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Posts Tagged ‘Bank’

Japan’s Number Two Bank by Assets Completes R3 Blockchain-Based Trade Finance Trial

Japan’s second-largest bank by assets, Sumitomo Mitsui Banking Corporation (SMBC), has completed a proof-of-concept (PoC) using blockchain consortium R3’s Marco Polo trade finance platform. A press release confirmed the PoC completion on Feb. 18. SMBC, which is the only Japanese bank participating in Marco Polo, said it had partnered with Japanese multinational Mitsui & Co.…

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Major Omani Bank Joins RippleNet Cross-Border Payment Network

Oman’s second largest bank by market value, BankDhofar, has begun using RippleNet technology for cross-border payments to India. The news was tweeted by the managing director of South Asia and MENA at Ripple, Navin Gupta, on Feb. 16. RippleNet is a global blockchain-based payment network of institutional payment providers, that was developed by technology company…

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Spain’s Central Bank: Bitcoin Inefficient As Large-Scale Payment System

Spain’s Central Bank, Banco de España (BDE), has published a report stating that Bitcoin is inefficient as a payment system. It may, however, have slightly missed the boat, as it does ignore second layer protocols such as Lightning Network. Good Title, Shame About The Rest The author of the report, BDE’s Deputy General Director of Financial…

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Brazilian Bank Bradesco Closes Accounts of Local Crypto Exchange and Owners

One of the largest Brazilian banks, Bradesco, has notified crypto exchange Bitblue that its banking accounts will be closed late February, local crypto outlet Portal do Bitcoin reported on Feb. 13. As the outlet has learned from unnamed industry insiders, Bitblue will face the closure of its accounts in Bradesco on Feb. 26. Moreover, the…

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Japan’s Biggest Bank Launching Blockchain Payments Network in 2020

Mitsubishi UFJ Financial Group (MUFG) – Japan’s largest financial group and the world’s fifth largest bank by assets – is launching a blockchain-based payments network next year. The firm announced Tuesday that it has formed a joint venture with U.S.-based fintech firm Akamai Technologies to develop the platform “by the first half of 2020.” Called…

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Philippines’ Central Bank Helps Launch Bitcoin ATM

One of the largest banks in the Philippines, Union Bank, has collaborated with the country’s central bank to launch a Bitcoin ATM, allowing customers to both buy and sell bitcoin for cash. Union Bank Launches Its First Bitcoin ATM Union Bank in the Philippines has launched its very first two-way Bitcoin ATM, according to a release.…

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Korean Central Bank Study: Issuing Digital Currency Poses Financial Risk

Researchers from South Korea’s central bank say issuing a central bank digital currency (CBDC) could have negative ramifications for the economy. The Bank of Korea (BoK) published a study on Thursday, which modeled how a CBDC issuance might affect on liquidity at commercial banks. It found that if the public could access the theoretical digital currency…

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My Bank App is Better Than Bitcoin for Payments (And That’s Fine)

The cryptocurrencies are faster and cheaper narrative has fizzled out as banks have embraced digital payments in recent years, improving customer experience and usability. Sure, buying a beer with a QR-code may give you a warm and fuzzy feeling, but it isn’t the problem Bitcoin solves. It is much more than that. Banks Go Digital…

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Iran Could Ban Bitcoin for Payments, Central Bank Report Suggests

The Central Bank of Iran appears set to prohibit “unapproved” cryptocurrencies from being used for payments in the country, according to a draft report obtained by CoinDesk. According to a translation of the draft report entitled “Obligations and Rules Regarding Cryptocurrencies,” “any cryptocurrency wallets will be used only for holding and transferring cryptocurrencies and integrating…

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