Tag: Bank

JPMorgan bank deploys JPM Coin for euro-denominated payments

The United States-based investment bank JPMorgan is expanding the implementation of one of its major blockchain projects, JPM Coin, into traditional banking. JPMorgan has deployed its blockchain-based payment system, JPM Coin, to introduce euro-denominated payments for corporate clients, Bloomberg reported on June 23. According to Basak Toprak, JPMorgan’s head of Coin Systems for Europe Middle East and Africa, JPM Coin went live with euro transactions on June 21. Germany’s conglomerate Siemens AG conducted the first euro payment on the platform, Toprak said. The system enables wholesale payments such clients, including…

MUFG, Japan’s Largest Bank, to Issue Global Stablecoin via Progmat Blockchain

Since the regulatory issues have been covered and the law only permits trusted companies to issue the tokens, the move can help restore confidence in stablecoins and cryptocurrencies. Mitsubishi UFJ Financial Group (MUFG) is interested in using its Progmat blockchain platform for minting stablecoins and has been meeting with domestic and international companies for possible collaborations. The move is in response to Japan’s new stablecoin law that makes the country the first among the major economies to issue a clear stablecoin law. The law recognizes that stablecoins must be pegged…

Bank of France Governor Pushes on Need for Euro CBDC

Villeroy de Galhau touched on not only the e-euro but also the banking crisis and its consequences for the eurozone.  With the evolution ongoing in the fintech world, central banks including Banque de France are actively investigating the concept of Central Bank Digital Currencies (CBDCs) as viable replacements for traditional fiat currencies. Accordingly, being at the forefront of these discussions has seen one of its prominent figures, François Villeroy de Galhau, the Governor of the Banque de France, taking a diplomatic approach in soft-selling the proposed Euro CBDC to commercial…

CACEIS Bank Obtains French DASP License for Crypto Custody Services

CACEIS Bank is one of the first European banks to obtain the DASP license. The CACEIS Bank has obtained a DASP license from the French financial regulator AMF. CACEIS Bank is a subsidiary of Santander and Credit Agricole that services assets for institutional and corporate clients. With the license, the bank will be able to provide crypto custody services to its clients. President of Adan, Simon Polrot, praised CACEIS Bank for obtaining the license. He said: “It shows that France is at the forefront of crypto regulation in Europe and…

US lawmakers propose bills to hold bank execs accountable for failures and address risks

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Democrats with the United States House Financial Services Committee have introduced several bills in what they described as the “first wave” of legislation aimed at addressing failures at major banks. In a June 21 announcement, committee ranking member Maxine Waters said House Democrats had backed 11 bills drafted in response to the collapse of Silicon Valley Bank, Signature Bank, and First Republic Bank in the United States. Among the proposed legislation — which has not yet gone to the committee’s Republican members for approval — included measures to impose fines…

Binance Netherlands exit — Dutch central bank says registration failings are confidential

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The details behind Binance’s failed efforts to register for a virtual asset service provider (VASP) license in the Netherlands remain unclear due to the confidentiality requirements of the Dutch central bank’s supervisory laws. On June 16, Binance announced it would terminate its services in the Netherlands with immediate effect, having failed to get the all-clear from De Nederlandse Bank (DNB). From July 17, Dutch customers will only be able to withdraw assets from the platform, while trading and deposits were stopped on the date of the announcement. Binance claimed it had undergone…

European Investment Bank uses blockchain for environmental bond

The European Investment Bank (EIB) successfully priced its inaugural SEK 1 billion Climate Awareness Bond (CAB) today, leveraging the so|bond platform. Notably, the platform employs the Proof of Climate awaReness (PoCR) protocol, a novel blockchain validation logic that not only ensures energy efficiency comparable to non-blockchain systems but also incentivizes participating nodes to continuously enhance the environmental impact of their infrastructures. The first of its kind The European Investment Bank (EIB), a publicly owned international financial institution that has been around since 1958, has issued its first-ever green and SEK-denominated…