Four Big Banks to Create a New Bitcoin Alternative
Four major world banks are set to announce the creation of a new blockchain-based digital currency, and are hoping to make it the global standard for settlements. ‘Digital Cash’ Needed. The plan for the originally-titled “utility settlement coin” comes from UBS, Deutsche Bank, Santander, and BNY Mellon. Broker ICAP is also joining them with the aim of....
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Banks find themselves in a very awkward position right now, as they are facing very stiff competition from various sectors and projects. Based on the findings of a recent UK bank study, there is a chance of losing close to 1 in 2 customers to alternative financial services. Even though the report does not mention Bitcoin specifically, the popular digital....
A Russian university is ready to test its blockchain-based analogue to the global payment messaging network SWIFT, from which Russian banks were cut off as part of Western sanctions. The developers say their system would not allow the disconnecting of countries and banks. Russian Developers Create SWIFT Substitute Using Blockchain Experts from the Competence Center of the National Technology Initiative at the St Petersburg State University in Russia announced they are preparing to trial a new interbank payment system, an alternative to SWIFT. The latter is now inaccessible for major....
Central banks would "struggle" to implement monetary policy in a world where digital currencies are more widely used, a senior official from the Bank of Canada said in a speech last week. During an appearance at the Rotman School of Management and Munk School of Global Affairs in Toronto, senior deputy governor Carolyn Wilkins spoke about innovation and the changing face of central banking in a post-financial crisis world. Wilkins pointed to bitcoin as part of a landscape of alternative financial technologies and concepts that she said are pushing more and more financial activity "outside....
OKCoin's new superwallet allows bitcoin as a background method of money transfers not only across borders, but across currencies as well. Jack Liu, head of international at OKCoin, recently discussed bitcoin in China and as an alternative payment system in an interview with Bloomberg Business. Liu referred to the dramatic price crash of bitcoin in 2013 as a good thing, because it forced developers and entrepreneurs to think of creative applications of bitcoin and its underlying blockchain technology instead of focusing uniquely on the price of bitcoin. As a result, there are now large....
A number of Japanese banks are reportedly set to test domestic fund transfers using digital currencies over a blockchain as a low-cost alternative to traditional money transfers. According to a Thursday report by Nikkei, Japan’s most prominent financial publication, a handful of major Japanese banks will perform tests to determine if a digital currency powered blockchain platform could prove a viable alternative for the current national payments clearing platform ‘Zengin’. Operated by the Japanese Bankers Association, the Zengin System powers domestic money transfers in Japan. The....