Ripple CEO Brad Galringhouse: Not Against Banks, But with Them

Ripple CEO Brad Galringhouse: Not Against Banks, But with Them

Ripple’s CEO Brad Garlinghouse has had quite a lot to say in the latest episode of Recode Decode with Kara Swisher, especially about the progress in the way the world views cryptocurrency and the need for banks to support this new digital phenomenon. After a broad array of careers spanning across industries and domains, including @Home Network, SBC, Yahoo and Hightail among others, Garlinghouse now functions as the CEO of one of the most prominent…

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Key European Central Bank Policy Maker Favors Stablecoins Over Bitcoin

Key European Central Bank Policy Maker Favors Stablecoins Over Bitcoin

About a week after the President of the European Central Bank (ECB), Mario Draghi, blew Bitcoin and other cryptocurrencies out of the water, the key ECB official Francois Villeroy de Galhau declared that he actually prefers Stablecoins to cryptocurrencies. It will be recalled that the President of the ECB, while answering a students question during the ECB Youth Dialogue last week, bashed Bitcoin and other cryptocurrencies, saying they are not real currencies. He supported his…

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US Senators Demand Information on Facebook’s Crypto Project in a Letter to Mark Zuckerberg

US Senators Demand Information on Facebook’s Crypto Project in a Letter to Mark Zuckerberg

Facebook has been struggling with their public image over the last couple of years, mainly due to the back to back news of their mishandling of users’ private data. Being one of, if not the, biggest social media platform in the world today, Facebook has taken an intensive and intruding approach towards data collection for their billions of users. The extent to which Facebook acted in bad faith has been revealed over the course of…

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Canada and Singapore Pilot a Cross-Border Payment System Based on Distributed Ledger Technology

Canada and Singapore Pilot a Cross-Border Payment System Based on Distributed Ledger Technology

The Bank of Canada and the Monetary Authority of Singapore have joined hands on performing a successful experiment related to cross-border payments, making use of central bank digital currencies. In the first of its kind trial, the aim was to pave the way for a revolutionary breakthrough in cross country and cross currency payments, increasing their overall efficiency and reducing the risks associated with such a kind of payment. This comes as a long awaited…

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Five Canadian Banks Use Blockchain App Verified.Me for Identity Verification

Five Canadian Banks Use Blockchain App Verified.Me for Identity Verification

Five Canadian banks are now offering the blockchain-based identification system Verified.Me developed by SecureKey Technologies and available through a smartphone app. The app will allow customers to verify their identity to the bank in a safe and secure way. SecureKey Technologies is an identity and authentication tech startup company that uses blockchain technology and collaborations with major enterprises like IBM to develop leading identification software. The identity system used by the five Canadian banks is…

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Two People Charged for Providing Unlicensed Banking Services to Crypto Exchanges

Two People Charged for Providing Unlicensed Banking Services to Crypto Exchanges

Thanks to the combined efforts of special agents from the New York Office of the Internal Revenue Service, Criminal Investigation Division (IRS-CI) and the FBI New York Money Laundering Investigations Squad, a banking fraud was uncovered recently and the managers charged for bank fraud. The illegal money transmitting scheme was reportedly being spearheaded by a 60-year-old man from Arizona, called Reginald Fowler. The official press release has it that Fowler worked hand in hand with…

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Banking Culture Hinders Blockchain Adoption, Says Top Credit Suisse Executive

Banking Culture Hinders Blockchain Adoption, Says Top Credit Suisse Executive

When blockchain technology first stepped into the spotlight, it was hailed as the ‘future of internet and finance.’ However, as it is now evident, that is not going to be that easy. Many have been left baffled by the almost forcibly slowed down adoption and progress of blockchain technology given the difference it could make in the finance and banking industry. There are a lot of reasons that can be attributed to the hostility that…

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JPMorgan Expands Further its Blockchain Network to 220 Banks Globally

JPMorgan Expands Further its Blockchain Network to 220 Banks Globally

After tackling several issues related to payments, the American multinational investment Bank and financial giant JPMorgan Chase has decided to delve further into blockchain technology with another expansion of its blockchain-powered network. This move will help the banking giant to ensure that the payment system in its banking sector is operated without any glitch. It’s also extending an invitation to FinTech companies so that they could find out a way to develop their platform further….

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Central Banks of Afghanistan and Tunisia Want To Issue Bitcoin Bonds

Central Banks of Afghanistan and Tunisia Want To Issue Bitcoin Bonds

The Hong Kong based media outlet Asia Times recently reported that Afghanistan is looking to release Bitcoin bonds with the hopes to raise capital to support the country’s ailing economy. The governor of the central bank of Afghanistan, Khalil Sediq, was speaking at the annual Spring Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund (which have a crypto venture of their own), held in Washington between April…

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Romania’s Central Bank Official: Cryptocurrencies Will Never Substitute Fiat Currency

Romania’s Central Bank Official: Cryptocurrencies Will Never Substitute Fiat Currency

“Cryptocurrencies will never be able to substitute the currency issued by a central bank,” said Daniel Daianu, a member of the Romanian National Bank’s (BNR) Administration Council, in a conference on April 16. As many of his traditional banking peers and clearly being on the side of opposing cryptocurrencies, he further added that central banks may issue their own digital currencies but they will be only seen as any other financial asset and nothing else….

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