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...
The bank that prints the money used today in Lebanon plans to launch its own digital currency. Announced Thursday by Riad Salameh, the governor of the Banque du Liban, Lebanon's central bank, it's not yet clear if the project will be based on blockchain technology, though the idea appears to have been addressed...
Add the CEO of Swiss banking giant UBS to the "blockchain not bitcoin" crowd. In a new interview with CNBC this week, Sergio Ermotti expressed doubt about cryptocurrencies, stating that the role of the technology still "needs to be defined." However, he was more bullish on private distributed ledger technologies, noting his company has...
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...
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...
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...
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...
Credit card giant Mastercard is pushing ahead with a set of blockchain payment tools first unveiled last year, opening them up to banks and merchants for wider use. In a press release, the company announced today that it would first be working on business-to-business (B2B) transactions with the tech, as part...
Christine Lagarde, IMF Managing Director, has had many positive things to say about the potential of digital currencies and their disruptive model, but she has now added that the IMF would not rule out creating its own version of it. Recently, Russia entered the decentralized digital currency space with its ‘CryptoRuble’ and it could...
As major banks reject the notion of bitcoin, many are turning their attention to the use of the blockchain. According to an investment banker from European bank Credit Suisse, the ‘sky’s the limit’ for the technology. James Disney, Credit Suisse’s global head of software investment banking, said that it takes 20...