Nine Top Global Banks Pool Resources to Fund R3 to Develop Digital Currency Standards
Nine of the largest investment banks are planning to develop common standards for blockchain technology in an effort to broaden its use across financial services, The Financial Times reports. The banks - Goldman Sachs, JPMorgan, Credit Suisse, Barclays, Commonwealth Bank of Australia, State Street, Royal Bank of Scotland (RBS), BBVA and UBS - will fund a....
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In September Bitcoin Magazine reported that nine global banks were pooling resources to fund R3, a next-generation global financial services company focused on applications of cryptographic technology and distributed ledger-based protocols within global financial markets. R3 will seek to establish consistent standards and protocols for this emerging technology across the financial industry in order to facilitate broader adoption and gain a network effect, according to an R3 press release. Several other top banks joined R3 soon thereafter. Now, five more banks - ING, BNP Paribas, Wells....
Australia will take the driver’s seat in setting a uniform approach for the development of blockchain standards globally. The International Organization for Standardization (ISO), widely regarded as the primary global standards authority has approved an earlier proposal [PDF] put forth by Standards Australia – the country’s national standards authority – that sought to develop uniform global standards for blockchain technology. The ISO agreed to appoint Australia to lead an international technical committee that will now build a uniform approach to the technology. In its initial proposal,....
The Financial Accounting Standards Board (FASB), a financial accounting standards body in the US, is reportedly considering whether to undertake a new initiative on digital currencies. According to Reuters, the FASB – which sets accounting standards for publicly traded US firms – hasn't yet decided if it will develop new guidelines for companies dealing with bitcoin and other cryptocurrencies. However, the non-profit is apparently assessing whether it should begin that process following a request from the Washington, DC-based Chamber of Digital Commerce – a trade organization for companies....
The president of Peru’s central bank has indicated that the country will be joining forces with India, Singapore, and Hong Kong to develop its own central bank digital currency. The president of the Central Reserve Bank of Peru Julio Velarde announced that his country will be entering the global race to develop a Central Bank Digital Currency (CBDC).At the Annual Conference of Executives (CADE) with business leaders in Lima on Nov. 16 he said: “I think the payment system we are going to have eight years from now in the world is going to be completely different from the current one… Even....
Australia’s standards authority, Standards Australia, has asked the International Standards Organisation, commonly known as ISO, to commence work on setting global standards for blockchain technologies. Geneva-based ISO, the international standard-setting body that is widely recognized as the foremost global standards authority is being called by its Australian member to set up global standards for blockchain, the technology that underpins Bitcoin. Standards Australia is one of over 160 national standards organizations that the ISO recognizes as members and representatives from around the....