the South African Reserve Bank (SARB) and the National Treasury are seeking comments on proposed policy changes that could, among other things, offer cryptocurrencies regulatory certainty. According to the authorities there may be an overhaul of the national payment system (NPS), a set of infrastructures and arrangements which allow the transfer of funds between individuals and entities, is needed as the legislation backing the system, the National Payment System Act 78 of 1998, is outdated. It is only through a review that the continued efficiency and safety of the national payment system will be assured. An authority of the bank argued that regulating cryptocurrencies could result in adverse effects.
Brazil’s largest private bank has partnered with United Kingdom bank Standard Chartered to create a blockchain-based platform for small loans, according to a press release published by Itau Tuesday, Dec. 4. Itau Unibanco, also a major Latin American banking group, and Standard Chartered both offer international banking services. The two entities have successfully conducted a proof-of-concept (PoC) for the mentioned platform, based on Corda Connect developed by New York-based blockchain startup R3. Moreover, Itau and Standard Chartered, joined by United States multinational financial services company Wells Fargo, have issued a club loan of $100 million to test the platform.
A South Korean financial authority has warned two major domestic banks about their lack of management of cryptocurrency transactions and Anti-Money Laundering (AML) regulation, local online media outlet The Daily reports Dec. 4. The Financial Supervisory Service (FSS) has reviewed Kookmin Bank and Nonghyup Bank and found “unreasonable elements related to virtual [currency] handling business.” However, the article notes that the regulation standards are not clear, and the FSS’s order applies only to some accounts that have been contracted with a real-name verification service, not crypto counterparty (exchange) accounts. The banks have also received orders for improvement and must submit the measures to the FSS.
A large commercial bank in Nigeria has threatened to shut down an undisclosed number of cryptocurrency-related accounts without explanation. Lagos-based Union Bank claims that any decision to do so would be in line with the Central Bank of Nigeria’s (CBN) past warnings about cryptocurrency trading. In a statement to account holders this week, Union Bank of Nigeria warned: “In order to guarantee the security of our customers’ funds, Union Bank will monitor accounts being used for cryptocurrency transactions and may impose restrictions including closure of such accounts.” The 100-year-old bank, which has $3.84 billion in assets, cited a series of cautionary statements from the CBN, which apparently do not completely prohibit virtual currency trading, to support its decision.
Lim Guan Eng the financial minister of Malaysia said that the country’s central bank Bank Negara Malaysia (BNM), will have to be consulted regarding cryptocurrency projects as the final decision rests with the apex bank. The response by Malaysia’s finance minister came as intense debate rages over the Harapan Coin which has been dubbed the first political fundraising platform in the world to use blockchain technology. Khalid Samad, Malaysia’s Federal Territories Minister, launched the project as a way of raising funds for Pakatan Harapan, Malaysia’s current ruling political party, ahead of next year’s elections. Samad indicated that a proposal was being prepared with a view of presenting it to the country’s central bank in order to obtain regulatory approval.
A candid public discussion is better than a prolonged secret work to announce it with a load of hype. Ripple is set for an ultimate and significant debut into Malaysia as it welcomes the country’s financial heavy-weight CIMB Group Holdings Bhd into its cross-border payment system. This development comes as Ripple continues to garner of traction in the global market. At present, SWIFT has around 11,000 banks on its network. Ripple has barely over 100 customers and is making huge steps in wooing more. According to data from the World Bank, the total value of global remittances is allegedly claimed to hit $642 billion by end of this year.
Normal people unlike crypto enthusiasts like you should literally entreat you to know about this crypto world. Such a baffling thing has recently happened. The Bank of America (BOA) has won a patent for a system for companies to store customers’ crypto deposits. The patent filing outlines different interactions between customers’ crypto holdings and an enterprise account, with the latter functioning to securely store (or “aggregate”) customers’ crypto deposits. The patent outlines methods for storing private keys associated with customers’ accounts, determining public keys, and generating “vault keys” for storage. The bank’s most recent crypto-related patent award, which was sealed Oct. 30, referenced storage methods for private keys.
Future plans are a mountain for something great and unpredictable and success is its summit. Head of transaction services at Swedish bank has unraveled his key future possible users of XRP during a recent interview. With a bolstering confidence, he kept saying that the key objective of the bank is to concentrate settlements between the United States and Sweden. The company further added that it is using all the ingenious ways to use the new technology for Ripple products. The team obliterated the negative comments by saying
The platform would be used for real-time transfers between Stockholm and New York.
There was a proliferation of positive reviews from clients pertaining to these plans.
Corporate companies have their own and R&D team to work on a project, maybe secretly, to give you the best possible result. Cryptocurrency industry is no different and is secretly or publicly doing so many baffling projects. Such an undertaking was seen by The Depository Trust and Clearing Corporation [DTCC] which is working on a blockchain project. It has advanced its testing phase to 15 global elite banks just to make sure the product is ready to use. The tech will be live soon. The DTCC is sticking to its early 2019 go-live date and since then the public is so hyped.
Like toddlers finally start to perceive the world, the crypto space has been the epicenter for several exciting things but this certainly takes the cake. Banks have been long hedging their bets or even fully integrating cryptocurrencies, but Bank of America leads the way. The Bank Of America wants to act as a digital safe who serves as a bank or more like bank for private keys. A product of this kind has a lot of probability to seek success. This is certain to find a gracious market.Bank Of America wants to keep their clients active by making them know in real-time when their private keys are tampered with.