completed a letter of credit for food and agricultural giant Cargill,...
Top Stories This Week Owner Of New York Stock Exchange Mulls Over Addition Of Crypto Trading The New York Times reported this week that the NYSE might be giving its customers the option to buy and hold Bitcoin, an assertion backed up by documents, emails, and anonymous sources that confirm these...
Zimbabwe’s central bank has recently banned dometic financial institutions from dealing with cryptocurrencies, local media outlet NewsDay reports today, May 12. According to the report, the Reserve Bank of Zimbabwe’s (RBZ)  director and registrar of banking institutions Norman Mataruka issued a circular Friday ordering all financial institutions to terminate servicing...
The Supreme Court of India declined to grant an interim injunction against the Reserve Bank of India (RBI) circular banning banking services for companies dealing in cryptocurrency, according to a Twitter post by Crypto Kanoon May 11. Crypto Kanoon is a team of Indian lawyers engaged in crypto regulatory...
Canada’s central bank, Toronto Stock Exchange operator TMX Group, and non-profit organization Payments Canada, completed tests showing blockchain can be used for instantaneous securities settlements, Reuters reports today, May 11. The three companies concluded that blockchain, the technology originally developed for cryptocurrencies such as Bitcoin (BTC), is usable for automating...
Financial institutions who participated in a recent pilot of Ripple (XRP)’s xRapid platform have reported transaction savings of 40-70 percent, Business Wire reports Thursday, May 10. In addition to cost savings, the participants have noted an improvement in transaction speed - from the average 2-3 days to “just over...
Bitcoin and blockchain tech are ripe for mainstream adoption in Africa, where the population is well positioned to embrace the innovative technologies as alternatives to the expensive and/or outdated banking systems scattered across the continent. Lack of economic infrastructure paired with inadequate financial education has left a large portion of...
Bank of America (BoA) doubled down on its decision to stop customers buying Bitcoin with its credit cards May 10. The bank’s official called cryptocurrency “troubling,” according to CNBC. Speaking to CNBC in an edition of the network’s Squawk Box segment, BoA’s CTO Kathy Bessant said that cryptocurrencies are “designed...
Bloomberg and Mike Novogratz’s crypto merchant bank Galaxy Digital Management have launched the Bloomberg Galaxy Crypto Index (BGCI) that will track ten cryptocurrencies from the “largest, most liquid portion of the cryptocurrency market,” Bloomberg reports today, May 9. The coins to be listed on the index currently are Bitcoin (BTC),...
A source close to the National Bank of the Republic of Belarus (NBRB) recently revealed that the bank is considering strict requirements for investing in Initial Coin Offerings (ICOs). Additionally, а similar regulatory framework is planned for crypto exchanges, local IT media outlet dev.by reports Tuesday, May 8. The regulators...