R3 CEV Explores Five Blockchain Service Providers for Banking Purposes
The new project saw forty major banks to verify a system for the trading of fixed income using blockchain technology. Several dozen banks and other financial institutions are focusing their attention on incorporating distributed ledger technology in their existing infrastructure. While there are several different ways to use the blockchain for economic needs, one of the first projects to be thoroughly tested comes in the form of bond trading using distributed ledgers. This concept will be an interesting test for the capabilities of R3 CEV as a blockchain consortium. Many people have been....
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Starting in the year 2022, donated or inherited virtual assets will be assessed and taxed accordingly, South Korea’s National Tax Service has said. Dunamu, Bithumb Korea, Korbit, and Coinone are the new virtual asset service providers (VASPs) tasked with evaluating digital assets for such tax purposes.
Virtual Asset Service Providers Tasked With Evaluating Crypto Gifts
South Korea’s National Tax Service (NTS) recently announced that starting in 2022, digital assets that are inherited or donated will be taxed, a report has said. It added that such digital assets....
The Ethereum blockchain network looks to be suffering issues Friday morning, with knock-on effects at related service providers.
Could rapid innovation in the fintech space lead to the end of banks as we know them? A recent report from Massachusetts Institute of Technology (MIT) titled Digital Banking Manifesto: The End of Banks explores these possibilities. Innovation has resulted in revolutionary changes and new leaders emerging in multiple industries including retail (Amazon), travel (Expedia), communications (Skype, Whatsapp), and so on. However, the banking industry has been less affected, with centuries-old banks still remaining market leaders. While there have been some changes in the ways they function, with....
Over the past few months, there have been some minor headlines regarding the UK government looking closely at blockchain technology. Credits has announced their strategic partnership to deliver blockchain-as-a-service to the UK public sector. The name Credits may ring a bell among blockchain aficionados as they are one of the blockchain infrastructure providers in the world. Their bread and butter is helping organizations in building robust blockchains focusing on authentication, reconciliation, and provenance. Moreover, the Credits blockchain solution is interoperable with existing legacy....
A new report, issued by the Massachusetts Institute of Technology (MIT), explores the potential of digital banking, including the possibility of a world without banks. MIT Report: Legacy Banks Stuck in a Malaise. The report, contentiously titled “Digital Banking Manifesto: The End of Banks?” was published in August and authored by Alex Lipton, David Shrier and Alex Pentland of MIT’s Connection Science Department. In it, the researchers look over the lack of innovation in the banking sector and how it compares to other industries, including retail, travel, communications, and mass media.....