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While welcoming the authorities’ pursuit for more financial innovation, IMF Directors recommended that the ECCB’s digital currency pilot project should proceed with caution.
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The Eastern Caribbean Central Bank is to launch a digital currency for the benefit of its dispersed island economies – essential to a region that has been disproportionately affected by climate change-induced disasters, governor Timothy Antoine tells fDi.
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So consequential was the ruling that when Facebook announced its new Calibra digital wallet services in 2019, it commented that it would not be introducing the Libra cryptocurrency in India due to the existing RBI restrictions.
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“But the industry has just won the first battle, not the war. We still need to engage with the RBI, the SEBI and the central government to create a favorable and sustainable environment for crypto that accelerates innovation while also protecting consumers. In spite of the IMAI’s terrific win, India still lacks well-funded industry level forums to constructively engage with policymakers.”
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The South Korea National Assembly passed an amendment to the Act on Reporting and Use of Specific Financial Information, signifying the official entry of cryptocurrency trading and holding into the legal system for the South Korean government.
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“People think I got into bitcoin because I have a high risk tolerance. Actually I got in because I have a low risk tolerance for worst case scenarios… Should bitcoin be more correlated with gold than with Apple stock? Maybe. But as John Maynard Keynes put it, “markets can stay irrational longer than you can stay solvent.””
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A power plant in New York’s Finger Lakes region has set up its own Bitcoin mining operation, using the electricity it produces to generate about $50,000 worth of the virtual currency every day.
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We consider a special variant of a smart derivative contract, ie, a financial product, which contains an embedded algorithm to handle margining and failure-to-pay in a fully deterministic way. The contract itself then serves as a micro-counterpart. This smart contract allows us to effectively remove counterparty-related risks, such as inefficiencies in payment netting, determination and failure-to-pay event processing.fin
Kiffmeister’s Fintech Daily Digest 03/05/2020
