Samsung-Backed Blocko to Build Blockchain-Based Credit System for Arab Bank

The research arm of Suadi Arabia’s Islamic Development Bank Group is aiming to develop a blockchain-based smart credit management system. To achieve this, the bank’s Islamic Research and Training Institute, or IRTI, has partnered with the Samsung-backed blockchain provider Blocko. The partnership comes as a part of the E24P regional consortium launched by Blocko across the Middle East, Africa, and South-East Asia in April. Curbing technical and economic challenges As the Islamic finance industry is predicted to grow from $2 trillion to $3.78 trillion by 2022, Dr. Sami Al Suwailem,…

Blockchain Firm Pitches CBDC Operating System to Bank of England

United Kingdom-based blockchain firm L3COS has submitted a proposal to the Bank of England, or BoE, for a blockchain-based operating system to power a central bank-issued digital currency, or CBDC. L3COS described the proposal as a response to the consultation document on CBDC published by BoE in March — which identified several benefits and challenges associated with central bank virtual currencies and invited feedback from technology providers, financial institutions, and academics. Blockchain firm pitches CBDC system to BoE In an article published by U.K.-based outlet Verdict on June 12, L3COS…

Lebanon’s Central Bank Burns as Protesters Rail Against Fiscal Failures

Protesters in Lebanon have set fire to the central bank in Tripoli in a show of anger with the country’s deepening economic crises and stagnant political orthodoxy. Joyce Karam of United Arab Emirates-based media outlet TheNational reported June 11 that the Lebanese pound (LBP) is trading for more than 5,000 per $1 in spite of the country’s official peg of 1,507 per dollar— a 20% depreciation since April, and over 230% since the peg was respected in January. However, recent reports also indicate that an increasing number of protestors are…

4,000 Chinese Bank Accounts Reportedly Frozen Due to Crypto Connections

Around 4,000 Chinese bank accounts of cryptocurrency traders have reportedly been frozen by local law enforcement. According to a June 8 report by 8BTC, police froze the bank accounts of thousands of  over-the-counter (OTC) traders from the Chinese province of Guangdong. This purportedly comes as part of a wider investigation into illegal activities such as gambling and money laundering, which 8BTC states have been commonly facilitated by crypto OTC trading with the stablecoin Tether (USDT).  Per the report, authorities started freezing the bank accounts on June 4. One retail investor…

South Korea’s NH Bank Forms Blockchain Financial Services Consortium

South Korea’s NH NongHyup Bank has announced a new consortium with a local law firm and a blockchain laboratory to jointly develop digital asset-based financial services. According to the Korea Herald on June 10, the bank signed a memorandum of understanding with law firm Bae, Kim and Lee, and blockchain developer, Hexlant. The consortium intends to research and develop cryptocurrency exchanges. Crypto exchanges permitted The move follows the passing of a bill by the South Korean National Assembly in March, which focused on the introduction of a permit system for…

Central Bank of Saudi Arabia Transfers Funds to Local Banks Over Blockchain

The Saudi Arabian Monetary Authority (SAMA), the country’s central bank, announced that it used blockchain technology to deposit funds to local banks.  An official statement published by SAMA said that the funds were a part of the bank’s initiative to enhance its “capabilities to continue its role in providing credit facilities.” The bank did not specify the exact amount of the fund transfer.  SAMA’s involvement with blockchain technology The Middle East is seeing widespread adoption of blockchain technology in the finance sector. SAMA has performed enormously in terms of using…

Chinese Bank Issues Commercial Paper Worth $16.9 Billion on Blockchain

China Zhe­shang Bank, a national commercial bank, used blockchain technology to issue an asset-backed commercial paper, or ABCP. It was issued as a part of the Na­tional As­so­ci­a­tion of Fi­nan­cial Mar­ket In­sti­tu­tional In­vestors’s (NAFMII) pilot project for ABCPs. An asset-backed commercial paper is a short-term investment issued by financial institutions to help companies meet short-term goals. Dubbed “Lianxin 2020 Lian­jie First Phase As­set-backed Com­mer­cial Pa­per,” the period of the Lianxin ABCP is six months and the span of the next issuance is yet to be specified.  An official of the…

Former Chinese Central Bank Exec Praises “Commercial Success” of Bitcoin

The former vice president of the People’s Bank of China, or PBoC, Wu Xiaoling, praised what she calls a “commercial success” for Bitcoin (BTC) on June 5. These kind words come despite a number of vital weaknesses left to address. According to local Chinese outlet, Sina, Wu stated in the preface of the book — “Talking to Top Cadres about Digital Currencies” — that the cryptocurrency is the most successful commercial application of blockchain so far. The former PBoC’s executive also stressed that no other blockchain-related project had achieved the…

Swiss Bank Maerki Baumann Launches Crypto Custody and Trading

Maerki Baumann, an unlisted family-owned bank in Switzerland, is expanding its cryptocurrency services by introducing crypto custody and trading. Following regulatory approval from the Swiss Financial Market Advisory Authority, or FINMA, Maerki Baumann will be offering its clients the trading and custody of crypto starting from June 2020. Five crypto assets will be available at the launch Announcing the news on May 29, the Zurich-based private bank said that the launch of new crypto features comes in line with Maerki Baumann’s crypto strategy initiated in early 2019. As part of…

Swiss Regulators Green Light Crypto Transactions for Local Bank

The Swiss Financial Market Supervisory Authority, or FINMA, has authorized InCore bank to carry out digital assets transactions, allowing customers worldwide to access and transact within the bank. The official announcement represents an important step in creating a blockchain-friendly environment across the EU banking sector. InCore bank becomes the first Swiss business-to-business bank approved to operate within the crypto sphere. The firm now allows the institutional clients to trade, hold, and transfer digital assets. FINMA has also allowed the bank to develop its tokenization capabilities. Partnership with IT crypto-assets consulting…