Thai Bank Partners with Blockchain Company for Optimizing Remittance Infrastructure 0 261

Thai Bank Partners with Blockchain Company for Optimizing Remittance Infrastructure

Thailand’s oldest banking institution, Siam Commercial Bank, has been putting in significant effort to improve the digital payment and remittance sector of the country. Already a part of RippleNet, the company has just signed a deal for using blockchain for this very purpose. Earlier this week, a press release confirmed that the bank has partnered with a local blockchain firm known as Lightnet Group. According to the release, remittance services will be added to all Thai bank accounts because of the partnership. It will also allow seamless integration with a payment service backed by the Thai government known as PromptPay, which ensures smooth interbank transfers. 

As far as Siam’s role is concerned, it will assist in optimizing the remittance system introduced by LightNet. The goal is to provide real-time remittances to the country from any part of the world and ensure quicker clearing of payments. The executive vice president at Siam of the company’s Payment Strategy and Digital Disruptive Technology department, Srihanath Lamsam praised the move and said that it was another step in ensuring the digital transformation of the bank. He went on to say that the partnership was aimed at revolutionizing the global remittance industry, thereby offering customers with quicker transfers for a much lower fee.

This year, one of the primary objectives of Siam has been to facilitate instant payments. In order to do so, the company had partnered with RippleNet as well, and it has been taking that agenda forward on a number of fronts. It is understandable that the mission is high on the list for the company. According to data provided by the World Bank, one of the main remittance destinations in the world is none other than Thailand, as nearly $6.7 billion is sent to the country every year. However, it is also a fact that sending and receiving money in the country is also one of the most expensive in the world.

To eliminate this problem, a number of project shave been undertaken by Siam. It introduced a mobile app in January with Ripple Labs. Powered by blockchain, the app is called SCB Easy and it allows cross-border transactions at a low cost. The senior vice president of commercial banking at SCB, Arthit Sriumporn gave a demo of the app last December at the annual customer event by Ripple and it took seconds for completing a cross-border transaction. Siam also announced that it was working on delivering EMVCo barcode payments. 

This particular payment method is quite popular in Asia and SCB is hoping to leverage its capabilities for offering micro-payment services to its clients. The Thai bank had partnered with Azimo, a digital money transfer service, in April for the purpose of launching an instant cross-border payment system. A press release said that solving expensive and unreliable global transfers was their aim. Both companies highlighted that it would take them less than a minute to process transfers from Europe to Thailand, even though it usually takes one day for them to be cleared by other means.

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Central Banks Will Not Allow Bitcoin to Go Mainstream, Says Harvard Professor 0 4

Since the beginning of the year 2020, Bitcoin (BTC) has been flying high with respect to its price and market capitalization. There have been many mainstream institutions such as PayPal, MicroStrategy, and MassMutual that have played a huge role in deciding the fate of Bitcoin (BTC).

Although Bitcoin (BTC) had mustered a lot of user-base from the private sector, all it required was input from the mainstream sector. This is when PayPal announced that it was going to integrate Bitcoin (BTC) into its platform.

This worked like a charm for Bitcoin (BTC), and the largest cryptocurrency in the entire world got even bigger. Since then, Bitcoin (BTC) has been constantly gaining mainstream adoption and several institutions from around the world have adopted it.

However, similar to the president of the ECB, there are still many who still do not support the idea of adopting cryptocurrencies and Bitcoin (BTC) altogether.

Bitcoin (BTC) has been facing a lot of resistance and hard times from traditional financial institutions. It is the banks that are currently opposing the idea of Bitcoin (BTC) being dealt with as an asset for savings and investments.

The above speculation has also been confirmed by one of the professors from one of the world-renowned universities “Harvard”. Kenneth Rogoff, who is currently a Professor of Economics at Harvard talked about how the central banks currently perceive Bitcoin (BTC).

Rogoff stated that if people think that Bitcoin (BTC) has started gaining mainstream popularity, then they are mistaken. Despite all the success and attention, Bitcoin (BTC) is still far from gaining real mainstream adoption.

However, Bitcoin (BTC) currently has a very harsh and difficult journey ahead as the central banks from around the world are going to give a very hard time.

He stated that the central banks will not let Bitcoin (BTC) gain mainstream success and adoption. The professor stated that other cryptocurrencies are likely to face the same kind of treatment from the central banks.

He stated that for the time being, the majority of the cryptocurrency industry is unregulated. Many cryptocurrency firms in the industry do not adhere to the regulations that include AML and KYC policies.

For now, it is not possible for cryptocurrencies to be given mainstream status in the economy. The first thing that the governments would do is regulate cryptocurrencies and ensure that the policies are being adhered to.

Once the cryptocurrency regulations are streamlined and adherence is above satisfactory levels, then the cryptocurrencies stand a chance of being given mainstream status.

The words coming from Rogoff hold very high significance as he was one of the former chiefs at the IMF.

Bittrex Exchange Allowed Bitcoin to be Stolen, Claimed by Spanish Customer 0 6

As per the latest reports, the police authorities of the city of Tenerife have been given permission to investigate a case regarding Bittrex. As per sources, permission to look into the matter has been given by the Spanish court. The investigation has been launched by the Spanish court in response to a complaint that was launched by a Spanish Bittrex customer.

In the complaint, the customer has alleged to Bittrex that it was due to the exchange that he ended up losing his Bitcoin (BTC) to a theft. The plaintiff held the exchange responsible for the theft that led him to lose Bitcoin (BTC) that was worth $62,000.

As per sources, the cybercrime unit of the Tenerife police authority is currently investigating the matter. The cybercrime unit has stated that it will soon be sharing its preliminary findings around the matter. Then the police will be able to determine whether the exchange is to be held responsible for any involvement in the matter or not.

However, the plaintiff is continuing to blame the exchange for letting his Bitcoin (BTC) be stolen and taken away by the cybercriminals. He has claimed that the hacker was deliberately granted access to his wallet account on the exchange. As a result, the anonymous hacker was able to make away with around 1.3 Bitcoin (BTC) in the process.

One of the local reporting networks has revealed that the plaintiff himself is a resident of Tenerife city. The person claimed that it was May of 2020 when he had opened up his wallet account on the exchange for Bitcoin (BTC).

The plaintiff claimed that after creating the wallet account, he added 1.3 BTC to the same wallet account. Soon after making the deposit, he realized that his wallet with 1.3 BTC had been emptied and there was no sign of it.

Soon after learning about the theft, the first thing he did was get in touch with Bittrex so he got in touch with their customer support. Although he expected the team to support him, he got told by the customer support team that his account had been victimized by cybercrime.

The claimant also added in the report that he had hired a personal security expert in order to investigate the case. He wanted to get to the bottom of the theft and wanted to find the cybercriminals himself as he received no support from Bittrex.

The security expert hired by the claimant also shared his findings with the Spanish court. According to the report, Bittrex on four different occasions allowed the BTC wallet account to be accessed before the theft was attempted. The investigating expert also confirmed that the breach was observed from four different IP addresses.

All of the IP addresses used to breach the wallet account included Granada, United States, France, and Madrid.

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