Hong Kong Trade Finance Will Fight Fraud With a Blockchain-Based Platform

The Hong Kong Monetary Authority (HKMA) has partnered with Chinese Ping An to release a blockchain-based trade finance platform. The joint effort is expected to speed-up the process and prevent fraud. CCN first reported the Hong Kong’s de facto central bank’s initiative back on March 30. At the time, the bank unveiled a proof-of-concept (PoC) blockchain platform built for trade finance. Initiative Went from 6 Participant Banks to More Than 21 The enterprise initially included participants such as Bank of China (Hong Kong), Deloitte, HSBC, the Bank of East Asia,…

Korean Internet Agency to Develop Blockchain Platform With Housing Finance Corporation

The Korea Internet & Security Agency (KISA) and the Korea Housing Finance Corporation (HF) have signed a memorandum of understanding (MOU) to develop a blockchain-based storage system for documents, Korean news agency Newsis reports July 16. KISA and HF will introduce a blockchain system to manage electronic documents for mortgages and loans. KISA will provide HF with consulting and technology for building and operating the new system. HF, which provides housing finance services for low and middle-income families, will digitize paper documents and migrate them onto an online registered documents…

Hong Kong Monetary Authority to Launch Multi-Bank Blockchain Trade Finance Platform

Hong Kong’s de facto central bank will launch its own blockchain trade finance solution with 21 banks in August, Financial Times (FT) reported Sunday, July 15. The joint venture between the Hong Kong Monetary Authority and Chinese company Ping An Group’s fintech subsidiary OneConnect aims to substantially reduce paperwork, costs security risks for participants, FT reports. A major aim of the 21-party scheme is to reduce the amount of time and bureaucracy involved in signing up new fledgling businesses to banking services by smoothing over transactions.   Using blockchain, “some” transactions…

Bankers Tout Trade Finance as the Sweet Spot for Blockchain

Even if blockchain fatigue may have set in among bankers, there’s at least one use case they’re still clearly excited about: trade finance. At least, that was the impression given at the Blockchain Summit in London this week, where a range of bankers talked enthusiastically about the digital trade finance platforms they are building and the cost reductions they believe will result. Perhaps most notably, Amit Varma, the CTO of Citibank, was unusually vocal and specific in describing the savings his institution expects the technology to bring to the chain…

Japan Cryptocurrency Tax | Finance Minister Considers Crypto Tax Rates

Japan Cryptocurrency Tax: Taro Aso, the Deputy Prime Minister and the Minister of Finance for Japan, has concerns over cryptocurrency taxes in his country but believes it to be doubtful that the public would accept any changes made to the cryptocurrency taxation law. Japan Cryptocurrency Tax Currently, cryptocurrencies are taxed as “miscellaneous income”. Items taxed under this category can incur taxes up to 55%. However, Aso feels a better approach to cryptocurrencies is to tax them as “separate self-assessment taxation”. This category would bring cryptocurrency taxes to a flat rate of 20 percent…

Japan’s Finance Minister Wants to Change Crypto Taxation, Doubts Public Acceptance

Japan’s Minister of Finance thinks that it is doubtful the public would accept a change in the taxation of cryptocurrency transactions, Cointelegraph Japan reports today, June 25. During today’s Upper House Budget Committee meeting, Taro Aso — also Japan’s Deputy Prime Minister — said that crypto transactions should be taxed as a “separate self-assessment taxation” rather than their present classification as “miscellaneous income,” while expressing doubt over the public’s reaction due to “tax fairness.” The current tax rate for crypto transactions has a maximum of 55 percent, and changing its…

Active Blockchain Projects in Use? Logistics is Overtaking Finance

Open Positions at CCN: Full Time and Part Time Journalists Wanted. Many predicted that finance would be among the first innovators in blockchain. Harvard Business Review concluded that education about blockchain is no longer lacking in finance as it is in industries like manufacturing, predicting we’ll see finance projects finished first. Part of that statement is true. Manufacturing has indeed fallen behind in understanding blockchain, but they’re much faster to move when they start. For example, the executive team of Saint-Gobain, a manufacturing giant located in 67 countries, recently met…

Kazakhstan’s Int’l Finance Center Supports Crypto Innovation, Calls Regulation ‘Crucial’

The governor of Kazakhstan’s main financial hub has stated that while cryptocurrencies must be regulated, crypto and blockchain innovation will be supported, local news outlet Kazinform reports today, June 14. Speaking at the “Blockchain Conference Astana,” the Astana International Financial Center’s (AIFC)  governor Kairat Kaliyev said specifically that the AIFC is paying special attention blockchain and cryptocurrencies: “The problem of regulation of cryptocurrencies is being discussed very intensively. The AIFC has a solid position on this issue – it is crucial to regulate the circulation of cryptocurrencies.” According to Kazinform,…

SEC Chairman Jay Clayton: Cryptocurrencies Like Bitcoin Are Not Securities | CNBC

SEC Chairman Jay Clayton speaks with CNBC’s Bob Pisani about what he sees for the future of blockchain, cryptocurrencies and initial coin offerings (ICO). » Subscribe to CNBC: http://cnb.cx/SubscribeCNBC About CNBC: From ‘Wall Street’ to ‘Main Street’ to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Find CNBC News on Facebook: http://cnb.cx/LikeCNBC Follow CNBC News on Twitter: http://cnb.cx/FollowCNBC Follow CNBC News on Google+: http://cnb.cx/PlusCNBC…