07/06/2018: Biggest Stories in the Cryptosphere

1. Bank of Thailand Governor Discusses Possible Central Bank Digital Currency

The Bank of Thailand (BoT), the country’s central bank, is considering the integration of blockchain technology in its interbank clearance and settlement system. The Central Bank Governor gave a speech during an event in Singapore. During the talk, he discussed the bank’s plan to employ blockchain in various industries. A central bank-owned digital currency is part of that strategy. The bank hopes to cut time and costs for transactions as well as validations through the use of blockchain technology. The testing phase will enable them to assess what the technology can help achieve before starting to officially use the central bank digital currency (CBDC).

2. Switzerland Has Its First Bank Offering Accounts To Crypto Businesses

Hypothekarbank Lenzburg is the first Swiss bank to offer business accounts to crypto firms. CEO Marianne Wildi stated she made the decision due to a desire to keep up with emerging technologies and form partnerships within the FinTech industry. Wildi went on to say that the right precautions were taken before launching the initiative. Furthermore, the Swiss Financial Market Supervisory Authority (FINMA) will be briefed before they start a business relationship with a crypto business.

3. SAP Launches Blockchain-as-a-Service Platform

Software giant SAP has launched a blockchain-as-a-service platform. The cloud platform will help companies develop applications on the blockchain. A framework will be created and companies will be able to create business applications on top of blockchain systems. Linux Foundation’s Hyperledger Fabric is a great example. The project was trialled through a joint effort with 65 companies within SAP’s Blockchain Co-Innovation Initiative. The giant has also announced the establishment of the SAP Industry Blockchain Consortium, based on feedback from its Enterprise Blockchain Survey.

4. Money 20/20: Central Banks Are Keeping An Eye on Crypto And Blockchain

Cryptocurrencies and blockchain were topics of discussion during the Money 20/20 conference, which happened on June 4th-6th. The aim of the event was for the different industries to jointly establish how to best harmonise finance and technology. Various entities from the FinTech space were also present. Furthermore, the Bank of England, Bank of Canada, Bank of Lithuania and the Swiss National Bank came together for the panel “Cryptocurrency, the central (bank) question”. Despite the different opinions, for such influential banks to discuss such topics is a sign of how central banks are in no position to ignore them anymore. Especially considering the growing number of banks deciding to integrate these technologies into their systems.

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Sources:

1. https://l.facebook.com/l.php?u=https%3A%2F%2Fbit.ly%2F2M5fxvJ&h=ATPeFJx090EMdwCe8aX-INRCNPuY-lvoIc-2erJqdr5tVhZ6t7mDQjtRJACNL7G50J5hlS8daoQ-M2SG3Umu8-kYZSBrHQbtuKJf1gHxMePL&s=1
2. https://www.bis.org/review/r180606g.pdf
3. https://cointelegraph.com/news/swiss-bank-becomes-first-in-country-to-offer-business-accounts-to-crypto-companies
4. https://www.coindesk.com/software-giant-sap-launches-blockchain-as-a-service-platform/
5. https://news.sap.com/sapphire-now-sap-intelligent-enterprise-products-choice/
6. https://discover.sap.com/sap-blockchain-consortium/en-us/index.html
7. https://news.sap.com/blockchain-a-study-rooted-in-reality/
8. https://cointelegraph.com/news/money20-20-review-central-banks-closely-monitoring-crypto-and-blockchain