IMF Director Tells Banks: Do Not Worry about Bitcoin & Blockchain
Christine Lagarde, the managing director of the International Monetary Fund (IMF) addressed bankers to say that banks and financial institutions do not have to worry; about bitcoin or the blockchain. It's that time for global financial figures to be dismissive of Bitcoin and its underlying technology, the block chain. IMF Chief Christine Lagarde quelled bankers' fears of the blockchain posing a threat to the current banking industry in banking conference at New York. As reported by The Financial Times, Lagarde said: Many of you have heard about not only bitcoins but blockchains and that....
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Apparently, the competition in the Blockchain business industry is heating up. Goldman Sachs, one of the original members of R3 Consortium, and Banco Santander announced that they will no longer continue exploring the potential of Blockchain technology as members of the consortium. Reasons for the firm’s decision to discontinue their connections with R3 Consortium remain unclear, as well as whether these decisions are somehow connected. Kristian Gårder, a representative from Nordic R3 member SEB, says: “Members will obviously worry if some R3 members seek patents that we have discussed....
The Bank of Thailand doesn’t want local banks or businesses using crypto, while the tourism ministry is still trying to attract crypto whales. The Bank of Thailand has stated that it does not want commercial banks to be directly involved in the trading of crypto assets.The edict came from central bank senior director Chayawadee Chai-Anant on Dec. 7 who cited risks associated with high price volatility."We don't want banks to be directly involved in digital asset trading because banks are (responsible) for customer deposits and the public and there is risk."The latest round of central bank....
Edmund C. Moy, the 38th Director of the United States Mint, isn't afraid to show the world he's a fan of cryptocurrencies. Moy took to his Twitter account to respond to a posted article on CNBC.com with regard to the criminal conviction of Credit Suisse, one of the largest banks in the world. Moy's tweet read: "$2.6B fine 'won't do much damage': Credit Suisse CEO. It's time banks got competition. Time for cryptocurrencies." In a day and age where banks can seemingly get away with anything (and if they don't it's a minor slap on the wrist), Moy realizes that cryptocurrencies remove the need....
As central banks everywhere gear up to launch digital currencies, it's time to consider the possible downsides.
A two-day conference will see notable Asian banking giants along with other participants and developers of blockchain technology outline their use cases for the innovation. Singapore will host the ‘Blockchain for Finance Conference, Asia Pacific’ with a number of significant financial institutions participating in the event. The conference, held on June 20-21, will see banks, credit unions and building societies, among other companies from various industries to discuss and evaluate the use-cases and proof-of-concept prototypes of blockchain-based applications. Hosted by the FinTech....