uBUCK Signs Strategic Alliance Agreement with Deltec Bank & Trust

LiteLink Technologies Inc. (CSE:LLT) (OTC:LLNKF) and its subsidiary uBUCK Technologies announced some exciting news this week that will offer the digital wallet and payment platform a major edge on its competition. uBUCK announced that it has signed an alliance agreement to form a strategic commercial relationship with Deltec Bank & Trust, a diversified independent financial institution that is based in The Bahamas. Deltec, which provides a range of private banking expertise, corporate and merchant banking capabilities, digital asset financial services, fund administration, investment management, and insurance solutions to its global clients, will…

Major Latin American Development Bank Pilots Blockchain for Land Registry

The Inter-American Development Bank (IADB) is implementing three different blockchain pilot projects to test if blockchain technology is able to solve some of the problems of land titling and registries. On Oct. 28, blockchain startup ChromaWay reported that it is collaborating with IADB on a two-year project in Bolivia, Peru and Paraguay on an initiative called “Distributed Ledger Technology (Blockchain): The Future of Land Titling and Registry.” Chromaway, which has experience in tracking land titles in countries such as Sweden, Canada, India, and Australia, will run the pilots together with…

ING Bank Proposes Security and Privacy Trade-Off for Corda Blockchain

ING announced that researchers at the financial services firm have solved a security and privacy issue on blockchain software firm R3’s Corda blockchain. On Oct. 23, ING’s distributed ledger technology team presented its white paper, called “Solutions for the Corda security and privacy trade-off: having your cake and eating it,” where it reportedly found a solution to improve the security and privacy trade-off on Corda, an open-source blockchain platform. Zero-knowledge proofs allow for greater privacy and security The white paper states that currently, the content of each transaction on the…

Bank of Canada Exploring Possibility of Launching a Digital Currency

Bank of Canada, the Canadian central bank, is exploring the possibility of launching a digital currency that would replace cash and track how people spend their money. The aim of the proposed currency would be to mitigate the “direct threat” posed by cryptocurrencies to the economic sovereignty of governments and central banks, an issue that has featured prominently in the headlines recently amidst intense regulatory pushback on Facebook’s proposed coin, Libra. The proposal was pitched to Stephen Poloz, Governor of the Bank of Canada, and its board of directors in…

Coinbase Reinstates UK Bank Deposits and Withdrawals

Coinbase has reinstated U.K. bank deposits and withdrawals following a months-long banking holdup. As announced by the company’s U.K. arm in a blog post Thursday, British pound (GBP) deposits and transfers are available once again for local Coinbase customers. GBP denominated transactions were paused following the exchange’s July breakup with Barclays. However, a new partnership with ClearBank, first reported by CoinDesk in August, cleared the way once more for GBP support. The bank is a member of the UK’s near-instantaneous settlement network, the Faster Payment Scheme, which Coinbase required for pound-denominated transactions.…

Libra Labeled a ‘Monetary Threat’ By Senior US Bank Executives

Libra, the underfire planned cryptocurrency from Facebook (NASDAQ:FB), has been described as a monetary threat by senior US bank executives in a meeting with the Federal Reserve.  Senior Bank Execs Opposed to Libra Libra has been heavily scrutinized by regulatory bodies and financial institutions across the globe since it was first announced back in June and has been dealt a further blow following a meeting of the Federal Advisory Council this month. Members of the council include M&T Bank CEO Rene Jones, KeyCorp’s Beth Mooney, and Brian Moynihan, CEO of Bank…

Attorneys Seek Bank of Ireland Execs’ Testimony Against OneCoin Scammer

Executives at the Bank of Ireland (BOI) could join a trial in the case against Mark Scott, who allegedly helped launder nearly $400 million via cryptocurrency scam scheme OneCoin. Four BOI witnesses to testify remotely On Sept. 29, the government of the United States submitted a court motion seeking the testimony of four witnesses via closed-circuit television from a remote location in Ireland. Initially set for Oct. 7, 2019, the trial has been recently adjourned to Nov. 4, 2019, while a final pretrial conference is scheduled for Oct. 28, as…

Bank of Japan Governor: Libra Needs Globally-Coordinated Regulation

The governor of the Bank of Japan has said that international cooperation is of paramount importance when it comes to regulating digital currencies such as Facebook’s planned Libra token. Reuters reports that in a speech before business leaders in Osaka on Sept. 23, Haruhiko Kuroda urged policymakers to ensure that the highest level of regulation is applied to such assets, arguing that: “If Libra is introduced, it could have a huge impact on society” Libra perceived as a threat to monetary policy This July, Japanese authorities had set up a…

Singapore Bank Giant OCBC Joins JPMorgan’s Blockchain Network

OCBC has become the first Singapore-based bank to join JPMorgan Chase’s interbank blockchain network. According to a Business Times Singapore report on Sept. 20, a total of 134 banks from the Asia-Pacific region are now participants in JPMorgan’s blockchain-powered interbank information network (IIN). OCBC is the second-largest bank in Southeast Asia by assets and among the larger financial institutions in Asia-Pacific. 343 banks have joined JPMorgan’s network since 2018 These 134 banks comprise almost 40% of the 343 banks that have joined IIN since 2018. The network’s largest national bloc is Japan,…

New Bitcoin Trading Record as Biggest Bank Embraces Petro

Venezuela’s largest bank, the Bank of Venezuela (BDV), has added support for the country’s controversial Petro digital currency.  Bank of Venezuela hints at crypto wallet As cryptocurrency news outlet Decrypt reported on Sept. 13, BDV clients have discovered a new section in their online banking account dedicated to cryptocurrencies.  At present, the crypto wallet only caters to Petro, but as the section appears to be still under development, speculation suggests more tokens may follow. Petro, launched by the Venezuelan government, is notionally pegged to the country’s oil reserves. The United States…