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Thai Bank Pilots Cross-Border Transaction Using Blockchain

Thai bank pilots cross-border transaction using blockchain

Thai Bank Pilots Cross-Border Transaction Using Blockchain

Thai bank pilots cross-border transaction using blockchain

Thailand’s Bank of Ayudhya PCL successfully conducted a cross-border transaction with a bank in Singapore using a blockchain, the bank announced Tuesday.

The bank, also known as Krungsri, announced it committed a real-time international remittance in concert with MUFG Bank, Mitsubishi Corporation and Standard Chartered Bank (Singapore) using the Krungsri Blockchain Interledger. Specifically, the bank used its blockchain to facilitate a transfer from Mitsubishi’s Krungsri account to its Standard Chartered account, according to a press release.

Using this technology in the future will allow Mitsubishi, and presumably other companies, “further improve its liquidity management efficiency and reduce their cost management,” the bank said.

Krungsri Consumer Group and digital banking and innovation head Thakorn Piyapan said the successful trial helped the bank gain the trust of Mitsubishi going forward, adding:

“Successfully completed in a matter of seconds, the technology-based transaction helps enhance their subsidiaries’ financial liquidity toward greater flexibility and efficiency.”

The bank previously trialed its blockchain in a cross-border test in September 2017, according to the release.

Bank of Ayudhya notably is also trialing Ripple’s xCurrent blockchain to also transfer payments between Thailand and Singapore, as previously reported by CoinDesk. As with its own blockchain platform, the bank hopes to test “high-speed cross-border payments between independent banks.”

Earlier this week, Banco Masventas in Argentina also trialed a cross-border payment – though it specifically used bitcoin through cryptocurrency startup Bitex to facilitate the transaction.

Krungsri Bank image via photobyphm / Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Published at Wed, 23 May 2018 19:00:37 +0000

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U.S. Senate Mulls Reporting Requirements for Cryptocurrencies

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American bitcoin holders may soon have to report their holding to the United States government.

First introduced on May 25, 2015, by Sen. Chuck Grassley [R-IA], Senate Bill S.1241, the
“Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017,” can have serious implications for those involved in the cryptocurrency space. The hearing for S.1241 was held with virtually no public notice on November 28, 2017; the full two-hour hearing can be viewed here.

Currently, the definition of “financial institution” includes banks, trust companies, credit unions, currency exchanges and the like. But according to Section 5312(a) of title 31, the new bill would amend the definition of “financial institution” to include “an issuer, redeemer, or cashier of prepaid access devices, digital currency, or any digital exchanger or tumbler of digital currency.” 

This is most specifically embedded in Section 13:

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Sen. Dianne Feinstein [D-CA] said in her opening remarks of the hearing, “The bill criminalizes intentionally concealing ownership or control of a bank account.” Although, during the hearing, no further clarifications were given as to the effects this would have on the cryptocurrency community, based on the amended definition of “financial institution,” it would seem that the bill would criminalize anyone intentionally concealing ownership or control of a digital currency or exchange account. While there is no finalized bill yet, the implication would be that cryptocurrency holders need to fill in federal registration forms for tax disclosure, quarterly reporting and more.

Notably, while the purpose of the bill and hearing had to do with adding digital currencies and exchanges to the definition of financial institutions, there was almost no discussion on the topic other than briefly in reference to drug cartels using them to launder money. For example, nowhere in the testimony by Coinbase board of directors member Kathryn Haun Rodriguez does she mention digital currencies or exchanges, and at no time was she asked any questions about them.

Unsurprisingly, the bill is receiving pushback from some cryptocurrency holders. Activists on Reddit have started a social media campaign in opposition to the bill, and are suggesting others to tweet: “@senjudiciary that #Bitcoiners are not #Crooks Remove #DigitalCurrencies from Section 13 of S1241.” Others are contacting their senators directly.

The post U.S. Senate Mulls Reporting Requirements for Cryptocurrencies appeared first on Bitcoin Magazine.

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