UAE, Saudi Central Banks Work on a Cross-Border Cryptocurrency

The central banks of the United Arab Emirates (UAE) and Saudi Arabia are jointly working on a cryptocurrency to enable cross-border transactions between the two countries.

Russia’s Biggest Bank Pilots Money Transfer on an IBM Blockchain

Sberbank has piloted the Russian banking industry’s first ever payment transaction over a blockchain.

Big Banks Block Client Access to Sunday’s Bitcoin Futures

Big banks are not rushing to facilitate investment in the first bitcoin futures market that goes live on Sunday.

Goldman Sachs Will Trade Bitcoin Futures For Clients

Goldman Sachs, the global finance market’s second largest investment bank behind JPMorgan, will begin trading bitcoin futures for its clients, once major exchanges list bitcoin futures in the upcoming weeks.

Wall Street Banks Revolt Against Bitcoin Futures Contracts Launch

Wall Street banks are hitting back at the upcoming bitcoin futures contracts, claiming that the finance system isn’t ready with continuing rising prices.

NYSE Owner: We Aren’t Rushing Toward Bitcoin, Yet

The owner of the world’s largest stock exchange does not believe it is wise to race to be the first U.

Options for Borrowing and Lending With Cryptocurrency Are on the Rise

Cryptocurrency has opened up a new world in the financial sector that was primarily owned by banks, namely the borrowing and lending of capital. While peer-to-peer borrowing and lending has developed in recent years in the fiat currency space, it is only recently that companies have been finding methods of replicating these ideas in the cryptocurrency space.

Traditional Money on the Decline Amid Rising Interest in Digital Currencies

Paying with traditional banknotes is on the decline as interest in contactless payments and digital currencies rises. That’s according to the co-founder of the Sohn Conference Foundation. Speaking with CNBC on the sidelines of the Sohn Conference in London, Evan Sohn said that a world without fiat money is quickly approaching, adding: How far are we from a restaurant that says we only take online payment? If you eat here, you have to download this application and we only take electronic payment, no cash here, no check.

Turkey Central Bank Admits Bitcoin is a Threat to Global Banking System

Earlier this month, Turkish Central Bank Governor Murat Cetinkaya emphasized that bitcoin could contribute to global financial stability with its decentralized and peer-to-peer (P2P) financial network. Turkish Central Bank Feels Threatened by Bitcoin The decentralized structure and nature of bitcoin completely eliminates the necessity of central entities and authorities within the network to settle transactions between two parties.

JPMorgan Strategist: Bitcoin Futures Could ‘Elevate Cryptocurrencies Into an Emerging Asset Class’

JPMorgan CEO Jamie Dimon might consider bitcoin to be a “fraud” that “will not end well,” but one of his top strategists anticipates that the launch of bitcoin futures could turn cryptocurrencies into “an emerging asset class.” As reported by CNBC, Nikolaos Panigirtzoglou, a global markets strategist at JPMorgan, said Friday that the addition of bitcoin futures contracts to regulated trading platforms will lend credibility to cryptocurrency, making it more appealing to both institutional and retail investors.

Bring Instant Payments to Beat Bitcoin, ECB Director Tells Banks

A European Central Bank director has called on banks to embrace instant payments to suppress the disruptive threat posed by cryptocurrencies like bitcoin. Speaking at an event in Rome, European Central bank director Yves Mersh dismissed digital currencies and called on retail, commercial banks to embrace instant payments to counter the rise of cryptocurrencies. In quotes reported by Reuters, Mersh said: Banks need to implement instant payments as soon as possible and provide an alternative narrative to the ongoing public debate on the alleged innovation brought by virtual currency schemes.

‘A Vehicle to Perpetrate Fraud’: Goldman CEO Blankfein Sours on Bitcoin

Goldman Sachs CEO Lloyd Blankfein appears to have soured on bitcoin following its historic march to $10,000 and subsequent volatility. In an interview with Bloomberg Television, Blankfein derided the flagship cryptocurrency as a “vehicle to perpetrate fraud,” stating that an asset as volatile as bitcoin does not strike him as an effective currency or store of value.

Bitcoin is More “An Investment Than a Currency”: Swiss Central Banker

The chairman of Switzerland’s central bank believes cryptocurrencies like bitcoin are more of an investment than a currency, at present. Speaking at an event in Basel on Thursday, Swiss National Bank Chairman Thomas Jordan struck a cautious tone about cryptocurrency’s usefulness as a transactional currency. Jordan, who notably servers as a director in the board of the Bank of International Settlements – commonly seen as a central bank for central banks – confirmed that multiple central banks around the world are looking into the issue of cryptocurrencies “very intensively.

Bitcoin ‘Definitely Not a Fraud’: Fintech Startup Revolut CEO

Mainstream banking giants such as JPMorgan and UBS might be skeptical of bitcoin, but fintech startups such as Square and Revolut are embracing it as a logical outgrowth of the digital revolution. In an interview with CNBC, Revolut CEO Nikolay Storonsky stated that, despite the protests of JPMorgan head Jamie Dimon, bitcoin is “definitely not a fraud”.

Cryptocurrencies “Too Far Off” to Kill Physical Cash: Bank of Japan Official

The head of the Japanese central bank’s payments department doesn’t see digital currencies like bitcoin replacing physical cash anytime in the near future. Speaking at a FinTech forum in Tokyo on Wednesday, Bank of Japan (BOJ) senior official Hiromi Yamaoka revealed he doesn’t see the conventional banking industry under any immediate threat from digital currencies. Yamaoka, who heads the Japanese central bank’s payment and settlement systems department, opined physical cash is here to stay despite major disruptive gains led by financial technologies in recent years.

JPMorgan Might Help ‘Stupid’ Investors Trade Bitcoin Futures

JPMorgan’s CEO might think bitcoin is a “fraud,” but that doesn’t mean the company will preclude the opportunity to reap a profit by helping clients trade bitcoin futures. According to a Wall Street Journal report, the financial services behemoth is holding conversations about potentially facilitating client trades of bitcoin futures contracts once they launch on U.

Hong Kong Banks Shun Bitcoin, Driving Startups to Seek Foreign Banks

Hong Kong banks have frozen and closed accounts of bitcoin businesses, forcing the companies to open foreign accounts, according to the South China Morning Post. A representative of Hang Seng Bank advised the Gatecoin exchange on Sept.

Bitcoin Has ‘Unquantifiable Risk’: UBS Investment Chief

The world’s largest wealth manager says it does not plan to invest in bitcoin or other crypto assets due to the absence of government oversight and the lack of a clear exit strategy. 2017 has been a watershed year for bitcoin, and it will likely be remembered as the tipping point that turned bitcoin’s reputation from a curious experiment — utilized primarily by nerds and anti-government activists — into a mainstream financial instrument that, according to Pantera Capital CEO Dan Morehead, will be an “expected” component of a well-rounded financial portfolio.

While Jamie Dimon Calls Bitcoin a “Fraud”, JPMorgan is Busted For Money Laundering

Jamie Dimon has offered baseless condemnation on bitcoin for many years, calling it a bubble, a fraud, and a money laundering tool. This week, ironically, JPMorgan was cracked down for money laundering, after being fined $4 billion for mortgage fraud in September, merely two months ago. Dimon and JPMorgan Criticized Since early 2016, JPMorgan and its CEO Jamie Dimon have focused on attempting to commercialize and market the term ‘blockchain” to compete with bitcoin.

While Jamie Dimon Calls Bitcoin a “Fraud”, JPMorgan is Busted For Money Laundering

Jamie Dimon has offered baseless condemnation on bitcoin for many years, calling it a bubble, a fraud, and a money laundering tool. This week, ironically, JPMorgan was cracked down for money laundering, after being fined $4 billion for mortgage fraud in September, merely two months ago. Dimon and JPMorgan Criticized Since early 2016, JPMorgan and its CEO Jamie Dimon have focused on attempting to commercialize and market the term ‘blockchain” to compete with bitcoin.

Asian Banking Giant DBS Calls Bitcoin a ‘Ponzi Scheme’

One of Asia’s largest banks has labeled bitcoin a “ponzi scheme”, joining the ranks of several legacy financial institutions pouring scorn on the world’s most prominent decentralized cryptocurrency. Speaking at the sidelines of the ongoing Singapore FinTech Festival today, DBS group chief information officer BS told CNBC: We see bitcoin as a bit of a ponzi scheme.

ECB Vice President: Cryptocurrencies Won’t Replace the Fiat System

European Central Bank (ECB) vice president Vitor Constancio has said that cryptocurrencies will never replace the fiat system. According to a report from Reuters, Constancio said that they are a ‘misnomer’ and that they are merely a commodity used as a speculative asset. While he did concede that they had some use this was only in ‘very special circumstances’ such as in countries that were in an economic crisis.

Iran’s Central Bank Will Study “All Aspects” of Bitcoin

The central bank of Iran is undertaking a comprehensive study on cryptocurrencies with a particular spotlight on bitcoin. In a news conference yesterday, the Central Bank of Iran’s deputy director of innovative new technologies Nasser Hakimi revealed the authority’s intent to examine all aspects of Bitcoin as a part of its research agenda. The central bank will then follow up its study with a complete review of its policies on cryptocurrencies.

Singapore, Canadian Central Banks Unite on Blockchain Cross-Border Payments

Singapore’s central bank has announced a slew of initiatives during the ongoing FinTech Festival, including a notable partnership with the Bank of Canada on cross-border payments using blockchain. On the second day of the week-long Singapore FinTech Festival today, Ravi Menon, director of the Monetary Authority of Singapore (MAS), Singapore’s central bank and financial regulator, spoke at length about Project Ubin – the central bank’s effort to place a tokenized Singaporean dollar (SGD) on a blockchain.

Micro-Lending Startup Ripio Credit Network ICO Hits $37 Million Target

The initial coin offering for Latin American startup Ripio’s micro-lending network reached its $37 million hard cap. The blockchain financial services firm, formerly known as Bitpagos, is developing the Ripio Credit Network with the stated goal of democratizing the lending process and removing the geographic and bureaucratic barriers that prevent borrowers in emerging markets from obtaining loans at reasonable rates from traditional lenders.