China’s central bank has created a system to transfer paper checks to Blockchain. It took one year to develop the system, and in 2017 a prototype was successfully tested in a virtual environment. Paper business checks in China function like money orders, except that recipients can also exchange them with other entities read more
Bank of Thailand (BoT) governor Veerathai Santiprabhob brought the project up at Nomura Investment Forum Asia (NIFA) in Singapore. Creating a central bank-issued digital currency (CBDC) for internal use is a “new way of conducting interbank settlement”, says Santiprabhob. It is expected to help decrease the time spent on transaction and validation and expenses since fewer intermediaries will be needed read more
The Bank of England (BoE) has revamped its payments framework making it compatible with distributed ledger technologies (DLTs), Reuters detailed Monday.
What’s So Great About Great Britain’s Payments System
Real-Time Gross Settlement system (RTGS) is fundamental for banking and trading in Britain and conducts transactions worth circa £500 billion every year – around 33% of the nation's economic output. The updated system is going to be launched by 2020, and will be resistant to digital assaults while being accessible to an extensive number of smaller organizations. This would empower them to use the framework directly, rather than through an intermediary of a large bank. read more
Central bank-issued cryptocurrency might be financially beneficial for Canada and the U.S., as indicated by a central bank analyst.
What Do Numbers Say?
In a working paper published July 26, the Bank of Canada's S. Mohammad R. Davoodalhosseini states that presenting a central bank digital currency (CBDC) "can lead to an increase of up to 0.64 percent in consumption for Canada and up to 1.6 percent for the US, compared with their respective economies if only cash is used." read more
Mike Novogratz's crypto merchant bank Galaxy Digital released an announcement about a $134 million loss as crypto markets had stooped.
Galaxy Digital’s trading business lost $13.5 million, had $85.5 million of unrealized losses on digital assets and a $1.1 million paper loss on investments, according to its first quarterly report. The young firm also posted $22.9 million paper losses on investments in its principal investing business. read more
Goldman Sachs Group Inc. is pausing its intention to open a cryptocurrency exchanging desk, as Business Insider reported September 5.
Vague Regulation Environment to Pause the Project
In December, Bloomberg announced the bank’s plan to launch a crypto-centered unit by the end of June 2018. Sources claimed that Goldman Sachs was willing to become "the first large Wall Street firm to make markets in cryptocurrencies."
However, since the regulatory policy remains rather vague, the bank has brought down the priority of the project. It might take some time before a regulated bank could exchange digital assets, claim the sources.