Blockchain Could Make Financial Markets and Services Faster: German Central Bank President
The digitization of financial services could see notable benefits from innovations like blockchain technology, according to the president of Germany’s central bank. Dr. Jens Weidmann, president of the Deutsche Bundesbank was speaking at a G20 conference yesterday with a focus on international finance from a German agenda. Digital finance and the digitization of the financial sector was underlined as a priority in the agenda. While some argue if financial technology or FinTech really is a revolution, the central bank chief added it would bring a competitive threat to the current banking....
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The European Central Bank (ECB) reaffirmed the need to make sure it follows through on initiatives to ensure regulations do not undermine the development of blockchain or distributed ledger technologies (DLTs) in its Capital Markets Union mid-term review. The bank noted that the Eurosystem, of which it is a part, has a statutory task to support efficient payment and settlement systems. One aspect of this is to make sure technology enables faster, safer and less costly domestic and cross-border transactions while ensuring that innovation based on disparate standards in different national....
One of Russia's largest financial institutions is in discussions to join a domestic bank consortium that would study blockchain technology. Announced in April, the consortium effort is being led by Russian payments firm Qiwi and international consulting firm Accenture. Banks said to be participating in the initiative, according to government news source TASS, include B&N Bank, MDM Bank, Bank of Khanty-Mansiysk and Tinkoff Bank. President of Sberbank German Gref remarked late last week that talks about the consortium remain in early stages. Gref said: "We are now discussing this....
The European Central Bank (ECB) reaffirmed the need to make sure it follows through on initiatives to ensure regulations do not undermine the development of blockchain or distributed ledger technologies (DLTs) in its Capital Markets Union mid-term review. The bank noted that the Eurosystem, of which it is a part, has a statutory task to support efficient payment and settlement systems. One aspect of this is to make sure technology enables faster, safer and less costly domestic and cross-border transactions while ensuring that innovation based on disparate standards in different national....
A German central bank official has issued another bitcoin warning, reiterating the bank's earlier position on digital currencies. Last December, Bundesbank's President Jens Weidmann told Wirschaftswoche that bitcoin was not an alternative to national currencies and that bitcoins were only used as currency in certain niches. Weidmann stressed that the driving factor behind the demand for bitcoin was the hope of big payouts, which may prove elusive for most investors. On Monday, Bundesbank board member Carl-Ludwig Thiele told German financial magazine Handelsblatt that bitcoins remain highly....
The German central bank Deutsche Bundesbank, in partnership with Deutsche Börse, has revealed a functional blockchain prototype that trades securities. The Deutsche Börse Group, a marketplace organizer for settling shares and other securities, said the platform is more efficient than traditional standards. German Central Bank Is Developing Blockchain....