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The Financial Stability Board published a report on crypto-assets, which considers work underway, regulatory approaches and potential gaps. The report is being delivered to G20 Finance Ministers and Central Bank Governors for their meeting in Fukuoka on 8-9 June.
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Hardly anyone is using Bitcoin for anything beyond speculation. Data from Chainalysis show that only 1.3% of economic transactions came from merchants in the first four months of 2019, little changed over the boom and bust cycles of the prior two years.
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The legislation amending the Payment Services Act and Financial Instruments and Exchange Act was formally enacted on May 31 and will take effect in April of next year. Among the notable changes, the Act will limit crypto-asset margin trading.
- Australian Securities Regulator Releases Cryptocurrency, Mining, ICO Guidelines
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The Australian Securities and Investment Commission (ASIC) published new initial coin offering (ICO) and cryptocurrency guidelines on its official website on May 30.
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The Congressional Research Service examined the decline in cash usage in the United States and the potential rise of alternative payment systems, including bitcoin or other digital assets, in the purchase of goods and services.
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SBI Ripple Asia is launching a store settlement service using the consumer-focused XRP-powered payments app MoneyTap, jointly developed by SBI and Ripple. MoneyTap implements Ripple’s blockchain solution xCurrent to enable near-instant domestic bank-to-bank remittance services.
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State Farm and USAA are testing a blockchain-based system to automate the time-consuming and paper-heavy processing of automobile claims. It runs on JP Morgan’s Quorum enterprise version of ethereum.