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📮South Korea’s Second Largest Bank Begins Blockchain Record-Keeping to Reduce Human Error


South Korea’s second-largest commercial bank, Shinhan Bank, has embarked on a project to implement blockchain in internal processes to decrease human error. The initiative was reported by English-language daily news outlet The Korea Times 

Shinhan, which has sought integration with both the blockchain and cryptocurrency spheres over the past eighteen months, also completed a staff training program to increase knowledge of blockchain for various applications.
According to The Korea Times, the bank implemented interest rate swap transactions using the technology on Nov. 30 in what it called a “first” for a South Korean lender.

Now, operations such as financial record-keeping are set to become automated, removing the chances of human-based mistakes and enhancing overall efficiency.
“Prior to the blockchain-based process, there had been no standardized rules governing keeping and managing financial records, a reason why market participants had to rely on their own records which often times led to errors despite the cross-checking process requirement,” the publication quotes an unnamed official as saying, adding:

“The new system helps remove such human errors and helps improve work efficiency through clearer, task-related communications rather than wasting time on correcting mistakes.”

Shinhan caused a stir in November 2017 when it announced it was working on offering its clients cryptocurrency wallets.
Since then, several partnerships and trials have seen blockchain technology specifically make its way to the forefront of the business.
In August, Shinhan signed a deal with South Korea’s largest telecoms provider KT Corporation in a move centered around provision of blockchain-based financial services.

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​​Xerox Wins Patent for Blockchain System That Tracks Revisions to Electronic Documents


The U.S. Patent and Trademark Office (USPTO) has awarded Xerox a patent for a blockchain-driven auditing system for electronic files, according to a patent filing published Nov. 13.
Xerox — known for its eponymous  printing and digital copying appliances — first filed the patent in August 2017. The patent describes a blockchain-based system for the secure recording of revisions made to electronic documents.

The technology offered by Xerox can supposedly detect whether a file has been altered and tracks the history of changes made. Owing to the decentralizedverification mechanism, the system thus becomes resistant to tampering, the filing states.
Explaining the technology behind the patent, Xerox describes a series of blockchain nodes that may approve or dismiss each amendment made. The filing also implies that the management network will alert its users whenever a particular node fails to approve the document or the content differs from its verified version.

Xerox believes that the newly patented technology can be used to audit electronic files in many areas, such as medical and financial records, tax papers, and educational documents. The filing specifically mentions criminal investigation records, such as interview notes, crime scene photos and DNA test results that must be protected from alterations and tampering.  
In 2016, Xerox filed a similar patent., aiming to create a blockchain-based timestamp protocol for data such as copies or pictures. According to the filing, the company wanted the marks to be irrevocable, meaning that data bearing such a mark could be submitted in court as evidence.
Major tech and electronics companies have filed a slew of patent applications for various proprietary iterations and applications of blockchain technology. A September report stated that IBM had filed more blockchain-related patent applications than any other company at the time of publication.

IBM has filed over 90 blockchain patents, the most recent of which aims to use blockchain technology to aid scientific research and provide a record of its results.

📮‘Don’t Hold Your Breath,’ Waiting for Bitcoin ETF Says SEC ‘Crypto Mom’


A commissioner of the United States Securities and Exchange Commission (SEC) said ‘not to hold your breath’ waiting for a Bitcoin exchange-traded fund (ETF) at the Digital Asset Investment Forum held in Washington D.C.

Hester Peirce, dubbed “Crypto Mom” by the community for her dissent with the SEC’s decision to reject a Bitcoin ETF proposed by Cameron and Tyler Winklevoss, said that a crypto or Bitcoin ETF is “definitely possible,” but it could be years away:

“Definitely possible could be 20 years from now or it could be tomorrow. Don’t hold your breath. The SEC took a long time to establish Finhub. It might take even longer to approve an exchange traded product.”

According to Pierce, she is also trying to convince her colleagues “to have a bit more of an open mind” when it comes to crypto adoption, but it might take a long time.

Regarding the possibility of Bitcoin institutionalization, Peirce said that the SEC sees a lot of institutional and retail interest and will interact with it in many ways. She further added:

“I think we need to encourage institutionalization in crypto space. That’s not what the people in the space want, but I think there are institutional folks who want to be in this space ... And the best way that we can offer retail investors to get into this space is through a place that’s more institutionalized.”

When asked about recent SEC enforcements, “Crypto Mom” said that people have to comply with the law, but the government is obliged to figure out whether the regulation is preventing people from realizing new or innovative ideas.
“I want to make sure that the doors to innovation are open wide enough, and they’re not too constrained by regulation,” she concluded.
In a recent interview SEC Chairman Jay Clayton refrained from providing any specific time frame for a Bitcoin ETF, but instead reiterated the SEC’s stance. “I’m not going to comment on timing or anything like that, but we’ve been clear on some of the issues that are of concern to us,” he told CNBC.

Malta, Italy Issue Joint Warning Over Potential Unlicensed Cryptocurrency Exchange


Malta has warned citizens about an unlicensed cryptocurrency exchange serving its domestic market. Regulators ordered the platform to stop operating in a notice 


The offending platform, OriginalCrypto, had first come to the attention of Italian officials concerned it may not have the required license to offer authorized “investment services and activities.”

The platform’s owner, SolutionsCM Ltd., has now come under scrutiny from both countries, with Malta’s Financial Services Authority (MFSA) sharing the warning from Italy:

“The Commissione Nazionale per le Società e la Borsa (CONSOB) has ordered the following companies to cease infringement of art. 18 of the Italian Legislative Decree No. 58/1998, consisting of the provision of unauthorised investment services and activities to the Italian public performed by SolutionsCM Ltd. via the www.originalcrypto .com website.”

As Cointelegraph frequently reports, Malta has sought to become one of the world’s most permissive jurisdictions regarding both cryptocurrencies and blockchain technology.
As part of its bid to transform into a so-called “Blockchain Island,” various regulatory overhauls have accompanied MFSA-endorsed deals with industry businesses, including major exchanges such as Binance and Huobi.

OriginalCrypto remains far from those legitimate activities, however, sources warning about the likely “scam” scheme earlier this year.

“Portraying their platform as a cryptocurrency financial brokerage, OriginalCrypto. com has engineered a clever marketing approach to promote their illicit investment services to consumers across the world,” monitoring site ScamBitcoin wrote in February.
According to the site’s investigations, OriginalCrypto had made dubious claims about its setup, including being operated by a Bulgarian-based parent company “Bali Limited Ltd.”
“We could find no evidence to support that Bali Limited Ltd was an actual corporation,” the site warned:
“Furthermore, the alleged corporate address provided for Bali Limited Ltd does not appear to be a factual physical address and computes to a variance of their disclosed address.”
Last week, the U.S. state of Ohio’s decision to accept cryptocurrency for tax payments drew the ire of the mainstream press after it emerged officials involved were unaware of the scams that had affected previous such efforts elsewhere.

Poloniex Joins Fight for Institutional Investor Market With Dedicated Accounts


U.S. cryptocurrency exchange Poloniex has launched a dedicated offering for institutional traders, the company announced in a blog post 

Poloniex, which merged with financial services company Circle in February this year, currently ranks 47th in the world among crypto exchanges by trade volume.

The exchange joins an increasing array of operators looking to service the institutional market, a segment of cryptocurrency traders commentators have tipped to become a major force behind shoring up asset prices next year.

“Institutions large and small can enjoy the benefits of our large curated selection of crypto asset trading pairs, dedicated support and robust API services,” the company’s blog post claimed:

“...Poloniex is focused on meeting the advanced trading needs of institutions.”

Those using the new service will be able to do so subject to a minimum trade of $250,000.
Along with the launch, the company will also jettison fees for all traders of BTC/USDC for the month of December.
Despite Bitcoin (BTC) and altcoin prices continuing to trend downwards in recent weeks and months, interest from institutional sources continues to emerge.
In addition to industry giants such as Coinbase, non-crypto entities including Fidelity Investments, Intercontinental Exchange have signalled a commitment to serving the crypto sector.
A report in October revealed institutional investors had become the largest buyers of crypto transactions over $100,000, replacing high net worth individuals at the top of the chart.

📍US Trading Technology Firm Partners With R3 Blockchain Consortium


American trading-communications firm IPC Systems has partnered with enterprise blockchainsoftware consortium R3, according to a press release shared with Cointelegraph

IPC is a trading technology service company known for producing trading turrets, which are communications systems used by financial traders on their trading desks. Through the Partnership, IPC plans to support the consortium’s Corda blockchain networks on its Connexus platform.
Connexus Cloud is a financial markets cloud-based platform for data, voice, and business communications and compliance. The product includes financial industry firms, liquidity revenues, energy firms, and market data and clearing companies.

The Corda blockchain network uses smart contracts that are triggered by price or volatility developments in markets. By partnering with R3, IPC will purportedly provide capital market data, making the sources of information used by smart contracts — dubbed “oracles” — more accurate.
IPC Director of Product Management Robert Coole said that “the financial industry interest in blockchain has significantly increased in recent years, with continuous growth of investment to support this emerging technology.”

Today, 26 French companies and five major banks completed a Know Your Customer (KYC) test based on the Corda platform. Trial participants were reportedly able to implement KYC requests within a shared network, with banks having to request access to data and clients able to approve and revoke access, with all the data recorded on the blockchain.

In November, SBI Ripple Asia and the Japan Payment Card Consortium announced a joint proof of concept (PoC) to combat fraud with blockchain technology, that will be based on Corda. The PoC will also aim to prevent damage from fraudulent transactions, as data in the system will be “shared only with those that have a ‘need to know.’”

📮Islamic Financial Institution Partners With Startup to Develop Interbank Blockchain Tools


Saudi Arabian developmental institution the Islamic Development Bank Group (IsDB) has partnered with a Tunisian startup to develop interbank blockchain tools, a press release confirmed Nov. 29.
IsDB, which will conduct the project through its private sector subsidiary, the Islamic Corporation for the Development of Private Sector (ICD), wants to improve Islamic financial institutions’ liquidity management and increase overall efficiency.

The institution signed an agreement with Tunis-based iFinTech Solutions, a dedicated outfit which describes itself as an “Investment Advisory Firm focused on alternative financial solutions based on Islamic principles.”

The impetus behind using blockchain for the initiative lies in the relative disadvantage Islamic banks have on the worldwide stage, with institutions restricted from funding options provided by international central banks, Reuters noted Dec. 3.

Ayman Sejiny, CEO of ICD, added in the press release:
“IT will always play an important role for the financial system. We will consistently pursue our strategy of service orientation and help our partners with innovative Sharia compliant FinTech solutions.”

Saudi Arabia has traditionally copied many other jurisdictions in maintaining a risk-averse official stance on cryptocurrencies while championing blockchain.
In September, the country saw its first bank join R3’s Corda platform, a month after regulators urged consumers not to trade cryptoassets.

The debate around the industry’s compatibility with Islam also continues, Turkey adopting a conservative stance which, as Cointelegraph reported, subsequently proved particularly unpopular with one U.K. mosque.

Last week, an Abu Dhabi-based bank also announced it had completed the “first” suduk (a legal instrument also known as “sharia compliant” bonds) transaction with blockchain.

📮Russian Economic Minister Says BTC Is ‘Soap Bubble’ But Lauds Crypto’s Influence on Tech

The Minister of Economic Development of Russia referred to Bitcoin (BTC) as a “soap bubble” that has has led to investors’ losses, Russian informational agency RBK 

Minister Maksim Oreshkin, speaking in an interview with RBK, noted how the the cost of Bitcoin (BTC) has decreased dramatically, referencing the coin’s rise to $20,000 in December 2017:

“When Bitcoin's price jumped up to $20,000, and now it is lower than $4,000, we said very simple things: Bitcoin itself is a soap bubble, it deflated, that's what happened”

However, Oreshkin also said that despite a fair number of losses among investors, cryptocurrencies “gave a positive impetus" to tech innovation. The Minister noted that many investment projects have been created within the industry of new technologies, such as blockchain, which is good for business.

Earlier this month, the chairman of the Russian State Duma Committee on Financial Market said that the country was considering issuing a state-backed stablecoin that would be a complete equivalent to the Russian fiat ruble “in a digital space,” as Cointelegraph reported Nov. 8.
Back this summer, Paul Krugman, a Nobel Prize winning economist, expressed some “scepticism” about cryptocurrencies, adding that “total collapse is a real possibility,” Cointelegraph wrote Jul. 31.
Cryptocurrency legislation in Russia still remains unclear, as the government’s main bill, “On Digital Financial Assets,” has been postponed several times since January 2018.

​​Market Value of Blockchain Adoption to Soar 29-Fold by 2023


The market value of blockchain in global retail is forecast to see a 29-fold increase in value over the next five years, according to an analysis of factors behind the growth, published on PRWeb

The analysis on emerging blockchain applications driving the predicted increase – from $80 million today to over $2.3 billion by 2023 – was conducted by fintech executive Monica Eaton-Cardone.
The figure of $2.3 billion by 2023 – at a compound annual growth rate of 96.4 percent – has been taken from a market research report from MarketsandMarkets, first published in June.

Eaton-Cardone is the co-founder and Chief Information Officer (CIO) of Global Risk Technologies – a technology firm that focuses on mitigating risk in the global payments industry – and Chief Operating Officer (COO) of Chargebacks911, a chargeback remediation company.
In her analysis, Eaton-Cardone takes a detailed look at applications that are likely to accelerate business adoption of blockchain and other forms of distributed ledger technologies (DLT) across the retail sector.
She looks at five major retail applications: supply chain management, inventory management, authenticity verification, auto-renewal and subscription services, and customer data and loyalty programs. For supply chain management, for example, her analysis cites a major Walmart  and IBMpartnership on a blockchain food traceability initiative, which can be used to identify the origin of produce within just 2.2 seconds – as opposed to over a week using legacy systems.
For blockchain to be adopted industry-wide at global scale, Eaton-Cardone notes that several key issues remain to be tackled – such as data privacy and engagement with existing and emerging legal and regulatory frameworks. Nonetheless, industry giants such as Walmart, Carrefour, De Beers, and Amazon are all showing encouraging signs of engagement, she notes.
As reported yesterday, Amazon has just announced the debut of two new blockchain-based products, Amazon Quantum Ledger Database (QLDB) and Amazon Managed Blockchain.
A Cointelegraph analysis this fall outlined blockchain adoption rates and forecasts across major industries, including retail, manufacturing, finance, energy, and insurance.

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📮CLSNet Blockchain Payment Netting Service Launch Features Goldman Sachs, Morgan Stanley

U.S. forex exchange (FX) settlement giant CLS’ blockchain payment netting service has gone live today, Nov. 28. According to the the company’s press release, Goldman Sachs and Morgan Stanleyare among the initial users of the service, which was built in conjunction with IBM.
The CLS Group reportedly settles an average of $5 trillion in payment instructions daily, and has members including Goldman Sachs, JPMorgan, Barclays, and Citigroup.

The company’s CLSNet, described as the “first global FX market enterprise application running on blockchain in production,” also has “committed” participation from six international entities including the Hong Kong branch of the state-run Bank of China.

The identity of the other clients lined up to use the blockchain payment netting service, which aids cashflow stability by grouping multiple payments together ahead of time, has not been revealed.
CLS had announced the impending launch at a conference earlier this month, Cointelegraph reported, with final testing running since July.

Alan Marquard, chief strategy and development officer, commented on the release:

“A standardized and automated payment netting process will lead to improved intraday liquidity, reduced cost, improved operational efficiencies and ultimately support business growth.”

The decision comes as little surprise from both Goldman and Morgan, both Wall Streetheavyweights having signaled an intention to directly launch Bitcoin-related products themselves.
Blockchain in payments also continues to see expansion, with efforts focused on increasing the speed, efficiency, and cost-effectiveness of cross-border payments using cryptographic tokens such as Ripple (XRP).
Marie Wieck, general manager of IBM Blockchain which helped build CLSNet, continued the narrative, adding:

“With CLSNet now in production with two of the world's largest banks, for a major market function, it is a testament to the ongoing maturity of blockchain technology and the value that it can deliver in practice.”

​​Nasdaq’s Bitcoin Futures Could Launch in Q1 2019, Says Bloomberg

Major U.S. stock exchange Nasdaq still intends to launch Bitcoin futures and could do so as soon as Q1 2019, Bloomberg 

Quoting “two people familiar with the matter,” the publication said momentum was building towards a potential launch early next year.
The move comes despite the downturn in Bitcoin (BTC) prices to 13-month lows, marking the tail end of a testing year for existing Bitcoin futures products.
According to the two unnamed sources, Nasdaq “has been working to satisfy the concerns of the U.S.’s main swaps regulator, the Commodity Futures Trading Commission CFTC, before launching the contracts.”
Just over a year ago, the exchange first suggested it would launch futures by mid-2018, making the announcement shortly after CBOE and CME Group set the launch date for the industry’s first such futures at the end of November 2017.
The plans did not go ahead, and Nasdaq’s offering will likely now come to market later than multiple major competitors in traditional finance, including the Intercontinental Exchange’s Bakkt, which should launch physical Bitcoin futures Jan. 24.
Regulatory and other preparations had forced executives to delay the rollout by around six weeks.
The enthusiasm from Nasdaq suggests the recent volatility in Bitcoin prices does not concern Wall Street, with CME in October likewise reporting interest in them had markedly increased quarter on quarter this year.
Nasdaq, the sources added to Bloomberg today, is “betting on sustained interest” going forward.

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​​Abu Dhabi Bank Reports ‘First’ Blockchain-based Transaction of ‘Sharia-Compliant Bonds’


Al Hilal Bank, based in Abu Dhabi, the United Arab Emirates (UAE), has announced it has completed “the world’s first sukuk transaction” with the use of blockchain technology, Reuters reports Nov. 26.
Sukuk, a legal instrument also known as “sharia compliant” bonds, allows investors to generate returns without infringing on Islamic law.

Reuters notes that Abu Dhabi’s Al Hilal Bank has used the distributed ledger technology (DLT) to “to sell and settle in the secondary market a small portion of its $500 million five-year sukuk,” adding:

“Al Hilal Bank is aiming to transform the sukuk market through embracing blockchain and integrating it into their infrastructure, paving the way for innovative digitized Islamic sukuk.”

According to a spokeswoman for the bank, the deal was worth $1 million, sold by Al Hilal to a private investor. Reuters adds that Swiss-based fintech company Jibrel Network, which has offices in Dubai, participated in the transaction.

Earlier this month, a Swiss startup, dubbed X8 AG, had received an Islamic financial certification from the Shariyah Review Bureau (SRB) for the company’s Ethereum-based stablecoin, as Cointelegraph

Back this summer, the Shariyah Review Bureau had released guidance for Stellar, an open-source platform for distributed payments, to deploy their technology in Islamic financial institutions. Stellar has claimed to be the first distributed ledger protocol to obtain sharia compliance certification, Cointelegraph wrote 

Previously this spring, an Indonesian fintech startup published a report titled, “Is Bitcoin Halal or Haram: A Sharia Analysis,” concluding that Bitcoin (BTC) is “generally permissible” under sharia law

​​Coinbase Policy Head Mike Lempres Leaves Company for VC Giant Andreessen Horowitz


The head of policy at Coinbase has left the U.S.’ largest exchange and wallet provider to work at investment giant Andreessen Horowitz, Bloomberg quotes a statement as confirming

Mike Lempres, who worked only briefly in the role after swapping over from being Coinbase’s legal head in September, had already decided to leave at the time, the publication says.

Like all exchanges serving the U.S. market, Coinbase continues to battle patchwork regulatory frameworks that vary state to state, as well as ongoing reviews of the status of certain types of cryptocurrencies.

While it remains unknown who will replace Lempres, head of legal at the company is currently Brian Brooks, who “took over most of his responsibilities.”

“As chief legal and risk officer during a time of tremendous growth for Coinbase, Mike was instrumental in building the company’s legal and compliance functions and driving our vision of trust through compliance,” the statement reads, adding:

“We wish him the best in his new position with Andreessen Horowitz.”

Coinbase previously received investment capital from the firm, which led its 2013 Series B funding round worth $25 million. Andreessen Horowitz also contributed to a major $300 million round for the exchange this October.

The exchange service encountered fresh legal woes this week after a previously-discarded user-filed lawsuit over alleged insider trading of Bitcoin Cash came back to life, with a hearing date set for January 2019.
In October, an executive revealed tentative plans to add up to 300 cryptocurrencies to its trading platform, while dispelling rumors the company would conduct an IPO.

​​Singapore's Central Bank Finalizes Regulatory Framework for Crypto Payment Services


The Monetary Authority of Singapore (MAS), the country’s central bank, has broadened its regulatory regime for payment providers to bring certain cryptocurrencies under its jurisdiction. The development was reported by English-language local broadsheet The Straits Times 


The new Payment Services Bill (PSB), submitted by MAS board member and education minister Ong Ye Kung before parliament, is set to replace two existing pieces of legislation, the Payment Systems (Oversight) Act (PS(O)A) and the Money-Changing and Remittance Businesses Act (MCRBA).
The new bill, which has passed through two public consultations since August 2016, has reportedly been drafted to better safeguard consumer funds, counter terrorism financing, and bolster cybersecurity. In the cryptocurrency space, it is expected to affect e-wallets and digital payment tokens such as GrabPay, Bitcoin (BTC), and Ethereum (ETH). Both PS(O)A and MCRBA will be repealed when the new, streamlined PSB comes into force at the end of 2019.
The MAS has clarified that PSB comprises two parallel frameworks, the first being a “designation regime” that enables the central bank to name and thereby bring payment systems it considers “crucial to financial stability” under its oversight. The second entails a mandatory licensing regime for payment service providers, who will be required to apply for one of three licenses based on the nature and scope of their activities.
The first license, for “money-changers,” regulates providers primarily for money laundering and terrorism financing risks; a more comprehensive “standard payment institution license” is available for entities that transact over $3 million per month, provided they hold a digital money float of no more than $5 million. A “major payment institution,” the most rigorously regulated tier of license, is available for larger service providers.
The central bank has given digital token payment service providers six months after the PSB comes into force to comply with the new regime; non-crypto payment providers will have up to twelve.
This October, MAS managing director Ravi Menon commented on the need to improve banking support for crypto-related businesses. While conceding that some “opaque” activities within the cryptocurrency space pose particular challenges, he hinted that financial institutions should be encouraged to adapt their existing practices to cooperate with the emerging sector.

​​Bitcoin Smart Contract Protocol Rootstock Acquired by Spin-off Project RIF Labs


Bitcoin-based smart contract protocol Rootstock (RSK) is integrating with spin-off project RIF OS to expand its scope of operations, the parties confirmed in two separate blog

As part of the deal, RIF Labs, the structure behind off-chain infrastructure layer RIF OS, will acquire RSK’s counterpart RSK Labs. RIF started out as a side project from the same executives who held senior positions at RSK.

Together, they plan to enable the RSK protocol to go beyond Bitcoin and Ethereum network support and include various P2P functions.

“The three principal components to the RIF OS announcement include the integration of RIF Labs and RSK Labs, the publication of RIF OS Protocols and the launch of the first implementation of the RIF Directory Protocol (the Name Services component of RIF OS),” RIF’s post explains, adding:

“RIF Labs has signed an agreement to acquire RSK Labs. With this acquisition, RIF Labs will take on the development and community support of both the RSK Smart Contract Network and RIF OS Protocols.”

Describing the latest developments, the company called the RIF OS integration a “huge milestone” and said it would help “accelerate the adoption of open source blockchain technology worldwide.”
Rootstock, the brainchild of Bitcoin Core developer Sergio Lerner, saw several years’ development before its initial mainnet release in January 2018.
“Essentially Rootstock aims to be what Ethereum is, a decentralized, Turing-complete smart contract platform. However, Rootstock aims to utilize the Bitcoin ecosystem rather than creating a new one from scratch,” blockchain engineer Albert Szmigielski explained in a 2016 blog post.