Security Token Platform iSTOX Admitted to Central Bank Sandbox

iSTOX, a Singapore Exchange-backed security token platform, has been admitted into a fintech regulatory sandbox set up by the Monetary Authority of Singapore (MAS), the country’s de facto central bank. Operating within the sandbox since the start of this month, iSTOX is now onboarding its first batch of issuers and investors to enable trading of digitized securities on its platform from Q4 of this year, the firm announced in a Medium post Friday. The platform aims to move into full operation by early 2020 as a “fully-regulated” capital markets platform helping…

Ripple Prices Ranging, Will Siam Commercial Bank Leverage XRP?

XRP up 3.2 percent.  Thailand’s oldest bank, Siam Commercial Bank (SCB), to pioneer Ripple’s Multi-hop. Siam Commercial Bank (SCB) will pioneer Ripple’s Multi-hop feature, although the public will wait for further announcement on whether the bank will utilize XRP in their future transactions. Meanwhile, XRP is ranging, adding 3.2 percent from May 23rd close. Ripple Price Analysis Fundamentals For any cryptocurrency project to be successful, it must partner with companies, finding use cases in the process. That is what many have disclosed in their white papers, and Ripple is no…

XRP Bulls Await Ripple Labs’ Bank Partnerships And Collaborative Efforts

Ripple (XRP) sinks 4.1 percent Collaboration with traditional banks will cement Ripple Inc’s position as a provider of SWIFT alternative The casual handling of Coin Metrics report could end up biting Ripple, that’s according to a crypto advocate Fernando Nieto. At spot rates, Ripple (XRP) is back to consolidation as bears flirt with our immediate support at 34 cents. Ripple Price Analysis Fundamentals That Ripple goal is to see speed, efficiency, and a system that benefits the unbanked is true. To that end, they are developing a solution that is…

Central Bank of Russia Expects Crypto Draft Bill to Be Adopted in Spring 2019

The central bank of Russia believes that the draft bill on crypto regulation is prepared enough to be adopted in the spring of 2019, local news agency TASS reports on May 22. Olga Skorobogatova, first deputy governor of the Russian central bank, has stated that the bank expects the crypto bill, “On Digital Financial Assets” (DFA), to be adopted during the spring session in 2019 in accordance with the order of the country’s president, Vladimir Putin. Speaking at a recent meeting of the Parliament, Skorobogatova argued that the DFA, as…

Crypto Merchant Bank Galaxy Digital Sells Shares in EOS Creator Block.One for $71 Mln

Crypto merchant bank Galaxy Digital has sold its shares in EOS developer Block.one for $71.2 million. The news was announced in a press release on May 21. According to the release, the bank reportedly accepted EOS’ tender offer back in April, closing the transaction on May 20 to realize a 123% return on its initial investment. Following the deal, Galaxy Digital’s investment in Block.One no longer represents a material investment position, the press release notes.   In a statement, Galaxy Digital CEO and founder Michael Novogratz outlined that: “The acceptance…

Owning Bitcoin Legal Despite Govt Trading Ban, Says Bank of China Council

By CCN: According to Sa Xiao, a Council Member at the Bank of China’s Law Research Association, it is legal for individuals to own bitcoin in China despite the government’s blanket ban on trading. CnLedger, a recognized crypto news source based in China, said: ‘It is legal to own bitcoins in China’ says Sa Xiao, Council Member at Bank of China Law Research Association, cited by The Beijing News. Besides, Xiao considers the occasional exchange of bitcoins between individuals and individuals is legal. In September 2017, Caixin, a Beijing-based mainstream…

Dutch Bank ABN AMRO Launches Blockchain Inventory Tracking Platform ‘Forcefield’

Dutch bank ABN AMRO announced that it is launching a blockchain inventory tracking platform dubbed Forcefield in a press release published on May 17. Per the announcement, the platform is an Internet of Things solution that allows the monitoring of physical trade inventories with sensors and near-field communication chips. Forcefield was developed over the past year as a stand-alone product and became an independent company following a successful proof-of-concept that was conducted with consulting firm Accenture. The bank claims that the system can lead to more secure physical handling processes…

Cryptocurrencies Pose No Threat to Financial Stability: EU Central Bank

The European Central Bank (ECB) has said that cryptocurrencies are currently not a threat to financial stability in the euro zone. In its latest paper on the subject, published Friday, the ECB said the combined value of crypto-assets is small relative to the financial system, and “linkages” to the financial sector are still limited. Further, banks in the EU do not appear to have “systemically relevant” holdings of crypto-assets. The ECB also said cryptocurrencies do not perform the functions of money. A “very low” number of merchants currently allow buying of goods…

US Bank Say Bitcoin (BTC) is a Bubble, Will Price Fall?

Bitcoin (BTC) in range mode JP Morgan Strategists say current prices echo those of late 2017 and could burst After analyzing Bitcoin as a commodity, JP Morgan strategists now say there is a divergence between actual and intrinsic values and that Bitcoin echoes the spike of Dec 2017. In their view, the only correction is a drastic reduction in price against analysts’ projections. Bitcoin Price Analysis Fundamentals Analysts believe that the dilapidating winter of last year is over. In six weeks starting from early April, Bitcoin (BTC) prices have been…

Dutch Bank ABN AMRO Abandons Wallie Custodial Bitcoin Wallet Citing Risk Concerns

Dutch bank ABN AMRO abandoned its plans to launch a custodial bitcoin (BTC) wallet dubbed “Wallie” because of risk concerns, according to a report published on May 20 by tech news outlet The Next Web. Per the report, the bank’s senior press officer, Jarco de Swart, said in an email to the outlet that the bank decided not to continue its plans after it “concluded that cryptocurrencies because of their unregulated nature are at the moment too risky assets for our clients to invest in.” The rumors concerning alleged tests…