JPMorgan’s blockchain-based payment network will launch in Japan in early 2020, Cointelegraph Japan reports on Dec. 10. Based on JPMorgan’s in-house blockchain platform Quorum, the Interbank Information Network (IIN) intends to accelerate payment transactions as well as address major challenges of sharing data between banks. Bloomberg reports that more than 80 Japanese banks have expressed their intent to join the platform. Japanese banks now account for more than 20% of the 365 total global members that announced their participation since September 2019, accounting for the largest portion of participants from any single country. Daizaburo Sanai, an executive director at the …

The Bank of Lithuania announced that it will release a digital, blockchain-based collector coin in the spring of 2020, according to a press release on Dec. 9. The coin is dedicated to the Act of Independence of Lithuania on Feb. 16, 1918, and its 20 signatories. In homage to the year of the act, the coin will bear a denomination of 19.18 euros, while its size and form will resemble a credit card. Bank of Lithuania board member Marius Jurgilas said they chose the theme because of the significant role the Act played in Lithuania’s history. Blockchain technology will be …

China is at last planning to conduct the first real-world test of its central bank digital currency (CBDC), fresh reports claim. According to local news outlet Caijing on Dec. 9, the initial pilot for the CBDC is set for the city of Shenzhen before the end of 2019, and may possibly include the city of Suzhou. Banks in a digital currency “horse race” Under the auspices of China’s central bank, the People’s Bank of China (PBoC), four major banks and major economic participants such as China Telecom will test digital currency payments. “One step will be to rationally select the …

General manager at the Bank for International Settlements (BIS) Agustin Carstens seems to have changed his negative stance towards central bank digital currencies (CBDCs), now stating that such currencies could open up new possibilities. In his speech entitled “The future of money and the payment system: what role for central banks?” published on Dec. 5, Carstens dug into central banks’ approach to emerging technologies in regards to building more efficient and inclusive financial systems. Wholesale and retail CBDCs Carstens said that the introduction of retail CBDCs — which are available to the general public, including businesses and consumers — could …

By 2030, the demand for alternative currencies will rise, with digital currencies eventually replacing cash, according to recent research from Deutsche Bank. In the “Imagine 2030” report, Deutsche Bank strategist Jim Reid raised awareness of the challenges the existing fiat system has encountered in recent years, specifically with the emergence of cryptocurrencies. Reid stipulated that people’s heightened demand for dematerialized means of payment and anonymity could drive more individuals to digital currencies. Mainstream adoption and co-occurring challenges In order to gain wider acceptance, digital assets need to overcome three major hurdles. These include perceived legitimacy in the eyes of governments …

The central bank of France plans to pilot a central bank digital currency (CBDC) for financial institutions in 2020. François Villeroy de Galhau, the governor of the Bank of France, announced that the bank will start testing the digital euro project by the end of the first quarter 2020, French financial publication Les Echos reports Dec. 4. The Bank of France confirmed the news on Twitter, noting that the announcement was made at a conference co-hosted by two major French financial regulators, the French Prudential Supervision and Resolution Authority and the Autorité des marchés financiers. Digital euro pilot won’t involve …

Bank of Japan (BOJ) Governor Haruhiko Kuroda said that there is no public demand for a central bank digital currency (CBDC) in the country. During his speech at the symposium for the 35th anniversary of the Center for Financial Industry Information Systems on Dec. 4, Kuroda addressed the challenges posed by private global stablecoins and CBDCs. He concluded that at present there is no reason to issue a CBDC in Japan: “In Japan, the amount of cash outstanding is still increasing, and it does not seem that there is a demand for CBDC from the public at present. Nevertheless, the …

MUFG Bank, the largest bank in Japan and the world’s fifth-largest bank, has denied reports that it plans to launch a digital currency in Japan next year. In a statement on Dec. 4, Mitsubishi UFJ Financial Group Bank (MUFG) said it had not decided whether a recent business partnership would ultimately form a digital currency entity. MUFG: digital currency claims unofficial Previously, various local English-language media outlets including Japan Times had reported that MUFG was eyeing a release date in the first half of 2020 for an as-yet-unnamed digital currency. “These reports are not based on any announcement made by …

A Danish court has ruled that Scandinavian financial services giant Nordea can bar its employees from owning Bitcoin (BTC) and other digital currencies. As BNN Bloomberg reported on Dec. 3, the court justified the restriction by citing the purported risks associated with cryptocurrencies. However, the ruling did not apply to financial instruments associated with digital currencies Nordea had sold to customers, as well as to any cryptocurrency that employees might have invested in before the restriction. Denmark’s union for financial industry employees had filed suit against Nordea, claiming that the ban interfered with employees’ personal lives. Kent Petersen, the union’s …

Commerzbank, Credit Suisse and UBS carried out the first transactions on Deutsche Boerse and HQLAX’s distributed ledger technology-enabled (DLT) security lending platform. According to a Deutsche Boerse press release on Dec. 3, the company jointly developed the platform with fintech firm HQLAX, which was launched by R3 and uses Corda DLT technology to provide liquidity and collateral management products. The platform was able to swap ownership of a basket of German government bonds and a basket of corporate bonds between UBS and Commerzbank while employing Clearstream Banking as a custodian. It also conducted a cross-custodian swap between UBS and Credit …

Disclaimer: Following reports that the card release news was false, Cointelegraph contacted SoftBank, which confirmed that the news was incorrect. SoftBank said that it is still trying to find out who made the announcement and how. Japanese holding company SoftBank has introduced a new debit card featuring a built-in cryptocurrency wallet. According to a press release on Dec. 1, SoftBank developed a debit card featuring a built-in blockchain wallet in collaboration with United States-based wallet card developer Dynamics. The new product is called SBC Wallet Cards and can be used as a traditional debit card or blockchain wallet. Crypto storage …

A new bill in Germany could enable banks to support the sale and custody of Bitcoin (BTC) and other cryptocurrencies by 2020. German news agency Handelsblatt reported on Nov. 27 that the bill now requires consensus from the country’s 16 states, having successfully passed through the Bundestag, the German federal parliament. Germany on its way to becoming a “crypto-heaven” At present, German banks and financial institutions are prohibited from facilitating the sale of cryptocurrencies for clients. If passed, the proposed bill will transform the status quo. While an initial draft of the bill had reportedly included a “separation clause” that …