Singapore sets Stage 2 to stun for blockchain inter-bank payments” Banking Technology

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Singapore sets Phase 2 to stun for blockchain inter-bank payments Prototypes included three different models for decentralised inter-bank payments and settlements with liquidity savings mechanisms The prototypes included three different models for decentralised inter-bank payments and settlements with liquidity savings mechanisms. The project, conducted together with 11 financial institutions and five technology companies, is Phase 2 of Project Ubin2, which explores the use of distributed ledger technology (DLT). Sopnendu Mohanty, chief fintech officer, MAS, says: “A key outcome of the consortium’s effort is the ability to perform netting while protecting the privacy of transactions. This helps to open up opportunity for a wider adoption of DLT-based settlement systems.” According to the organisations, existing netting programmes used in inter-bank payments rely on a single payment queue visible to the operator to find offsetting payments. Decentralising the queue, however, “potentially exposes payment details to an unauthorised party”. The latest models in Project Ubin achieve a “superior combination of decentralisation and privacy”. Accenture will publish a report on the project findings and details of the prototypes developed in mid-November. The participating financial institutions are Bank of America Merrill Lynch, Citi, Credit Suisse, DBS Bank, HSBC, JP Morgan, Mitsubishi UFJ Financial Group, OCBC Bank, …

Ghostface Killah Apparently Backs Crypto Venture

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CNBC reports that Wu-Tang Clan rapper Ghostface Killah has actually co-founded a cryptocurrency firm.Cream Capital announced Wednesday their plans to raise$30 million from their ICO which is due to be held in November. The business’s name was motivated by the 1993 hit for the rap group “C.R.E.A.M” which stands for “Cash Rules Everything Around Me.”Brett Westbrook, primary executive at Cream Capital spoke about the referral: Although in this sense it stands for Crypto Rules Whatever Around Me which we have actually been approved a trademark by the USPTO (United States Patent and Hallmark Office ). The United States rapper isn’t the very first celeb to back a crypto-project. Earlier this year, both Paris Hilton and Floyd Mayweather both got in the area support individual projects.However, Westbrook cautions that the impact stars wield could be unsafe for amateur investors. He insists that those attempting to obtain involved in blockchain business comprehend the protocol prior to offering any endorsement.I personally think that anything that puts cryptocurrencies in front of the eyes of everyday people is an excellent thing for the marketplaces in general. On the other hand, I think it is essential that celebs know the significance of their recommendations and comprehend …

Feds: Bitcoin dealer talked ‘deniability,’ took dirty loan

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A Seattle sting operation targeting a self-described bitcoin ‘financier’ has netted a host of loan laundering charges versus the Los Angeles man.Federal prosecutors claim Louis Ong took an oversize cut from the hundreds of thousands of dollars he transformed to bitcoin, an electronic currency progressively used in markets legitimate and illicit. According to private investigators’statements, Ong was caught on tape discussing his requirement for”possible deniability” with a Homeland Security Investigations representative impersonating a drug trafficker.Ong was targeted in a substantial sting operation that consisted of a number of in person conferences with undercover Homeland Security agents. He has actually since maintained defense lawyer Brian Klein, a California lawyer experienced in bitcoin-related criminal and regulative matters.”Louis has pleaded innocent, and he plans to intensely protect himself against the charges,” Klein stated Thursday.That Ong was in the bitcoin-to-cash organisation was not a secret.Ong spoke candidly about his work with Homeland Security agents months before his July arrest, a U.S. Postal Examination Service inspector stated in a statement to the court . Ong eventually registered with the Treasury Department at another investigator’s suggestion.Legal in the United States, bitcoin and other digital currencies are a stand-in for government-endorsed cash. It is handled through a …