The Reserve Bank of India’s Regulatory Sandbox Accepts Blockchain, Excludes Crypto

The Reserve Bank of India (RBI) has announced the terms of its regulatory sandbox in report on April 18. Per the terms of the sandbox, various applications of blockchain technology can be tested, while cryptocurrency-related projects are clearly excluded. Sandboxes are used by regulators around the world, including the Financial Conduct Authority in the U.K., so fintech companies can put their innovations to the test with a small number of consumers over a set time period. Almost three years after the RBI began reviewing its framework to respond to the…

Crypto Startups Barred from Indian Central Bank Fintech Sandbox

India’s central bank is setting up a fintech sandbox that may include blockchain startups and tools – but notably, explicitly excludes any cryptocurrency-related projects. The Reserve Bank of India (RBI) published its draft framework for a regulatory sandbox on Thursday, a move that comes nearly three years after it first formed a working group to look into fintech solutions. “The proposed financial service to be launched under the RS should include new or emerging technology, or use of existing technology in an innovative way and should address a problem, or bring benefits…

ING Bank Releases Blockchain Privacy Tool Bulletproofs

Dutch global banking and financial services corporation ING introduced its new cryptographic blockchain development called Bulletproofs, according to an announcement on Feb. 7 Bulletproofs represents an extended technology for ING’s previous blockchain privacy-focused developments such as zero-knowledge range proof (ZKRP) and zero-knowledge set membership (ZKSM). ING bank first launched ZKRP in November 2017, enabling market participants to maintain anonymity in a transaction while still confirming its accuracy. For instance, the tool allowed a mortgage applicant to prove their salary within a certain range without revealing the exact figure. As an…

ING Bank Is Bringing Bitcoin ‘Bulletproofs’ to Private Blockchains

ING’s blockchain team is testing a privacy technology called “bulletproofs,” the latest in a series of seemingly unlikely cypherpunk experiments at the Netherlands-based global bank. Developed and refined by hardcore cryptographers at Stanford University, University College London and startup Blockstream, bulletproofs are designed to hide the amounts being transferred in bitcoin transactions, which are normally visible to anyone. But banks have privacy concerns about blockchains too, since they don’t want to expose competitive or sensitive client data to rivals. One early solution was zero-knowledge proofs (ZKPs), a way of proving…

IMF and World Bank Launch Educational Blockchain Token

The International Monetary Fund (IMF) and the World Bank have launched a crypto token called “Learning Coin” to better understand how blockchain technology works. The two institutions said that the coin would have no monetary value and would not be made openly available, the Financial Times reported Saturday. To support the token, the IMF and the World Bank have also launched a private blockchain network. The project is aimed to build “a strong knowledge base” around blockchain technology among staff at the organizations. The IMF said in the report: “The development of…

India’s Central Bank Targets Blockchain Payments While Hating Bitcoin

Get Exclusive Analysis and Investing Ideas of Future Assets on Hacked.com. Join the community today and get up to $400 in discount by using the code: “CCN+Hacked”. Sign up here. Get Exclusive Analysis and Investing Ideas of Future Assets on Hacked.com. Join the community today and get up to $400 in discount by using the code: “CCN+Hacked”. Sign up here. A man was at a café. He was glaring through the menu and decided to order himself a glass of lime water. But it wasn’t just any other lime water…

IMF and World Bank Launch Quasi-Cryptocurrency in Exploration of Blockchain Tech

The International Monetary Fund (IMF) and the World Bank have jointly launched a private blockchain and a so-dubbed quasi-cryptocurrency, the Financial Times (FT) reports on April 12. According to the newspaper, the asset called “Learning Coin” will be accessible only within the IMF and World Bank. The coin has no money value and thus is not a real cryptocurrency, the FT underlines. As the FT has learned, “Learning Coin” was launched in order to better understand the technologies that underlie crypto assets. Its app will serve as a hub where…

Resona Bank Ends Partnership With Ripple-Based Payment App MoneyTap

Major Japanese bank Resona will withdraw from Ripple-powered blockchain payment project MoneyTap on May 13, the bank announced on April 11. A subsidiary of Resona Group, the fifth largest banking group in Japan as of 2012, Resona Bank joined the project in October 2018, along with SBI Sumishin Net Bank and Suruga Bank. Launched on Oct. 3, MoneyTap payment service uses Ripple’s blockchain solution xCurrent, which claims to offer instant domestic bank-to-bank transfers. The project was co-developed by Japanese financial services giant SBI Holdings and blockchain firm Ripple, the firm…

Goldman Sachs CEO Refutes Bank Ever Had Plans to Open Crypto Trading Desk

Goldman Sachs CEO David Solomon has categorically refuted that the bank ever had any plans to open a crypto trading desk and stated that earlier media reports suggesting otherwise were incorrect.  Solomon made his remarks before the United States House of Representatives Financial Services Committee on April 10, during a hearing entitled “Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 years after the Financial Crisis.” As previously reported, Goldman Sachs’ alleged plans to create a crypto-focused unit by the end of June 2018 were originally covered in…