Banking Trade Group Proposes Database for US Bitcoin Companies
The American Bankers Association (ABA) has called for the creation of a national database of digital currency companies and exemptions for banks from future licensing requirements. The proposals were outlined in a 16th February letter sent to the Conference of State Bank Supervisors (CSBS), an organization made up of state banking regulators that released a draft framework for digital currency licenses in December. The licensure framework approach is being adopted by New York and is under discussion by other US states like New Jersey. The CSBS has also held hearings on the subject of....
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A group of seven large European banks has signed a memorandum of understanding (MoU) to develop a blockchain-powered cross-border trade finance platform for small and medium-sized companies in Europe. The participating banks are UK-based banking giant HSBC, Dutch institution Rabobank, French financial institutions Société Générale and Natixis, Italian banking group UniCredit and Belgium-based KBC. Aimed at bettering domestic and cross-border commerce cross-border commerce for companies in Europe, the newly form banking group will come together to develop, deploy and push for adoption of....
The European branch of the International Securities Association for Institutional Trade Communication (ISITC) has proposed 10 blockchain benchmarks it believes will help standardize the increasingly diverse set of blockchain tools currently available on the market. Created by the ISITC's Blockchain DLT Working Group at a meeting earlier this month, the benchmarks are the latest step in a series of global efforts aimed at ensuring blockchain can enable a new wave of efficient, decentralized data sharing without recreating today's siloed centralized database infrastructure. But creating....
A research study published by Boston's Berklee College of Music outlines how a blockchain-based royalty payment system could improve working conditions for musicians. Published by Rethink Music, an initiative under the auspices of Berklee's Institute of Creative Entrepreneurship, the report outlines the current state of payments and revenue in the US recording industry and proposes a series of recommendations to improve transparency, reduce friction and provide a greater degree of fairness to working artists. Among other recommendations, the report calls for the creation of a distributed....
A group of Russian hackers that managed to steal CNET's user database has made that information available for bitcoin, in what seems like a publicity stunt. The group, which calls itself 'wOrm', says the database contains the accounts of more than a million users, including their usernames, emails, passwords and other information. The asking price for the source code and the database was 1 BTC, roughly $615 at the time of writing. However, CNET was later told that the group has no plans to decrypt the passwords or to complete the sale of the database. The offer, which was apparently made....
An innovation effort launched earlier this year by a transaction banking trade group has set its sights squarely on blockchain technology. Announced in September 2015, the Bankers Association of Finance and Trade (BAFT) Innovation Council was originally tasked to develop educational resources for a wide range of tools applicable to transaction banking, including but not limited to blockchain. But after BAFT, a subsidiary of the American Bankers Association that is focused on cooperation among correspondent banks, hired two new people earlier this year to help manage the innovation effort,....