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Regardless of your view, it is clear that bitcoin has driven society to think more broadly about the nature of money, the way we engage in economic activity, and the role of financial intermediaries and technology infrastructure in our markets.
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Federal Deposit Insurance Corp. Chairman Jelena McWilliams said that the agency aims to modernize the classification of brokered deposits to account for changes in technology and how many consumers use tech to get access to banking, including the rise of “third-party fintech apps.
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ErisX, the Wall Street-backed cryptocurrency exchange operator, said in an alert to potential clients today that its market for cryptocurrency futures will kick-off on December 17.
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The European Commission Expert Group on Regulatory Obstacles to Financial Innovation published its recommendations on how to create an accommodative framework for Fintech. The group’s 30 recommendations are pertaining to the innovative use of technology in finance, maintaining a level playing field, access to data, and the financial inclusion and ethical use of data.
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Built on R3’s open-source blockchain platform Corda, Marco Polo has hosted the largest global trade finance trial that involved over 70 organizations from 25 countries including financial giants like Japanese SBI Holdings,
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Decred launched in 2016, and was originally a Bitcoin codebase fork. The project now incorporates governance functions using a hybrid PoW and PoS consensus system. PoW miners create the blockchain and earn a portion of the block reward. PoS stakeholders purchase tickets, which; earn a portion of the block reward, participate in on-chain and off-chain network governance, and validate blocks discovered by miners.
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After BottlePay’s shutdown announcement last week, two more European cryptocurrency firms have shut down because of the upcoming Anti-Money Laundering (AML) rules in the European Union.
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SWIFT’s global KYC registry goes live today, allowing corporate groups to manage and share KYC data with global partners. The launch follows a testing period supported by 18 corporate groups and 16 global banks, amounting to over 7,000 corporate-to-bank relationships on SWIFT.
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The planned end date for leveraged crypto trading is 12:00 on Friday, March 13, 2020, by which deadline all open positions should be settled. Customers will then have until the end of March 2020, to transfer any Japanese Yen balance in Coincheck’s leverage account to their own trading accounts.
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This partnership follows a succession of bank partnerships across the world for TransferWise for Banks, including Bank Novo and Stanford Federal Credit Union in the United States and Up! in Australia this year alone and signifies the entry into the Canadian market. TransferWise has also announced numerous European partnerships with Monzo in the UK, Bunq in the Netherlands, N26 in Germany, LHV in Estonia and BPCE, France’s second largest bank.
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According to Deutsche Bank the current money system is fragile. Deutsche Bank sees that by 2030 digital currencies will rise to over 200 million users. In the “Imagine 2030” report, Deutsche Bank suggests that digital currency could eventually replace cash one day, as demand for anonymity and a more decentralized means of payment grows.
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According to Deutsche Bank the current money system is fragile. Deutsche Bank sees that by 2030 digital currencies will rise to over 200 million users. In the “Imagine 2030” report, Deutsche Bank suggests that digital currency could eventually replace cash one day, as demand for anonymity and a more decentralized means of payment grows.
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The ECB has welcomed an initiative by some of Europe’s top banks to explore the development of a rival payment system to challenge the dominance of Visa and Mastercard and the threat from Chinese and US Big Tech firms. Backed by twenty French and German banks, the The Pan European Payment System Initiative (Pepsi) would seeks handle all forms of cashless transactions.
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“The Eurosystem therefore welcomes the strategic initiative of a number of major European banks to create a true pan-European retail payment solution that has the potential to meet the vision of our strategy. The proposed solution would be based on the SEPA credit transfer instant (SCT Inst) scheme, which is in our view the correct approach as it is future-oriented. And it could capitalise from day one on existing powerful and sophisticated infrastructures, such as the Eurosystem’s TIPS.”
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As a result of the digitization and datafication of finance, combined with new technologies, cybersecurity and technological risks are now evolving into major threats to financial stability and national security. In addition, the entry of major technology firms into finance – TechFins – brings new issues. The first arises in the context of new forms of potentially systemically important infrastructure (such as data and cloud services providers). The second arises because data – like finance – benefits from economies of scope and scale and from network effects and – even more than finance – tends towards monopolistic or oligopolistic outcomes, resulting in the potential for systemic risk from new forms of “Too Big to Fail” and “Too Connected to Fail” phenomena. This paper suggests some basic principles about how such risks can be monitored and addressed, focusing in particular on the role of regulatory technology (“RegTech”).
