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Asian Banks: What Made Them To Accept Bitcoin & Blockchain Technology?

It seems like growing popularity of blockchain technology in the finance world has put the concern of Asian banks in digital currency to rest. Recently, when large financial institutions of China, Korea and Japan decided to launch and support blockchain and digital currency

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Asian Banks: What Made Them To Accept Bitcoin & Blockchain Technology?

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  1. Asian Banks: What Made Them To Accept Bitcoin & Blockchain Technology? It seems like growing popularity of blockchain technology in the finance world has put the concern of Asian banks in digital currency to rest. Recently, when large financial institutions of China, Korea and Japan decided to launch and support blockchain and digital currency, it became evident that Asian countries are ready to embrace forward-looking apps of the technology. Despite of the fall of Mt Gox in Japan and Chinese central bank's crackdown on bitcoin exchanges, the region's banking sector is showing great enthusiasm for the blockchain technology. Yee Kok Siong discusses here about the Asian banks who have indulged into digital currency recently.

  2. Mitsubishi UFJ (MUFG): Develops Its Own Cryptocurrency It made a big news when the largest bank of Japan made its own cryptocurrency, named "MUFG coin" while doing research about blockchain and distributed ledger technology. This initiative was taken to amplify the peer-to-peer exchange and mobile wallet functionality with no dependence on distributed network of miners. MUFG has started this project to cut down the costs involved in financial transactions especially in peer-to-peer money transfer and remittance. KB Kookmin Bank: Blockchain Remittance Project KB Kookmin Bank, based in South Korea has recently launched a project to develop blockchain solution for international remittances. It aims at facilitating safer, cheaper and faster money transfers to customers. As per the sources, bank has made this attempt to escalate their services by adopting the blockchain technology in lower level of data integrity platform. Also, blockchain based overseas fund transfer and data storage device are also on the future plans of the bank. DBS Bank: Active on Blockchain Action Singapore DBS bank and multinational Standard Charted banking firm made a blockchain partnership. Both firms have shown interest in taking their distributed ledger project for trade finance to next level with the involvement of other firms.

  3. In this context, both DBS and Standard Chartered bank are considering various distributed ledger technologies to achieve goal of their mutual project. SBI Sumishin Net Bank: Exploring Blockchain-Based Banking Japanese SBI Sumishin Net Bank in conjunction with Nomura Research Institute is all set to implement blockchain financial technology. For the development of this project, blockchain firm Dragonfly Fintech Pte has come forward. Not only this, SBI has agreed to invest $5m in parent company of Kraken bitcoin exchange. At the same time, SBK has signed a second agreement to invest in distributed ledger tech startup Ripple apart from establishing a joint venture company with the firm that operates in Asia. People's Bank of China: Issues Digital Currency People's Bank of China has expressed its interest in issuing its own digital currency. Though PBoC is not sure whether this currency would use the blockchain technology or not, but quite serious about this initiative. Evidence to this fact is their meeting with the central bank governor, deputy governor other than major financial institutions and advisory bodies of experts. Also, Citibank and Deliotte have responded positively seeing the efforts of central bank's dedicated team towards digital currency. MIZUHO Bank: Joins R3 Blockchain Consortium

  4. Japan based bank, Mizuho has various earlier engagements with the bitcoin industry. Last year when Mizuho became one of the 25 banks which have joined R3CEV consortium for distributed ledger technology. Bank has joined R3 as it has seen the potential of serving good in banking with blockchain technology. As per the deputy president of bank, distributed ledger technology has the potential to innovate everyday banking activities. Shinhan Bank": Investment Made in Blockchain Firm Headquartered in Seoul, South Korea, Shinhan is one of the South Korea's largest financial service companies. It has made news recently by committing around $427,000 to Streami, a blockchain remittance startup. Steami targets the Asian remittance market encompassing region from South Area to China. It aims to help people avoid illegal money transmission in the target area. To learn more, please visit here: https://yeekoksiong.wordpress.com/about/

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