Philippines Central Bank Approves Two New Cryptocurrency Exchanges; Atomtrans and Telcoin

The Central Bank of the Philippines has recently decided to allow two new companies to operate as cryptocurrency exchanges within its boundaries. Now, Telcoin Corpl and Atomtrans Tech Corp will both be able to offer its services in the country.

Telcoin is a technology company based in Japan while Atomtrans is a Phillipino one. The Japanese company uses and Ethereum-based platform and has a strong mobile market in Japan. The other one is focused on remittance and payment systems and has important partnerships with Chinese companies.

With these two new companies, the country will have 13 of them. While the Philippines can still be considered somewhat of a small market, the truth is that it has been growing a lot lately. In 2017, the country transacted around $189 million using crypto while in 2018 the numbers were over $390 million USD, basically the double of what it was a year before.

Because of the high usage of these tokens, the crypto industry needs to be regulated in the country and that is where the central bank comes in. For instance, the government has issued the guidelines for ICOs this year, in order to show companies how they can offer the assets in a fully compliant way.

Other crypto-related initiatives in the country include the recent plans to launch a central bank-backed crypto. It looks like the plans did not bear fruit, however, as they were recently abandoned by the central bank of the country.

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Author: Gabriel Machado

New ING Online Survey Reveals Austrians Are The Most Skeptical of Bitcoin and Crypto Assets

A new online pool made by the ING Bank has recently revealed that Austrians are the people who are most skeptical about cryptos, including Bitcoin. According to the new poll, which interviewed people from 15 countries, BTC positivity is actually going down recently, despite the prices going up.

According to the findings, only 13% of the people in the country have a positive view of Bitcoin. Since the survey was done last year, the numbers went down from 17%. The number of people believing in the future of cryptos also went down from 20% to 17% this year. Also, 5% of the population believes that salaries paid in Bitcoin are a good idea, a very small number.

What was the reason for this? Austrians actually know BTC and the crypto world very well and they have high awareness numbers. However, most of them are very conservative investors. Bitcoin is considered very risky, so most people are not properly motivated to invest in such a volatile asset.

The research was conducted with 13 European countries, Australia and the United States. Only Romania, Poland and Turkey actually have more positive numbers right now. Most countries have a more negative view of the crypto world, possibly as a result of last year’s bear market.

Turkey, which is facing U. S. sanctions, has the most positive view of cryptos. 62% of the people who answered the poll would crypto positive. Poland and Romania saw numbers in the 43 to 44% margin.

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Author: Bitcoin Exchange Guide News Team

New Zealand’s ABS Bank To Invest In Local TradeWindow Blockchain Platform

The ABS Bank, a banking institution from New Zealand that is owned by the Commonwealth Bank of Australia, has recently invested in a local company called TradeWindow. The company uses the blockchain technology and it is focused on creating solutions for supply chains.

TradeWindow’s CEO AJ Smith affirmed that this was one of the first times in which a bank has made a direct investment in this kind of company in the country. This, the CEO believes, will allow the company to get even more clients and offer better services.

A manager at ASB called Nigel Annett also commented on the situation, affirming that the blockchain company has potential and that it can transform how international trade happens. Annett said that TradeWindow will allow the bank to operate in a much more efficient way than it did before.

TradeWindows’s technology was created in order to enable companies to create a single trading window for transactions that can be accessed by everyone that is a part of it. This connects companies and decreases the risk of fraud exponentially.

Also, all major documentation that may be needed on the platform can be uploaded to this window and digitally exchanged. This can eliminate costs and save a lot of time, bring more efficiency to the clients of the company, especially if they constantly make international trades.

Recently, New Zealand is becoming more friendly to Bitcoin and the blockchain technology. Not only the country is set to change how crypto taxes work, but many companies are finally being able to finally get mainstream support.

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Author: Bitcoin Exchange Guide News Team

Commerzbank Creates Blockchain Payment Program For Machine-Based Self-Driving Trucks

Commerzbank Creates Blockchain Payment Program For Machine-Based Self-Driving Trucks

The German bank Commerzbank has recently developed a new blockchain-based technology that will be used in order to make automated payments between self-driving trucks. The system, which aims to take humans completely out of the equation, will be used to allow automated trucks to pay for their charging power without needing any human interaction.

According to the bank, this is a pilot project that was created together with Daimler Trucks to enhance the industry. Fully automated systems for payments would make these trucks even more independent and, therefore, efficient.

However, the bank did not detail very much of what will actually happen. For instance, there are no details on how the blockchain will be used and whether fiat currency or cryptos will be used. It does affirm that machines are becoming more autonomous, though, so the need to give them even more autonomy has been growing recently.

At the moment, current systems are not able to map the whole payment process, but the company is focusing on doing it soon.

Stephan Muller, a board member from the bank, affirmed that the recent digitization of the world and the use of the blockchain has inspired the bank into using the technology to offer more efficient payment systems and this is just the beginning.

According to Commerzbank, the pilot was very successful and the company hopes to be able to fully automate the payment process in the future using the current technology as a start.

In related news, Daimer has recently partnered with Riddle & Code, a blockchain company. The goal of the partnership is to provide an open car hardware wallet solution to its clients.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Gabriel Machado

Swissquote Bank Sees Noticeable Reduction in Net Profits Due to Exit of Crypto Trading Business

Swissquote-Bank-Sees-Declining-Net-Profits-In-Crypto-Trading-Business

An online bank based in Switzerland called Swissquote Bank has recently reported that its net profits went down 14.3% this year. The main reason for the decline, according to the executives, is that the year saw a significant drop in crypto trading. Other factors were also cited, but this one was one of the most relevant ones for the losses.

When comparing June 2019 to June 2018, the company affirmed that it was able to have a net profit of $22.55 million in the current years while it profited $26.34 million in the previous one.

It was also reported that crypto trading went down 17.9% during this timeframe, which affected commission income and net fees as well.

When looking at the data, it is important to remember that the crypto market was having a bear market last year. Even with volumes decreasing significantly, the company was still able to perform better in 2018, which can be seen as a very worrisome statistic. This year, the crypto market is doing considerably fine when compared to 2018, although not as well as it did in 2017.

Swissquote started its crypto services back in 2017. It offers its clients the chance to deal with five different tokens: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTX) and Ripple’s XRP.

The company has also recently announced a custody service for cryptocurrencies this year, which will be a partnership with another Swiss company called Crypto Storage AG.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Gabriel Machado

London-based Standard Chartered Will Start Using The Blockchain For Supply Chain Finance

London-based-Standard-Chartered-Will-Start-Using-The-Blockchain-For-Supply-Chain-Finance

Standard Chartered, a bank based in the U. K., has just made its first transaction using a new blockchain-based supply chain application. According to the bank, they did it with Linklogis, a supply chain company based in China.

The two companies signed the partnership back in February 2019. At the time, they agreed on collaborating in order to expand the visibility of the bank’s supply chain. The Linklogis’ platform called WeQChain was used for the new transaction. This platform is based on the technology from Tencent, the Chinese tech giant.

According to the official press release, the main idea is to boost the transparency of the bank at the same time that the processes are being optimized. Another goal is to optimize the way that people can access credit on Digital Guangdong.

In case you don’t know, Digital Guangdong is a joint company made by four giant ones: China Telecom, China Unicom, China Mobile, and Tencent. Since its creation, the project has been responsible for creating over 700 digital applications.

Xie Wen, who works like the Chinese head of commercial banking for Standard Chartered’s local division, believes that the partnership will be very important in order to help the company to remain competitive in a scenario in which several participants are starting to upgrade their technology.

Standard Chartered is an important bank that is headquartered in the U. K. but has a strong presence in several continents such as Asia and Africa.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Gabriel Machado

Crypto Banking Startup Bitwala Gets $14.5 Million USD Led by Sony Financial Ventures, NKB Group

Crypto Banking Startup Bitwala Gets $14.5 Million USD Led by Sony Financial Ventures, NKB Group

Bitwala, a Bitcoin bank based in Germany, has recently announced that it was able to get $13 million EUR during its most recent funding round.

The investments were led by Sony Financial Ventures, a Sony subsidiary, along with NKB GRoup and Global Brain.

According to the company, half of the money gathered was given by early investors Coparion and Earlybird Venture Capital.

What Is Bitwala?

The co-founder of Bitwala, a man named Jan Goslicki, affirmed that the reason to create this company was to connect Bitcoin to the more traditional financial world. This, he affirmed, is something that most people simply do not believe to be possible, especially because the German regulation is pretty strict.

However, he believes that the company is succeeding in creating this bridge between the innovative world of Bitcoin and the more traditional and established financial-banking market.

So far, the company already has clients on the 31 countries from the European Economic Area. All clients of the bank are able to get a Bitcoin wallet as soon as they start up their accounts without having to pay any special fee. Also, insurance covers up to $100,000 EUR of the clients in case something happens to the money.

The team affirmed that this money will be used mostly in an effort to get new clients and to expand the current number of employees. Another use of the money will be to create a new service in which the bank will offer BTC accounts for businesses.

At the moment, the bank only has accounts for retail clients. Its fast growth, however, is proving that other types of accounts will be important as well. The Chief Growth Officer of the company, Philipp Beer, has affirmed that the company is looking to grow in all sectors and to be a part of the future of finance in Europe.

Bitwala has been around for a while now and has reached a degree of success. In spite of this, the company was very negatively affected at the beginning of the year when several crypto debit cards backed by Visa ceased to function.

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Author: Gabriel Machado

China’s Crypto Stance to Soften as Bank of China Outlines Bitcoin Qualities

Chinas-Crypto-Stance-to-Soften-as-Bank-of-China-Outlines-Bitcoin-Qualities

Bank of China recently posted an infographic entailing cryptocurrencies on its official website reveals news outlet Decrypt. As per the claims made, it seems to be an attempt to educate residents on the overall functioning of cryptocurrencies, followed by its real use cases and the value it could potentially conquer.

This is definitely caught off guard considering the fact that the country has dismissed the likes of cryptocurrencies ever since countries began to scrutinize it. It is important to stress that both the People’s Bank of China (PBoC) and Bank of China are two different entities, where the former constitutes regulatory frameworks and the latter exists in different branches.

Even the CEO of Tron, Justin Sun makes an appearance on this infographic, who supposedly was quoted saying (closest translation):

“The biggest problem is too much money!”

As for how the informative visualization was put together, Crypto Potato highlighted that it starts with Bitcoin’s history and Satoshi Nakamoto, followed by the notion of a decentralized peer-to-peer system, Bitcoin mining and issues such as Mt. Gox and an investor’s attempted suicide was reported.

Moreover, accomplishments have also been shared in this part, such as the first ever time pizzas were purchased with BTC, as well as Facebook’s most recent endeavor, Libra.

The second part explores more of what’s been happening for some time now, which includes the volatility in prices, stressing that investing in the giant is equivalent to a roller coaster ride.

As for the final part, it is more relatable to present time trading and successes including crypto ATMs, crypto-related payment options and ways cross-border payments can be achieved.

Is this a sign that China may reconsider its outlook on cryptocurrencies? Will countries like India follow suit?

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Author: Nirmala Velupillai

Libra is an “Innovative Concept” and Should Not Be Suppressed: Germany’s Central Bank Head

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Jens Weidmann, the President of Germany’s Central Bank Bundesbank, stated that global regulators should not suppress Facebook’s Libra project in its early stages. The statement appeared in an email newsletter shared by Mati Greenspan, a senior marketing analyst at eToro.

The letters appears to show support by Weidmann of the Libra project at the G7 meeting and his position that such a project can be attractive to consumers. He also appears to inform the global community that it needs to give more time for such initiatives.

It appears that G7 finance ministers do not agree with Weidmann’s position. They recently warned about the risks of digital currencies on the world’s financial system sans regulation. Bruno Le Maire also reported stated during a news conference that G7 “cannot accept private companies issuing their own currencies without democratic control.”

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \ Investment Disclaimer

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Author: Bitcoin Exchange Guide News Team

Non-Private Central Bank Digital Currencies (CBDCs) Will Not Be of Interest Per Banxico Governor

Non-Private Central Bank Digital Currencies (CBDCs) Will Not Be of Interest Per Banxico Governor

Javier Calafell, the deputy governor of the Bank of Mexico (Banxico) has recently talked about central bank digital currencies (CBDC). To him, they will not be able to hold a lot of interest for the general public unless they are able to be used in a fully anonymous way.

He talked about this during a speech held by the U. S. Federal Reserve Bank and the OMFIF Foundation. During the speech, he was focused on the potential solutions and problems that can be created with the rise of these currencies.

Calafell outlined some of the advantages that these tokens issued by Central Banks can have. According to him, they can offer security of payments and cost-effectiveness for the user. However, he was also very eager to point out all the issues that can be caused by this kind of currency.

In his opinion, the CBDCs are mostly ineffective because there are already some existing digital payment systems that can have most of their functions, so they are not even really needed in the first place. Since the Central Bank handles most of the payments, their so-called back-up function is not even that useful.

He also affirmed that cash is set to decline significantly in use soon and the issuance of CBDCs will probably not change that. People are just going to use less cash because they have better options today.

The Anonymity Paradox: CBDCs Can’t Be Private, But They Need To

The main problem found by the bank expert was that CBDCs cannot have privacy features but they need it in order to be used.

At one hand, the governments would have trouble if they allowed a digital currency that was fully anonymous. At the other, the general public does not want to use something that does not have enough privacy, as they will not feel protected enough. He affirmed that anything with less than “full anonymity” will fail because it will lack the needed adoption in order to be successful.

He did highlight, however, that CBDCs can still be considered to be very early in their development, so they have some potential with them. He does not believe that our current understanding of the technology is enough in order to create something useful but that the notion should not be completely ignored.

According to his conclusion, this is the time to be open to innovation and to pay attention to the new technologies which are emerging, as they might prove to be useful. However, it is also very important to be cautious when adopting these technologies as they may have some important implications that we are still not fully aware of.

The subject will continue to be discussed. Recently, the International Monetary Fund, an organization which is very interested in the subject, reported that more central banks are bound to launch CBDCs soon. When the first ones do it we’ll finally be able to see what the future holds.

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Author: Gabriel Machado