Canadian Banks Tap Blockchain-based Digital Identity Verification
Canada is advancing in the fields of blockchain technology, allowing customers to digitally prove their identities in order to access their banking and other personal details. The technology could be used for access to buy and sell cryptocurrency in the future for greater security.
The digital identity system of SecureKey Technologies Inc, Verified.Me, is now available via a mobile app to customers of up to five Canadian banks according to a statement given on Wednesday. These banks include:
Canadian Imperial Bank of Commerce
Bank of Nova Scotia
Toronto-Dominion Bank
Royal Bank of Canada,
Canadian Imperial Bank of Commerce and Desjardins Group
It will soon be coming to the National Bank of Canada and the Bank of Montreal with further hopes to bring it to the Sun Life Financial Inc., making it the first non-American insurer. This shows the major banks endorsement of the technology.
It is thanks to the collaboration of telecom firms, credit card agencies and banks that made this network possible. Greg Wolfond, CEO of SecureKey says that he expects customers to use Verified.Me to prove their identities in order to safely access open accounts at banks, telephone companies, health records, and acquire government services at the end of the year. No plans have been suggested but the technology could be introduced to exchanges, reassuring traders who buy and sell Bitcoin.
Wolfond said in an interview:
“Everything from being able to see your health records in a secure way, being able to open a new bank account, being able to get a new phone — all this stuff that’s so time-consuming and painful is going to get easier for consumers”. By providing this technology, users can securely share their data in a trusted way, providing greater control.
Some projects have even developed models in which a user can sell their data to essentially buy Bitcoin but are rewarded in Bitcoin or another cryptocurrency for their data.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards