Reserve Bank of Zimbabwe to Study Blockchain Implementation

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By Ana Alexandre Reserve Bank of Zimbabwe to Study Blockchain Implementation17092 Total views 287 Total sharesNewsThe Reserve Bank of Zimbabwe (RBZ) has initiated studies of blockchain technology with a view to subsequently embrace the technology and integrate it into the bank's business processes, local news outlet NewsDay reported July 5. Speaking at the Alpha Media Holdings' Banks and Banking breakfast meeting in Harare yesterday, RBZ governor John Mangudya reportedly said that the bank is looking to embrace the technology. He stated that central banks in a number of countries, including China, the U.S., U.K., and South Africa have been considering blockchain deployment for their own activities. So while we want to embrace things, we need to know where they are coming from. In November of last year, RBZ announced that the use of Bitcoin (BTC) was considered illegal in the country.

Bank of England to Rebuild Settlement System to Interface with Blockchain Platforms

By Ana Alexandre Bank of England to Rebuild Settlement System to Interface with Blockchain Platforms39606 Total views 443 Total sharesNewsThe Bank of England is planning to rebuild its Real Time Gross Settlement (RTGS) system so that it can interface with private business and platforms using distributed ledger technology (DLT), the bank's Governor Mark Carney announced in a speech June 21. Speaking at Mansion House in London, Carney said that the bank will conduct an "ambitious rebuild" of its RTGS system, which is, according to him, the backbone of every payment in the U.K. RTGS is a system generally used to transfer large volumes of funds between banks. The bank is looking to reorganize the existing RTGS so that private payment platforms could plug in directly to the bank's system. The central authority would have the power to issue and retire new units of assets and grant access permissions to all participants. No party other than the regulator would be able to infer details about transactions they are not party to.

Bermuda to Create New Class of Bank for Serving Fintech and Blockchain Companies

according to By Ana Alexandre Bermuda to Create New Class of Bank for Serving Fintech and Blockchain Companies24397 Total views 507 Total sharesNewsThe Government of Bermuda has announced plans to make amendments to the Banking Act in order to establish a new class of bank to render services to local fintech and blockchain organizations, Finextra reported July 2. He added:"The fintech industry's success globally depends on the ability of the businesses operating in this space to enjoy the necessary banking services. In April, Bermuda signed a $15 million MOU with Binance Group, the company behind leading cryptocurrency exchange Binance, to establish funding for educational programs related to fintech and blockchain. Binance reportedly plans to develop a "global compliance base" in Bermuda, a move which Burt says will add around 40 news jobs, at least 30 of which will go to Bermudians. PBS alleges that local banks are deliberately denying service to cryptocurrency entities and are selectively closing accounts.