Global Banks’ Inclination For Blockchain And Cryptography – EconoTimes

With sovereign governments and their central banks across the globe have been exploring the essence and the opportunities of CBDC (Central Bank Digital Currency) foreseeing a swift transformation phase in the prevailing finance system.

The advanced era of FinTech has come up with the new trends and inventions, such as, Smart contracts & DeFi which seem to be lucrative prospects and is most likely to hit the financial avenue by endorsing luring use cases of digital assets that enables flexibility, controllability of the financial as well as real assets, efficient trade finance & loans business and offer interest-bearing contracts etc.

The First Deputy Governor of Banque de France, Denis Beau, has recently recommended deploying distributed ledger technology (DLT) for euro payment settlements within the Eurozone.

At the Second Annual Capital Markets Technology and Innovation Conference, Denis Beau advocated the European Central Bank (ECB) that the European Central Bank (ECB) should be liberal in experimenting with distributed ledger technology (DLT) as a way of settling euro-denominated transactions.

The Swiss National Bank (SNB) made an effort by signing an operational pact with the Bank of International Settlements (BIS) to delve into digital currencies in the BIS Innovation Hub Centre established in Switzerland.

Although US FED has clarified that they dont have the concrete plans of developing CBDC, the lingering hush-hush from the recent past that a top Fed authority has mentioned the US Central Bank is pondering over the idea of a digital dollar, while Democratic and Republican members of Congress communicated with the Fed Chairman Jay Powell to know the implications of such a revolutionary adoption.

In reply, the Chairman of the Federal Reserve, Powell, admitted the trends and said to the US representatives French Hill and Bill Fosters, who had asked whether the Federal Reserve plans to launch a digital currency, in a descriptive letter in reply, he clarifies that they have been observing the trends of digital currencies keenly.

While the emerging economies are no far from this race,

Bank of China pilots Blockchain-Based bond issuance programme, while PBoC eyeing on stimulating cryptocurrency and Fintech projects upon their Presidents perspectives on Blockchain technology. Huang Qifan, the vice chairman of the China International Economic Exchange Center, announced the name of the digital currency to be launched by the Peoples Bank of China, DCEP.

Indonesias private lending institution PT Bank Yudha Bhakti has associated with a Fintech Firm Akulaku through partnership pact to fortify Banks digital transformation strategy.

Turkey-based Takasbank introduces physical gold-backed transfer system on a blockchain-based platform.

The Ripple who has been popular among the banking community as its edge to transact overseas payments swiftly and efficiently is perceived as a competitive advantage, however, the banks have the current SWIFT mechanism (Society of Worldwide InterBank Financial Telecommunications) in place that seems unlikely to lose their importance in the industry so easily.

The EU has created a blockchain and artificial intelligence (AI) fund worth EUR 400 million. It is interpreted as a movement to keep up with innovation efforts of competitor countries such as the US and China.

While EU has created a blockchain and artificial intelligence (AI) fund worth EUR 400 million. It is interpreted as a movement to keep up with innovation efforts of competitor countries such as the US and China.

While the French based credit institution, Societe Generale SFH, which is a subsidiary of one of Europe's largest financial services groups, Societe Generale Group, has also issued a 100 million euro ($112 million) bond as a security token on the Ethereum (ETH) blockchain. But their redemption has not yet been confirmed through the DLT platform.

Spanish Banking Giant Santander Pilots Ethereum-Powered Bond Redemption

Bank of America Taps R3 and TradeIX to strategize and develop the International Trade Network.

Lloyds Bank has made an announcement of partnership with a blockchain platform, Komgo to streamline its commercial banking division.

While Banco Santander carried out the fixed business through blockchain, the head of digital investment banking division, Mr. John Whelan, clarified the news that the bank has carried out an early redemption of its Ethereum blockchain-enabled bond that was issued in September of this year.

HSBC also performed the first blockchain-based letter of credit transaction denominated in Chinese yuan. The transaction has successfully been executed for the Voltron trade finance blockchain platform which has been developed by the consortium of eight banks, in association with the renowned banking names like, BNP Paribas and Standard Chartered also, as per the reports.

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Global Banks' Inclination For Blockchain And Cryptography - EconoTimes