Bank of France Launches Experiment Program on Central Bank Digital Currency

As a number of global jurisdictions like the Bahamas and Sweden are already testing their central bank digital currencies (CBDC), French central bank is getting more straightforward regarding its own CBDC plans. The Bank of France is now officially launching a program of experiments to test the integration of a CBDC for interbank settlements, inviting potential participants to submit their applications. Bank of France doesn’t insist on blockchain implementation for CBDC According to a March 30 document, France’s central bank is calling for applications to experiment with the use of…

South Korea’s Largest Bank Launch a Crypto Custodial Service

Major South Korean bank KB Kookmin Bank is expected to launch a cryptocurrency custody service in the near future. According to a report from local news outlet Digital Today on March 27, the bank filed a trademark application for KBDAC, referring to a proposed Digital Asset Custody subsidiary, at the end of January, 2020. KBDAC trademark application for crypto-related industries In the application to the Korean Intellectual Property Office, the bank expresses its desire to trademark KBDAC in over 20 areas, all relating to the cryptocurrency industry. These include trading,…

FDIC’s Ridiculous Ad to Stop Bank Runs Is Sending the Opposite Signal

The FDIC released a video discouraging people from withdrawing their money from banks. The ad comes at a time when the reserve requirements of the Federal Reserve drops to zero. Virtually no one is buying FDIC’s latest antics. The Federal Reserve Insurance Corporation (FDIC) released a one-minute video encouraging people to keep their money in banks. In the video, Chairman Jelena McWilliams emphasizes that hoarding cash in mattresses “didn’t pan out well for so many people.” The video is intended to discourage a bank run. It seems that nobody is…

Silvergate Bank Clients Experience Money Transfer Issues from Fedwire

A cryptocurrency-friendly firm is having problems receiving money transfers. According to sources available to Cointelegraph, clients at Silvergate Bank have been experiencing issues with certain types of wire transfers since Friday. The firm has stated an outage by their payment processor, Fedwire, is responsible for the drop in service.  CEO Alan Lane confirmed the bank has been having trouble processing payments from some clients, but stated this did not affect users who already had money with Silvergate. “Our trading partners send us money on Friday so they have funds on…

Bank of China Continues Anti-Crypto Narrative on WeChat

Financial markets are facing their worst crisis since 1929 and people are looking for alternatives to protect themselves from the crash. One option being considered by many is cryptocurrency. In response, Bank of China has continued its anti-crypto narrative in a long post titled “3.15 Protetion of Financial Consumption Rights and Interests”. The post was published on the bank’s official WeChat account on March 22. In the post, bank officials warn the public about cryptocurrency investment, calling out the three main scams seen on crypto exchanges. The bank stated: “First…

IMF Weighs the Pros and Cons of a Central Bank Digital Currency

In a recent keynote speech to the London School of Economics, International Monetary Fund (IMF) Deputy Managing Director, Tao Zhang, briefed the positives and negatives of a central bank digital currency (CBDC). Zhang pointed toward greater efficiency and lower costs associated with a CBDC. “In some countries, the cost of managing cash can be very high on account of geography, and access to the payments system may not be available to the unbanked, rural, or poorer population,” he said in the Feb. 28 speech, which hit the web on March…

STO Platform’s Registration with Traditional Bank Helps Move Security Tokens Forward

Security token offering (STO) platform, Blockpulse, has obtained registration with the ACPR Bank of France. Blockpulse “registered at ACPR Banque de France with its partner, Lemonway, the leading European digital payment solution for investment platforms,” Blockpulse COO Marien Irzykiewicz told Cointelegraph. The company also alleges that the outfit is the first STO platform to achieve registration with the french entity. Confirmation of their registration is available on the ACPR Bank of France registry. STOs are a more regulated approach than ICOs Initial coin offerings, or ICOs, have largely died off…

Italian Bank Opens Bitcoin Trading to 1.2 Million During Lockdown

Growing crypto adoption and the COVID-19 outbreak has encouraged Italy’s Banco Sella to launch a Bitcoin trading service The trading is conducted via the bank’s Hype platform, with the bank acting as an intermediary to mitigate against potential security risks with cryptocurrency exchanges. With the country in lockdown and everyone stuck at home, the bank is capitalizing on a growing interest in Bitcoin as a safe way to transfer money internationally in the midst of the crisis. 1.2 million Italians already use Hype About 1.2 million Italians already use Banca Stella’s…

China Everbright Bank Uses Ant Financial’s DLT for Supply Chain Finance

China Ever­bright Bank (CEB), a major commercial bank in China and one of the world’s largest public companies, is debuting a blockchain-based supply chain finance solution by Ant Financial. Ant Financial, the financial arm of Chinese e-commerce giant, Alibaba, has partnered with CEB to collaboratively implement Duo Chain — a network services platform designed to handle supply chain-related financial transactions. Ant Fi­nan­cial started working on the Duo Chain in 2019 CEB and Ant Financial initially formed their partnership during the second half of 2019. CEB is the first Chinese bank…

China’s Central Bank to Inject $4.7M into Blockchain Trade Platform

The People’s Bank of China (PBoC) has secured $4.7 million in funding from China’s central government for its blockchain trade finance platform. The funding will be administered over three years and has been designated for research and development projects. The blockchain platform was initially revealed by the PBoC in Shenzhen during September 2018. The platform is intended to facilitate transfers and create an untamperable ledger for secure information sharing between businesses and government departments.  Blockchain drives efficiency savings for Chinese corporate financing By mid-January, it was estimated that the platform…