Nine Top Global Banks Pool Resources to Fund R3 to Develop Digital Currency Standards
Nine of the largest investment banks are planning to develop common standards for blockchain technology in an effort to broaden its use across financial services, The Financial Times reports. The banks - Goldman Sachs, JPMorgan, Credit Suisse, Barclays, Commonwealth Bank of Australia, State Street, Royal Bank of Scotland (RBS), BBVA and UBS - will fund a....
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In September Bitcoin Magazine reported that nine global banks were pooling resources to fund R3, a next-generation global financial services company focused on applications of cryptographic technology and distributed ledger-based protocols within global financial markets. R3 will seek to establish consistent standards and protocols for this emerging technology across the financial industry in order to facilitate broader adoption and gain a network effect, according to an R3 press release. Several other top banks joined R3 soon thereafter. Now, five more banks - ING, BNP Paribas, Wells....
Australia will take the driver’s seat in setting a uniform approach for the development of blockchain standards globally. The International Organization for Standardization (ISO), widely regarded as the primary global standards authority has approved an earlier proposal [PDF] put forth by Standards Australia – the country’s national standards authority – that sought to develop uniform global standards for blockchain technology. The ISO agreed to appoint Australia to lead an international technical committee that will now build a uniform approach to the technology. In its initial proposal,....
The Financial Accounting Standards Board (FASB), a financial accounting standards body in the US, is reportedly considering whether to undertake a new initiative on digital currencies. According to Reuters, the FASB – which sets accounting standards for publicly traded US firms – hasn't yet decided if it will develop new guidelines for companies dealing with bitcoin and other cryptocurrencies. However, the non-profit is apparently assessing whether it should begin that process following a request from the Washington, DC-based Chamber of Digital Commerce – a trade organization for companies....
The president of Peru’s central bank has indicated that the country will be joining forces with India, Singapore, and Hong Kong to develop its own central bank digital currency. The president of the Central Reserve Bank of Peru Julio Velarde announced that his country will be entering the global race to develop a Central Bank Digital Currency (CBDC).At the Annual Conference of Executives (CADE) with business leaders in Lima on Nov. 16 he said: “I think the payment system we are going to have eight years from now in the world is going to be completely different from the current one… Even....
UK Government Funds Research in Digital Fintech and Promotes Firm Regulations. In November, the U. K. government launched a call for information on digital currencies, with a focus on their function as a payment method rather than as a speculative investment. After receiving more than 120 responses, the government released a Treasury document titled "Digital Currencies: Response to the Call for Information," which summarizes the submissions received and outlines the government's views and proposed next steps: The government intends to apply anti-money laundering regulation to digital....