Financial Institutions

News about Financial Institutions in Crypto Industry

Two banks join the E.U. International Association for Trusted Blockchain Applications

Two banks join the E.U. International Association for Trusted Blockchain Applications

The BBVA and Banco Santander have joined the E.U. International Association for Trusted Blockchain Applications (IATBA) aimed at the development of blockchain regulation and applications. The IATBA is to be launched in 2019. The project initiative was introduced by the European Blockchain Partnership. The two banks were among those invited to join the initiative.

Peru Central Bank Warns Over Volatility of Digital Asset

Peru: Central Bank Warns Over Volatility of Digital Asset

The Central Bank of Peru has recently published a warning to the public via Twitter account regarding the volatility of cryptocurrency. In the announcement, the Central Bank explained, “Cryptocurrencies are not supported by central banks and pose risks due to the high volatility in their price, fraud cases and their possible use in illicit activities.”

Azerbaijan will not Issue Own Crypto

Azerbaijan will not Issue Own Crypto

A local press has reported that the Central Bank of Azerbaijan (CBA) is not planning to introduce their own cryptocurrency. According to the report, the Central Bank Chairman of the country also highlighted previously that the cryptocurrency is often utilized for money laundering purposes. Although CBA has made it clear regarding cryptocurrency issuance, it has expressed interest about the blockchain.

Russia Issuance of Bank Guarantee on Blockchain

Russia: Issuance of Bank Guarantee on Blockchain

The subsidiary of Raiffeisen Bank International has associated with Gazprom Neft for issuing bank guarantee on the blockchain. It was issued for the conduct of finance transaction covering four parties Raiffeisen, Gazprom Neft, Mozyr Oil Refinery, and Priorbank of Belarus. The chief of documentary transactions and trade finance, Raiffeisen, declared, “All parties were fully connected to the platform.”

IMF chief hints central banks could issue digital currency

IMF chief hints central banks could issue digital currency

The chief of International Monetary Fund, Christine Lagarde, has expressed that the central banks could release their cryptocurrency. Addressing a conference in Singapore, the chief mentioned, “I believe we should consider the possibility to issue digital currency. There may be a role for the state to supply money to the digital economy.”

Bank of America wins Patent for Crypto Storage System

Bank of America wins Patent for Crypto Storage System

A new patent for enterprise-level cryptocurrency storage system has been recently awarded to the Bank of America (BoA) by the US Patent and Trademark Office. The patent file by the BoA has elaborated, “As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to aggregate cryptocurrency deposited by customers.”

'Smart Money' blockchain trial is complete

‘Smart Money’ blockchain trial is complete

The Commonwealth Scientific and Industrial Research Organization’s Data61 division and Commonwealth Bank of Australia declared the successful trial of a blockchain application for smart money. A CommBank official expressed, “We’re excited by the potential to enable NDIS participants to exercise greater choice and control over their disability support services, while streamlining budget management and removing the need for paperwork.”

Rial-backed Crypto Ready for launch in Iran

Rial-backed Crypto Ready for launch in Iran

As an effort in escaping the economic sanctions imposed by the United States, Iran exposed plans in developing their own national cryptocurrency that has been announced to reach its final stage. The CEO of ISC, Seyyed Abotaleb Najafi did not disclose the launch date but made it clear that the cryptocurrency is waiting for the approval from the CBI.

MUFG and Bradesco Bank Partners to Utilize Ripple for cross-border payments

MUFG and Bradesco Bank Partners to Utilize Ripple for cross-border payments

A partnership has been recently established between Mitsubishi UFG (MUFG) and Bradesco focusing on cross-border payment service powered by Ripple’s blockchain technology. The new payment system will be offering a fast, transparent and traceable remittance service solution between Japan and Brazil which will contribute to business growth.

JP Morgan spots public companies benefit from the blockchain

JP Morgan spots public companies benefit from the blockchain

The JP Morgan Chase has spotted entities whose stock would benefit from the adoption of the blockchain technology. The Software equity research analyst at JP Morgan, Sterling Auty stated, “Utilizing blockchain to manage the entire mortgage process could bring trust among parties and use of smart contracts could help automate various tasks.”