Tag Archives: bank

Kazakhstan’s Central Bank to use Blockchain for Debt Notes

The National Bank of Kazakhstan announced it is looking to test blockchain technology in order to sell short-term debt notes.

In an official statement published today, the Kazakhstan central bank revealed its plan to launch a new mobile app that to sell the short-term debt notes to investors– denominated in amounts worth 100 tenges (the national fiat currency) – without relying on third-party brokers.

At the moment, this app is being tested within the bank, and its launch is expected by the end of 2017.

In the long term, the Kazakhstan bank commented that the app could be used to make initial public offerings (IPOs) easier.

Also, the financial institution explains it wants to work with the country’s banking industry on possible future versions and uses.

“In this area, the project will continue to search for additional solutions, including the involvement of commercial banks,” the statement explained.

The Central Bank explained that it has been looking at the distributed ledger for potential applications since 2016.

A few months ago, regional news source called Tengri News reported that officials were studying possible blockchain use cases, especially those focused on payments.

Read more about blockchain-related projects developed by banks.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

Dutch Central Bank Tests Bitcoin Blockchain

Dutch Central bank presented the results of their digital currencies tests whose goal was to better understand the Bitcoin blockchain to adopt it within the main bank institutions.
After this test conducted in 2015 by De Nederlandsche Bank (DNB), the bank presented the results earlier this month.
On 20th June Ron Berndsen, head of the bank’s market infrastructure policy department, explained to Coindesk:
“The general idea was that by adapting the Bitcoin software ourselves we could learn deeper how an actual implementation of the blockchain really works than if we would only perform desk research and go to conferences such as these, no matter how interesting.”

Dutch Central Bank test number one

To do the first test the DNB created a working group who acts as fictional participants in the digital currency world, as they want to replicate how the bitcoin environment seemed in the first two months of its existence.
Also, they sent each other several coins, testing the process.

DNB Second test

“The second DNBcoin prototype takes the other extreme of bitcoin by jumping to the year 2140, the year when the last fraction of the 21 million bitcoins will be issued,” said Berndsen.

For this second test, the team mined all of the DNBcoins in advance, beginning with a block reward of 1 billion of DNBcoins.

“In doing so we were able to generate 3 billion DNBcoins in 30 seconds. In addition, we observed that after all DNBcoins had been generated, blocks could still be mined and added to the blockchain. The reward was reduced to zero but transaction fees were still collected by the miner who finds the next block.”

Blockchain central bank adoption

Central banks are increasing their interest in the blockchain.

Recently, in fact, we talked about several central banks who studied, tested and adopted the blockchain.

For example, you may be interested in the news related to the Central Bank of Canada that revealed its new digital currency called Cadcoin.

Universal Wallet

You are now ready to open a wallet, where you can store Bitcoin and other digital currencies in an easy and safe way.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio