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Pro-Crypto Fintechs Robinhood & Revolut Aim to Replace Bitcoin-Hostile Banks

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Earlier today, two of the world’s hottest fintech startups, the US-based Robinhood and the UK-headquartered Revolut, separately announced new product offerings that could greatly benefit the crypto industry over the long-term and put pressure on bitcoin-hostile banks to begin modernizing their service lines. Bitcoin-Friendly Fintech Startups Want to Replace Banks Revolut, which recently achieved a

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UAE and Saudi Arabian Central Banks to Jointly Launch a Cross-Border Cryptocurrency

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It’s confirmed. The United Arab Emirates (UAE) and Saudi Arabia will work on cross-border digital currency. The exact date when it would be issued is still unknown but we know one thing, the digital currency is not targeted at consumers. It’s strictly for banks. Arabian news outlet Gulf News reports that the central bank of

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Chile Court Says Banks Can Ban Crypto Exchanges: Will Market Survive?

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On December 6, the Third Chamber of the Chilean Supreme Court officially sided with the state-owned BancoEstado after it banned a local crypto exchange by shutting down its bank account. Orionx, a digital asset trading platform based in Chile, filed an appeal with the supreme court following an abrupt termination of its account by BancoEstado.

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European Union Invites Major Banks to Join Blockchain Forum

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The EU is in the process of establishing a blockchain forum and has invited at least five major banks including BBVA and Santander. The purpose of the IATBA (International Association for Trusted Blockchain Applications) is to “ develop a trusted, secure and resilient European Blockchain Services Infrastructure meeting the highest standards in terms of privacy,

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Central Banks of Canada, Singapore and UK Propose CBDCs for Cross-Border Payments

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The reserve banks of Canada, Singapore and the United Kingdom have singled out central bank digital currencies as being one of the solutions that can be implemented in order to solve the challenges encountered when making cross-border payments. The report by the Monetary Authority of Singapore, Bank of England and Bank of Canada notes that

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IMF Chief Lagarde: Central Banks Should ‘Consider’ Issuing Digital Currency

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The Managing Director and Chairperson of the International Monetary Fund (IMF), Christine Lagarde, has called on central banks around the world to consider issuing digital currencies. According to Lagarde, the state has a role to play in injecting money to the digital economy and it was, therefore, necessary to ‘consider the possibility to issue digital

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It’s Not Money! ‘Bank for Central Banks’ Slams Bitcoin [Again]

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Contrary to the notion among many crypto enthusiasts that bitcoin is a speculative investment with major upside potential, a stakeholder in the legacy financial sector has rubbished the value attached to digital assets, describing them as mere software algorithms with no utility. The verdict was given by the general manager of Bank for International Settlements

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South Korean Court Rules Bank’s Action to End Banking Services to Crypto Exchange Illegal

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A court in South Korea has ruled that the decision by a commercial bank to stop offering banking services to a cryptocurrency exchange was unlawful and must therefore be rescinded. According to the Central District Court’s 50th Civil Affairs Division, the move by South Korean commercial bank Nonghyup to cease offering deposit and withdrawal services

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Brazilian Banks Ordered to Reopen Cryptocurrency Exchange’s Frozen Accounts

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Brazilian Cryptocurrency Exchange Wins Court Challenge as Banks Reopen Accounts to Avoid Penalties

A Brazilian court has ordered the reopening of cryptocurrency exchange Bitcoin Max’s bank accounts, which were closed without explanation by Banco do Brasil and Banco Santander in September. The two banks have reportedly reactivated the accounts to avoid paying fines.

Also Read: Kenya’s Bithub Africa Mines Bitcoin Using Solar Power

Threat of Fine Forces Banco Do Brasil and Banco Santander to Reactivate Exchange’s Accounts

According to local news site Portal do Bitcoin, Brazil’s Federal District Court promised to slap Santander with a fine of 5,000 real ($ 1,350) and Banco do Brasil with 20,000 real ($ 5,400) should both fail to comply with the preliminary judgement. Leonardo Ranna, a lawyer representing Bitcoin Max, said that all of the exchange’s accounts “have been restored, including those of exchange partners.”  Read more...

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Banks Now Allowed To Work With Crypto In Korea

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The finance minister in Korea has given the go-ahead for banks to be able to work with different crypto exchanges.

The commissioner of Finacial Services in South Korea, Choi Jong-Ku has confirmed that there are no current problems relating to compliance and security in the process for banks providing digital bank accounts to the local virtual currency exchanges.

At the state affairs audit administers by the government of the country to oversee the progress of all government agencies and commissioners in the nation, Choi made clear that as long as digital currency trading platforms are well equipped with anti-money laundering and know your customer systems then digital asset platform should be able to obtain banking service from South Koreas commercial financial institutions.  Read more...

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Why Bitcoin Is Better Than Banks

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Ethereum World News had looked into the possibility of Bitcoin being accepted by the electric car company Tesla as a way for customers to purchase the revolutionary eco-friendly vehicles. Exploring the energy from Bitcoin consumption had not been fully analysed and compared to the entire spectrum of traditional banking and financial services.

We had briefly mentioned that the total energy consumption from banking operations and the process of printing money which probably overshadowed that of BItcoin by a large percentage. Estimating the number of machines and moving parts consumed more energy to create. There was also the aspect of maintaining operations at all banking offices and branches from all around the world which includes running computers, lighting and a few other machines for example.  Read more...

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World’s Biggest Banks Helped Clients Steal $63 Billion in Taxes in Europe

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World's Biggest Banks Help Clients Steal $ 63 Billion in Taxes in Europe

Europe’s top banks allegedly helped wealthy clients across the continent steal 55 billion euros ($ 63 billion) from multiple governments by making tax reclaims to which they were not entitled, an investigation has revealed. The theft centred around a complex scheme of trading stocks that also involved hedge funds and large international commercial law firms.

Also read: $ 50 Million Bitcoin Mining Farm Opens in Armenia

Undercover Journalists Uncover ‘the Biggest Tax Swindle in the History of Europe.’

The undercover probe by 37 journalists from 12 countries shows that about a dozen European countries are affected by the tax scandal, but Belgium, Denmark and Germany were hardest hit. France, Italy, the Netherlands, Norway, Spain, Sweden and Switzerland have also seen some damage.  Read more...

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Bitfinex Struggles with Banks, Why Are Other Major Bitcoin Exchanges Just Fine?

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On October 6, major bitcoin exchange Bitfinex obtained banking services from HSBC with a private account held by a Hong Kong corporation. Less than two weeks after establishing HSBC as its primary bank to handle deposits and withdrawals, Bitfinex has moved to Bank of Communications, the fifth-largest bank in mainland China and Hong Kong, according

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Blockchain or Banks: Which has a Better Security for Financial Transactions?

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By now, it’s highly likely that most of us understand how Blockchain technology has dramatically changed and how the world operates considerably. The Blockchain system is an openly distributed digital ledger technology behind the cryptocurrency industry. According to Alex Tapscott, the co-author of the Blockchain Revolution, the Blockchain technology is changing the concept of banking and online security as a whole.

Currently, financial institutions are looking for a modern and better way to handle old problems in the industry. And with Blockchain technology in place, financial institutions can now get access to better security systems than before.  Read more...

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Bitcoin Is Too Eccentric For Traditional Banks

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The crypto world seems to be on a different planet to the regular banking world. The companies behind the various digital currencies and their products are almost out of a futuristic science fiction movie. However, despite the crypto space being slightly different to the traditional banking sector, the reality is that when you own a company, you hire staff, equipment, servers, bills, taxes, and so on so traditional fiat currency is going to be needed at some point.  Read more...

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Tax Evasion Spotlighted as Swiss Banks Start Sharing Client Data

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Tax Evasion on the Line as Swiss Banks Start Sharing Client Data

Switzerland has started sharing financial account information with tax authorities in dozens of countries as a way of fighting tax evasion, but Africa, which loses about $ 60 billion in illicit flows each year, mostly into European banks, is conspicuous by its absence from the deal. Swiss bank accounts have long been stereotyped as enablers of financial opacity, tax fraud and safekeeping of stolen public funds. That era is coming to an end.

Also read: Irresponsible Borrowing Leaves Africa on Brink of Debt Crisis – Again  Read more...

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Yale Endowment Banks on Crypto

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Ivy League endowment funds have long been pioneers of the investing community. Many endowments were early investors in private equity and hedge fund managers, helping to popularize these two now conventional asset classes. On Friday, Yale University continued this tradition when it announced that it’s investing in a crypto-focused fund.

Yale currently has the second largest endowment for colleges and universities worldwide, behind only Harvard. Yale’s endowment currently sat slightly north of $ 27.2 billion at the end of 2017, which worked out to a value of $ 2,191,268 per current student. Harvard’s endowment is significantly larger, sitting at approximately $ 36 billion at the end of 2017.  Read more...

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European Banks Facilitated Large Crypto-Fiat Deals, Probe Finds

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European Banks Facilitated Large Crypto-Fiat Deals, Probe Finds

Several financial institutions in Europe, like Danske Bank and Swedbank, have been mentioned in a Lithuanian report investigating large-scale crypto-fiat transactions that took place in the past two years. Some of the banks’ clients traded digital coins worth millions of euros and the Baltic nation’s financial crime combating agency wants to know where the first million came from. Many of the speculators are Lithuanian taxpayers.

Also read: Nordic Region’s Largest Bank Nordea Suspected of Money Laundering  Read more...

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