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The space mission to buy us vital extra hours before a solar storm strikes – MIT Technology Review
The 1859 “Carrington Event” produced so much geomagnetic activity that sparks flew from telegraph equipment. If it happened today, it could debilitate power in urban centers, cut off GPS, and put satellite communications at risk.
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These Cryptocurrency Data Sites Aim to Be More Accurate Than Coinmarketcap – Bitcoin News
tags: CryptoAssets Liquidity Blog
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The application of the term “decentralized” to blockchain systems, and making legal judgments based on it, creates a “veil of decentralization” that functions as a liability shield for developers and miners and gives them a core benefit of organizational law without accompanying obligations.
tags: CryptoAssets Blockchain Regulation Blog
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Fintech in Latin America and the Caribbean: Stocktaking
“This paper documents the evolution of fintech in LAC. In particular, the paper focuses on financial development, fintech landscape for domestic and cross border payments and alternative financing, cybersecurity, financial integrity and stability risks, regulatory responses, and considerations for central bank digital currencies.”
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Cash Use Across Countries and the Demand for Central Bank Digital Currency
“The level and trend in cash use in a country will influence the demand for central bank digital currency (CBDC). While access to digital currency will be more convenient than traveling to an ATM, it only makes CBDC like a bank debit card—not better. “
tags: CryptoAssets CBDC Blog
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Understanding Central Bank Digital Currency
Launching a CBDC entails large risks as potential economic disruption could outweigh the desired, but mostly untested benefits. However, what is right for some developed economies may not be true for developing ones, where risks and benefits are inherently different.
tags: CryptoAssets CBDC Blog
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This paper proposes a crypto-asset ecosystem regulatory approach that relies on a decentralized regulatory architecture built upon the existing regulatory infrastructure and makes use of the existing as well as the emerging middlemen in the industry.
tags: CryptoAssets Regulation Blog
Month: March 2019
Protected: Kiffmeister’s CBDC Monitor, March 2019
Daily Digest 03/30/2019
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Bithumb hacked for $19 million by insiders with funds already sent to other exchanges – The Block
Bithumb, the largest cryptocurrency exchange in South Korea, was hacked on Friday. More than 3 million EOS (~$12.7 million) and 20 million XRP (~$6.2 million) appears to be stolen.
tags: CyberRisk CryptoAssets Liquidity ETFs Blog
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Major Private Indian Bank Partners With Ripple for Cross-Border Remittances
India’s Federal Bank, a commercial private bank, has partnered with Ripple to use its network for cross-border remittances.
tags: Ripple Fintech blog Blockchain Blog
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Bank runs in the digital era | FT Alphaville
Mark Zelmer’s independent review into the UK’s Co-operative Bank provides one of the first clear critiques of new regulations designed to stabilise the banking system, particularly the risk of bank runs and the role of open banking in the allocation of capital.
tags: Fintech OpenBanking Regulation Blog
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RBI: WhatsApp yet to comply with data localisation norms
The Reserve Bank of India (RBI) has said that the popular messaging platform WhatsApp is not in compliance with the central bank’s data localisation norms in India. RBI’s comments come as response in an affidavit, reviewed by TOI, filed with the SC on Wednesday after the apex court made the central bank a party to a writ petition in January.
tags: Fintech Regulation Blog
Daily Digest 03/29/2019
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New USStocks Token Lets Investors Access US Stock Market With Stablecoin Dai
Decentralized financial contracts platform UMA has partnered with MakerDAO to release a token tied to the US stock market.
tags: Blog AltCoins CryptoAssets Tokenization
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Japan: 13 Banks Invest in SBI’s Ripple-Powered Blockchain Payment App
Blockchain payment app MoneyTap, co-developed by Ripple and Japanese financial services giant SBI Holdings, has received investments from 13 local banks, according to an SBI press release published on March 28.
tags: Blockchain Blog Ripple Fintech
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Hong Kong’s Securities Regulator Issues Detailed Guidance for Security Token Offerings
Hong Kong’s securities regulator, the Securities and Futures Commission (SFC) has issued official guidance on security token offerings (STOs).
tags: STOs Regulation Blog CryptoAssets ICOs
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Crypto Value Isn’t Easy to Create With an Algorithm – Bloomberg
tags: CryptoAssets Blog Stablecoins AltCoins
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Can ‘stablecoins’ be stable? – Bank Underground
Keeping one currency stable against another is easier said than done and algorithms that intuitively seem to work can hide devastating design flaws. Time will tell, but it seems unlikely that these algorithmic stablecoins will be replacing national currencies any time soon.
tags: Blog Stablecoins CryptoAssets AltCoins
Daily Digest 03/28/2019
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Most Crypto Exchanges Still Don’t Have Clear KYC Policies: Report – CoinDesk
A global study of 216 exchanges found 69% of them do not have complete and transparent KYC procedures. It also found that only 26% had a “high” level of AML procedures.
tags: Liquidity CryptoAssets AMLCFT Blog
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Ethereum Price Loses Luster as Bitcoin Alternative Drops – Bloomberg
EOS, Tron surpass Ethereum in popularity with many developers. Some startups are now issuing tokens on competing networks
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Corda Blockchain Trade Finance Platform Marco Polo Sees First Transactions
Blockchain consortium R3’s trade finance platform Marco Polo has completed its first real transactions. Marco Polo, which is built on R3 enterprise blockchain platform Corda, successfully facilitated a trade between Germany and China, involving two German firms.
tags: Corda R3 Fintech Blockchain Blog
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An Update On The Regulation Of Cryptoassets – Fin Tech
tags: Fintech Regulation Blog
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First Quarter IBOR Update: Time to Evaluate Fallback Plans – TabbFORUM
The Dec. 31, 2021, deadline for replacing the various interbank offered rates may appear to be a long way off, but it keeps getting closer. During the first quarter of 2019, there was some global progress on the replacement of the reference rates and a few developments to report, but progress isn’t nearly fast enough.
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RBI using suptech to oversee rapidly growing fintech sector – Das – Central Banking
The Reserve Bank of India is drawing on new technology to support its supervision as it looks to keep up with the proliferation of fintech firms in the country, governor Shaktikanta Das said in recent remarks.
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Cryptocurrency platforms DragonEx and CoinBene disclose hacks | ZDNet
Two cryptocurrency exchange portals, DragonEx and CoinBene, have disclosed hacks this week and have both gone into maintenance mode to investigate and improve their infrastructure. DragonEx is believed to have lost over $1 million worth of cryptocurrency, while CoinBebe’s losses are estimated at over $45 million, according to industry observers
tags: Liquidity CyberRisk Blog CryptoAssets
Daily Digest 03/27/2019
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CFTC paves way for no-deal Brexit swaps transfers – Risk.net
tags: Blog Derivatives
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Incentives for Central Clearing and the Evolution of OTC Derivatives
We summarise the recent CCP12 report “Incentives for Central Clearing”. This report looks at the current state of play in Cleared FX, Interest Rates and Credit. It analyses particular niches in clearing, including Latam Rates and NDFs. It concludes that clearing has increased for Linear products, but Option markets remain uncleared.
tags: Derivatives Blog
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What’s preventing WhatsApp Pay’s full-fledged launch in India?
WhatsApp Pay is still not compliant with data regulations in India. As per the Reserve Bank of India’s norms, payment firms must store all their data locally.
tags: Blog Fintech Regulation
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STO & ICO Regulations in Asia: 2019 Edition – Fintech Singapore
Since ICOs and STOs are clearly here to stay it is worthwhile to take a look at what regulators in Asia are doing in response to this.
tags: Regulation STOs ICOs Blog CryptoAssets
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Western Union Partners With Stellar Collaborator Thunes for Mobile Wallet Transfers
Payments giant Western Union (WU) is partnering with Stellar (XLM) collaborator Thunes to enable WU clients to transfer funds directly to mobile wallets globally.
tags: Fintech Stellar Blog Blockchain
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Bitcoin buoyed by Veriblock » Brave New Coin
The rise in on-chain transactions per day has been due in large part to VeriBlock (VBK), which secures other blockchains through the “Proof of Proof” (PoP) consensus mechanism.
tags: Blog CryptoAssets Bitcoin
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Coinbase to Give Away Over $100 Million in XLM to Users Who Study Stellar Protocol
Coinbase has announced that it is giving away 1 billion Stellar Lumens (XLM) (about $106m) to users that are willing to study the Stellar protocol.
tags: CryptoAssets AltCoins Blog Stellar
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Hong Kong hands out its first digital banking licences | Financial Times
Hong Kong has issued its first batch of digital banking licences, giving a mix of traditional financial institutions and Chinese companies a chance to compete for a $15bn pot of retail banking business in the city.
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Nearly all Bitcoin trades are fake, apparently
Bitwise research has found evidence that around 95% of all Bitcoin trading volume has been faked by exchanges. Data from 71 of 81 exchanges exhibited patterns that reflected artificial trading volume.
tags: ETFs CryptoAssets Liquidity Blog
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Japan looks to DLT to combat rise in settlement fails – Risk.net
As Japan moves to shorten its settlement window for cash equities, dealers are hoping that distributed ledger technology can reduce the probability of failed trades between domestic and foreign investors.
tags: Blockchain Fintech Blog
Daily Digest 03/26/2019
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Singapore-Based Crypto Exchange DragonEx Has Been Hacked – CoinDesk
“Singapore-based exchange DragonEx says it has been hacked for an undisclosed amount in a number of cryptocurrencies.”
tags: CryptoAssets Liquidity CyberRisk Blog
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QuadrigaCX Crypto Scandal Would Never Happen Here: Bermuda’s Leader
What happened with Canadian crypto exchange QuadrigaCX would not have happened if it had been licensed under the Bermuda Monetary Authority, because it has rules regarding the custody of master keys and making sure they’re not held by a particular individual.
tags: CryptoAssets Liquidity Regulation Canada CyberRisk Blog
Daily Digest 03/25/2019
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Crypto-Collateral? Securing Loans with Digital Currency
tags: Collateral CryptoAssets
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Deciphering Americans’ Views on Cryptocurrencies Liberty Street Economics
The NY Fed included crypto-related questions in its May 2018 Survey of Consumer Expectations. The survey reveals that a very high fraction of respondents are aware of cryptos and that they hold a wide variety of views on the topic. For example, younger respondents seem to have a more positive view of cryptos than their older counterparts.
tags: CryptoAssets
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Allstate’s Sanders Re II cat bond fixed at $300m at high-end of pricing – Artemis.bm
One tranche of U.S. primary insurance giant Allstate’s latest Sanders Re II Ltd. (Series 2019-1) catastrophe bond has been pulled and won’t be issued, while the higher risk layer has remained at $300 million in size and its pricing has moved to the top-end of initial guidance.
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The Time Has Come for Uniform Crypto Regulation – TabbFORUM
If the US wants to lead the expansion of the crypto space, it starts with a sound regulatory structure. Former CFTC chairman Timothy G. Massad has a roadmap to get there.
tags: Regulation CryptoAssets
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EU swap users still hope for single-sided reporting, one day – Risk.net
EU lawmakers have agreed a compromise text of amendments for the European Market Infrastructure Regulation. The bloc requires both counterparties to a derivative to report the trade, known as dual-sided reporting. Derivative users have long lobbied for the EU to move to single-sided reporting to reduce the reporting burden. Original proposals published by the European Commission in May 2017 promised a reduction in the reporting burden for exchange-traded derivatives but those have been scrapped. Swap users now have to rely on future reviews for any variation of single-sided reporting being introduced in the EU. Regulators want to see an improvement in the quality of trade data before they consider a switch to single-sided reporting, sources say.
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A failed ICO is trying to flog itself on eBay | FT Alphaville
tags: STOs ICOs CryptoAssets
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Coinbase-Backed Stablecoin Claims Rivals Deceptively Pump Market Cap
Many stablecoin backers artificially inflate their market caps and trading volumes, creating misleading data on crypto-tracking sites. One dubious tactic is to give discounts to investors who agree to lock up their funds for a set timeframe, and another is encouraging wash trading.
tags: Stablecoins CryptoAssets AltCoins
Daily Fintech Digest 03/24/2019
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Swiss Federal Council initiates consultation on improving framework conditions for blockchain/DLT
The Swiss Federal Council has initiated a consultation on the adaptation of federal law to developments in distributed ledger technology. It wants to increase legal certainty, remove hurdles for DLT-based applications and limit risks of misuse. The consultation will last until the end of June 2019.
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Japan’s Crypto Association issues ICO regulation recommendations » Brave New Coin
“The JCBA says there is a need to clarify whether security tokens, which are subject to the Financial Instruments and Exchange Act, fall under “Article 2 (1) Securities” or “Article 2 (2) Securities,” and suggested the exclusion of security tokens from the Payment Services Act, in order to avoid duplicating regulatory requirements imposed by the Financial Instruments and Exchange Act and the Payment Services Act.”
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Do Fundamentals Drive Cryptocurrency Prices?
Using data for the most prominent cryptocurrencies, we find evidence of a significant long-run relationship between prices and fundamentals like the computing power expended on creating their blockchains and the adoption levels of their respective blockchains, even after accounting for the returns of Bitcoin and cryptocurrency price momentum.
Posted from Diigo. The rest of Fintech Daily Digest group favorite links are here.
Daily Fintech Digest 03/23/2019
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New York Fed Launches Fintech Advisory Group
“The Federal Reserve Bank of New York today launched the Fintech Advisory Group to provide Bank leaders with a high-level platform to establish clear points of contact with senior representatives and thought leaders from the financial technology industry and consumer organizations. The group’s first meeting will be April 1, 2019.”
Posted from Diigo. The rest of Fintech Daily Digest group favorite links are here.