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   558

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 Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   79

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.