Will Egypt’s Banking Institutions Create Increased Bitcoin Popularity?
Authorities and banking institutions are tightening their grips on people’s wealth all around the globe. Threatening citizens with invasive practices with quite a bit of focus directed at protectionism and anti-laundering maneuvers. Just recently the Prime Minister of the UK, David Cameron, spoke of monitoring methods to help curb people avoiding taxation. This problem is growing worldwide, and financial institutions are also playing ball with austerity measures. The Al Baraka Bank of Egypt just announced its SAS’ Anti-Money Laundering (AML) solution and launched the platform at all of its....
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A new report from the British Banking Association reveals that the increasing popularity of digital currencies, especially bitcoin will continue to threaten the traditional banking system. UK Banking Report considers Bitcoin as a Threat. The latest UK Banking Report - A section of The Digital Disruption, is dedicated to digital currencies, specifically about its implications on the perception of value transfer and the impact on the traditional banking system. The section on cryptocurrencies reports that digital currency is increasingly becoming a ubiquitous challenge to the established....
According to the latest guidance note issued by the South African banking sector regulator, Prudential Authority, risk assessment does not mean financial institutions should avoid or eliminate risks via the wholesale termination of client relationships with entities such as crypto asset service providers. Instead, the regulator wants financial institutions to only consider “de-risking” when the “risk posed is too great to manage successfully.”
A Threat to Financial Integrity
South Africa’s main banking industry regulator, the Prudential....
After breaking below consolidation and moving slightly lower towards the end of last week, bitcoin trading got a boost from reports that the Fed and IBM might work together to create a new version of the cryptocurrency. Word through the street is that these two institutions are working on a national currency based on the bitcoin, which has increased in popularity and mainstream acceptance over the past months. This is certainly an interesting development, as a well-established national central bank and a top technological company could work hand-in-hand to spur more progress in the bitcoin....
Until recently, there was a noticeable lack of interest in bitcoin and the blockchain among the financial institutions of Asia. In fact, banks were more likely to be issuing warnings about digital currencies than getting involved in any related activity. It was the fall of Mt Gox in Japan and the Chinese central bank's crackdown on bitcoin exchanges, events that both took place in 2014 that resulted in early barriers among financial institutions in those nations. However, the recent upsurge in the popularity of blockchain technology in the global finance sector seems to have at least....
A society without physical money is already becoming very apparent in our world. Most people do not use cash or checks like they used to 20 years ago. Currently, there is only 8% of hard physical cash represented in the world, and the rest of our money is pure digits. It’s not hard to see that this is a reality as people use mobile banking, debit cards, and online payments. People can go for quite some time without using cash at all this day in age, and it’s increasing in popularity every day. So within the cashless environment that’s growing globally what are the choices available to....