Supreme Court Decision on Central Bank Crypto Dealings Ban Moved to September

The Supreme Court of India’s hearing on the central bank’s ban on crypto dealings, originally scheduled for July 20, has been moved to September, according to a July 19 Twitter post by a team of Indian lawyers involved in crypto regulatory analysis. The Reserve Bank of India’s (RBI) crypto banking ban was implemented in early April of this year, and prohibits local banks from providing services to any person or business that deals with cryptocurrencies. The July 19 tweet notes that the Supreme Court listened to “limited arguments” on the…

HSBC Global Head of Digital Says the Bank Is ‘Cautiously Looking’ at Crypto Investment

Global Head of Digital at HSBC, Josh Bottomley, said that the bank is “cautiously looking” at cryptocurrency use cases, Forbes reported July 19. In an interview with Forbes, Bottomley said that HSBC is “cautiously looking into this area [cryptocurrencies],” when asked about the bank’s approach to the crypto. Bottomley further explained that “there’s a use case when you have a token or currency that’s actually useful for a particular purpose, and it serves that need. But that is very different to if it’s pure speculation.” Bottomley added, “Right now we’re…

The State Bank of Vietnam Suspends Import of Crypto Mining Hardware

The Vietnamese central bank, the State Bank of Vietnam (SBV) announced it will suspend the import of cryptocurrency mining hardware, according to local news agency Viet Nam News July 19. The move followed an official request from the Ministry of Industry and Trade (MoIT), which suggested a temporary ban of imports of crypto mining machines, the volume of which reportedly amounted to 15,600 units from 2017 to April 2018. Most of the units were imported through Hanoi, Ho Chi Minh City, and Da Nang. Deputy Prime Minister Trinh Dinh Dung…

Central Bank Digital Currency ‘One of the Worst Financial Ideas’

The U.S. Congressional Subcommittee on Monetary Policy and Trade discussed major questions around digital currencies in a hearing today, July 18. The hearing, entitled “The Future of Money: Digital Currency,” considered potential domestic and global implementations of cryptocurrencies. At the hearing, the Subcommittee discussed the deployment of cryptocurrency and its underlying technology, blockchain, by central banks, arguing whether central banks should introduce a central bank digital currency (CBDC). Addressing this point, Rodney Garratt, a professor of economics at the University of California, Santa Barbara, claimed that the banks have to…

Bank of America Reveals Blockchain Patent for External Data Validation, Cites Need for ‘Accurate Indication’ of Financial Standing

Bank of America (BoA) has filed a patent for a blockchain-based system allowing the external validation of data, according to a United States Patent and Trademark Office (USPTO) patent filing released July 17. BoA’s patent filing proposes using blockchain for tracking resource information and confirming resource transfers, noting that “A need currently exists for providing a more accurate indication of a user’s financial standing by allowing external validation of data in a process data network.” The patent describes how the system would record information on the blockchain based on “aggregated…

Japanese Internet Giant GMO’s Web Bank Will Use Blockchain for Payments

Multi-billion-dollar Japanese tech conglomerate GMO has launched a new internet banking business that will use blockchain technology for faster and cheaper payments and financial services. In an announcement [PDF] on Tuesday, the GMO Internet Group confirmed the launch of the GMO Aozora Net Bank in partnership with Aozora Bank Group, a joint-initiative that has been in preparation since July 2016 that will leverage the use of blockchain, artificial intelligence (AI) and Internet of Things (IoT) to provide new financial services through financial technologies. The advent of a cashless society amid…

Litecoin Founder Says in ‘Best Case’ Recent Bank Stake Could Result in Crypto Services

Litecoin founder Charlie Lee posted on Reddit today, July 17, to clarify his position within the Litecoin Foundation and the future of the Foundation following its acquisition of a stake in German bank WEG Bank AG. In his post, Lee mentioned the possibility of the bank offering crypto services. Last week, the Litecoin Foundation acquired a 9.9 percent share in WEG Bank through a new strategic partnership with crypto-fiat payments firm TokenPay. In exchange for providing its blockchain, logistics, and marketing expertise to TokenPay’s crypto and business operations, Litecoin received…

Chile Court of Appeals Orders Bank to Resume Business With Crypto Exchange Orionx

Chilean Court of Appeals has ruled in favor of crypto exchange Orionx, resolving that the state-owned bank Banco Estado should reopen the company’s deposit account, local news outlet La Tercera reported July 12. The Fourth Chamber of the Court of Appeals of Santiago has accepted the appeal filed by Orionx crypto exchange against Banco Estado, which closed the company’s deposit account in late March. At that time, the bank cited the lack of “regulatory recognition of [cryptocurrency trading]” as justification for its decision. Now, by the ruling of the Court…

Bank of Thailand Considers Blockchain for Cross-Border Payments, Fraud Reduction

The Governor of the Bank of Thailand (BoT), said that the bank is considering blockchain technology for various applications during a speech at the the Bloomberg ASEAN Business Summit on July 12. The central bank’s governor Dr. Veerathai Santiprabhob stated that the bank was specifically reviewing blockchain applications for cross-border payments, supply chain financing, and document authentication. According to Dr. Santiprabhob, using blockchain for cross-border payments would “improve regional financial connectivity and facilitate smoother cross-border financial services.” The BoT’s Governor also sees blockchain playing an important role in reducing fraud…

Thailand’s Central Bank is Reviewing Several Blockchain Applications Including Cross-Border Payments

The march towards the adoption of blockchain technology in Thailand’s mainstream financial sector seems unstoppable. In a speech delivered during the Bloomberg ASEAN Business Summit, the governor of the Bank of Thailand, Dr. Veerathai Santiprabhob, revealed that the central bank was undertaking a review of blockchain applications for purposes of document authentication, supply chain financing and cross-border payments. This is being carried out through the central bank’s regulatory sandbox. “The sandbox serves as a platform for financial institutions and FinTech firms to test new technologies and operating standards in a…