Russian State-Owned Gazprombank to Pilot Cryptocurrency Service – Bitcoinist.com

Wilma Woo · March 30, 2018 · 11:00 am A Russian bank may make a pioneering step for the country in allowing its investors to invest in cryptocurrency this year, reports claim. Gazprombank VP: There Is Demand For Crypto Various local media outlets today quote Gazprombank senior vice president Aleksandr Sobol as saying “some kind of pilot” scheme involving cryptocurrency …

Major Canadian Bank Files Patent To Make Credit Scores ‘Transparent’ Via Blockchain

The Royal Bank of Canada (RBC), reportedly the country’s largest bank, filed a patent for a credit score platform using Blockchain technology this past fall, according to the patent application from the US Patent and Trademark Office released March 15. The patent describes a Blockchain-based credit score platform where “credit records are recorded using blocks linked by identification data. The …

Major Canadian Bank Files Patent To Make Credit Scores ‘Transparent’ Via Blockchain

The Royal Bank of Canada (RBC), reportedly the country’s largest bank, filed a patent for a credit score platform using Blockchain technology this past fall, according to the patent application from the US Patent and Trademark Office released March 15. The patent describes a Blockchain-based credit score platform where “credit records are recorded using blocks linked by identification data. The …

India’s HDFC Joins List Of Banks Banning Crypto Purchases Via Card

India’s HDFC Bank, the country’s largest private bank, has informed clients that its debit and credit cards cannot be used to purchase cryptocurrency, local news source First Post reported March 14. In a letter to clients sent on Tuesday March 13, HDFC explained that the measure was taken in order to protect customers. The letter allegedly states: “To ensure our …

Major South Korean Exchange Bithumb Partners With BitPay To Corner ‘$200 Bln’ Market

South Korea’s largest cryptocurrency exchange Bithumb has partnered with BitPay to compete in the international remittance market, an executive announced March 13. Speaking to CNBC about the deal, BitPay chief commercial officer Sonny Singh said businesses would now be able to convert invoices to Bitcoin and use BitPay to settle them faster and more cheaply than via conventional bank-based remittance …

Bank For International Settlements Distances Itself From Centralized Digital Currencies

A new joint European banking report has poured cold water on the effectiveness of so-called central bank digital currencies (CBDCs). The report, submitted by two working groups under the auspices of the Bank for International Settlements (BIS) and European Central Bank (ECB), warns about the “adverse” effect of introducing a CBDC. It also advocates that banks and other authorities “continue …

Finnish Crypto Exchange Risks Collapse As Banks Refuse To Do Business

Finnish cryptocurrency exchange and crypto wallet services provider Prasos Oy is one step from being “frozen”, as most Finnish banks will no longer conduct business with them, Bloomberg reports March 9. Founded in 2012, Prasos has seen a ten-fold spike of transaction volumes reaching $185 mln in 2017, which became a subject of concern among the banks. Finnish banks do …

Cryptocurrencies vs. Banks: Advantage of Decentralized Financial Systems

The views expressed here are the author’s own and do not necessarily represent the views of Cointelegraph.com Decentralized cryptocurrencies like Bitcoin and Ethereum have strong advantages over centralized financial systems, primarily because of their ability to function and operate without a single point of failure, which hackers and bad actors can target. Transaction processing On Feb. 19, Jameson Lopp, the …

SWIFT’s Blockchain Pilot For Bank-To-Bank Transfers Went ‘Extremely Well’

A report by the financial messaging provider SWIFT and 34 global transaction banks that sought to answer the question of how distributed ledger technology (DLT) (Blockchain) Proof of Concept (PoC) can help Nostro account reconciliation has been published today, March 8, with positive results. A Nostro account is a bank’s account in a foreign currency in another bank. Back in …