The adoption of bitcoin technology has grown beyond the initial expectations. While it is already known that some of the major banking and financial institutions have already started their work on blockchain technology. But what wasn’t known until now was the fact that a majority of the Central Banks across the world, responsible for their country’s monetary policies are experimenting with the distributed ledger technology.
The increased interest in blockchain technology among the central banks was revealed by the representatives of the banks participating in a recently held 3-day event on Policy Challenges for the Financial Sector. Organized in Washington DC by the World Bank, International Monetary Fund and the US Federal Reserve. The event included a special section dealing with the blockchain technology.
The event saw over 90 central banks from around the world participate in it and discuss their initiatives with blockchain technology. These banks have been working on blockchain technology-based applications for the banking industry without any publicity. The event also included participation from the likes of Jeff Garzik, the founder of Bloq, Fredrik Voss – the Vice President of Nasdaq, Tom Jessop from Goldman and Sachs and Adam Ludwin from Chain.
The banking sector has been very interested in blockchain technology to replace the existing networks and systems with a much faster, economical and secure option. The international banking consortium on blockchain technology, consisting of over 40 major banks from across the world intends to replace the existing SWIFT network with blockchain based solution for faster overseas transactions. Similarly, it is already known that the use of digital currency technology in their operations will help the banks to save a lot of money otherwise spent on meeting the regulatory and compliance requirements.
Given all these advantages, the central banks would definitely want to capitalize on it and they will definitely do so in the coming days.
Report: Japanese Crypto Exchanges Unite to Form Self-Regulatory Group
A group of Japanese cryptocurrency exchanges is reportedly uniting to form a new self-regulatory body in the wake of the recent Coincheck hack.
According to Reuters, which cites unnamed sources clo
Bitcoin’s bouncing back, here are the next big catalysts for the cryptocurrency
Bitcoin is back. The cryptocurrency surged Tuesday, closing in on the $12,000 level. One bitcoin bull says progress on the regulatory front could send it even higher. According to CNBC "Fast
EU Regulators to Discuss Crypto Regulation Next Week
A group of European Union regulators will meet next week to discuss the regulation of cryptocurrencies.
Speaking to reporters on Tuesday, European Commission vice president Valdis Dombrovskis said
Lisk Relaunches Blockchain Project With 'Accessibility' in Mind
The team behind the Lisk blockchain network is hosting a relaunch event in Berlin today, boasting a new look and long-term plan for the project.
"Rebranding normally only involves a change of desig
Finland Mandates Cold Storage, Public Auctions for Seized Bitcoins
Finland's government released new guidelines today that set out how law enforcement officials must handle cryptocurrencies they confiscate.
The official agencies in charge of storing the cryptocurr
500 Startups, Huobi Labs Team Up to Incubate Blockchain Projects
500 Startups, the Silicon Valley startup accelerator, announced today that it is partnering with cryptocurrency exchange Huobi's incubator wing, Huobi Lab.
The two companies will support startups i
Bitcoin Price Ticks Higher Amid Strong Korean Demand
Bitcoin's recovery continues apace, with prices passing $11,600 in the morning's trading.
According to CoinDesk's Bitcoin Price Index, at around 07:00 UTC today, the cryptocurrency reached $11,
Final 4,200,000 Bitcoins To Be Mined, The Big Game Of Mining Chip Algorithm
Miners used to mine bitcoins via CPU of PC at the birth of bitcoin. Simply downloading a software, “puzzles” then could be solved automatically and bitcoins’ awarded. However, the price of bitco