South Korea’s leading credit card firm Shinhan Card has been granted a patent for a blockchain payments system, English-language local media The Korea Times reports on July 15. Per the report, with the newly patented technology the company has established a blockchain-powered credit transaction process allowing for setting spending limits, paying in monthly installments and carrying out payments. The outlet quotes an anonymous Shinhan Card official commenting on the development: “Services using those key functions of credit cards will be extended to the blockchain-based system, a notable advancement from the status quo whereby most blockchain-based services available are limited to …

South Korean technology behemoth LG applied for the “ThinQ Wallet” trademark with the United States Patent and Trademark Office (USPTO) on July 2, data published on the official office’s website shows. According to the filing documents, the trademark is for services concerning transaction and settlement services, mobile banking, “issuance of cyber money,” and “payment application software for mobile phones” among others. ThinQ is a brand first used for a smart refrigerator introduced by the company in 2011 at a consumer electronics show. Since then, multiple smartphones have been launched under the ThinQ brand. The trademark could signify that LG is …

The blockchain trade finance solution of the People’s Bank of China (PBoC) processed over 30 billion yen ($4.36 billion) in foreign exchange transactions, local finance news outlet SINA reports on July 8. Per the report, the platform is supported at 483 branches of 28 banks in Shenzhen and is currently operating normally. Still, due to an allegedly uneven adoption of financial technology, the business volume is still proportionately small. PBoC representatives explained in the report that blockchain technology avoids the slow paper trail between multiple receiving departments that is typical of trade finance in the traditional banking environment. On July …

Venezuela’s President Nicolas Maduro ordered the country’s leading bank, Banco de Venezuela, to accept the nation’s cryptocurrency, the Petro (PTR) at all of its branches, the country’s Finance Ministry tweeted on July 4. According to the tweet, Maduro gave “the express order to open Petro desks in all the branches of the Bank of Venezuela.” The announcement apparently came during an event celebrating the tenth anniversary of the nationalization of the bank in question. On June 19, Maduro announced that 924 million bolivars (over $92.5 million) were allocated to the Digital Bank of Youth and Students to open one million …

Nobel prize-winning economist, Joseph Eugene Stiglitz, claims that “every currency is based on trust, but only a fool would trust Facebook’s Libra” in an article published on July 2. Stiglitz also notes that “in just a few short years, Facebook has earned a level of distrust that took the banking sector much longer to achieve.” He appears to fear that Facebook’s cryptocurrency could be hospitable to a shadow economy: “The last thing we need is a new vehicle for nurturing illicit activities and laundering the proceeds, which another cryptocurrency will almost certainly turn out to be.” Still, the economist also …

Dutch ministers have urged the government to regulate cryptocurrencies and certain cash payments over money laundering concerns in a statement on July 1. The officials said that the government should ban cash payments over 3,000 euros, regulate cryptocurrencies and ban 500 euro banknotes, as these instruments can purportedly facilitate money laundering. The Netherlands do not recognize cryptocurrency as a legal currency, although last year a Dutch court found bitcoin (BTC) to be a legitimate “transferable value” in a penalty payment case. According to the statement, Minister of Finance Wopke Hoekstra and Minister of Justice and Security Ferdinand Grapperhaus sent the …

Principal Swiss stock exchange SIX asked the country’s central bank to issue a stablecoin, local media SwissInfo reports on June 26 Per the report, the crypto asset would be used to settle payments on its new digital securities trading platform. The exchange reportedly announced during the Crypto Valley Association conference this week that users of its upcoming SDX platform will be able to swap fiat currency for a new stablecoin. The exchange explained that “SDX member banks will be able to settle their trades and other obligations against tokenised CHF within SDX once we are up and running.” The firm …

Bank of France Governor Francois Villeroy de Galhau said that Facebook’s Libra stablecoin must comply with anti-money laundering regulation and seek banking licenses if it offers banking services, Reuters reports on June 25. Per the report, while Villeroy admitted during an interview with French magazine l’Obs that there was room to improve cross-border money transfers. He also pointed out that Facebook’s libra project has to comply existing banking regulation because “the risks are increased by the anonymity that Libra users would have.” Villeroy also touched on possible requirements for a banking license: “If the project seeks to go beyond payments …

Fintech firm Token has received a $16.5 million injection from investors including the venture arm of banking giant BNP Paribas, a news release announced on June 18. The self-described open banking platform says it will use the capital to further develop its TokenOSTM operating system — and “accelerate new ways of innovating payments with digital money and ID solutions.” According to the company, its ecosystem enables banks, customers and developers to complete transactions securely, instantly and with less friction. Token claims more than 4,000 banks have connected to its platform, with Mastercard recently coming on board as a partner. Steve …

In recent weeks, major South Korean financial institutions have rolled out a number of services incorporating blockchain technology, especially in the areas of Know Your Customer (KYC) procedures and security. Fintech has become a buzzword for local banks trying to keep up with the change of the times. The banks, however, are not looking into an important part of blockchain, which is digital assets, says one influential Korean advocate of alternative currency. In order to assess the Korean blockchain space, it is important to understand how the trend affects existing players and the cryptocurrency market. Blockchain as a ledger Shinhan …

Spanish law enforcement arrested 35 people for allegedly counterfeiting banking cards and laundering the proceeds through bitcoin (BTC), local media La Verdad reports on June 14. Per the report, the organization obtained over €600,000 ($674,000) and laundered over €1 million ($1.2 million) using bitcoin. Furthermore, the Command of Alicante reportedly solved a total of 1,020 connected cybercrimes during the operation. The alleged actions of the suspects — who are from Equatorial Guinea, Spain, Nigeria, Cameroon and Morocco — had a total of 219 victims in Spain, with 20 more in Israel, Denmark, Germany, France and Greece. According to La Verdad, …

Facebook has reportedly hired Standard Chartered Bank’s head of public affairs Ed Bowles for its cryptocurrency project, the Financial Times reports on June 14. Per the report, Facebook hired the senior bank lobbyist in anticipation of the greater regulatory scrutiny in Europe over its plans to launch its own crypto asset and other financial services to its 2.4 billion users. Bowles will join the company in September, and will reportedly be its London-based director of public policy. Earlier today, news broke that Facebook has allegedly sealed backing from over a dozen firms that include Visa, Mastercard, PayPal and Uber for …