Blockchain Could Expand Central Bank Access, Says Bank of Japan

(@mpmcsweeney)
24 APR 2017  

 

Central banks could allow access to accounts around the clock if they used blockchains or cryptocurrencies, a senior Bank of Japan official speculated last week.

Speaking during a finance forum on 21st April, deputy governor Hiroshi Nakaso touched on the subject of so-called central bank digital currencies, or CBDCs, and their potential impact on how people interact with their accounts at a given time.

One proposal is to offer central bank accounts to retail customers through a CBDC (something that officials at the Bank of England have highlighted in the past). In his speech, Nakaso brought up this idea, suggesting that, depending on the degree of adoption, such an arrangement could give account holders continuous access to funds. Read more.

UN Commission: Blockchain Can Help Struggling Banks in Latin America

William Suberg
02 MAY 2017  THE COINTELEGRAPH

The Economic Commission for Latin America and the Caribbean (ECLAC) has stated Blockchain could help improve costs in troubled banking sectors.

In a report released at the end of April, the ECLAC, which is a regional commission of the United Nations, said the technology held particular promise in reducing so-called “de-risking” practices among local banks.

De-risking, it says, is the phenomenon witnessed across the developing world in which banks shy away from deals which would cost too much in regulatory maneuvering to fulfill.

“…This technology appears to have the potential to address the problem of de-risking on two fronts,” it said. Read more.

Blockchain Rollouts in Finance to Reflect Significant Change in the Short-Term

Blockchain Rollouts in Finance to Reflect Significant Change in the Short-Term
Lester Coleman
16 APR 2017  CryptoCoins News

Many early blockchain initiatives have only been implemented in testing environments, while their future commercial use remains uncertain. Nonetheless, an industry-wide conversation has emerged, as financial institutions explore blockchain’s theoretical appeal, its practical applications and standards have to be established to realize its potential.

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Bitcoin Startups Challenging Big Banks Profits

Bitcoin Startups Challenging Big Banks Profits
Kevin Helms
16 APR 2017 Bitcoin.com
Bitcoin Startups Challenging Big Banks Profits

Big banks are increasingly worried about losing profits to fintech companies such as Bitcoin startups. Eighty-eight percent of banks’ executives believe that their businesses are at risk of losing revenues to these new entrants, according to a recent survey. This profit loss could be as high as 10 percent at Santander Bank, a leaked memo shows.

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Hong Kong Launches Blockchain Trade Finance Platform With Deloitte, Top Banks

Hong Kong Launches Blockchain Trade Finance Platform With Deloitte, Top Banks
Joseph Young
08 APR 2017  COINTELEGRAPH

With Deloitte as one of the Big Four auditors, the Hong Kong Monetary Authority (HKMA) and the region’s top five banks have officially launched a Blockchain platform for trade finance.

Earlier this month, HSBC, Bank of China, Bank of East Asia, Hang Seng Bank and Standard Chartered co-introduced a proof of concept Blockchain platform for use with trade finance operations which include lending, issuing letters of credit, factoring, export credit and insurance.

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