Posts in category

Banks


The U.K.’s Financial Conduct Authority (FCA) has written to bank CEOs over the potential risks they face when dealing with cryptocurrencies. As the British regulator for around 58,000 financial services firms and financial markets in the U.K., the FCA has issued formal warnings before on the risks of investing in cryptocurrencies. In this latest warning, the …

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Hackers who stole information on thousands of Canadian bank users have demanded $1 million-worth of the cryptocurrency XRP to not release the data trove. According to a CBC News report Tuesday, the two banks hit by the breach, Bank of Montreal and CIBC’s online bank Simplii Financial, have said that the personal information of a total of …

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South Korea financial regulators have confirmed a plan to inspect three domestic banks over their compliance with recently introduced anti-money laundering rules for cryptocurrency exchange accounts. According to a statement on Monday, the Financial Services Commission (FSC) and the Financial Intelligence Unit (FIU) will conduct on-site inspections on the NongHyup, KB Kookmin and KEB Hana …

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Canada’s Bank of Montreal (BMO) will no longer allow customers to buy cryptocurrency using Interac debit cards. A spokesperson for the bank confirmed the move in an email to CoinDesk Tuesday, without giving an explanation. The Interac ban follows reports that the bank barred crypto purchases through Mastercard debit and credit cards weeks ago. In …

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Malaysia’s central bank hinted it is planning to integrate Blockchain in its banking sector, its deputy governor revealing ongoing development work in a speech Thursday, March 22. Speaking at the Asian Banker Digital Finance Convention 2018 in Kuala Lumpur, Bank Negara Malaysia’s (BNM) deputy governor Jessica Chew Cheng Lian announced that nine domestic banks had …

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A group of financiers will create a “complimentary global currency” subject to random identity checks and pegged to fiat, Financial Times reports March 22. Discussing plans for Saga, which will feature a Swiss foundation and advice from various banking figures, chairman of JPMorgan Chase International and ex-governor of the Bank of Israel Jacob Frenkel said …

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Stellar CTO and co-founder, as well as Mt. Gox creator, Jed McCaleb told CNBC March 21 about his vision for a singular global payments system – one that will crucially involve Blockchain technology. Stellar, which like Ripple is a Blockchain-powered international remittance setup with its own cryptocurrency, is currently attempting to create such a network. …

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The Royal Bank of Canada (RBC), reportedly the country’s largest bank, filed a patent for a credit score platform using Blockchain technology this past fall, according to the patent application from the US Patent and Trademark Office released March 15. The patent describes a Blockchain-based credit score platform where “credit records are recorded using blocks …

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India’s HDFC Bank, the country’s largest private bank, has informed clients that its debit and credit cards cannot be used to purchase cryptocurrency, local news source First Post reported March 14. In a letter to clients sent on Tuesday March 13, HDFC explained that the measure was taken in order to protect customers. The letter …

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South Korea’s largest cryptocurrency exchange Bithumb has partnered with BitPay to compete in the international remittance market, an executive announced March 13. Speaking to CNBC about the deal, BitPay chief commercial officer Sonny Singh said businesses would now be able to convert invoices to Bitcoin and use BitPay to settle them faster and more cheaply …

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A new joint European banking report has poured cold water on the effectiveness of so-called central bank digital currencies (CBDCs). The report, submitted by two working groups under the auspices of the Bank for International Settlements (BIS) and European Central Bank (ECB), warns about the “adverse” effect of introducing a CBDC. It also advocates that …

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Finnish cryptocurrency exchange and crypto wallet services provider Prasos Oy is one step from being “frozen”, as most Finnish banks will no longer conduct business with them, Bloomberg reports March 9. Founded in 2012, Prasos has seen a ten-fold spike of transaction volumes reaching $185 mln in 2017, which became a subject of concern among …

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The views expressed here are the author’s own and do not necessarily represent the views of Cointelegraph.com Decentralized cryptocurrencies like Bitcoin and Ethereum have strong advantages over centralized financial systems, primarily because of their ability to function and operate without a single point of failure, which hackers and bad actors can target. Transaction processing On …

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Governor of the People’s Bank of China (PBoC), Zhou Xiaochuan, said in a press conference that authorities are not rushing to issue a national digital currency and still do not recognize Bitcoin as a legitimate payment method, reports China Daily on March 9. Zhou expressed the PBoC’s position frankly: “We do not currently recognize Bitcoin …

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A report by the financial messaging provider SWIFT and 34 global transaction banks that sought to answer the question of how distributed ledger technology (DLT) (Blockchain) Proof of Concept (PoC) can help Nostro account reconciliation has been published today, March 8, with positive results. A Nostro account is a bank’s account in a foreign currency …

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China has banned cryptocurrency trading and initial coin offerings (ICO) in late 2017 and reaffirmed its negative stance towards the market this year. Still, local developers are continuing to introduce innovative Blockchain projects on the global stage. Stricter crackdown In 2018, the Chinese cryptocurrency industry and the market saw a stricter crackdown on cryptocurrency trading …

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Steve Bannon, former Chief Strategist to US President Donald Trump, said that cryptocurrencies could be an asset to the European anti-establishment movement at an event sponsored by the Swiss newspaper Die Weltwoche on March 6. At his lecture in Zurich, Bannon stated that cryptocurrencies and the Blockchain will “empower [the populist] movement, empower companies, [and] …

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A group of Japanese banks is planning to use Ripple’s blockchain-based payments technology in a forthcoming product aimed at general consumers. According to an announcement on Tuesday by the San Francisco-based startup, Japan’s SBI Net Sumishin Bank, Suruga Bank and Resona Bank will launch a smartphone application in autumn this year, dubbed MoneyTap, that will …

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Brad Garlinghouse, CEO of Ripple — a US-based payment network and protocol company — spoke with Cointelegraph at the Blockchain Connect conference in San Francisco earlier this year about what problems Ripple can solve in the global marketplace, and the company’s approach to government regulation and traditional finance. Garlinghouse, a Harvard Business School graduate, previously …

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Cardtronics, the world’s largest ATM operator, considers virtual currencies among the major risks to their business, as stated in its latest 10-K annual report. According to the report the company filed with the US Securities and Exchange Commission (SEC), consumer behavior analysis shows a significant shift in preferable payment methods. More customers now choose electronic …

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