George Town, Cayman Islands, December 17, 2018 (GLOBE NEWSWIRE) – The Bank of South Korea begins to use Blockchain for the maintenance of financial records
The second largest bank in South Korea, Shinhan Bank, is starting to use blockchain for internal record keeping processes. The bank hopes the switch will eliminate human error and improve efficiency.
Blockchain allows the registration of financial records for the first time to be automated and standardized. Previously, while banks were asked to cross-check their registers, there was no uniform system for coding the process. Inevitably, human error would occur and hinder the bank's business.
In November, the bank implemented interest rate swap transactions on blockchain, plunging the toes into space.
While Western banks approached the blockchain with relative caution, Shinhan rejoiced in the nascent technology, preparing to offer customers cryptocurrency portfolios and hitting several other blockchain-related operations. South Korea has been one of the countries most interested in blockchain and cryptocurrencies, so it is logical that their leading banks are at the forefront of charging for adoption in the financial sector.
Daria Generalova, Managing Partner of ICOBox, believes that Shinhan Bank is creating an outstanding example for the adoption of the blockchain. "The bank's approach to the adoption of blockchain is exemplary: financial records management is one of the original and most easily implemented blockchain applications.The constant and logical roll-out of the blockchain will define the first market leaders in the next year. "
The French government report recommends investing $ 570 million in blockchain
French lawmakers are planning to allocate half a billion euros to implement a national blockchain, according to the French magazine Les Echos.
According to the report, two members of parliament are promoting the blockchain and cryptocurrency agenda with the intent to make France a "Blockchain Nation". They are also pushing for the expansion of Bitcoin mining in the country. The initiative is designed as a three-year plan that will facilitate the mass adoption of powerful financial technology.
Historically, France's approach to cryptocurrency seems to be a bit approximate. A recent plan to allow the tobacco kiosks to sell Bitcoin (BTC) did not get the approval of the French central bank, although it does not seem to have been completely demolished. Many legislators have called for the adoption of reasonable standards to regulate the industry and warn against heavy handed approaches.
Just as encouraging news comes from Germany, where it has just been announced that the company Fintech SolarisBank and the second German stock exchange Stuttgart Exchange are working to open a tariff-free cryptocurrency exchange in the first half of 2019
"Opponents may wish for the crypto-death, but as we can see, the main players in the market do not share their sentiment," says Dima Zaitsev, ICOBox International PR Manager. "Just look at these two apparently unrelated facts: the French regulators are willing to put their money where their mouths are in support of the blockchain, and the Stuttgart Stock Exchange, which would not have been here since 1860, had it not been completely serious and cautious, ready to enter the game – and you'll see that the crypt is here to stay. The big wigs would not just worry about something trivial and unworthy of their attention. And with both of these plans in process, it looks like a mass crypt l & # 39; adoption is behind the corner ".
The SEC calls the ICOs an "effective way" to increase capital
The president of the United States Securities and Exchange Commission (SEC), Jay Clayton, spoke of Initial Coin Offerings (ICO) discussing the agenda for 2019. Clayton believes "that Ico can be effective for entrepreneurs and others to raise capital ", however, stressed that ICOs must adhere to the rules on securities.
ICO was a hot topic for the SEC in the last year as it debated how to regulate cryptocurrencies. A myriad of fraudulent ICO scams complicated the market in 2018, leaving investors with cold feet and wary of possible unfavorable regulations.
Clayton's most recent rhetoric presents itself as a breath of fresh air much needed for industry. Security token (STO) offers, token-compliant offerings are looking to be launched in 2019 and Clayton's words are encouraging. In recent months, the fear of widespread prohibitions loomed over industry, but now it seems that as long as the coin offerings are compliant, they will be allowed.
The SEC has called for future token sales to provide greater investor protection and to ensure that markets are not manipulated.
The SEC has recently started to position itself as a forward-looking regulatory body against blockchain, crypto and Fintech, adopting a slow and consistent approach to adoption and exploration. While the SEC has never been able to quickly jump to conclusions, it is not closing its doors to future innovations in finance.
"The ICOs give both small and large businesses flexible, new ways to raise capital, SEC recognizes these benefits and is looking to structure a regulatory space that benefits all legitimate players," said Daria Generalova, Managing Partner of ICOBox.
Dima Zaitsev ICOBox 415-481-8528 [email protected]