HSBC: Blockchain Technology Could Help Central Banks' Policies
UK-based banking giant HSBC sees blockchain technology to benefit state-installed central banks, institutions that are tasked and responsible for a country's economic growth and wellbeing. In a document obtained by Business Insider, HSBC sees the potential of blockchain technology to transcend private and investment banks and influence or even enhance central banks' policies. The publication reports that HSBC sees central banks' current method of helping the economy through interest rates has a few drawbacks. Notably, there's no guarantee of the money pumped into the real economy as the....
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UK banking group HSBC has outlined how it believes the blockchain could be used to facilitate or enhance unconventional central bank policies. Business Insider reports that, according to a draft document it obtained, HSBS is discussing the idea that central banks could push for blockchain-based digital currency systems in order to capitalize on transaction transparency and create a clearer picture of a country's financial system. That information could then be used to conduct so-called "helicopter drops" - targeted cash injections into the real economy via consumer bank account deposits or....
Central banks are increasingly showing interest in blockchain technology as it has the potential to reduce costs and increase the efficiency of its operations. The interest in cryptocurrencies and their underlying technology is at an all-time high. While the climbing Bitcoin price stands proof to the increasing interest in the digital currency, at least 100 research and white papers published by various banking and financial institutions vouch for blockchain technology. The global economy is based on a centralized model, but increasingly the Central Banks that play a major role in monetary....
In a world of corrupt banking practices filled with fraudulent activity, fractional reserve banking, quantitative easing, and too-big-to-jail banks like HSBC, it is great to know we can vacate corrupt systems with Bitcoin. HSBC, Modern Banks ‘Too Big To Jail’. One of the biggest scams these days is the traditional central banking system we have here on....
Juniper research report says cost-savings for banks using blockchain tech would grow by 3,300% by 2030. Wells Fargo has partnered with HSBC to use its blockchain tools for the settlement of bilateral foreign exchange (FX) transactions.Wells Fargo would use the HSBC-developed FX Everywhere platform for interbank FX transactions. Developed by HSBC in 2018, the blockchain settlement platform is primarily used to settle transactions between banks within the HSBC group. The latest partnership would be the first use case outside the HSBC group.The partnership would make way for settlement in....
HSBC has confirmed its bitcoin and cryptocurrency stance as a growing number of major banks are beginning to offer crypto services. CEO Noel Quinn says that HSBC views bitcoin as an asset class rather than a payments vehicle but the bank is not rushing into providing cryptocurrency investments for clients. HSBC Confirms Crypto Stance HSBC CEO Noel Quinn said that the bank “has no plans to launch a cryptocurrency trading desk” or offer cryptocurrencies as investments to customers, Reuters reported Monday. Quinn was quoted as saying: “Given the volatility we are not into....