The Reserve Bank of India (RBI) is developing a blockchain platform for banking in its R&D branch, according to a report by BusinessLine on June 28 The blockchain platform will reportedly host a number of blockchain applications, and is slated to launch next year. This model platform is reportedly being designed to serve banks; according to the director of The Institute for Development and Research in Banking Technology, RBI’s R&D branch, the platform is “for blockchain applications for the government in banking.” While RBI appears to be moving into the blockchain industry, it has historically not been keen on cryptocurrencies. …

Goldman Sachs is performing “extensive research” on tokenization, the group’s chief executive told France’s Les Echos newspaper on June 27. David Solomon said he believes global payment systems are heading in the direction of stablecoins — cryptocurrencies pegged to fiat assets such as the U.S. dollar. Although he stopped short of confirming whether Goldman Sachs has had discussions with Facebook about its upcoming libra cryptocurrency and Calibra wallet, Solomon said his corporation finds the concept “interesting.” When asked whether Goldman Sachs will follow JPMorgan Chase in launching its own virtual currency, Solomon said: “Assume that all major financial institutions around …

Binance has engaged in official discussions with Facebook and is “very excited” about the libra project, the exchange’s strategy officer Gin Chao told BlockTV in an interview on June 27. While Chao cautioned the talks were at an early stage, the executive said Binance was “looking forward to working with libra as much as we can.” He said: “I think the potential that libra can have, not just on mass adoption but what it means to payments and forcing regulators’ hands to catch up a bit, is all good news.” In a separate interview to Finance Magnates at the FinTech …

Cardano founder Charles Hoskinson claimed that emerging markets are where cryptocurrencies matter, and that Facebook’s announced virtual currency Libra is not going to find success in this area, according to a report by Finance Magnates on June 26. According to Hoskinson, emerging markets are the future. He says: “Emerging markets are where cryptocurrencies matter [...] When I look at the developed world, I don’t care. It’s highly regulated and, in many cases, a rigged system. If I decide to compete with a tech company they can just push me out via regulation. [...] Then I sit down with the prime …

Director of the Financial Crimes Enforcement Network (FinCEN) Kenneth Blanco briefed several members of the United States House on the potential for Libra’s use in money laundering, illicit financing, and other illegal activities, according to a press release from Representative Emanuel Cleaver II. Leading the meeting were Reps. Cleaver, Trey Hollingsworth, Bill Foster, and French Hill, all members of the Committee on Financial Services. Rep. Cleaver, chairman of the Subcommittee on National Security, International Development, and Monetary Policy, said in his statement: “With the evolution of virtual currencies and new marketplaces, nefarious actors are continuously adapting to find new ways …

Galaxy Digital founder and crypto enthusiast Mike Novogratz has predicted that Bitcoin’s (BTC) price will stabilize between $10,000 and $14,000, in an interview with CNBC on June 27. Delivering his comments on CNBC’s Squawk Box show, Novogratz forecast that the leading digital currency will consolidate in the corridor between $10,000 and $14,000. Referring to Facebook’s entry into crypto with Libra, Novogratz said: “One of the largest companies in the world said we believe in cryptocurrencies. [...] If you’re an institutional investor who’s getting close and still worried about investing, it makes you that much more confident.” Novogratz’s comments follow Bitcoin’s …

European Union banks could have an instantaneous payments system in place by 2020, Reuters reports on June 26. Per the report, real-time payments have been possible in the eurozone since 2017, but only about half of the banks in the bloc adhered to the initiative. Still, Reuters notes that adoption may accelerate now that Facebook’s Libra stablecoin is shaping up to be a competitor to local banks. Director general of the European Payments Council (EPC) Etienne Goosse reportedly said that — regardless of the success of Facebook’s Libra’s project — competition from technology firms was here to stay, and banks …

Singapore’s central bank has held discussions with Facebook about its upcoming libra cryptocurrency, Bloomberg reported on June 27. Ravi Menon, the managing director of the Monetary Authority of Singapore, reportedly acknowledged libra’s potential benefits — such as making payments cheaper or supporting the unbanked — but said the regulator needs to understand exactly how the tech giant’s system will work. As well as warning that it isn’t clear whether libra would offer a superior alternative to other electronic payment mechanisms, Menon said Singapore would be seeking assurances on security and privacy issues before making a regulatory decision. At a news …

The head of the German Federal Financial Supervisory Authority (BaFin) has urged regulators to develop standards in response to Facebook’s forthcoming cryptocurrency, Libra, Cointelegraph Deutschland reported on June 26 Speaking at the International Club Frankfurter Wirtschaftsjournalisten, BaFin President Felix Hufeld stressed that policymakers and regulators should not stand aside on the issue of Facebook’s Libra as considerable control questions could arise once the coin comes into use. Hufeld hinted at possible regulatory measures introduced by BaFin, but also pointed to the need for an international regulatory framework: "We certainly can not just watch. We will have to respond appropriately in …

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 …

A former economic adviser to United States President Donald Trump has expressed support for Facebook’s stablecoin Libra, Yahoo Finance reported on June 24. In an interview with Yahoo Finance, conservative economist and fellow at The Heritage Foundation Stephen Moore said that he thinks “on balance it is a good thing [Libra].” Moore stated: “It’s interesting, because this [Libra] represents a new challenge for central bankers that they now have competition from private currencies. Ethereum co-founder Joseph Lubin, by contrast, said that Facebook’s Libra token is like “a centralized wolf in a decentralized sheep’s clothing,” following the release of Libra’s white …

Facebook has started advertising for a head of data science to work on its Calibra wallet, a recent job posting shows. According to the tech giant’s vacancy, it is looking for an “experienced analytics leader” who can use data to drive insights, shape the wallet’s future direction, and measure product success. Understanding how users interact with the product and identifying opportunities is listed among the responsibilities. Leadership experience features among the minimum qualifications, along with at least eight years’ experience of quantitative analysis. Describing the perfect candidate, Facebook said they would be “scrappy, results-focused and self-starting” — as well as …