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28 Nov 0

Senegal cryptocurrency for the underbanked

Senegal Cryptocurrency may become the first of its kind, as it will be based on its national fiat currency.

A few days ago, Senegal introduced eCFA, a new virtual currency which is currently in development.

This cryptocurrency was born thanks to a collaboration with Banque Regionale de Marches (BRM) and eCurrency Mint Limited.

BRM bank, financial institution specializing in capital markets and the implementation of custom banking solutions, is working on the development and integration of this cryptocurrency, and the Senegal government will serve as a legal tender.

Senegal Cryptocurrency for the underbanked

Similar to the objective of Norway’s bank DNB, Senegal wants to secure itself a significant market share of Africa’s underbanked and underserved people, who cannot find access to financial platforms and networks to manage their cross-border transactions.

Also, the development and launch of Senegal Cryptocurrency eCFA is leaded by the West African Economic and Monetary Union (WAEMU), which suggests that eCFA will be available for all the African countries, including Benin, Burkina Faso, Cote d’Ivoire, etc.

Unfortunately, both BRM and eCurrency Mint Limited didn’t release any technical information and background on their new Senegal cryptocurrency.

In fact, it is still unknown if the digital currency will be based on a permissioned ledger or on a decentralized blockchain network.

In both cases this news is very important as it is another step closer to the digital currencies adoption worldwide.

Read here more about Senegal and African involvement in digital currencies.

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Amelia Tomasicchio
eurozone bitcoin
11 Nov 0

Deutsche Bank Blockchain: report and results

According to a new Deutsche Bank Blockchain report three out of four capital markets participants believe that distributed ledger will be used by everyone and everywhere in the world by the end of 2022.

Conducted by Deutsche Bank, this report about the blockchain wanted to explore why financial institutional, investors, banks, financial sponsors and broker-dealers are working or studying the distributed ledger and how they want to implement it into their business strategy.

The survey includes 200 market participants, and 87% believes it is likely to have an impact on securities services.

However, 75% of partecipants think that distributed technologies will be widely used within the next 3 or 6 years; and the report authors believe that this is a surprising degree of certainty about the blockchain.

Deutsche Bank’s head of Custody and Clearing, Deborah Thompson, explained in the report:

“Respondents were clearly positive about the potential impact of blockchain — almost all participants saw it as either moderately or completely disruptive to existing business models — and an overwhelming majority believe it will be actively used within the next six years.”

Also, the greatest part of report respondents think that the technology will help firms to reduce costs; and almost half (48%) said they believe that the blockchain could solve systems failures.

Earlier this year, Deutsche Bank has already demonstrated how it is interested in the blockchain. Click here to read more about Deutsche Bank Blockchain research and tests.

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Amelia Tomasicchio
bitcoin_prices
4 Nov 0

Thailand Bank tests Blockchain with IBM

Thailand bank tests blockchain to certify official documents. To do so, it is is working with the IBM company.

According to Reuters magazine, in fact, Kasikornbank wants to cut costs related to record keeping.

The bank is one of the most important in Thailand and it is looking to create a document certification service by next year.

Also, Kasikornbank is talking with other Thai banks with the goal of establishing new collaborations that could involve a few members of the national financial system. According to the current plan, other banks together with Kasikornbank could use the blockchain network to certify documents.

In a press release published back in April, Kasikornbank revealed its decision to study and test new technologies,  including machine learning and the distributed ledger.

At the time, the Thai bank explained that blockchain is “a technology that offers other benefits, e.g., reducing costs and increasing cross-border settlement efficiency that can be verified”. 

This news also represented a turn within the Thai country, as two years ago the specter of a bitcoin ban in Thailandia led to problems for the local exchange activity.

After that, Thailand decided not to ban digital currencies, but published a warning to its citizens about their use.

<img src="/images/Thailandbanktestsblockchain.jpg" alt="Thailand Bank Tests Blockchain" height="264" width="350" />

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Amelia Tomasicchio
Japan Bitcoin Sun
2 Nov 1

Blockchain Japan Banks: a new Consortium

42 financial institutions created a new Blockchain Japan Banks Consortium focused on decentralized payments.

Created by the financial service called SBI and co-launched with the distributed ledger startup Ripple, this new blockchain consortium includes a wide range of large and small companies and institutions. The creation of this blockchain consortium comes a few days after SBI revealed that it would work to create its own digital currency exchange in Japan.

Members involved in this new program want to share resources and work on a cross-border proof-of-concept, with the goal of creating a new common ground for commercial-scale products in 2017.

SBI explained in a statement:

“The Consortium will promote discussion, from both technical and operational perspectives, on activities required in domestic and foreign exchange services to utilize blockchain and other new technologies, consolidate domestic and foreign exchange services, and build 24-hour and real-time remittance infrastructure, and will try to finish PoC by next March to move forward commercial base.”

Also, SBI explained that efforts to create this blockchain consortium began in August, with the first goal to involve 15 member banks, but the group has rapidly increased its members during the promotional period, the company commented.

This blockchain Japan Banks consortium created by SBI is the latest effort of its kind. Similar groups have been created in recent months among Russian financial companies and European insurance brands. Read more here.

<img src="/images/blockchainjapanbanks.jpg" alt="Blockchain Japan Banks" height="264" width="350" />

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Amelia Tomasicchio
9 Sep 0

Bank of England Blockchain: how to explore fintech

bank_of_england_blockchain
A few days ago it was revealed that Bank of England Blockchain project is looking for more ways to study the distributed ledger.
During a speech in London, Victoria Cleland of Bank of England explained that the central bank is exploring the financial technology, creating a startup accelerator to help financial projects.
Cleland commented:
“Blockchain is still in its infancy, and there are numerous questions that need exploring. The Bank has already undertaken a proof-of-concept using this technology and we are looking for new opportunities through our FinTech accelerator.”
Earlier this year, Bank of England revelaed its project to create a new digital currency, to be called RScoin, projected by the University College of London.
A similar idea was developed by the Bank of Canada, who aims at creating a new cryptocurrency called CadCoin, as well as the Dutch Central Bank that planned to develop a new blockchain called “DNBCoin”.

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Satoshi
8 Sep 0

Hong Kong Central Bank will test Blockchain

Yesterday it was revealed that Hong Kong Central bank will test Blockchain and distributed ledger applications.
The HK bank, in fact, wants to open a new innovative lab to study it, thanks to the funds received from the government to improve its technology standards.
To do so, the Hong Kong Monetary Authority (HKMA) is working on this program with the Hong Kong Applied Science and Technology Research Institute (ASTRI).

“Neutral ground” Hong Kong central bank will test blockchain

In a statement, the HKMA defined their hub is a neutral ground for testing this financial technology.
HKMA chief executive Norman Chan – during a speech he gave at the Treasury Market Summit 2016 – commented that Hong Kong was not moving enough to exploit the FinTech revolution.
“There is also a quite commonly-held perception that the development of Fintech in the financial services sector in Hong Kong has been slow. I do not subscribe to this view, at least insofar as the banking sector is concerned.”
In the next weeks HKMA will reveal more details and additional projects that will involve the hub: testing solutions that require substantial computing resources; discussions between regulators, incumbents and startups and more.

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Satoshi
30 Aug 0

Why Banks must adopt Digital Currency

banks_must_adopt_digital_currency

Why Banks Must Adopt Digital Currency

Financial Institution ICAP explained why banks must adopt digital currency in the near future.
Recently a group of banks announced their project to build a private blockchain and create a new digital currency to be used within financial institutions with the goal of improving fund transfers and reducing costs.
Called the “Utility Settlement Coin”, this program was created by Clearmatics and tested by UBS, BNY Mellon, Deutsche Bank, and Banco Santander.
This consortium is also participated by ICAP, but the company decided to stand apart from this project for now, because a new settlement system based on a cryptocurrency that works in a private blockchain could be disruptive for their business.
ICAP, in fact, is an electronic dealer broker and provider of post trade risk services, carrying out transactions for financial institutions and private individuals, so exactly the kind of infrastructure that the USC might impact.
But, ICAP doesn’t want to go against modernity and innovation so it wants to let people understand how a proprietary distributed network should be adopted. Also, ICAP said it might join the project later. 
ICAP Michael McFadgen explained to Coindesk:
“A long-term vision for market infrastructure based on distributed ledgers is that it has some common layers that the market uses widely. One of those layers is hopefully the Utility Settlement Coin. We will likely be building on top of that.”

A private Blockchain

The Utility Settlement Coin works on a blockchain called “Decentralized Clearing Network” and it aims at providing easier access to central bank-issued cash.
ICAP also announced they completed a test with startup Axoni to convert trade data from banks, so it could be processed on a private blockchain, but this program is not overlapping with with the USC one.

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Satoshi
26 Aug 0

Banks want to issue their digital currencies

banks_digital_currencies
A few international banks want to issue their digital currencies soon.
According to a recent report, those banks include UBS, BNY Mellon, Deutsche Bank and Banco Santander.
These four banks, also members of the R3 Blockchain Consortium, are working together with ICAP, a UK e-broker and aim at developing a cheaper way to do money transfers using digital currencies.
This banking group didn’t make an official announcement yet, but the new cryptocurrencies are expected to be available in 2018. 
Speaking about the pros of using digital currencies, Banco Santander commented that the traditional banking system makes it hard for banks to cooperate.
To avoid this problem, banks could use the blockchain to transfer funds between wallets within a couple of minutes.
Those banks want to issue their digital currencies to implement the same process that happens through the blockchain into the traditional system.
To do so, they are working to create their cryptocurrencies to be used only within their network and banks will be miners that validate and store transactions on a blockchain.
According to Oliver Wyman, this system can save banks between $65-$80 billion a year.

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Satoshi
25 Aug 0

Bank of Tokyo works on a Blockchain project with Hitachi

bank_of_tokyo_blockchain_project

Bank of Tokyo works on a blockchain project with Hitachi

Bank of Tokyo works on a blockchain project to manage electronic check together with tech giant Hitachi.
According to a press release, this proof of concept system aims at creating a digital platform to issue, transfer and collect e-checks.
Asiatic magazine Nikkei reports that in the next few days there will be further trials, and that the full version could be released in 2018.
Tech giant Hitachi announced:
“Using the system, BTMU issues and settles checks and some of Hitachi Group companies in Singapore receive the electronic check and deposit the funds. Through the PoC testing, Hitachi and BTMU will be able to identify issues from various perspectives such as technology, security, operation and legal perspectives and aim to realize new FinTech services including digitalization of checks.”
This project comes after a previous Bank of Tokyo Mitsubishi UFJ statement about its investment in the blockchain and about the project to release a new digital currency.
Also, a few months ago Hitachi announced the creation of new studies for fintech applications, as the company is a member of the Hyperledger project, the Linux Foundation program related to the distributed ledger.

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Satoshi
23 Aug 0

South Africa Bank will open to blockchain

According to a new announcement, South Africa Bank will open to blockchain and digital currencies.
During a recent speech at a cybersecurity event organized in Johannesburg, governor Lesetja Kganyago revealed that the South Africa Bank will open to blockchain and other innovations.
Kganyago, who works at the Central Bank since 2014, commented that the South Africa Reserve Bank wants to use technologies that could help the bank to execute their mandate more effectively.
Kganyago explained in his speech:
“As a central bank, we are open to innovations despite the different opinions of regulators on matters such as cryptocurrencies. We are willing to consider the merits and risks of blockchain technology and other distributed ledgers.”
This news came after a position paper released a few years ago about digital currencies and blockchain use cases.

South Africa Bank Whitepaper on Digital Currencies

On this paper, the bank warned local consumers about the risks of using digital currencies such as money laundering and cyber fraud. However, it marked that it “does not oversee, supervise or regulate the VC landscape”.
Also, other institutions in South Africa revealed that they want to study and test the distributed ledger not only for fintech applications.

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Satoshi
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