Tag: banking
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Metropolitan Bank Shut Down Tether’s Accounts After 5 Months
On June 10, 2019, Coindesk reported that spokesperson told them that the New York-based Metropolitan Commercial Bank kept the accounts of the stable currency issuer Tether and its affiliates for less than six months before they decided to shut it down. The New York Attorney General’s Office (NYAG) which has been involved in a legal…
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Vietnamese Central Bank Bans Cryptocurrencies
Vietnam’s central bank, State Bank of Vietnam has declared the use of digital currencies in the country as illegal. The central bank also announced that it will impose a fine on anyone caught utilizing the cryptocurrencies starting early 2018. Based on the new monetary law issued by the bank that is scheduled to go into effect during…
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R3 Files Patents for ‘Dynamic’ DLT Recordkeeping
Consortium startup R3 has filed two patent applications detailing its work on applying distributed ledger tech to “dynamic” agreements between financial institutions. The two applications – submitted last year and published by the the U.S. Patent and Trademark Office on Oct. 19 – detail the use of a system for tracking, maintaining and updating agreements via a shared ledger. Using the…
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Bitcoin Bigger Idea Than Apple, Amazon Says Ark Investments CEO
Bitcoin has officially entered the mainstream. The most recent edition of Charlie Rose, the PBS interview show that has endured since 1993, features Cathie Wood, CEO and CIO of Ark Investment Management, along with reporters from the Wall Street Journal and Bloomberg. Early in the interview, Wood compares the overall market cap of Bitcoin (in which she…
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UBS: Cryptocurrencies Are a ‘Speculative Bubble’
UBS has said that cryptocurrencies like bitcoin are a ‘speculative bubble’ and are unlikely to become a mainstream currency. Yet, it believes the blockchain may have a ‘significant impact’ on many industries. In a white paper titled ‘Cryptocurrencies – Beneath the Bubble‘ that was published this week, UBS said: We think the sharp rise in…
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Bank of America Files Patent for Blockchain-based Processing System
Bank of America has filed a pair of patents for a Blockchain-based system aimed to improve the tracking of file transfer processing in real time. Under the system, a Blockchain can be integrated with communications and memory devices to facilitate the data processing process. Based on the patent applications as of mid-October 2017, the bank proposes the use of a Blockchain to…
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JPMorgan Launches Interbank Payments Platform on Quorum Blockchain
Wall Street banking giant JPMorgan Chase is launching a new interbank payments platform powered by blockchain, the firm announced today. With the participation of two other banks – Australia-based ANZ and the Royal Bank of Canada (Australia) – the Interbank Information Network (IIN) will be built on Quorum, the ethereum-based blockchain network first unveiled last fall. Additional institutions…
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Bernanke at Ripple Event: Blockchain Has ‘Obvious’ Benefits in Payments
Former Federal Reserve chairman Ben Bernanke is bullish on blockchain. Speaking at Ripple’s Swell conference in Toronto today, being held the same week and in the same city as Sibos, the annual gathering hosted by Ripple’s rival Swift, Bernanke told a room of several hundred attendees that he believes payments can be slow and expensive as designed…
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Self-Replenishing Blockchain is Finding Implementation Everywhere
In its early days, discussions around the Blockchain industry bordered mainly around Bitcoin and financial technology (fintech). The debate on Bitcoin as a currency or commodity lingered for some period of time, as did the question of whether Blockchain can become successfully implemented within the fintech ecosystem. It’s now a few years down the road, and the explosive development of…