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10 Jul

China’s Central Bank Blockchain Financial Trading Platform Processes Over $4 Billion

By Daniel Zo China, Blockchain, Bank Read Comments

While China has actively iterated its negative opinion on cryptocurrencies, the Asian nation is actively looking for ways to implement blockchain technology in its daily financial operations.

According to recent reports, not long ago, the People’s Bank of China (PBoC) has developed a blockchain-based financial trading solution that would be used to process a variety of transactions, with the focus being put on foreign currency exchanges. Now, the system has been in use for a while, and the PBoC recently issued a press statement, mentioning that the blockchain platform has processed over $4.36 billion-worth of foreign exchange transactions.


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13 Jun

International Monetary Fund Advocates Central Bank Crypto Regulations

By Daniel Zo IMF, Bank, Regulations Read Comments

During the last couple of months, numerous monetary regulatory agencies have turned their eyes towards the digital currency market. Now, reports indicate that the International Monetary Fund is advocating for central banks to introduce regulatory policies, while also encouraging innovation on the fiat market.

Based on this, the deputy director for the Monetary and Capital Markets Department of the IMF has outlined a couple of responses meant to lower the rivalry present between banks and digital currencies. With this in mind, he mentioned that: “Central banks should continue to strive to make fiat currencies better and more stable units of account.” To do so, central banks should introduce measures meant to discourage money laundering and terrorism financing, while also protecting consumers and taxing digital currency transactions.


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16 Dec

Ethereum Reaches new All-Time High of $750

By Daniel Zo Ethereum, Ether, EU, Bank Read Comments

The last few months have been truly kind to the world of digital currencies, considering the fact that all major cryptocurrencies have reached unbelievable new all-time highs, thanks to increasing investor interest, bitcoin futures, and new blockchain and crypto-based platforms revolutionizing our current financial system from the ground up.

With this in mind, Ethereum, which is the world’s second biggest digital currency in terms of market capitalization has reached a new all-time high on Thursday, the 14th of December, with values first breaking the $600 threshold, and then surging even higher to $750. At the time of writing, the value of Ether, has decreased a bit, as it is currently trading at approximately $670.


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03 Sep

Ethereum Creator Signs Deal with Russian Bank for Ethereum Russia

By Daniel Zo Ethereum, Russia, ETH, Bank Read Comments

During the last couple of months, Ethereum has had its ups and downs, yet at this time, it is close to nearing $400 in value for a single token, whereas the development of smart, decentralized applications based on smart contracts is at its peak.

Recent reports indicate that the founder of Ethereum, Vitalik Buterin, has recently signed a contract with the Russian State Bank for Foreign Economic Affairs and Development (VEB), to develop a separate entity, similar to the traditional one, named Ethereum Russia. The main purpose for this development is to help enhance the country’s abilities to create, adopt and implement blockchain technology.


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22 Mar

How The Blockchain Network Can Ensure Banking Security

By Daniel Zo Bitcoin, Blockchain, Banks Read Comments

During the last couple of months, banks and financial institutions have continuously showed their interest in bitcoin, for various purposes, such as digitally signing contracts, helping with monetary transfers and more.

Perhaps one of today’s biggest monetary challenges is the presence of hackers. While they cannot crash the entire world economy by ‘deleting’ money, they can cause a great deal of damage to banks and financial institutions by changing what computers think is real and true. This represents the main reason why banks are seeking a system that would guarantee the authenticity of data, by thoroughly analysing it, and keeping records on a ledger. Blockchain technology, which is quickly picking pace, can do exactly this.


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01 Mar

Understanding Banks: The hate for Bitcoin & The love for FIAT

By Daniel Zo Bitcoin, Blockchain, Banks Read Comments

In a world with an unstable financial system, and where bitcoin is slowly, but surely becoming the choice of exchange for millions of people, it is understandable that banks are against bitcoin, but so far, nobody is sure to which extent.

In this article, we will try to cover the main reasons explaining why banks often tend to hate Bitcoin, yet are very interested on its underlying ledger, the blockchain, and its potential on the market.


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23 Jan

Report Showcases How Much Banks Can Potentially Save By Introducing Blockchain-Based Systems

By Daniel Zo Blockchain, Banks Read Comments

So far, there have been numerous reports regarding the positive influence that the blockchain network could play on banks from all around the world, yet no actual studies had been carried out.

Following the 2008 financial crisis, public and investment banks from all around the world had to deal with increased regulatory burdens, but also higher compliance costs that in turn led to increased interests and taxes for their clients. Innovation budgets were also lowered, thus explaining why we haven’t seen an evolution in the way banking is done in the last 10 years.


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21 Sep

Goldman Sachs Files Blockchain Patent, While Putting The Technology Into Practice Is Becoming Difficult For Banks

By Daniel Zo Blockchain, Banks, Goldman Sachs Read Comments

The blockchain hype has now been going on for several months, and numerous advancements have been noticed. According to recent reports, Goldman Sachs has just submitted a patent application that focuses on the idea that blockchain technology can be used to cut out the middle man, and change the current financial processes.

The patent, known by the name of “Systems and Methods for Updating a Distributed Ledger-Based on Partial Validations of Transactions” was initially published on the 8th of September, and filed back in March 2015. This means that it is the financial giant’s first blockchain-based patent so far.


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10 Sep

Santander Believes That Bitcoin And The Blockchain Network Will Threaten Credit Card Suppliers

By Daniel Zo Banks, Bitcoin, Blockchain, Credit Cards, Santander Read Comments

According to a recent research paper published by the Santander Bank, the rise of bitcoin, and its underlying technology, the blockchain, can end up having a strong impact on the card market, by hurting both acquirers and issuer banks, but benefitting credit and debit card emitters such as MasterCard and Visa.

The paper, which is mostly focused on the Brazilian market, warns that the region’s largest debit and credit card operator, Cielo, will be negatively affected if bitcoin adoption grows. In fact, researchers at the Santander Bank believe that the entire business models of both Cielo and other similar firms will be challenged, due to numerous merchant discount rates and the POS revenues.


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21 Jul

Bank Of England Debates Whether To Begin Issuing Digital Currency

By Daniel Zo Bitcoin, Banks, UK Read Comments

Through time, banks and other financial institutions have taken different approaches when it came down to dealing with the Bitcoin revolution. With this in mind, it seems like the Bank of England will take a different approach: if you can’t beat them, join them.

According to a research paper published this week by the bank, economists working for it have stated that central banks should issue their own digital currency. By using a case study carried out in the US, they concluded that doing so is likely to give national economy a boost of at least 3%, while also offering policy makers the tools needed to handle financial crashes and booms.


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