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Citi and IADB complete cross-border payment pilot with blockchain tech
By Helen Partz
IADB disbursed tokenized funds to a recipient in the Dominican Republic using the LACChain blockchain network. Banking giant Citigroup has successfully completed a proof-of-concept for blockchain-based cross-border payments in collaboration with the Inter-American Development Bank, or IADB.According to a Thursday…
America’s Second-Oldest Bank State Street to Enable Crypto Trading on its Platform
Shortly after the oldest US-based bank entered the cryptocurrency space, so has done the second-oldest – State Street Corporation. The banking giant with $3 trillion in assets under management will allow the London-based Puremarkets to use its Currenex platform for…
Digital yuan campaign planned for contested island in the South China Sea
Participants will receive a discount for every central bank digital currency expenditure worth 100 yuan. South China’s Hainan Province, which administers the prefectural Sansha City on a disputed archipelago in the South China Sea, will run a two-week campaign later this month…
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JPMorgan Boss Says ‘Emerging Issues’ Like Cryptocurrencies ‘Need to Be Dealt With Quickly’
By Jamie Redman
JPMorgan’s boss Jamie Dimon has a bone to pick with cryptocurrencies, shadow banking, and the financial technology (fintech) economy. In a letter to JPMorgan shareholders, Dimon explained that banks are “playing an increasingly smaller role in the financial system” and…
Demand for Bitcoin Increases Despite Regulatory Restrictions: Goldman Sachs CEO
The existing regulatory framework around cryptocurrency restricts Goldman Sachs from implementing its projects covering digital currencies, said the bank’s CEO, David Solomon. He added that customer demand has skyrocketed in recent months, which is the reason behind GS’s proactive crypto…
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Sweden’s central bank completes first phase of digital currency pilot
By Helen Partz
The Riksbank said that CBDC technology still requires further investigation. After completing the first phase of its digital currency pilot project, Sveriges Riksbank has found some critical issues that must be addressed before Stockholmers can buy coffee and kanelbullar with e-krona.In a…
How banks can identify money laundering involving crypto, explained
What are the tools that banks and financial institutions need to identify money laundering involving crypto? This explained guide reveals all. How does blockchain analytics software work for financial institutions exposed to crypto?They enable transactions to be monitored on all…
After breaking $100 billion TVL, DeFi is now the equivalent of a top 40 U.S. bank
It’s a long road to the #1 spot, but some ecosystem players think we’ll get there eventually. According to decentralized finance (DeFi) ecosystem tracker DeFiLlama, early this morning the DeFi ecosystem breached $100 billion in total value locked for the…
Indian IT giant Tech Mahindra to launch stablecoin tool for banks
By Helen Partz
Tech Mahindra wants to provide U.S. banks with a stablecoin solution after the OCC authorized federally chartered banks to use stablecoins for settlement in January. Indian multinational technology firm Tech Mahindra is developing a new stablecoin service targeting banks and…