Saudi and UAE Central Banks joined forces to test crypto

The Central Banks of two countries plan to use cryptocurrency in cross-border payments in the future
14 December 2017   681

The National and Gulf Digital News report that Mubarak Rashid Al-Mansuri, the head of the Central Bank of the UAE, presented the initiative at the meeting of the Arab Monetary Fund (AWF). The meeting does not apply directly to the crypto currency, however, although the financial technologies of the topic as a whole will be discussed among a group of central banks and financial regulators.

Al-Mansuri highly appreciated the efforts to develop block-technologies.

This is the first times [sic] the monetary authorities of two countries cooperation to use blockchain technology. As quoted by The National, al-Mansouri described the project as a "digitisation of what we do already between central banks and banks.

Mubarak Rashid Al-Mansuri

Head, Central Bank of the UAE

Attraction of the central bank of Saudi Arabia is a notable event in view of the fact that the institution has not commented on the technology so far and did not indicate that it is studying potential cases of its use.

On the contrary, the UAE is home to a number of private and public sector initiatives, including the Dubai Global Council for Blockchain. A number of financial institutions have explored the use of technology in recent months, including Emirates NBD, which develops blocking services to check bank checks.

BlackRock to Consider Bitcoin Futures

World largest asset management firm created a workgroup to study the prospects of crypto-based futures
16 July 2018   45

Investment company BlackRock has formed a working group that should find out what benefits the world's largest asset manager can get from entering the cryptocurrency sector, despite the fact that previously its CEO had heavily criticized bitcoin. This is reported by Financial News.

The investment giant, whose assets amount to $ 6.3 trillion, created a team that included experts from various business areas. They must collect information about the cryptocurrencies, the underlying infrastructure and technology of the blockchain.

The working group, which includes investment strategist Terry Simpson, should find out whether BlackRock should invest in bitcoin futures.

Sources also reported that BlackRock is studying the experience of its competitors in this area and the potential impact of their actions on the company's business. The working group will report on the results of its research to senior management.

A spokeswoman for BlackRock reported that the company has been considering blockchain technology for several years, but declined to comment on the cryptocurrency.

The creation of a working group may mark a turning point in relations between BlackRock and cryptocurrencies. Last year, its head, Larry Fink, said that bitcoin is an extremely speculative tool, and the only reason for its popularity is its anonymity. "This is an instrument that is used for money laundering," he said bluntly.

Fink gave his comments even before the appearance of crypto-currency futures. At that time, he saw no opportunity for his company to enter this market.