DBS, Singapore’s Largest Bank, to Launch Crypto Exchange, Proving Increased Institutional Adoption

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November 02, 2020

  1. Australia May Soon Launch CBDC
  2. Largest Bank in Mongolia to Offer Crypto-related Services
  3. Chengdu, China Plans to Adopt Blockchain for Urban governance, Cross-border trade, Smart Manufacturing & Agriculture
  4. Singapore’s Largest Bank, DBS, to Launch Crypto Exchange

Australia May Soon Launch CBDC

Photo by Srikant Sahoo on Unsplash

The Reserve Bank of Australia (RBA) will be partnering with the Commonwealth Bank, National Australia Bank, the financial services company Perpetual, and software company ConsenSys to start on a research project on the capabilities of a Central Bank Digital Currency (CBDC). The bank will employ an ethereum based distributed ledger technology (DLT) for the project. 

The Assistant Governor of RBA, Michele Bullock, states:

“With this project we are aiming to explore the implications of a CBDC for efficiency, risk management and innovation in wholesale financial market transactions,”, “While the case for the use of a CBDC in these markets remains an open question, we are pleased to be collaborating with industry partners to explore if there is a future role for a wholesale CBDC in the Australian payments system,”.

Despite not having a strong policy case, RBA would continue to research on CBDC to explore wholesale market participants using CBDCs for tokenized syndicated loans on an DLT platform and its implications. 

However, Australia has launched a new real-time New Payments Platform to provide efficient access to fiat banknotes as an alternative to issuing CBDC. The CBDC research project is set to complete by end 2020. 

Source | Cointelegraph

Largest Bank in Mongolia to Offer Crypto-related Services

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Taking steps to be a crypto-friendly nation, Mongolia’s largest bank will soon begin offering crypto services that include custody, remittance, deposits, loans, and crypto-asset management.

In a report by DDaily, Hexland, a blockchain company, and white label tech firm, Delio, have agreed to begin work on the project with Ulaanbaatar-based Trade & Development Bank of Mongolia (TDB Bank), Mongolia’s largest and oldest bank. The bank will also work with mineral resource and blockchain firm, MDKI to work on the project.

A Delio official states:

“We are in full swing to enter the global virtual asset financial market, with the most resources possible. However, a launch date has not been officially se for offering such crypto services to Mongolians. “

Mongolia have been working towards the crypto sphere since 2018, when it has been reported then the largest telecoms operator in Mongolia was first to be a licensed entity to issue its own digital currency.

Source | Cointelegraph 

Chengdu, China to Adopt Blockchain for Urban governance, Cross-border trade, Smart Manufacturing & Agriculture

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The “Chengdu Blockchain Application Scenario Supply Action Plan.” was first announced at the 2020 Chengdu Global Innovation and Entrepreneurship Fair, Chengdu’s first International Blockchain Industry Expo, as reported by Lu Tiecheng, secretary of the Party Group of the Chengdu New Economy Committee.

The “Chengdu Blockchain Application Scenario Supply Action Plan.” will allow blockchain adoption applications by contributors in various sectors such as education, healthcare and financial services. As part of the program development, authorites expects to launch around three blockchain cluster development areas. The plan further mentioned blockchain’s efficacy in promoting unified management and risk control, especially for legal compliance and the medical field.

In terms of developing blockchain ecosystems, Wu Zhongze, China’s former Vice-Minister for Science and Technology, stated “not much difference between China and leading economies such as the United States and Europe” during an interview with The Paper.

Source | Cointelegraph 

Singapore’s Largest Bank, DBS, to Launch Crypto Exchange

Photo by Jirath Ninchaikovit on Unsplash

The latest sign in increasing institutional adoption of digital currencies has been proven by DBS, Singapore’s largest bank, to launch a crypto exchange to support cryptoasset trading.

In a now-deleted webpage, the document that was posted revealed that the new crypto platform will support major cryptocurrencies like Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Ethereum Classic, (ETC), and Ripple (XRP), alongside the fiat currencies of Singapore, Japan, Hong Kong, and The United States

Todd Morakis, , co-founder of JST Capital, states:

“You’re going to see other banks come out and start saying what they plan on doing with [crypto] It’s really going mainstream.”, “It’s a ramp now for more of the community to get access to invest in this asset class, and it brings in the banking community […] I think the people who haven’t entered the crypto space are going to feel very comfortable trading on DBS’s exchange”

The DBS crypto exchange will be regulated by the Monetary Authority of Singapore (MAS), and potentially be the first digital asset exchange in Southeast Asia regulated, offering trusted fiat on-and-off-ramp to a broader audience to access crypto.

Morakis further noted October 2020 to be significant for institutional crypto adoption, with Square’s recent $50 million investment in Bitcoin and PayPal’s plan to launch crypto trading services in 2021.

Source | Cointelegraph

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