Taiwan Central Bank to Use Blockchain for Payments

A new chief of Taiwan Central bank informed that the bank will use blockchain applications in its operations including payments  
28 February 2018   449

During a ceremonial swear-in, Taiwan’s new central bank governor Yang Chin-long stated that the bank will embrace new technologies including adopting innovations in artificial intelligence (AI), big data and blockchain technology.

In the 90s, Yang Chin-long served as an economic researcher at the central bank. He noted the lack of impact of financial technologies on Taiwan’s policies. However, new developments may restructure the country’s financial policy.

The central bank will adopt “an open mind to accept new ideas”, the new central bank chief added, specifically pointing to three technologies in big data, AI and artificial intelligence. The first two would enable the bank to analyze and effectively determine patterns of Taiwan’s economic and financial conditions.

Yang Chin-long

The Chief of Taiwan Central Bank

According to him, the bank will also try to explore the feasibility of enhancing the security and efficiency of payments systems using decentralized blockchain technology.

More than that, Taiwan will look to embrace cryptocurrencies and ICOs in a move to foster and aid their development in the country.

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   74

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.