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Bank of Japan Speech, SBI Ven Capital!


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The Bank of Japan president gave a speech at a the Bank of International Settlement stating that Central Bankers around the globe need to be very familiar with Distributed Ledger and Cryptocurrency: h

And of course it’s not an official endorsement. Central Banks are not likely to endorse anything... But when your entire banking system is behind Ripple and it also aligns with you monetary policy goa

Looks like all your recent posts are either anti-Ripple, non fact-based speculation against any positive speculation and/or talking about bitshares?

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800 Companies! One of the largest Japanese PE firms! $3.1B!

Crunchbase lists 14 investments and $110M raised.

 

By the way, I am not just drawing a strange conclusion here. SBI, in their Fin/SUM presentation, said they are investing $3.1B (300B Yen FinTech Fund and 100M Yen from SBI) ~3.1B in companies to support the crypto ecosystem. Slide 38, too large for Google Translate: http://www.sbigroup.co.jp/investors/library/presentation/pdf/presen170921.pdf

Edite: The whole presentation  is very good really. Yoshitaka Kitao said it's hard to predict the future... but you can make the future in Japanese and then the whole presentation is on how they are putting an incredible amount of resources and efforts into building the necessary ecosystem to support crypto.

Edited by Tehol_Beddict
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1 minute ago, kenrino said:

it looks like an overview of different blockchains / dlt technology

The second link is old from March and heavily describes the Ripple partnership/progress while making small mentions of other areas. Also discusses public/private partnership between the bank and government to improve payment system and make the central bank compatible with/support DLT.

The first link is today’s speech. Read it!

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10 minutes ago, kenrino said:

??

Sure I'm talking about R3 I just quoted the second document.

 

 

 

Quote and page?! It’s a 50 page document. The R3 lawsuit is well known. An SBI Ripple lawsuit would be shocking given they have still been very active in their partnership. I am not seeing anything using a word search. The document does include info about R3, btw.

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In case the reading assignment wasn't heavy enough, here's the Project Stella report that's referenced in the BOJ report: https://www.ecb.europa.eu/pub/pdf/other/ecb.stella_project_report_september_2017.pdf

While I don't contest the relationship between SBI and Ripple, it's a stretch to say that the BOJ is close to endorsing Ripple officially. Within this set of documents, the field is narrowed from a list of DLTs by:

(1) indication that a consensus algorithm must have Byzantine fault tolerance (since other referenced algorithms lack finality)

(2) mention of international remittance as a clear use case for DLT, as opposed to domestic use cases, which provide marginal benefits

The BOJ is providing official guidelines, which they expect the banking industry to utilize in selecting a DLT to adopt. They even went so far as to suggest the need for a universal, international solution to avoid a fractured system with proprietary block-chains that cannot interconnect. All of this is outstanding news for Ripple, but I don't view it as evidence that they've won the BOJ's favor.

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Just now, TexasHodlem said:

In case the reading assignment wasn't heavy enough, here's the Project Stella report that's referenced in the BOJ report: https://www.ecb.europa.eu/pub/pdf/other/ecb.stella_project_report_september_2017.pdf

While I don't contest the relationship between SBI and Ripple, it's a stretch to say that the BOJ is close to endorsing Ripple officially. Within this set of documents, the field is narrowed from a list of DLTs by:

(1) indication that a consensus algorithm must have Byzantine fault tolerance (since other referenced algorithms lack finality)

(2) mention of international remittance as a clear use case for DLT, as opposed to domestic use cases, which provide marginal benefits

The BOJ is providing official guidelines, which they expect the banking industry to utilize in selecting a DLT to adopt. They even went so far as to suggest the need for a universal, international solution to avoid a fractured system with proprietary block-chains that cannot interconnect. All of this is outstanding news for Ripple, but I don't view it as evidence that they've won the BOJ's favor.

The R3 Stella project is mentioned in the second link I provided as something The Japaneese Banking Association/Japan/The Eu learned from but decided it was not time to proceed with a central bank DLT. That is separated from the mention of Ripple:

 

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In Japan, the Consortium for Unification of Domestic and Foreign Exchange, which employs Ripple as the platform technology, was established in October 2016. There are 47 financial institutions participating as of March 2017.

 They are now at 61 banks, including the 4 largest, and those 61 make up 80% of Japan’s Banking industry! How could they be talking about anything else?! Have you guys not been paying attention to Ripple’s domination (amazing partnership, don’t meant that to be deragatory) of Japan?

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 “3.2 Overview of Individual Initiatives” Besides the use cases mentioned here, there are various other surveys, studies and initiatives regarding the possibility of utilizing blockchain technology/DLT that are being conducted by individual institutions42. In addition, in recent years there has been an increase of initiatives through interbank collaboration such as the joint Proof of Concept for domestic interbank transfer operations by the Mizuho Financial Group, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation and the Deloitte Tohmatsu Group as well as the consortium for unification of domestic and foreign exchange by SBI Ripple Asia and Japanese banks

 

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I've said since early this year, it will be in place and working in Japan for the Tokyo Olympics 2020. Then Beijing Winter Olympics 2022 will see Ripple at the top of the Podium in Gold, (Shopping Trolly's in Stores and everywhere)

Edited by cannylad
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