Emirates Bank Fights Fraud with Blockchain

Announcements, Blockchain, FinTech | March 31, 2017 By:

Banking group Emirates National Bank of Dubai (NBD) has teamed with the Central Bank of the United Arab Emirates on a blockchain project intended to combat bank check fraud.

“We are currently working with the central bank of the UAE to add the blockchain security feature to our paper checks so we can prove that the technology is fit for purpose at production volumes,” said Emirates NBD CFO Ali Sajwani.


India Drug Bust Fuels Bitcoin Concerns

News | March 31, 2017 By:

India police have arrested five people who are accused of smuggling LSD from the US using bitcoin.

The arrests come in the wake of comments earlier this week from the Minister of State for Finance Arjun Ram Meghwal, who said that bitcoin and other cryptocurrencies “could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism laws.”

The Times of India claimed the alleged drug smuggling group was operating in Mumbai and paid for transporting blots of LSD with bitcoin.


Bitcoin Legal in Japan on April 1

Blockchain, FinTech, Investing, News, Regulation | March 31, 2017 By:

Bitcoin will be recognized in Japan as a legal form of payment starting April 1.

After months of contentious debate among lawmakers, bitcoin exchanges will now be characterized as payment instruments and fall under the purview of the country’s anti-money laundering rules.

New capital requirements for exchanges (a minimum of  JPY10 million (US$89,430) is required),