Tag: Bank

Hong Kong and Israel Partner with BIS to Test CBDCs That Settle on Central Bank Balance Sheet

According to BIS research, 93% of central banks across the world are investigating the feasibility of issuing CBDCs. The Hong Kong Monetary Authority (HKMA) and the Bank of Israel (BOI) have partnered to address the privacy concerns associated with central bank digital currencies (CBDCs). This is according to a joint report titled “Project Sela – An Accessible and Secure Retail CBDC Ecosystem” released by the two central banks and the Bank for International Settlements Innovation Hub (BISIH) Hong Kong Centre. Project Sela has reportedly demonstrated that CBDCs have the potential…

Sarah Breeden, Incoming Bank of England Deputy Governor, Reiterates Crypto Risks, Supports CBDC at Treasury Committee

“Crypto is an asset that has no intrinsic value, whose price could go to zero and therefore investors should be prepared to lose all of their money,” Breeden said. “That megaphone about the risks in it has been consistent and very clear. However, that technology, I think has got the potential to bring benefits to the financial system.” Source

Nigeria central bank missed opportunity for blockchain regulation in 2021 — Convexity CEO

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A group of Nigerian professionals in digital assets took to the stage at the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN)’s Digital Assets Summit 2023, held in Abuja, the nation’s capital, to discuss the future of digital assets in Nigeria in regards to regulation.  In the panel titled “The Future of Digital Assets: Regulatory Uncertainty and the Way Forward,” the group discussed why the implementation of digital assets regulation and blockchain policy has been slow in Nigeria. The developmental regulation created by NITDA is a big step towards understanding…

South Korean bank develops crypto custody together with BitGo

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The South Korean bank KEB Hana Bank closed a new partnership with the cryptocurrency company BitGo to develop crypto custody. The partnership between the two companies will aim to develop a cryptocurrency custody business in South Korea. KEB Hana Bank has 111 branches with $10 billion in assets and $490 million in equity. The commercial partnership will establish a joint venture between the two entities, mixing BitGo’s custody solutions with Hana Bank’s financial services. Cryptocurrency development…

Hana Bank Forms Strategic Partnership with BitGo

BitGo CEO and co-founder Mike Belshe believes his company will help improve the transparency and safety of the growing South Korean digital asset industry. South Korean financial institution Hana Bank has announced its strategic partnership with crypto custody platform BitGo. According to the Korea Economic Daily report, the duo announced the partnership while speaking at the Korea Blockchain Week in Seoul. Hana Bank is a top bank in South Korea, with an estimated $2.4 billion net profit, Forkast reports. While the firm is vast in financial services and compliance, BitGo possesses…

South Korean Hana Bank enters crypto custody business with BitGo

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One of the largest South Korean banks, KEB Hana Bank, is moving to offer digital asset custody services through a new partnership with major cryptocurrency custody firm BitGo Trust Company. KEB Hana Bank has signed a strategic business agreement with BitGo to jointly establish digital asset custody in South Korea, local news agency Yonhap reported. The commercial bank has a network of 111 branches with local banking assets of nearly $10 billion and equity of $490 million. Hana Bank representatives reportedly announced the news on Sept. 5 at the cryptocurrency…

Micro $3 Bitcoin miners won’t make bank, but that’s not the point: Inventors

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While lacking in performance, micro Bitcoin mining devices should be seen as a stand against the Bitcoin ecosystem’s purportedly biggest flaw, its inventors argue. Micro Bitcoin mining devices — often open-source and pocket-sized — have been serving a niche part of the market, offering buyers a fully assembled device or a do-it-yourself-kit to mine Bitcoin (BTC) solo. Speaking to Cointelegraph, developers behind these kits admit that buyers won’t likely see much profit but argue that it’s important to fight the “secrecy and exclusivity” of the Bitcoin mining industry. One company,…

Digital rupee gets big usability boost through Yes Bank integration with UPI

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The Reserve Bank of India (RBI) central bank digital currency, the digital rupee, will have enhanced usability, Yes Bank announced Aug. 30. This was thanks to Yes Bank’s integration of the Unified Payments Interface (UPI) with the RBI digital rupee app. Now, Yes Bank account holders will be able to make transactions with the digital rupee by scanning UPI QR codes. The UPI is a national payment portal operated by the National Payments Corporation of India (NPCI), a division of the RBI. The NPCI provides the infrastructure for both the…