£910BILLION worth of bad debt could collapse the European Union banking system. The “urgent and actionable” reality in Europe, which has left to increasingly radical parties claiming seats in the continent’s parliaments, has led to regulators on the continent plan for a “bad bank” contingency. Such a “bad bank” would effectively collectivize among the taxpayers the bad bets made by banks on the continent. According to Andrea Enria, chairman of … Read More →
Gold refineries in Switzerland sent a record amount of gold to Shanghai last December, and Russia is buying gold in droves as well, as the United States experiences a time of tumultuous politics and the european banking system is reported to be on the verge of collapse. Figures released at the end of January by Federal Customs Administrations showed that Switzerland, a world leader in gold production, sent 158 tonnes … Read More →
The Spanish Government acted today to cap cash payments at €1,000, down from the current cap of €2,500. Anti-fraud measures enacted today include a VAT information and increased regulation of deferred payments. The government is working on measures against fraud, including limiting the payment in cash to 1,000 euros instead of the current 2,500. The decree is set to be approved by the Council of Ministers next Friday. The Ministry … Read More →
Bitcoin and banks were never supposed to go hand-in-hand. So, in 2015, when the world’s largest financial institutions began investigation the technology behind Bitcoin, blockchain, it took many people by surprise. Now, approximately two years after those efforts began in earnest, it seems there’s somewhat of a clash taking place between Bitcoin and the consortium through which the world’s largest banks investigate blockchain technology, R3.
JPMorgan has uploaded the code for its private, Ethereum-inspired blockchain code to popular code repository Github. Quorum, which JPMorgan calls a “permissioned implementation of Ethereum supporting data privacy,” is essentially a blockchain focused for enterprise use. JPMorgan promises “high speed and high throughput” processing of private transactions. “Quorum addresses specific challenges to blockchain technology adoption within the financial industry, and beyond.”
Two people were in critical condition and four others suffered serious burns when a man set himself on fire in a bank in Melbourne, Australia earlier this week. The 21-year-old man, one of the critically injured patients, walked into Commonwealth Bank in the Melbourne bank carrying flammable accelerant and started a fire about 11:30 am AEDT.