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Maduro Orders Venezuela's Biggest Bank to Accept Crypto Petro Nationwide

Petro, Maduro

The president of Venezuela, Nicolas Maduro, has announced an order requiring Banco de Venezuela —the country's biggest bank— to open desks for transactions in Petros in each of its near 790 agencies across the country. Maduro stated: "I am giving the explicit order to open Petro transaction desks at all Banco de Venezuela agencies." #EnVivo | Pdte. @NicolasMaduro: Doy la orden expresa para que se...

Goldman Sachs is Abandoning Plans for a Bitcoin Trading Desk, For Now

bitcoin cryptocurrency institutional investors

Major Wall Street investment bank, Goldman Sachs has finally made known its stance on opening a cryptocurrency trading desk. The bank clarifies that such plans are not a priority for the foreseeable future, but rather it will be focusing its energy on a custody product for crypto that would better service large institutional clients. Strong Rumours In The Past This latest development as reported...

Malaysia's Central Bank Slaps Down ICO for Logo Misuse

Malaysia CopyCash ICO

Malaysia's central bank has issued a statement seeking to warn customers and distance itself from the Coinzer cryptocurrency. Bank Negara Malaysia's concern is Coinzer's use of official logos on their proposed physical token. The statement outlines that Coinzer's use of the BNM and Jata Negara logo on their prototype token website and whitepaper are unauthorized, and the project is in no way...

HSBC Nears Blockchain Deployment for Live Financial Transactions

HSBC

UK-based bank HSBC is close to launching live trade and transactions using blockchain technology. The project was reported in late 2015, with the bank aiming to maximize efficiency and bring real-time awareness and organization to financial systems. According to spokesperson Joshua Kroeker , the bank is almost ready to provide the service after having spent the past two years working through...

How Fintech Is Dragging Banks to Blockchain and AI

Fintech

Fintech companies have now been provided with a great opportunity by the growing preference of millennials to accomplish tasks through digital applications. CEO of FIS, Anthony Jabbour, says the digitally native ways of millennials have given more insight into their needs and wants than any previous generation. FIS, the world's largest global provider, dedicated to banking and payments...

Customer Loyalty To Banks On Decline & Bank Executives Are Oblivious

Bankers are losing customer trust and loyalty as the industry fails create a personalized banking experience and inspire trust in customers. A recent IBM study demonstrated serious gaps between how banking executives feel they are doing and how their customers feel they are doing.  62 percent of surveyed banking executives believe they offer “excellent customer service,” although just 35 percent...

Euro Banking Association (EBA) Reports on Bitcoin Benefits

If you are building a car, and you either want the car to be faster or more efficient than ever before, you can do one of two things to it. You can increase the power of the car to make it faster (or lower the power rating to make it more efficient.) Or you can reduce the weight of the car, which usually helps both speed and efficiency. This cause-and-effect approach works throughout many...

USAA Bank Studying Bitcoin Technology

USAA, the bank that mainly markets to US military members and their families, is looking into utilizing Bitcoin to their advantage, for the purpose of increased efficiency. The managing director of the Texas-based bank's corporate development, Alex Marquez, told Reuters this past week that the bank would be looking into utilizing the block chain for the purpose of decentralization of some of its...

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