Telegram Will Release Bank Records to SEC in Ongoing Gram ICO Case

Telegram will release bank records that the United States Securities Exchange Commission believes will prove misconduct in the latter’s $1.7 billion offering of Gram tokens.  International privacy laws and the new information Per a Jan. 13 filing with the court of the Southern District of New York (SDNY), Telegram will have until Feb. 26 to provide the court with the bank records that the court denied the SEC in an earlier ruling that was based on privacy concerns.  Today’s ruling will allow Telegram to redact the information provided to the…

China’s Central Bank: Here’s the Latest on the Digital Yuan

The development of a digital yuan, or DECP, has taken a great leap forward, according to the People’s Bank of China, the nation’s central bank. In a statement (in Chinese) Thursday, the bank said the “processes of top-level design, setting industry standards, developing potential functions and integration testing,” were “almost complete.”  The bank said it has been working on the expected two-tiered system that would offer  “controllable” anonymity and the functionality to replace paper cash.  The central bank, which assembled a special task force to conduct research on digital currencies  and…

China’s Central Bank Completes Top-Later Design and Joint Tests of Planned CBDC

The central bank of China has completed the top-layer design and joint testing of its soon-to-be-released central bank digital currency (CBDC). As domestic news outlet Sina reported on Jan. 10, People’s Bank of China (PBoC) accomplished the top-layer design of the planned digital yuan, developed relevant standards, carried out research and development and a joint testing of the CBDC. The bank set forth the latest developments in a dedicated article, also highlighting plans to improve cybersecurity of the financial industry network and formulate rules for the accreditation of critical information…

ECB President Pushes for a Central Bank Digital Currency

The president of the European Central Bank (ECB), Christine Lagarde, supports the bank’s active involvement in the development of a central bank digital currency (CBDC) to address the demand for faster and cheaper cross-border payments. In an interview with French business magazine Challenges published on Jan. 8, Lagarde discussed the most likely threats to the global economy in 2020, among which she named a downturn in trade and a range of uncertainties, geopolitical risks and climate change. Going further, Lagarde noted that “the EU is still the most powerful economic…

Australians Won’t Use Libra, Believes Central Bank

The Reserve Bank of Australia (RBA) has expressed doubt over whether cryptocurrencies, including Libra and central bank digital currencies (CBDCs), will ever become viable solutions. In a submission (pdf) to the Select Committee on Financial Technology and Regulatory Technology just before Christmas, RBA officials were skeptical that cryptocurrencies, in their current and future forms, would ever replace government-issued money. Although newer initiatives like Libra and CBDCs could promote financial inclusion, the bank’s current assessment is that innovation in the broader fintech space will make these solutions redundant. “In Australia, it is…

Thai Bank Launches App For Instant Cross-Border Payments Powered By Ripple

Thailand’s oldest bank Siam Commercial Bank (SCB) has partnered with Ripple to create a mobile application powered by blockchain to deliver instant, low-cost cross-border payments.  Per a Jan. 8 blog post from Ripple, the app — known as SCB Easy —  was demoed in December during Ripple’s annual customer event, Swell. The demo reportedly demonstrated its ability to send cross-border payments in seconds.  SCB’s senior vice president of commercial banking, Arthit Sriumporn, announced on-stage: “It is so difficult to send and receive money today. People must physically go to a…

Major Spanish Bank Latest to Bring Blockchain Into European Finance

On Jan. 3 Spain-based CaixaBank added the blockchain-powered finance platform We.trade to its list of services. CaixaBank has now become one of the first banks in Europe to provide its customers access to blockchain technology. Launched in 2017, We.trade is a finance platform powered by IBM’s blockchain technology. It was developed by a consortium of 15 financial institutions from around Europe, like UBS and Societe Generale, and it works to provide businesses with a digital, trustless platform for verifying financial information. We.trade’s open API architecture lets it track and trace goods shipped…

Court Denies SEC Request to Make Telegram Reveal ICO Bank Records

The District Court for the Southern District of New York has denied a request by the United States’ securities regulator to make Telegram reveal its bank records. According to a Jan. 6 court order signed by Judge P. Kevin Caste, the court has denied an application by the U.S. Securities and Exchange Commission (SEC) to “compel the production of defendant’s bank records.”  Telegram must prove that its bank records comply with data privacy laws The new court decision refers to a Jan. 2 application by the SEC to compel Telegram…

Bitcoin Friendly Signature Bank Offers Clients Superfast Payments Services

Signature Bank, a bitcoin (BTC)-friendly New York-based full-service commercial bank founded in 2001, has joined forces with Prime Trust, a Nevada-based tech-driven financial institution that claims to be focused on providing dependable infrastructure solutions for the digital economy. The alliance will enable both organizations to leverage each other’s technologies to offer their institutional clients better services, according to a press release on January 6, 2019.  Real-Time Blockchain Payments  In an effort to make life easier for institutional clients who handle blockchain-based digital assets by providing them with real-time payments and…

Rivals Signature Bank and Prime Trust Team up to Offer Instant Payments for Institutions

Crypto banking competitors Prime Trust and Signature Bank have partnered in a bid to appeal to institutional clients. Signature announced Monday it would be linking its Signet payments platform to Prime Trust’s multi-asset settlement platform, creating a new service offering “real-time” settlements for digital asset trades. “Any Signature Bank commercial client participating on the Signet platform has the ability to make instantaneous payments in U.S. dollars, any time without transaction fees,” said Joseph DePaolo, Signature Bank president and CEO in a press release. “The relationship we have forged with Prime…