On Tuesday, a director of a leading think tank stood before the British Parliament’s Treasury Select Committee and called out blockchain technology as “magic wand, pixie-dust things” that is a “fad” and “a distraction from looking at getting some of the basics rights” in the banking industry. Continue reading Anti-Crypto ‘Expert’ Tells British Govt. Blockchain Is Just a Fad
The Bank of Korea is set to announce details of an ongoing study into cryptocurrencies next month that includes a plan exploring the possibility of issuing a central bank digital currency (CBDC). In a statement on Wednesday, the Bank of Korea confirmed it was in the “early stages” of studying cryptocurrencies and the implications of issuing them as a central bank, the Korea Times reported. Continue reading Bank of Korea Hints at Issuing a Central Bank Digital Currency
Card issuer Mastercard is feeling the sting from a decision by top US banks to ban credit card transactions for cryptocurrencies. Cross-border volume growth is on a downward trend, as evidenced by a 19% increase last month compared to 21% for all of the first quarter, according to the company’s earnings results. Continue reading Crypto Purchase Ban Hits MasterCard Earnings
For a bank that has distanced itself from cryptocurrencies, JPMorgan is sure fond of the blockchain.
The biggest US bank based on assets joined forces with the National Bank of Canada, among others, to develop an application based on its Quorum technology for debt issuance on the blockchain (corporate bonds, Treasury bonds, etc.) The test involved the issuance of $150 million of a one-year floating rate Yankee CD alongside a “simulation” of the issuance on the blockchain, according to the announcement. JPMorgan acted as the sole dealer. Continue reading JPMorgan Tests the Waters for Debt Issuance on a Blockchain
Bitcoin and other cryptocurrencies cannot replace the U.S. dollar because they fail the basic test of what a currency should be. That’s what John Williams, the incoming head of the Federal Reserve Bank of New York, insists. Continue reading Bitcoin Isn’t Currency, Can’t Replace Dollar