UK Banks Join Blockchain Trial To Hasten Property Deals

UK Banks Join Blockchain Trial To Hasten Property Deals
April 9, 2019

 

The cryptocurrency market is consolidating after the tremendous gains recorded in the past one week. While Bitcoin (BTC) trades with a gain of 25.7% ($5,210) on a week-over-week basis, Ethereum has gained 24.8% ($176.59) in the same period. Controversial Bitcoin Cash (BCH), touted as the original Bitcoin by its promoters, has gained 79.7% to trade at $300.58. Likewise, Litecoin (LTC) has gained 44.5% to trade at $87.22. Other altcoins are also trading with gains of over 5% compared to the previous week. This includes Ripple (XRP-$0.3518, 12.6%), EOS (EOS-$5.41, 28.7%), Cardano (ADA-$0.0843, 16.4%), Stellar (XLM-$0.1293, 18.1%), TRON (TRX-$0.0297, 22.3%) and IOTA (MIOTA-$0.3484, 8%).

 

Government level initiatives

Approval for transfer of funds between Myanmar and Thailand using Blockchain

The governors of Thailand and Myanmar central banks have approved a payment processing service established by blockchain company Everex. The service, based on Ethereum (ETH) blockchain, allows transfer of funds between Myanmar and Thailand. In partnership with state-owned Krungthai Bank of Thailand and Shwe Bank of Myanmar, the system was introduced by Everex at the Association of Southeast Asian Nations (ASEAN) central bank governors and finance ministers meeting last week.

Commenting on the venture, Veerathai Santiprabhob, the governor of Thailand’s Central Bank, said: “This project is an important step forward for the more than 3 million workers in Thailand who might have so far used not secured channels.”

U Kyaw Kyaw Maung, the governor of the central bank of Myanmar, issued the following statement regarding the initiative: “Both countries share a common culture and traditions. Those bring countries and people together the same way as Krungthai and Shwe bank cross border remittance money transfer service. Transactions will be faster and more secure.”

 

G20 countries to meet regarding Anti-Money Laundering guidelines for Cryptocurrencies

G20 countries will meet in Fukuoka, Japan on June 8th and 9th to discuss and arrive at a consensus on global AML (Anti-Money Laundering) rules for cryptocurrencies. Central bank governors and finance ministers will participate in the meeting, which will focus on creating a framework to fight terrorist financing and money laundering through cryptocurrencies.

Additionally, during the conference, the participating nations are anticipated to reach a common ground on new regulations. The primary intention of the conference is to frame rules that will ensure anti-anonymity. The group is also aiming to lay down stricter rules for tracking crypto transactions to map the flow of asset.

 

Private sector initiatives

Vkontakte introduced VK Coin, a mineable cryptocurrency

Popular Russian social media platform provider Vkontakte (VK), has introduced a mineable native cryptocurrency, named VK Coin. The tech firm, however, did not explain whether the crypto is based on blockchain technology. Still, the announcement encourages users to “mine” the coin via the firm’s services which can be accessed through a mobile app that permits users to earn VK Coin by playing a clicker game. The earned crypto can be sent to others using the app and clash for a place in the winner list, based on VK Coin holdings. Both Android and iOS versions of the software are available. As a default, the game offers 0.001 VK Coins that can be spent to purchase booster package which permits faster mining.

A news release by VK Pay, the internal payment service of VK, indicates that in future VK Coin users will be able to redeem their coins for various products and offered at a discount through the firm’s partners outside.

According to VK Pay, as of last week, 4 million users have been using VK Coin mining, with roughly 890 million coins mined by the richest user. VK Coin users have begun exchanging their coins for fiat money or some other services such as posting advertisements online.

 

Two top UK banks sign up for a trial in blockchain real estate purchasing

Barclays and Royal Bank of Scotland (RBS), two top UK based banks, have signed up for a test to simplify real estate buying using blockchain after reassessing the technology’s capability.

The test involving 40 participants used proprietary software from Instant Property Network (IPN), a recently established firm making use of R3 consortium’s blockchain powered Corda platform.

IPN believes that implementation of blockchain in real estate buying and selling business could result in an annual savings of about $160 billion.

Commenting on the trial, Dan Salmons, director for mortgage innovation at RBS, said: “We are near the end of the hype cycle and have not found a great consumer solution for distributed ledger technology until now. Property is an industry that is ripe for this, where a complex, difficult process for customers could be made cheaper and more transparent.’’

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Sammy

Sammy

Sammy is our forex expert, with over 20 years experience in the financial sector, she will be keeping you up to date with the ups and downs of currencies around the world


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