Blockchain News 11.05.2018

Bank of Canada to use blockchain for instantly settling securities

The latest “Yog ib qhov Jasper” blockchain trials have shown that distributed ledgers are effective at automating securities settlements in real-time, according to Bank of Canada and two partners on theintegrated securities and payment settlementproject.

Gerry Gaetz, president and CEO of Payments Canada, was quoted as saying:
This shows that it is possible to deliver payments in a way that has never been done beforeby directly swapping cash from buyers to sellers, resulting in instant settlements.


Korean exchange Upbit raided by prosecutors

Prosecutors in South Korea have reportedly raided the largest cryptocurrency exchange in the country, UPbit. Investigators from the prosecutorsoffice of Seoul searched the head office of the exchange on May 10th.
UPbit is suspected of fraud for allegedly selling cryptocurrency to customers that it does not actually hold, according to the report.
The prosecutorsoffice stated: “We have secured hard disks and accounting books through confiscation. Analysis is expected to take days.


Huawei includes Bitcoin wallet app in its app store

Users of Huawei phones will be able to download Bitcoin wallets on their devices for the first time starting Friday.

Huawei, the world’s third-biggest handset maker, is releasing BTC.com’s Bitcoin wallet in its AppGallery, according to Alejandro de la Torre, BTC.com’s vice president of business operations.

He said the AppGallery will be pre-installed on all new Huawei phones.

The move will likely have the most impact in the Chinese market, where Huawei is the biggest mobile phone seller. The Chinese government blocks Android’s Google Play Store and some sections of Apple’s iTunes, limiting access to apps like BTC.com’s. While China has shut down cryptocurrency trading platforms, people can still own virtual currencies.

“It’s a good opportunity to tap into the Chinese market,” de la Torre said in a telephone interview. “The use of cashless payments with apps is very big and the traditional banking system is lacking, so there’s a good use case for crypto payments to grow there.”


 

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