Bank ABC, an international banking group headquartered in Bahrain is the latest financial institution to join the global banking-centric blockchain consortium led by New York-based startup R3. Bank ABC, formerly known as the Arab Banking Corporation, has become the first financial institution in the MENA (Middle East and North Africa)...
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...
Uruguay is the latest country to see its central bank start experimenting with its own digital currency, according to statements. The Banco Central del Uruguay (BDC) announced Wednesday that a limited number of users would help testing a mobile-based app for the transfer of funds. Speaking at an event called "The Future of...
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...
 A private Swiss bank is expanding a digital asset management service it launched earlier this summer to include new cryptocurrencies. Falcon Private Bank, as previously reported by CoinDesk, revealed that it would allow its customers to buy and hold bitcoin within their accounts through a partnership with brokerage service Bitcoin Suisse. The...
Money management firm VanEck has filed for a bitcoin ETF despite claiming that the digital currency was a ‘fad.’ Regardless of the recent user activated hard fork (UAHF), which saw the creation of bitcoin cash, bitcoin’s value has soared. Over the weekend, the digital currency jumped to over $4,000 for the...
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...
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...
Sweden is fast-moving to follow through on its plans to become the world's first cashless society. While this is seen as a good sign for digital currencies on a new progressive frontier, it brings issues, such as privacy concerns, when every transaction is surveyed. Nevertheless, the country is still rooting for Bitcoin as the...
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...