China’s Central Bank Issues Warning Against Blockchain Investment ‘Bubble’

China’s central bank, the People’s Bank of China (PBoC), has warned of “bubbles” in blockchain-related financing and investment, Reuters reported Nov. 6. The PBoC, which is known for its anti-cryptocurrency stance, has reportedly advised that the government strengthen its supervision of “speculation, market manipulation and other irregularities,” which it claims are common in domestic blockchain investment and financing schemes. Local Chinese news outlets have revealed further details from the bank’s latest warning, which was reportedly issued in the form of PBoC working paper Nov. 6, entitled “What Can Blockchain Do…

China’s Central Bank Wants to Put the Damper on Airdrops: Report

The People’s Bank of China (PBoC), China’s central bank, has its eyes on cryptocurrency companies that run airdrop campaigns in the country. In its most recent financial stability report for 2018, which was published on Friday, November 3, 2018, the bank said there has been a surge in the number of “disguised” Initial Coin Offerings (ICO), including the free distribution of crypto tokens through airdrops, despite its effort to clamp down on their activities. Based on the report, the bank states that the companies running token giveaways are evading China’s…

China’s Central Bank Slams Blockchain Investment ‘Bubble’

Twitter Facebook LinkedIn China’s central bank has called on the government to strengthen supervision into ‘speculative’ financing and investments in the blockchain sector. The Research Bureau of the People’s Bank of China, the country’s central bank, published a working paper titled ‘What can a blockchain do and cannot do?’ on Tuesday. An early analysis of the working paper by CCN China can reveal that the central bank’s research arm is studying the impact of blockchain and various projects aimed at commercializing the decentralized tech in society. Pointedly, the central bank…

China’s Central Bank Wants to Put the Damper Airdrops: Report

The People’s Bank of China (PBoC), China’s central bank, has its eyes on cryptocurrency companies that run airdrop campaigns in the country. In its most recent financial stability report for 2018, which was published on Friday, November 3, 2018, the bank said there has been a surge in the number of “disguised” Initial Coin Offerings (ICO), including the free distribution of crypto tokens through airdrops, despite its effort to clamp down on their activities. Based on the report, the bank states that the companies running token giveaways are evading China’s…

Deltec Chairman Says Tether Letter on Bank Relationship Is ‘Authentic’

The chairman of Deltec Bank & Trust says a widely scrutinized letter about stablecoin issuer Tether’s  account at the Bahamas-based institution is “authentic.” The letter, which Tether published Nov. 1, stated – albeit with a prominent disclaimer – that the company held an account at the bank, and that the account’s balance as of Oct. 31 was over $1.8 billion, enough to back all the USDT tokens in circulation 1-for-1. However, as CoinDesk and Bloomberg reported, Deltec would not initially confirm the relationship with Tether. As she had in previous…

Reserve Bank of Australia Official ‘Not Convinced’ of Need for Digital Dollar

The Reserve Bank of Australia (RBA) assistant governor Michelle Bullock said that the bank has not been convinced of the need to create a digital Australian dollar, local business and finance news outlet The Australian Financial Review reported Oct. 24. Speaking at the Sibos 2018 banking and financial conference in Sydney, Bullock reportedly said that she is “interested to consider what frictions these technologies are designed to address [but] in many cases I just don’t see what the point is.” Among “touted” benefits digital currency could provide to central banks,…

ING Bank Launches Zero-Knowledge Tech for Blockchain Privacy

ING Bank is continuing further down the path of advanced blockchain privacy with the release of its Zero-Knowledge Set Membership (ZKSM) solution, announced this week at the Sibos banking conference.  The Netherlands-based lender had already received plaudits for adapting classical zero-knowledge proofs (a way of proving possession of a secret without revealing the secret itself) into a simpler form for use within the bank called zero-knowledge range proofs. Zero knowledge range proofs can prove a number is within a specific range. For example, a mortgage applicant could prove that their salary…

ING Bank Launches Zero-Knowledge Proof Tech for Blockchain Privacy

ING Bank is continuing further down the path of advanced blockchain privacy with the release of its Zero-Knowledge Set Membership (ZKSM) solution, announced this week at the Sibos banking conference.  The Netherlands-based lender had already received plaudits for adapting classical zero-knowledge proofs (a way of proving possession of a secret without revealing the secret itself) into a simpler form for use within the bank called zero-knowledge range proofs. Zero knowledge range proofs can prove a number is within a specific range. For example, a mortgage applicant could prove that their salary…

How a Bitcoin Exchange Is Surviving the Central Bank Crackdown in India

Indian regulators’ clampdown on cryptocurrency businesses is forcing the exchange startup Unocoin to experiment with stablecoins and ATMs to continue receiving fiat deposits from customers. Unocoin co-founder Sunny Ray told CoinDesk his company hasn’t been able to transact through regular banking channels with its 1.3 million customers for several months, after the Reserve Bank of India (RBI) banned banks from working with crypto or crypto companies in April. Most recently, Unocoin set up an ATM in a Bangalore mall where customers can deposit rupees to their exchange accounts without a…

Bank of America Thinks Blockchain Could be a $7 Billion Market

Bank of America research analysts have predicted that blockchain technology could represent a multi-billion dollar industry down the road, and be of particular benefit for leading companies like Amazon and Microsoft. BoA: Many Can Benefit From Blockchain The analysts predicted the total addressable blockchain market would eventually hit $7 billion, but there was not a particular timeline for the market growth since the technology is not yet widely used. CNBC reported that the market estimate was predicated on the assumption that 2% of servers would one day be used to run…