Lithuania To Trial Europe’s First Central Bank Digital Currency (CBDC) – Blockchain News, Opinion, TV and Jobs

With national banks around the world driving at the speed of light to develop Central Bank Digital Currencies (CBDC), and Facebook cryptocurrency looms on the horizon, Lithuania has taken the step to issue the first central bank-produced digital coin in the eurozone. A CBDC is essentially a state cryptocurrency, renamed by the financial sector to steer clear of tying it too closely to Bitcoin and other cryptocurrencies which have brand issues. The bold CBDC issuance project is underway in Lithuania, one of the three Baltic states of Europe. The digital…

Sri Lanka’s Central Bank Shortlists Three Tech Firms to Develop Blockchain PoC for KYC Optimization

The Central Bank of Sri Lanka has shorlisted three software development companies to develop a proof-of-concept (PoC) for a shared know-your-client (KYC) platform using blockchain. The central bank aims to develop a blockchain-based platform that would enable the banking sector and the government to securely share and update customer data countrywide. As per the report, the central bank initiated the project in November 2019, whereby it invited tech companies to develop the PoC for a shared KYC system on a voluntary basis. Using Blockchain To Help Banks and Financing On June…

Bank of Japan Will Begin Experimenting With a Digital Yen

The Bank of Japan has announced it will begin experimenting with a central bank digital currency (CBDC) to check its feasibility from a technical perspective. BoJ wants to digitize cash but it remains to be seen if Japan can catch up with China which has already begun testing its own CBDC. This is the first time the BoJ has revealed it would commence a Proof of Concept (PoC) process with the digital yen but the bank is yet to reveal a timetable. In a report called Technical Hurdles for CBDC,…

Sri Lanka Central Bank Selects Shortlist for Blockchain Proof-of-Concept

Sri Lanka’s central bank has selected a shortlist of three firms to develop a proof-of-concept (PoC) for a shared Know Your Customer (KYC) facility using blockchain. The project was initiated in fall 2019, according to a report from Sri Lanka’s Daily Mirror on July 2. The central bank is looking to establish a blockchain-based facility that would enable the government and the banking sector to securely share and update customer data nationwide. Speaking at an event in Colombo on June 30, D. Kumaratunge — the central bank’s director of payments…

Sri Lanka’s Blockchain Bank KYC Platform to Enter Development ‘Shortly’: Central Bank

The Monetary Board of the Central Bank of Sri Lanka is close to starting development of a blockchain platform expected to speed up the processing of bank users’ ID information. Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Source link

Court Likens Coinbase to a ‘Traditional Bank’ in Child Porn Appeal Case

A three-judge panel has ruled that FBI agents who subpoenaed Coinbase records to show a man had used Bitcoin to access child pornography did not violate his Fourth Amendment rights. They rejected the appeal of Richard Gratkowski, who was convicted of receiving child pornography and accessing websites with the intent to view child pornography in May 2019 and was sentenced to 70 months in prison with 10 years of probation. On June 30, the court likened Coinbase to a traditional bank, citing the Supreme Court’s unanimous 1939 decision in United…

Central Bank Digital Currency Touted as Solution to US Economic Overhaul

Talk of a US central bank digital currency (CBDC) dominated proceedings, as the US Senate Committee on Banking, Housing, and Urban Affairs conducted a virtual meeting yesterday. The near two-hour-long hearing titled “The Digitization of Money and Payments” discussed competing with China’s CBDC offering, financial inclusion, and modernizing the current US economic model. Taking the lead in tabling senator’s questions was former Chairman of the US Commodity Futures Trading Commission (CFTC), Chris Giancarlo. Source: banking.senate.gov Now of The Digital Dollar Project as Project Director, Giancarlo shared his insights into how…

Swiss SEBA Bank Launches “Dual Currency Certificate” For Tapping Volatile Bitcoin/USD Trading Market – Blockchain News, Opinion, TV and Jobs

Switzerland’s SEBA Bank has developed a USD Dual Currency Certificate for BTC/USD, aimed at investors who wish to benefit from the high level of the cryptocurrency’s volatility. This is part of SEBA Bank’s kicking off of a strategic series of recurring structured products on digital assets. The investors’ needs for security with regard to potential issuer risk are addressed through full collateralization of the issuing vehicle and a guarantee from SEBA Bank. Guido Bühler, CEO of SEBA Bank AG, said: “The launch of the Dual Currency Certificate on BTC/USD shows…

Signature Bank Releases Digital Payments Platform ‘Signet’ on the Fireblocks Network – Blockchain News, Opinion, TV and Jobs

New York-based full-service commercial operation, Signature Bank (Nasdaq: SBNY) have launched and integrated its proprietary, blockchain-based digital payments platform, Signet™, with Fireblocks, an enterprise-grade platform delivering a secure infrastructure for moving, storing and issuing digital assets. “The integration with Fireblocks will offer enhanced services to our clients. With this latest banking technology innovation, Signature Bank remains at the forefront as we advance our Signet product and its capabilities. As the digital needs of our clients continue to evolve and the broader adoption of asset tokenization increases, Signet APIs are yet another…

Chinese Bank Issues the First Asset-Backed Commercial Paper in China on Blockchain

China Zheshang Bank, based in Zhejiang province has leveraged blockchain technology to issue the country’s first asset-backed commercial paper in the Chinese financial market.      China Zheshang Bank successfully issued the “Lianxin 2020 Lianjie First Phase Asset-backed Commercial Paper,” which was worth 120 billion yuan ($16.93 billion).    The asset-backed commercial paper (ABCP) was issued as a part of the National Association of Financial Market Institutional Investors’ (NAFMII) pilot project. ABCPs are short-term investments issued by financial institutions to support companies in their short-term goals.   The ABCP used…