• Suadi Aramco has invested in North Sea oil post-trade settlement firm Vakt
    Technology

    Vakt wins backing of oil giant Saudi Aramco

    The world’s largest oil producer invested $5 million and plans to use Vakt’s blockchain-based post-trade settlement platform down the road

    Saudi Aramaco subsidiary Aramco Trading Company joins firms like BP and Shell in using Vakt’s settlement platform for North Sea crude oil. Vakt plans to expand its platform to other oil markets.

  • Accompanies an article on the World Economic Forum
    Cryptocurrencies

    WEF group wants to write the rules for digital currencies

    Facebook’s Libra proposal forced central bankers to wake up to the need for a common set of rules governing stable coins and other cryptocurrencies

    The World Economic Forum has established a global consortium focused on creating a framework for the governance of digital currencies, including government-backed stablecoins pegged to an underlying asset, such as the yen, euro or the U.S. dollar. 

  • Japan lawmakers to propose digital yen
    Cryptocurrencies,  Politics

    In Japan, a digital yen may be on the horizon

    Lawmakers for the country’s ruling party say they are working on a proposal for a state-backed digital currency

    Japanese lawmakers are working on a proposal for the country to issue its own digital currency, according to a report in Reuters Friday. A digital yen could be a collaboration between the government and private companies, a key lawmaker in the country told Reuters Thursday.

  • 1.5 billion to use digital currency by 2023
    Cryptocurrencies

    A fifth of the world’s population to use CBDCs in 3 years, says BIS

    The Bank for International Settlements surveyed 66 of the world’s central banks

    The Bank for International Settlements, a consortium of banks based in Basel, Switzerland, polled 66 central banks last year. The results? One fifth of the world's population will use central bank digital currencies by 2023. CBDCs are a new type of digital money. They can be used for interbank settlements or as a type of general purpose “digital cash,” meant as a stand in for regular bank notes.