Tag: banks
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The Colombian Financial Superintendence has unveiled a project to regulate cryptocurrency service providers.
A project from Colombia’s Financial Superintendence aims to clarify how future interactions between banks and virtual asset service providers (VASPs) will be managed. Before accepting virtual asset service providers as clients, banks must first confirm a number of preconditions, which are defined in the document. Latam nations, where cryptocurrency adoption is rising quickly, are increasingly…
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ING Suggests Bitcoin Mining Consumes Too Much Electricity
According to an article published by Business Insider, Dutch bank ING recently published a study suggesting that bitcoin mining consumes too much electricity. The report claims that a single bitcoin transaction consumes as much electricity as a house in a whole month, and compares it to the amount of electricity traditional electronic payment methods consume per transaction. In the piece,…
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Digital Currency Looks to Solve Cannabis Industry’s Cash Problem
Digital currencies may solve some the legal cannabis industry’s woes by becoming an alternative to cash payments. Despite recent state-level ballot initiatives across the US that legalizes marijuana in one form or another, the drug still remains illegal at the federal level. While it’s unlikely the feds are going to go after legal cannabis dispensaries…
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Recent Ethereum Upgrade May Make Wall Street Fall in Love With Blockchain
Wall Street continues to have a tenuous relationship with Blockchain technology. Large banks have recently made statements both for and against the new technology, with some companies like Bank of America already pursuing patents. Problem with privacy Part of the struggle these financial platforms are having with Blockchain technology is the issue of privacy. The key issue for traders…
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Swift’s Cross-Border Blockchain Trial Is Moving Into Its Next Phase
Swift is one step closer to adopting blockchain. After months of work, a team of developers at the inter-bank payments platform have completed a proof-of-concept built with the Hyperledger Fabric blockchain. Designed to test whether moving member bank accounts to a distributed ledger could help Swift reconcile in real time, the project is now ready for its next phase. According…