Bank of England’s Chief Economist Thinks Bitcoin Could Replace Cash

It took bitcoin an 85 percent crash followed by a 135 percent recovery to convince a prominent financial expert about its underlying potential. Andrew G Haldane, the chief economist of the Bank of England, said bitcoin is on its way to replace cash, according to an eyewitness’s account. The 51-year academic made the statement when he was interacting with an audience of students. One of them asked Haldane about his thoughts on the future of cryptocurrencies. Haldane replied that he believed bitcoin, in particular, would become as relevant as cash…

World Bank, CommBank Team Up for ‘World First’ Blockchain Bond Transaction

The World Bank and the Commonwealth Bank of Australia (CommBank) have teamed up to enable recording of secondary market bond trading using blockchain tech. The institutions announced Wednesday that their successful recording of a secondary transaction for bond-i, a blockchain-operated debt instrument, on a distributed ledger shows the “vast potential” of the technology, and marks the first bond to have both issuance and trading recorded on a blockchain platform. Bond-i was first issued last August by the World Bank, with the CommBank being a sole arranger. The experiment helped the World Bank…

World Bank Leads Secondary Market Phase of Bond-I Blockchain Bond

The World Bank and Commonwealth Bank have successfully enabled secondary market trading of a blockchain bond, the institutions confirmed in a press release on May 15. The bond, known as bond-i, uses the Ethereum (ETH) blockchain and was the first in the world to leverage the technology fully when it debuted in August last year. Now, a three-way partnership which also included market maker TD Securities delivered what the participants consider a similar first and a further metamorphosis for blockchain bonds. “Enabling secondary trading recorded on the blockchain is a…

Reserve Bank of India Urged to Reconsider Banning Crypto From Regulatory Sandbox

Lobbying groups are urging the Reserve Bank of India (RBI) to allow crypto-related products to be tested in its regulatory sandbox, Indian daily The Economic Times reported on May 16. The RBI’s proposed framework, unveiled last month, would allow blockchain technology to be tested on a small number of consumers — but cryptocurrencies, exchanges and initial coin offerings are excluded. Nasscom, a trade association of Indian IT companies, is calling for the regulator to rethink, and argues the RBI would better understand the risks associated with crypto by including it in the sandbox. The organization…

Crypto Prime Dealer SFOX Partners With New York Bank to Offer New FDIC Protection

Institutional cryptocurrency prime dealer SFOX has partnered with a New York bank to offer state-insured bank accounts for traders, the company confirmed in a blog post on May 14. SFOX, which says the move is an industry first, stated the deal with M.Y. Safra Bank primarily targeted institutional investors and funds. The company has been active in the trading space since 2014, and counts businesses such as Blockchain.com and Overstock subsidiary tZero among its clients. With Safra, SFOX traders will now have access to insurance through the United States government’s…

Bitcoin Price Will Triple to $20,000 by 2021: Investment Bank Canaccord

By CCN: Bitcoin is 2019’s best-performing asset thanks to the massive rise in the price of the cryptocurrency, and a growing chorus on Wall Street proclaims that BTC’s terrific momentum won’t be dying out anytime soon. Bitcoin price has breached the $6,000 mark and is on its way higher | Source: CoinMarketCap Canaccord Genuity, an investment banking and wealth management company based out of Vancouver, published a research note predicting that the price will gradually climb back to $20,000 by March 2021. “Bitcoin has started to form the spring 2019…

Binance-Backed Crypto Bank Appoints Deutsche Bank Executive as New CEO

Malta-based cryptocurrency bank Founders Bank has appointed former executive of Deutsche Bank as its new CEO, according to a Bloomberg report on May 9. Backed by major global crypto exchange Binance, Founders Bank plans to assist blockchain and crypto-related firms in securing financial services from traditional banking institutions, the report notes. The new CEO, Kenan Altunis, will reportedly join Founders Bank’s team in June. Prior to the crypto bank, Altunis reportedly served as a co-head of the institutional client group at Deutsche Bank’s corporate and investment bank, where he was…

Bank of Thailand’s CBDC Project Prototype Is Being Finalized by R3 and Wipro

Blockchain consortium R3 and global IT leader Wipro Limited have developed a blockchain solution prototype to enable digital currency for interbank settlements in Thailand, according to a press release from May 7. The release states that the solution will be used by the country’s central bank, the Bank of Thailand (BoT), and eight local commercial banks to enable decentralized interbank real-time gross settlement using a wholesale central bank digital currency (CBDC). As a part of the first phase of the project, dubbed Inthanon, the solution is based on R3’s open…

Dutch Central Bank Will Keep Embracing DLT, But To-Date Findings Are Not All Positive

The Netherlands’ central bank will continue to experiment with blockchain, but its to-date findings are “not that positive,” according to the bank’s director of payments. Finance publication The Banker reported on the comments on May 1. Petra Hielkema, director of payments and market infrastructures at the De Nederlandsche Bank (DNB), claimed that embracing new technologies such as blockchain and artificial intelligence (AI) will be a key direction in the DNB Payments Strategy 2018-2021. Hielkema urged that central banks should keep developing and invest in new technologies in order to find…

Thailand’s Largest Commercial Bank and State Oil Company Trial Blockchain Payments

Thailand’s largest commercial bank, Siam Commercial Bank (SCB), and state oil company PTT Exploration and Production Public Company Limited (PTTEP) performed a successful test of blockchain use for cross-border business-to-business payments. The bank recently announced the successful pilot on its website. Per the announcement, the project, which has been ongoing since mid-2018, aims to optimize operational efficiency. The bank claims that earlier this year, it has successfully carried out payments on blockchain within one minute. The post also points out that conventional methods require a wait of one to two…