Owning Bitcoin Legal Despite Govt Trading Ban, Says Bank of China Council

By CCN: According to Sa Xiao, a Council Member at the Bank of China’s Law Research Association, it is legal for individuals to own bitcoin in China despite the government’s blanket ban on trading. CnLedger, a recognized crypto news source based in China, said: ‘It is legal to own bitcoins in China’ says Sa Xiao, Council Member at Bank of China Law Research Association, cited by The Beijing News. Besides, Xiao considers the occasional exchange of bitcoins between individuals and individuals is legal. In September 2017, Caixin, a Beijing-based mainstream…

Dutch Bank ABN AMRO Launches Blockchain Inventory Tracking Platform ‘Forcefield’

Dutch bank ABN AMRO announced that it is launching a blockchain inventory tracking platform dubbed Forcefield in a press release published on May 17. Per the announcement, the platform is an Internet of Things solution that allows the monitoring of physical trade inventories with sensors and near-field communication chips. Forcefield was developed over the past year as a stand-alone product and became an independent company following a successful proof-of-concept that was conducted with consulting firm Accenture. The bank claims that the system can lead to more secure physical handling processes…

Cryptocurrencies Pose No Threat to Financial Stability: EU Central Bank

The European Central Bank (ECB) has said that cryptocurrencies are currently not a threat to financial stability in the euro zone. In its latest paper on the subject, published Friday, the ECB said the combined value of crypto-assets is small relative to the financial system, and “linkages” to the financial sector are still limited. Further, banks in the EU do not appear to have “systemically relevant” holdings of crypto-assets. The ECB also said cryptocurrencies do not perform the functions of money. A “very low” number of merchants currently allow buying of goods…

US Bank Say Bitcoin (BTC) is a Bubble, Will Price Fall?

Bitcoin (BTC) in range mode JP Morgan Strategists say current prices echo those of late 2017 and could burst After analyzing Bitcoin as a commodity, JP Morgan strategists now say there is a divergence between actual and intrinsic values and that Bitcoin echoes the spike of Dec 2017. In their view, the only correction is a drastic reduction in price against analysts’ projections. Bitcoin Price Analysis Fundamentals Analysts believe that the dilapidating winter of last year is over. In six weeks starting from early April, Bitcoin (BTC) prices have been…

Dutch Bank ABN AMRO Abandons Wallie Custodial Bitcoin Wallet Citing Risk Concerns

Dutch bank ABN AMRO abandoned its plans to launch a custodial bitcoin (BTC) wallet dubbed “Wallie” because of risk concerns, according to a report published on May 20 by tech news outlet The Next Web. Per the report, the bank’s senior press officer, Jarco de Swart, said in an email to the outlet that the bank decided not to continue its plans after it “concluded that cryptocurrencies because of their unregulated nature are at the moment too risky assets for our clients to invest in.” The rumors concerning alleged tests…

Bank of England’s Chief Economist Thinks Bitcoin Could Replace Cash

It took bitcoin an 85 percent crash followed by a 135 percent recovery to convince a prominent financial expert about its underlying potential. Andrew G Haldane, the chief economist of the Bank of England, said bitcoin is on its way to replace cash, according to an eyewitness’s account. The 51-year academic made the statement when he was interacting with an audience of students. One of them asked Haldane about his thoughts on the future of cryptocurrencies. Haldane replied that he believed bitcoin, in particular, would become as relevant as cash…

World Bank, CommBank Team Up for ‘World First’ Blockchain Bond Transaction

The World Bank and the Commonwealth Bank of Australia (CommBank) have teamed up to enable recording of secondary market bond trading using blockchain tech. The institutions announced Wednesday that their successful recording of a secondary transaction for bond-i, a blockchain-operated debt instrument, on a distributed ledger shows the “vast potential” of the technology, and marks the first bond to have both issuance and trading recorded on a blockchain platform. Bond-i was first issued last August by the World Bank, with the CommBank being a sole arranger. The experiment helped the World Bank…

World Bank Leads Secondary Market Phase of Bond-I Blockchain Bond

The World Bank and Commonwealth Bank have successfully enabled secondary market trading of a blockchain bond, the institutions confirmed in a press release on May 15. The bond, known as bond-i, uses the Ethereum (ETH) blockchain and was the first in the world to leverage the technology fully when it debuted in August last year. Now, a three-way partnership which also included market maker TD Securities delivered what the participants consider a similar first and a further metamorphosis for blockchain bonds. “Enabling secondary trading recorded on the blockchain is a…

Reserve Bank of India Urged to Reconsider Banning Crypto From Regulatory Sandbox

Lobbying groups are urging the Reserve Bank of India (RBI) to allow crypto-related products to be tested in its regulatory sandbox, Indian daily The Economic Times reported on May 16. The RBI’s proposed framework, unveiled last month, would allow blockchain technology to be tested on a small number of consumers — but cryptocurrencies, exchanges and initial coin offerings are excluded. Nasscom, a trade association of Indian IT companies, is calling for the regulator to rethink, and argues the RBI would better understand the risks associated with crypto by including it in the sandbox. The organization…

Crypto Prime Dealer SFOX Partners With New York Bank to Offer New FDIC Protection

Institutional cryptocurrency prime dealer SFOX has partnered with a New York bank to offer state-insured bank accounts for traders, the company confirmed in a blog post on May 14. SFOX, which says the move is an industry first, stated the deal with M.Y. Safra Bank primarily targeted institutional investors and funds. The company has been active in the trading space since 2014, and counts businesses such as Blockchain.com and Overstock subsidiary tZero among its clients. With Safra, SFOX traders will now have access to insurance through the United States government’s…