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The chief executive of #Japan’s largest bank expects new business opportunities to appear as #digitalcurrencies allow collection of data on how people use their money. While Japan’s big banks have distanced themselves from bitcoin and other existing digital currencies, they are trying to create their own to provide cheaper and easier means of payments and money transfers.

Unlike bitcoin and other so-called #cryptocurrencies, #MUFG Coin is tied to Japanese yen, so users can exchange it for yen at the same rate as they bought the digital currency. MUFG has said it plans to expand the experiment to involve all of its 30,000 domestic employees next year. Japan’s third-largest lender #Mizuho Financial Group is also developing its own digital currency, J Coin, targeting widespread use by 2020.


#DigitalStrategy #DisruptiveStrategy #DigitalEconomy #DigitalWallet #Banking #DisruptiveInnovation #DigitalDisruption #FinancialServices #FinancialInstitutions #BankingSector #CryptoCurrency #VirtualCurrency
Japan finance sector to reap #digitalcurrency benefits, says MUFG chief
http://www.reuters.com/article/us-japan-banking-cryptocurrencies/japan-finance-sector-to-reap-digital-currency-benefits-says-mufg-chief-idUSKBN1CO1MU
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Vitalik Buterin, the 23-year-old creator of the world’s second biggest digital currency, #Ethereum, isn’t worried about coming competition from the central banks of the world. He said the advent of a national #currency based on a blockchain, which is the distributed ledger technology that underpins bitcoin and Ethereum, will take years to launch.

Central banks like the Bank of Canada and the Bank of Japan are also among those conducting experiments with blockchain. This has led to speculation that the central banks will soon create digital versions of their fiat currencies as a more efficient way to transfer funds and manage their money supplies.


#DigitalStrategy #DisruptiveStrategy #DigitalEconomy #DigitalWallet #Banking #DisruptiveInnovation #DigitalDisruption #FinancialServices #FinancialInstitutions #BankingSector #CryptoCurrency #VirtualCurrency
Ethereum Founder: #CentralBanks Are a Long Way From #DigitalCurrency
http://fortune.com/2017/10/18/ethereum-founder-central-banks-are-a-long-way-from-digital-currency/
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The #PeoplesBankofChina, #China's #centralbank, has completed trial runs on the algorithms needed for #digitalcurrency supply, taking it a step closer to addressing the technological challenges associated with digital currencies. Yao Qian, director-general of the Institute of Digital Money at the #PBOC, said China's central bank has successfully designed a prototype that can regulate the supply of its future digital fiat currency.

The successful simulation of money supply paves the way for the central bank to become the future sole regulator and policymaker governing the value of digital fiat #currency. Digital fiat currencies are the digital forms of a sovereign currency that is backed by the central bank. There is no timetable for the introduction of the currency, but once introduced, China is likely to become the first country that would deploy a digital fiat currency. China's central bank has been actively preparing for digital fiat currencies since last year.


#DigitalStrategy #DisruptiveStrategy #DigitalEconomy #DigitalWallet #Banking #DisruptiveInnovation #DigitalDisruption #FinancialServices #FinancialInstitutions #BankingSector #CryptoCurrency #VirtualCurrency
PBOC inches closer to digital currency
http://www.chinadaily.com.cn/business/2017-10/14/content_33235955.htm
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Despite showing a tough face to bitcoin in #China, Beijing’s interest in grasping the underlying #blockchaintechnology and creating its own sovereign #digitalcurrency has not waned. As dozens of #bitcoin exchanges in China were told to shut down and at least one industry conference was forced to flee Beijing for Hong Kong, the Ministry of Industry and Information Technology launched a 'trusted blockchain alliance' to speed up study of the digital ledger.

China’s ambition to lead the world in #blockchain technology and sovereign digital currency is not new. The central bank, meanwhile, has set up a special institute to study digital currency, and Zhou Xiaochuan, its governor, told a press conference in March that the central bank encouraged the development of technologies such as digital currency and blockchain.


#DigitalStrategy #DisruptiveStrategy #DigitalEconomy #DigitalWallet #Banking #DisruptiveInnovation #DigitalDisruption #FinancialServices #FinancialInstitutions #BankingSector #CryptoCurrency #VirtualCurrency
Is China still keen to develop a sovereign digital currency after ban on bitcoin trading?
http://www.scmp.com/news/china/economy/article/2112578/china-still-keen-develop-sovereign-digital-currency-after-ban
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#Russia will issue its own official #cryptocurrency, the #CryptoRuble, capping months of speculation about the country’s approach to the technology. While in a way it indicates an embrace of the likes of Bitcoin and Ethereum, the CryptoRuble is unlikely to share the truly decentralized nature of other coins. Reports this summer suggested the country was looking into creating its own cryptocurrency, though the administration has also taken a hard line on other coins, calling them illegitimate replacements for the official currency.

The idea is to stimulate the online economy in a way that doesn’t rely on foreign money markets or third party transaction brokers, and allows the government to closely regulate and track it. Nikolay Nikiforov, the Russian government’s minister of communications, also reportedly said that if Russia didn’t do it, European authorities might beat them to the punch.


#DigitalStrategy #DisruptiveStrategy #DigitalEconomy #DigitalWallet #Banking #DisruptiveInnovation #DigitalDisruption #FinancialServices #FinancialInstitutions #BankingSector #DigitalCurrency #VirtualCurrency
Russia may soon issue its own official blockchain-based currency, the CryptoRuble
https://techcrunch.com/2017/10/15/russia-may-soon-issue-its-own-official-blockchain-based-currency-the-cryptoruble/
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#Russia has been talking openly about the prospect of creating its own #cryptocurrency, and it looks like the country might turn those words into action. Communications Minister Nikolay Nikiforov has confirmed plans to launch a state-controlled digital currency.

Don't expect to generate virtual #rubles with your PC any time soon, though. While it would use #blockchain to decentralize control and improve trust, you reportedly can't mine it - instead, it'd be issued and tracked like conventional money. This would theoretically let Russia boost its internet economy without tying the fate of its #currency to other countries or third-party brokers.


#DigitalStrategy #DisruptiveStrategy #DigitalEconomy #DigitalWallet #Banking #DisruptiveInnovation #DigitalDisruption #FinancialServices #FinancialInstitutions #BankingSector #VirtualCurrency
Russia hopes to launch its own #digitalcurrency
https://www.engadget.com/2017/10/15/russia-hopes-to-launch-its-own-cryptocurrency/
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#ChristineLagarde sees a path ahead for #cryptocurrency. The managing director of the IMF talked up the potential of #virtualcurrencies to supplant traditional monies in coming decades. Cryptocurrencies, or virtual currencies, are a new class of digital assets powered by blockchains, distributed ledgers that made their name underpinning networks like #Bitcoin and #Ethereum.

Unlike JPMorgan Chase CEO Jamie Dimon and billionaire hedge fund founder Ray Dalio, who have recently disparaged Bitcoin, the world’s most well known cryptocurrency, Lagarde shared a rosier vision of the general technology’s future with attendees of a Bank of England conference in London.


#DigitalStrategy #DisruptiveStrategy #DigitalEconomy #DigitalWallet #Banking #DisruptiveInnovation #DigitalDisruption #FinancialServices #FinancialInstitutions #BankingSector
IMF Head: Cryptocurrency Could Be the Future. Really.
http://fortune.com/2017/10/02/bitcoin-ethereum-cryptocurrency-imf-christine-lagarde/
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It's time for the world's central banks and regulators to get serious about #digitalcurrencies, according to IMF Managing Director Christine Lagarde. Global financial institutions are taking risks by not watching and understanding emerging financial tech products that are already starting to shake up the financial services and global payments system.

Lagarde didn't rule out that the IMF could at some point develop its own #cryptocurrency. She pointed to the IMF's Special Drawing Right (SDR), a currency the IMF created to serve as an international reserve asset, that could incorporate technology similar to cryptocurrencies.



#DigitalStrategy #DisruptiveStrategy #DigitalEconomy #DigitalWallet #Banking #DisruptiveInnovation #DigitalDisruption #FinancialServices #FinancialInstitutions #BankingSector
'We are about to see massive disruptions': IMF's Lagarde says it's time to get serious about digital currency
https://www.cnbc.com/2017/10/13/bitcoin-get-serious-about-digital-currency-imf-christine-lagarde-says.html
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#Mobilepay is taking #China by storm and changing daily commerce. The transformation of a society limited to bills denominated in 100 yuan ($15) or less into one where QR payment codes abound was by far the biggest change in mainland China since my last visit 4 years ago.

Lack of red tape and a less developed financial system have apparently allowed mainland China to leapfrog the developed world into embracing mobile payments. Mobile payment volume in the country more than doubled to $5tn in 2016, according to Analysys data cited by Hillhouse Capital in a May report. In Q1 of this year, #Alipay had 54% of that mobile payments market, and #WeChatPay accounted for 40%.


#DigitalStrategy #DisruptiveStrategy #DigitalEconomy #DigitalWallet #Banking #DisruptiveInnovation #DigitalDisruption #PaymentSystems #DigitalInnovation #MobileWallets #PaymentProcessing #MobilePayment #TechCompanies
Cash is already pretty much dead in China as the country lives the future with mobile pay
https://www.cnbc.com/2017/10/08/china-is-living-the-future-of-mobile-pay-right-now.html
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#Alipay has been aggressively pushing to be the weapon of choice for the tourist class, and that actually underscores the growing schism in China in terms of payment system. Alipay is regarded as the 'big bucks' system, thanks to its wealth management systems, while competitor #WeChatPay is the smaller-time system that picks up small bills. If Alipay can become pretty much the unofficial payment system of the tourist class, then it will pretty effectively cement its position as the leader among the wealthy.


#DigitalStrategy #DisruptiveStrategy #DigitalEconomy #DigitalWallet #Banking #DisruptiveInnovation #DigitalDisruption #PaymentSystems #DigitalInnovation #MobileWallets #PaymentProcessing #MobilePayment #TechCompanies
Alipay Makes Further Pushes On #Tourism
https://paymentweek.com/2017-10-3-alipay-makes-pushes-tourism/
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