Four Major Banks Plan to Create Their Own Cryptocurrency
Four major international banks have joined forces to create their own cryptocurrency capable of facilitating transactions between branches. Few major international banks may soon have their own cryptocurrency. According to a recent media report, the banks that are initially going to be part of this initiative includes UBS, BNY Mellon, Deutsche Bank and Banco Santander. These four major banks, who also happen to be the members of R3 Blockchain Consortium are working alongside ICAP, a United Kingdom-based electronic dealer-broker. The main aim of this banking group is to develop cheaper and....
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Banks do not have the best of reputations as it is, and this decision will only make things worse. It is not the first time major banks plan to stockpile Bitcoin to thwart ransomware attacks. Even though that money should be spent on improving the IT department, financial institutions tend to take the easier option. Rolling over and paying the Bitcoin ransom will only invite more trouble down the line, though. But for now, London banks want to buy up Bitcoin in the case of a cyber attack. Dealing with a ransomware attack can be quite devastating. Computer systems and important files are....
Four major world banks are set to announce the creation of a new blockchain-based digital currency, and are hoping to make it the global standard for settlements. ‘Digital Cash’ Needed. The plan for the originally-titled “utility settlement coin” comes from UBS, Deutsche Bank, Santander, and BNY Mellon. Broker ICAP is also joining them with the aim of....
Since the beginning of 2015, an increasing number of banks and financial institutions have focused on the development of unique blockchain networks and distributed ledgers to create "decentralized" transaction and asset settlement systems. Despite their interest in the blockchain technology, these banks have demonstrated a hostile view toward bitcoin, claiming that bitcoin is not viable as a currency or a medium of exchange. "Governments like to control (currencies). They have central banks. They like to control the supply. They also generally like to know where it (currency) is and where....
Siam Commercial Bank, one of the largest banks in Thailand, is acquiring a 51% stake in a cryptocurrency exchange. The acquisition will help the bank “create new growth value in the long term amid a new financial world,” said the CEO of the bank. Major Thai Bank Becoming Majority Shareholder of Cryptocurrency Exchange Thailand’s oldest lender, Siam Commercial Bank (SCB), announced Tuesday that its subsidiary, Siam Commercial Securities Company Ltd. (SCBS), is acquiring a 51% stake in local crypto exchange Bitkub for 17.85 billion baht ($536 million). SCB is the....
India’s central bank, the Reserve Bank of India (RBI), has reportedly informally asked banks to cut ties with cryptocurrency exchanges and traders. Some banks in India have limited their exposure to the crypto market and some plan to stop all crypto-related transactions. RBI Asking Banks to Cut Ties With Customers Dealing With Cryptocurrencies The Indian central bank has informally urged lenders “to cut ties with cryptocurrency exchanges and traders,” Reuters reported Thursday, citing three unnamed sources. The news outlet quoted a senior bank executive as saying: The....