Category Archives: DNB

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Norway’s New Online Gambling Monopoly Could Attract Crypto

Norway has presented new gambling regulations to the EU for approval which may affect how cryptocurrency is utilized in this part of the country’s entertainment sector, reports Norske Casino.

The new restrictions have been proposed by the Norwegian government essentially to inhibit other providers operating apart from the country’s two state-run casino chains. The two companies cover all gambling services throughout Norway.

In past years, there has been an influx of several internationally-licensed companies attracting gamblers online in Norway, despite the activity being illegal under the country’s gambling legislation. The new proposed rules will make it illegal for banks and financial institutions to process payments online and offending companies will be asked to report users details to regulatory authorities.

Cryptocurrency has now become a topical point of interest given that new legislation, if passed, requires conventional banking to support online casino services. It is feared by the government that players wanting to use the unlicensed providers can avoid the financial system and bypass their bank accounts by using cryptocurrency wallets for payments and receipt of winnings.

It appears that this is a loophole that will be pursued and utilized by bettors as there is little that authorities can do due to the cost and time consumed in order to find user identities.

Norway’s current regulations regarding cryptocurrency use in the country are fairly flexible, allowing many providers to accept cryptocurrency payments. At present, there is no specific law telling Scandinavian banks how to view cryptocurrency, although there is anti-money laundering legislation already in place.

An official document was recently released by Norway’s central bank (Norge bank) which announced its intent to launch its own cryptocurrency. This is very much in keeping with current trends, showing increasing numbers of central banks looking into the viability of creating national cryptocurrencies.

Norway has become an increasingly cashless society. As far back as 2016, it was reported that as few as 6% of Norwegians even used cash. One bank, DNB, has even stopped using cash as a result.

 

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Dutch Central Bank Rejects Below-Par Blockchain System

The Netherland’s central bank, De Nederlandsche Bank (DNB), has posted a blog post saying that as yet, blockchain is not fit for purpose in terms of being a payment system.

The bank maintains that that DLT won’t suit the central bank’s existing financial structure primarily due to lack of scalability with large volumes of transactions. The DNB was referring to a series of tests conducted over a period of three years called project Dukaton, testing four DLT prototypes.

The Dukaton team applied different consensus algorithms and validation mechanisms in the later stages of the tests, after experimenting with an original prototype based on the Bitcoin blockchain.

The bank admits that the blockchain does offer benefits, in that it can increase the bank’s resistance to external attacks, but the downside pointed to poor levels in terms of “scalability, capacity, and efficiency”.

“The current payment systems are very efficient, can handle large volumes and provide the legal certainty of payment. The blockchain solutions tested show that they are not sufficiently efficient, with regard to costs and energy consumption, and they cannot handle large numbers of transactions,” the post read.

The bank is prepared to look again, further down the track, to see if a better-designed algorithm might better be able to meet the technological requirements of Holland’s financial system.

In similar work, South Africa’s central bank yesterday announced positive results for the trial of its blockchain-based system for interbank clearance and settlement, after conducting a 14-week proof of concept trial. The trial settled the country’s 70,000 daily payment transactions within two days using a Quorum blockchain platform, the same as that developed by JPMorgan.

The South African central bank has now established its own self-regulatory organization to oversee crypto industry developments aimed at preventing “systemic risk”, although the bank stressed it was cautious not to “throttle growth”.

 

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