Check out our website: HSBC Facilitates Yuan-Demoninated Letter Of Credit Transaction
Banking and financial services giant HSBC has completed the first yuan-denominated letter of a credit transaction on a blockchain using the Voltron trade finance platform. In the cross-border transaction, Hong Kong-based electronics manufacturer MTC Electronics exported a shipment of LCD products to its parent firm Shenzhen MTC. The blockchain platform has enabled the parties to exchange electronic documents in 24 hours instead of the regular five to 10 days required for traditional document exchanges. This is interesting for the blend of big banks, the digital asset space and the world of cryptocurrency. What comes next in this evolutionary journey?
Sierra Leone Working On Blockchain Identity System
The government of Sierra Leone plans to fully adopt a blockchain-enabled national identity system by the end of 2019. The President of Sierra Leone Julius Maada Bio reportedly claimed that the new infrastructure will allow financial institutions to verify identities and build credit histories. The new project, called the National Digital Identity Platform (NDIP), is a collaboration between the United Nations and San Francisco-based nonprofit Kiva, a key technology partner of Sierra Leone since September 2018.
South Korea Platform Kakao Listing On 2 Exchanges
South Korean internet giant Kakao is reportedly planning to list its cryptocurrency Klay on a Chinese crypto exchange and one local exchange. According to a report by local news daily News1 Korea on Aug. 31, Kakao’s blockchain arm Ground X is in talks with two popular cryptocurrency exchanges for listing its native coin Klay. While News1 Korea does not specify the names of the exchanges, an official familiar with the internal situation at Ground X reportedly said that Kakao might have trouble listing Klay on a South Korean exchange, because Ground X has been attracting foreign investment in crypto from its office in Singapore.
Binance Launches A Trading Competition
Binance has launched two futures testnet platforms, inviting users to participate in a 10,000 Binance Coin (BNB) trading competition.
The crypto exchange has launched two futures trading platforms named Futures A and Futures B in testing mode, which allows customers to participate in a simulated trading competition. Binance will award winners with a total of 10,000 Binance Coin, which equates to about $216,000. During the competition.
US Congress Looks For New Regulation For Cryptocurrency
The Financial Integrity Network, which is a Washington D.C.-based advisory firm, has been pushing the United States Congress to regulate firms in the cryptocurrency sector under the Bank Secrecy Act. In a copy of FIN testimony published ahead of a hearing on Sept. 3, The Financial Integrity Network recommended that virtual asset service providers should be regulated based on the particular service or services that they provide with emphasis on promoting system-wide governance. The Financial Integrity Network vice president for product development and services, David Murray, noted that some virtual asset service providers are currently regulated as money transmitters under the Bank Secrecy Act, while others are not regulated at all.
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