Major Multinational Bank Trials Integration with Bitcoin
Representatives from Standard Bank say that it has finished testing the Switchless bitcoin trading platform, and that it will not be made available to customers. The bank said the test is part of wider research on "Internet-based financial services", and that eight internal Standard Bank employees participated in the completed pilot. A company called Switchless says it has developed a "fully operational and integrated bitcoin portal system for a large multinational bank", currently being run as an internal pilot. The news leaked out after the system was showcased at Finovate Europe 2014,....
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Trials of China's central bank digital currency continue, with ATMs now starting to be used in Shenzhen.
The Swiss National Bank has successfully employed a wholesale CBDC to settle transactions with five commercial banks, the monetary authority announced. The tests are part of an experiment carried out together with the Bank for International Settlements and Switzerland’s financial services provider SIX.
Swiss Central Bank Tests Integration of Wholesale CBDC Settlement With Private Banks
A wide-range of transactions involving a wholesale central bank digital currency (CBDC) have been processed during the second phase of Project Helvetia, the Swiss National Bank (SNB)....
VTB has become the first Russian bank to add the digital ruble to its mobile application. The integration is currently being tested with accounts set up for legal entities. Select customers will be granted access in the coming months and will be able to join the trials. VTB’s Mobile App to Support Digital Ruble Transfers and Payments VTB Bank has led the way among financial institutions in Russia to develop a prototype feature allowing users of its banking app to open accounts and make transfers with the digital version of the national fiat currency. Some clients will be allowed to perform....
Two banks in India have reportedly partnered on a series of blockchain trials aimed at testing the waters for potential new services. Axis Bank and Kotak Mahindra Bank are working on early concepts related to cross-border payments and transaction settlement, according to Indian news portal LiveMint. The news closely follows that of ICICI, another Indian banking institution, is working with Dubai-based Emirates NBD on similar initiatives. Combined, the two partnerships signal strong interest among India’s banking sector in applications that focus on the movement and settlement of funds.....
China's state social security system is reportedly looking into how it could leverage blockchain technology. According to state-run newspaper China Daily, Wang Zhongmin, the National Council for Social Security Fund's vice chairman, the office is exploring the technology with the goal of reducing transaction costs. The article, while presenting a potentially notable development from China, had few details on what this integration would entail. Zhongmin said: "There's no doubt that blockchain technology will be used in the Social Security system because of its valuable applications in....