Cryptocurrency is a ‘Token’, We Won’t Call it a Currency: South Africa’s Central Bank

South Africa’s central bank is choosing to call cryptocurrencies like bitcoin as ‘cyber-tokens’ rather than currencies, arguing they do not ‘meet the requirements of money’. The South African Reserve Bank (SARB), the country’s central bank, prefers to see cryptocurrencies as ‘tokens’ rather than currencies according to deputy governor Francois Groepe. As things stand, the authority

The post Cryptocurrency is a ‘Token’, We Won’t Call it a Currency: South Africa’s Central Bank appeared first on CCN

Zimbabwe Court Lifts Central Bank’s Banking Ban on Bitcoin Exchanges

The Harare High Court has lifted a ban by the central bank which barred all banks and financial institutions from offering services to cryptocurrency exchanges. The Reserve Bank of Zimbabwe (RBZ) failed to appear for court proceedings in a case in which Zimbabwe crypto exchange, Golix is seeking reversal of the central bank’s directive that

The post Zimbabwe Court Lifts Central Bank’s Banking Ban on Bitcoin Exchanges appeared first on CCN

Another Report Links Bitfinex to Puerto Rico’s Noble Bank

The whispers that cryptocurrency exchange giant Bitfinex has found a banking partner in the Caribbean are growing louder. Citing three people with knowledge of the matter, Bloomberg reports that the exchange operator has opened accounts at Noble Bank International, a financial institution based in San Juan, Puerto Rico. Noble, notably, does not hold funds directly,

The post Another Report Links Bitfinex to Puerto Rico’s Noble Bank appeared first on CCN

Bitcoin Price Has Hypothetical Value of $1,800: Federal Reserve Report

The Federal Reserve Bank of San Francisco released a report on May 18 discussing the volatility of the bitcoin price and its impact on the ways bitcoin should be classified, whether as a currency, security, or commodity. Joost van der Burgt, author of the publication and fintech policy advisor at the Federal Reserve’s San Francisco branch,

The post Bitcoin Price Has Hypothetical Value of $1,800: Federal Reserve Report appeared first on CCN

Argentinian Bank Drops Out of SWIFT, Favors Bitcoin and Cryptocurrency

According to Toshi Times, Jose Dakak, the principal shareholder of Argentinian bank Banco Masventas, has stated that the bank will drop out from the global financial network SWIFT and begin utilizing the Bitcoin blockchain network to settle international payments. Can Bitcoin Replace SWIFT? Through a strategic partnership with Bitex, a cryptocurrency payment service provider based

The post Argentinian Bank Drops Out of SWIFT, Favors Bitcoin and Cryptocurrency appeared first on CCN

Bank of America Adds to Growing List of Blockchain Patents

Blockchain is finding more implementation in the mainstream and Bank of America (BoA) is at the forefront of a group of legacy companies that are using Distributed Ledger Technology (DLT) to validate the veracity of information and those using it. A Security-inclined Blockchain Recently, the bank won another blockchain patent, adding to its growing list

The post Bank of America Adds to Growing List of Blockchain Patents appeared first on CCN

Major Banks Pilot Successful Thailand-Singapore Blockchain Remittance

A joint effort by major banks in south-east Asia has led to a successful blockchain-powered cross-border funds transfer in real-time from Thailand to Singapore. In an announcement on Tuesday, Thailand’s Bank of Ayudhya – commonly referred to as Krungsri – revealed a successful pilot test involving an international remittance from a domestic bank account to

The post Major Banks Pilot Successful Thailand-Singapore Blockchain Remittance appeared first on CCN

Federal Reserve’s Kashkari Rips Cryptocurrency Market: ‘It Has Become a Farce’

Neel Kashkari, the president of the Minneapolis Federal Reserve, slammed the cryptocurrency industry, saying it has become a “farce” due to unregulated chaos and escalating fraud. Kashkari made the biting remarks at Bay College in Escanaba, Michigan, on May 21, where he expressed dismay at the proliferation of scams in the nascent crypto ecosystem. “It’s

The post Federal Reserve’s Kashkari Rips Cryptocurrency Market: ‘It Has Become a Farce’ appeared first on CCN

Japan’s Biggest Bank to Carry Large-Scale Trial of Cryptocurrency ‘MUFG Coin’

The banking arm of the Mitsubishi UFJ Financial Group’s (MUFG), the Bank of Tokyo-Mitsubishi UFJ, is reportedly planning to trial its in-house cryptocurrency in 2019 following years of development. As Japan’s largest bank, MUFG could become the world’s first major financial institution to deploy its own cryptocurrency after a local report by Japanese publication NHK

The post Japan’s Biggest Bank to Carry Large-Scale Trial of Cryptocurrency ‘MUFG Coin’ appeared first on CCN

UK Forex Operator LMAX to Launch Cryptocurrency Exchange for Banks and Hedge Funds

UK foreign exchange trading platform operator LMAX has announced that it will launch a cryptocurrency exchange tailored for banks, hedge funds, and other institutional investors. The London-based company made the announcement on Monday, explaining that the new platform — dubbed LMAX Digital — is the “first physical crypto currency exchange dedicated to serving only institutional

The post UK Forex Operator LMAX to Launch Cryptocurrency Exchange for Banks and Hedge Funds appeared first on CCN