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Softbank Rolls Out Smart Crypto Credit Cards with Advanced Wallet Functions

Posted on December 4, 2019December 4, 2019 by Julie Williams

While we have seen a few crypto-based smart cards over the past year, the Japanese multinational conglomerate holding company Softbank just raised the bar a notch higher as it launched a set of ‘actual’ smart cards with cryptocurrency wallet functionalities. As opposed to previous cryptocurrency cards that perform basic operations of familiar conventional credit and debit cards, the SBC Wallet Cards are designed to perform way more functions, catering to both the users’ security needs…

South African Reserve Bank Tightens its Claws on Cryptocurrency

Posted on December 3, 2019December 3, 2019 by Rehan Yousaf

South African Reserve Bank (Sarb) is planning on presenting new rules to curb illegal use of cryptocurrencies in activities such as money laundering. The cryptocurrency news came after Kuben Naidoo, Deputy Governor of Sarb, mentioned the plans while talking to reporters. The new rules, which have been under consideration for five years, are expected to be implemented by the first quarter of the coming year (2020). Currently, South Africans are limited to sending 11 million…

New Law in Germany Allows German Banks to Offer Crypto-Related Services

Posted on December 1, 2019December 1, 2019 by Rehan Yousaf

German banks have so far not been allowed to conduct their various businesses in cryptocurrency. However, a new law called the fourth EU Money Laundering Directive is going to revolutionize the way banks and customers interact. At its basic, the new law will empower banks to become the primary custodians of digital currency for their customers. Local news agency Handelsblatt reports: “Starting in 2020, financial institutions will be able to offer their customers online banking,…

Banque de France Official Suggests Issuance of Central Bank Digital Currency

Posted on November 27, 2019November 27, 2019 by Rehan Yousaf

Denis Beau, First Deputy Governor of Banque de France (France’s central bank) discussed the possibility of central banks in Europe developing a digital currency at the AFME Annual Capital Market Technology and Innovation Conference, held in Paris on 21st November. Beau stated that the tokenization of financial assets, along with applications based on blockchain technology and distributed ledgers used for storage and exchange of electronic assets, can be a possible solution to meet consumers’ demand….

South Africa’s FirstRand Bank Terminates Accounts Related to Crypto

Posted on November 21, 2019December 3, 2019 by Rehan Yousaf

FirstRand Bank has notified some of the most major cryptocurrency exchanges in South Africa about the closure of their accounts. These crypto exchanges include VALR, Luno and ICE3X. The decision came out after the bank reconsidered its risk factor when it comes to digital currencies and decided to discontinue working with companies that it considered to increase the risk factor. The decision, however, can be revised. According to the bank’s statement, it might change its…

Ex-Federal Reserve Chairman Greenspan: ‘No Point’ Issuing Central Bank Digital Currency

Posted on November 13, 2019November 13, 2019 by Ravi Rd

The former Federal Reserve chairman Alan Greenspan said at a conference that it is pointless for central banks to issue their own digital currencies. Presenting his views, Greenspan said that national (fiat) currencies are backed up by sovereign credit and therefore are far superior to digital assets proposed by tech giants like Facebook. “There’s no point for them to do it,” Alan Greenspan affirmed a financial conference in China. Describing the importance and potential of…

Switzerland-Based Banking Firm SEBA Now Fully Functional After Receiving Licence

Posted on November 13, 2019November 13, 2019 by Rehan Yousaf

After successfully obtaining a banking license from the Swiss Financial Market Supervisory Authority (FINMA), SEBA Bank announces the launch of its services in digital assets and traditional assets banking. In a blog post that announced the launch of the bank’s new crypto services, it reports that the bank will now cater to a wide range of clients that include “asset managers, pension funds, companies, and professional private investors.” FINMA has closely monitored the operations at…

Canadian Once Anti-Crypto Bank RBC Now Poised to Jump on the Crypto Wagon

Posted on November 13, 2019November 13, 2019 by Julie Williams

Canada’s largest bank, the Royal Bank of Canada (RBC), is reportedly looking to venture into the highly volatile and controversial (at least in the banking community) crypto market, according to a report by the Logic. Besides being the biggest bank in Canada, accruing more than $965 billion in total assets, the RBC was notorious at a time for its anti-crypto stance. Thanks to the controversial nature of the crypto ecosystem, it is not unusual to…

China’s Central Bank Executive: ‘Controllable Anonymity’ with State’s Digital Currency

Posted on November 12, 2019November 12, 2019 by Rehan Yousaf

As China moves forward towards the launch of the digitized version of its traditional currency, investors and financial authorities all over the world closely monitor and assess its implications for the general public. With worries of surveillance and abuse in mind, the head of the People’s Bank of China’s digital currency research institute Mu Changchun stressed that the digital currency is not intended to empower the state to control private information of the public. Instead,…

Former European Central Bank President: Strongly Against Bitcoin, Crypto Is Not Real

Posted on November 11, 2019November 11, 2019 by Rehan Yousaf

Jean-Claude Trichet, former president of the European Central Bank has affirmed his doubts over cryptocurrency, claiming that it can never become the future and replace fiat currency. Trichet is merely the latest anti-crypto member with a banking background to express a dislike over the new emerging technology of cryptocurrency that is perceived as a threat, which could dismantle the conventional system of international central banks by removing their firm control over currencies. At the 10th…

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