Banking

Razormind, enterprise software developing company, announced a €5 million investment to build and operate two Blockchain banks in Europe located in Ireland and France.

House of Lords consults the Bank of England on issuing a new cryptocurrency called “Britcoin”. The question will be discussed during the session held on July 19.

Yesterday was relatively quiet for financial markets due to the US Independence Day celebration. Fears of serious repercussions of Brexit are gradually weakening, and the Bitcoin price briefly found peace in the range of $665 - $680.

Bank of England announced the launch of a FinTech accelerator for new technology firms to demonstrate their solutions via proof of concept projects (POCs) and to help the bank “harness FinTech innovations for central banking”. For successfully completed POCs, the Bank of England promises to consider acting as a reference for the firms.

In the first week of the year 2016, Bitcoin price was at the level of $430. On January 7, 2016 the People's Bank of China devalued the Yuan, thus the Yuan price fell to 6.5446 for $1 US.

Bank of Tokyo Mitsubishi UFJ has announced its plans to issue its own virtual currency using Blockchain technology in 2017.

Martin Armstrong stresses that the birth of a cashless society is coming in much faster than expected.