Proof of Keys Explained: Bitcoin’s First Planned ‘Bank Run’ Is Today

Do your bitcoins really exist? The answer might seem like an obvious “yes,” but the brewing “Proof of Keys” movement, launching today, argues the answer is not so clear. How in control a person is of their coins depends on where and how the bitcoin is stored. So participants will be taking their money out of third-party bitcoin services, moving it to accounts only they themselves control. “We’re going to withdraw all our bitcoin from any third party services just to prove that they’re there,” said Trace Mayer, Proof of…

Media Reports Central Bank Has Postponed ‘Crypto-Rupee’ Plans

The Reserve Bank of India (RBI) is pausing its plans to release a digital currency, Indian business news outlet the Hindu Business Line reported on Jan. 1. India’s central bank had originally announced its intentions to consider a central bank digital currency (CBDC) in April of this year, at the time noting the establishment of an interdepartmental group to look into potential advantages and feasibility. In August, RBI confirmed the creation of the group, specifying that it was researching a CBDC that would be backed the rupee for reasons including…

Bank of America Files Patent for Blockchain-enabled Cash Handlers

Bank of America (BoA) has filed another blockchain patent, documents with the USPTO reveal. The American multinational investment bank stated that it would use blockchain, the underlying technology which powers the world’s leading cryptocurrency Bitcoin, to handle some portions of its cash handling devices. The patent, titled “Banking Systems Controlled by Data Bearing Records, mentioned blockchain around 58 times, indicating how the digital ledger technology would improve their traditional cash deposit and withdrawal protocol. A cash handling device, in general, assists banks in dispensing, counting and tracking their cash flow to…

Bank of America Reveals New Blockchain Patent Targeting Cash Handling

Bank of America (BoA) wants to patent a system using blockchain technology to improve cash handling, a new application published Dec. 25 confirms. Originally submitted in June 2017, the patent references “banking systems controlled by data bearing records.” “Aspects of the disclosure relate to deploying, configuring, and utilizing cash handling devices to provide dynamic and adaptable operating functions,” its abstract reads. BoA explains there remain communication difficulties in aspects of cash handling duties across banks’ huge operations, and suggests blockchain could help ease these. “Cash handling devices may be used…

Chinese Central Bank Governor Defines STOs as ‘Illegal Financial Activity in China’

The People’s Bank of China (PBoC), the country’s central bank, highlighted the illegality of Security Token Offerings (STOs) in the country, English-language local news outlet South China Morning Post (SCMP) reports Dec. 9. A deputy governor of China’s central bank, Pan Gongsheng, reportedly told a summit in Beijing “that ‘illegal’ financing activities through STOs and ICOs [Initial Coin Offerings]  were still rampant in the mainland despite a nationwide clean-up of the cryptocurrency market last year.” Gongsheng also said that if the government had not stepped in, the chaotic crypto market…

South Korea’s Second Largest Bank Begins Blockchain Record-Keeping to Reduce Human Error

South Korea’s second-largest commercial bank, Shinhan Bank, has embarked on a project to implement blockchain in internal processes to decrease human error. The initiative was reported by English-language daily news outlet The Korea Times on Dec. 10. Shinhan, which has sought integration with both the blockchain and cryptocurrency spheres over the past eighteen months, also completed a staff training program to increase knowledge of blockchain for various applications. According to The Korea Times, the bank implemented interest rate swap transactions using the technology on Nov. 30 in what it called…

Galaxy Digital and Block.One Lead $30 Million Funding Round for US Disruptor Bank

Cryptocurrency-focused merchant bank Galaxy Digital and Block.One have led a $30 million Series A investment round in U.S. neo-banking platform Good Money. The news was confirmed by a press release Dec. 10. Aiming to balance user ownership with part donation of profits and equity, Good Money provides banking services and a handful of associated financial instruments to U.S. account holders. The investment came mostly via Galaxy and Block.One’s joint Galaxy EOS VC fund, one of several funds under the Block.One umbrella. “Modern banking is a primary driver of so many…

Finance Regulator, Central Bank Say Cryptocurrency Regulation ‘Being Put in Place’

Malaysia’s finance regulator and central bank issued a joint press statement Dec. 6 in which they confirmed they were “putting in place” legislation on cryptocurrency and Initial Coin Offering (ICO) assets. The statement from the Malaysia’s Securities Commission (SC) and Bank Negara Malaysia (BNM), which follows comments from senior government official that regulation of the sector could appear in Q1 2019, also reiterates the need comply with securities laws where appropriate. “The SC will regulate issuances of digital assets via initial coin offerings (ICO) and the trading of digital assets…

UAE’s Al Hilal Becomes First Islamic Bank to Issue Bond on Blockchain

Twitter Facebook LinkedIn CCN is expanding. Are you our next full-time journalist from the West Coast USA? Send us your CV and examples here. A state-owned financial institution in the United Arab Emirates, Al Hilal Bank, has made history by becoming the world’s first Islamic bank to execute a Sukuk (Sharia-compliant bond) transaction on a blockchain. In a secondary market deal, Al Hilal Bank used blockchain technology to resell and settle a portion of a US$0.5 billion Sukuk issued two months ago and scheduled to mature in September 2023. According…

Malaysia’s Finance Minister Says Crypto Issuance Must Defer to Central Bank

Malaysian Finance Minister Lim Guan Eng has stated that any entity wishing to issue cryptocurrency must defer to the country’s central bank, Bank Negara Malaysia (BNM). The minister’s comments were reported by local English-language daily broadsheet the New Straits Times (NST) Nov. 26. The finance minister outlined his stance in response to a question from parliamentary member Dr Tan Yee Kew of the country’s ruling People’s Justice Party (PKR). Dr. Tan reportedly inquired into which measures were being taken to assess the risks cryptocurrencies may pose for the financial system…