SBI first announced its intention to enter the crypto market in October 2016. In September 2017 the bank received a license form the Financial Services Agency (FSA), Japan’s financial regulator, but decided to postpone the official launch of the exchange because of security considerations in the aftermath of the theft of some 530 million USD from the Tokyo-based exchange Coincheck in January.
They’re doing their best to make cryptocurrencies mainstream in the country, aren’t they?
Yep, not surprising at all, they are quite good at “predicting” the future. After all, if the rumors are true, the creator of Bitcoin is from Japan. Probably other countries will follow their example.
I’m thinking things like network security, website security, end user security, requiring multi factor authentication, educating customers on security best practices. Cold storage. Distributed client funds storage. Multiple approvals to do things like place trades, perform withdrawals and deposits, transfers, etc. All those things that make getting hacked or client funds stolen harder.
Thanks, I couldn’t have put it better.
Right now cryptocurrency exchanges have proven time and again that they are not secure enough, although they seem to be improving.
Ah, I see. Well, that makes sense. I am not sure why they are so insecure right now, perhaps the initial plan was meant to be like that or it is because the interest towards them increased drastically and there wasn’t enough time for proper security measures to be implemented. Although, in my opinion the digital world could never be entirely safe and secured.
That’s right, not astounding by any means, they are very great at “foreseeing” what’s to come. All things considered, if the bits of gossip are valid, the maker of Bitcoin is from Japan. Most likely different nations will take after their case.
Cryptocurrencies worth 4.5 billion yen have been stolen from the users’ hot wallets, and 2.2 billion yen from the company funds. Thus, total losses amount to 6.7 billion yen or around $59.7 million.
Oh wow, that is a huge steal! And they discovered it four days later… @mlawson71, you had a good point mentioning the security issues, obviously no improve has been made. I feel bad for the robbed users.
Thanks!
If cryptocurrencies are to become mainstream - if they are to take the place of regular currencies, these things simply cannot and should not happen.
Imagine if we heard about banks being hacked and robbed every other month.
The app was approved by the Japanese ministry of finance last week and is expected to help reduce the use of cash in the Japanese economy, which currently accommodates about 80% of all transactions.
