As it stated in By Helen Partz Media: Payments Provider Qiwi Launches Russia's 'First' Crypto Investment Bank18883 Total views 284 Total sharesNewsQiwi Blockchain Teсhnologies (QBT) has launched a crypto investment dubbed "HASH," local news outlet Kommersant reports June 29. QBT is a subsidiary of Russia's leading payment service provider Qiwi. HASH, built on a "classic investment banking model" according to Kommersant, will provide a platform for initial coins offerings (ICO). Barinsky also said that HASH is going to provide crypto trading services starting next year, after the company obtains the necessary license. Qiwi's subsidiary QBT was launched in March 2017 with 100 million rubles in funding ($1.6 million) to develop internal blockchain products .
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ING Bank Survey Reveals Interest in Crypto Will Double in Near Future
By Ana Alexandre ING Bank Survey Reveals Interest in Crypto Will Double in Near Future25559 Total views 608 Total sharesNewsResearch company Ipsos on behalf of ING Bank B.V. has conducted a study on how cryptocurrencies are perceived across Europe, Australia and the U.S., which reveals that interest in the technology is expected to double in the future. While only 9 percent of respondents own crypto, 25 percent said they will own some in the future. The highest percent (18 percent) of crypto ownership is reported in Turkey, while the lowest (4 percent) is in Luxembourg. The latest study, which was carried out between March 26 and April 6, 2018, compared 15 countries, with about 1,000 respondents surveyed in each. The study revealed that most respondents recognize crypto as a riskier investment than cash, real estate, government bonds, or the stock market.Bank of England: Deputy Governor Warns Financial Institutions of Crypto Asset Risks
referring to By Molly Jane Zuckerman Bank of England: Deputy Governor Warns Financial Institutions of Crypto Asset Risks12749 Total views 171 Total sharesNewsA Bank of England deputy governor has written a letter of warning Thursday, June 28, to CEOs of financial institutions about the risks of exposure to crypto assets. Sam Woods, the Deputy Governor and CEO of Prudential Regulation Authority (PRA), began the letter by reminding the institutions of their obligations to PRA rules, including acting in a prudent manner, having effective risk management systems and strategies, and cooperating with regulators. The provides guidelines for dealing with crypto-assets, highlighting the need for the "highest levels of executive management" to assess involvement with the crypto asset class. Firms must ensure that they are not engaging in "excessive risk taking" and should "conduct extensive due diligence before taking on any crypto-exposure and maintain appropriate safeguards against all the related risks."Wood does note the "significant potential" of distributed ledger technologies, like blockchain, to improve the efficiency of the traditional financial system in the future. Last week, the Bank of England had announced plans to rebuild its Real Time Gross Settlement (RTGS) system so that it can interface with private business and platforms using distributed ledger tech.Bank of Finland Releases Scathing Crypto Report, Calls Digital Currency a "Fallacy"
By Molly Jane Zuckerman Bank of Finland Releases Scathing Crypto Report, Calls Digital Currency a "Fallacy"26971 Total views 326 Total sharesNewsThe Bank of Finland released a paper on June 21 titled "The Great Illusion of Cryptocurrencies," explaining why they think the concept of a digital currency is a "fallacy."The paper, written by Aleksi Grym, Adviser on Digitalization and Head of the Digital Central Bank process in the Financial Stability and Statistics Department. It aims to explain how cryptocurrencies' fundamental nature "shows how poorly understood the concept of money itself still is today" and how the Internet and social media have "muddled our sense of fact and fiction."In Grym's words, cryptocurrencies are not real currencies but instead "accounting systems for non-existent assets." He makes the argument that digital ledger technologies, like blockchain, are actually the same as other record keeping systems, but that their implementation for crypto is "unrelated to the fundamental characteristics of money:""For all intents and purposes, that ledger is a centralised ledger. The article notes that money, presumingly referring to crypto, is not created "out of thin air," but comes from liquidity transformation. According to the article, the main impetus for buying cryptocurrencies are either for criminal activities, creating a sense of community, security against "real or imagined" state oppression, and the thrill of trading. Grym then compares buying Bitcoin to the "intangible value" for some customers that buy "toys, fashion, art, club memberships, or firearms."Last week, Cointelegraph published an overview of all of the "FUD" (Fear, Uncertainty, Doubt) in the crypto sphere since Bitcoin's inception, detailing the many comparisons to the Dutch "tulip mania" as well as the multiple Bitcoin "deaths" reported in the media.collected by :Irax John