World’s first government-backed digital currency to launch in December

It doesn’t yet have a name, but Ecuador’s new government-backed virtual currency is coming. That’s the thrust of a new report from the Associated Press,

Source: www.engadget.com

Ecuador wants to go first with their own (government-backed) virtual currency. A lot many countries will be monitoring this closely. 

FBI Examining Whether Russia Is Tied to JPMorgan Hacking

Russian hackers attacked the U.S. financial system in mid-August, infiltrating and stealing data from JPMorgan Chase & Co. and at least one other bank, an incident the FBI is investigating as a possible retaliation for government-sponsored sanctions, according to two people familiar with the probe.

Source: www.bloomberg.com

How soon will the disclosures come out? that is the Question!

Pakistani Banker and Bitcoin

Whilst discussing crypto currencies with a Senior Banker from a reputed Pakistani Bank (read: one of the Big 5)…

 

Banker: “Bitcoin is a joke! It will fail”
Faisal: “Seriously? Do you know what Bitcoins are? Really? I will ask you?”
Banker: “No, not really! I read a few articles in….”  (I cut him off)
Faisal: “Do you own some? Have you played with Bitcoins?”
Banker: “No”
Faisal: “Never owned one? Not even one?”
Banker: “No”
Faisal: “How about a Wallet? Do you have one? On Blockchain? or elsewhere?”
Banker: “What is a wallet?” (cut him off again)
Faisal: “Do you know what a Blockchain is?”
Banker: “No”
Faisal: “How about a Satoshi? Know what it is?”
Banker: “No”
Faisal: “How about what mining is?”
Banker: “Mining??? You mean minerals…”
Faisal: “Ummm never mind”

… switching subjects and thinking he better start working on his resume.

Switzerland’s Pictet Reports Results for First Time in Its 209-Year History

Swiss bank Pictet publicly disclosed financial results for the first time in its 209-year-old history, underlining the sea change in the country’s traditionally secretive banking sector

Source: online.wsj.com

Banking Zeitgeist? Well, certainly seems so. I think as we chug along, more and more transparency would be coming forth. Both in banking and payments. 

Square Cash 2.0 Adds Free Money Transfer By Text Message, Payment Notes And More | TechCrunch

Square has a new update out for its Cash app that lets users send cash by text, greatly improving the versatility of the mobile payment app. The update also..

Source: techcrunch.com

Square is hot on the game, but the question is will this money transfer be restricted domestically, or does Square have plans to go abroad? I’d bet right now – domestic payments only. (Thanks to Robert Oswald for tweeting this.)