Archive | November, 2015

Silicon Valley Bank survey: Regulatory issues to be one of the biggest concerns by FinTech businesses in 2016

November 30th, 2015 by

According to the latest Silicon Valley Bank survey suggests that FinTech businesses expect regulatory issues to be one of the biggest concerns in 2016. “As many as 43 percent of the 101 respondents surveyed during SVB’s Fintech Mashup event said that regulatory changes were the most difficult to cope with, a runaway number-one problem ahead […]

Russia’s Finance Ministry: Bitcoin is problematic not the blockchain

November 30th, 2015 by

Deputy finance minister of Russia Igor Moiseev said that blockchain will play a significant role in the future of finance. “We feel that blockchain technology is very important in the development of various Internet-based services,” said Moiseev. The stance towards bitcoin expressed by officials is slightly different, because the digital currency can be used for […]

Taiwan’s Financial Supervisory Commission will not step into the management of bitcoin

November 27th, 2015 by

The Financial Supervisory Commission of Taiwan (FSC) said that it will not step into the management of bitcoin at convenience stores. Tseng Ming-chung, chairman of Taiwan’s top financial regulator, said that his commission and Taiwan’s central bank has reached a consensus on viewing bitcoin as a commodity rather than a currency, so that the two […]

SWIFT Institute: Bitcoin regulation in the EU is years away

November 27th, 2015 by

According to a new report by the SWIFT Institute the European Union (EU) is years away from implementing a consistent framework for cryptocurrency regulation. SWIFT notes the lack of convincing arguments to include virtual currencies under the EU’s current legal frameworks, set by the revised Directive on Payment Services (PSD2) and the fourth European anti-money […]

Commonwealth Bank of Australia to launch a blockchain workshops in Sydney

November 24th, 2015 by

The Commonwealth Bank of Australia (CBA) announced a partnership with think tank organization the Coalition of Automated Legal Applications (COALA) to run blockchain workshops in Sydney. The Sydney Blockchain Workshops will bring together regulators, policy makers and technologists to better understand the upcoming opportunities and challenges of blockchain tech, as well as their impact on […]

Five more banks joins R3’s blockchain consortium

November 24th, 2015 by

R3 announced that ING, BNP Paribas, Wells Fargo, MacQuarie and the Canadian Imperial Bank of Commerce are joining the company’s blockchain consortium. “The combined strength of our technology team and the diverse global footprint of our member banks clearly differentiates us and puts us in a unique and exciting position within the distributed ledger space. […]

Bank for International Settlements: Digital currencies could disrupt the ability of central banks

November 24th, 2015 by

The Bank for International Settlements (BIS) said that Digital currencies like Bitcoin could disrupt the ability of central banks to exercise control over the economy or issue money should the technology scale. “A widespread substitution of banknotes with digital currencies could lead to a decline in central bank non-interest paying liabilities. This, in turn, could […]

G7 plans to tighten the regulation of bitcoin

November 20th, 2015 by

German magazine Der Spiegel reported that the Group of Seven industrial nations plans to tighten the regulation of digital currencies such as bitcoin, which they suspect Islamic State is using to move funds secretly. Stung by last week’s Paris attacks, which Islamic State has claimed, the G7 finance ministers discussed the regulation of fintechs firms […]

German banking industry association: Blockchain tech may have a significant impact on financial markets

November 19th, 2015 by

The German banking industry association Bankenverband (BdB) was less than optimistic about the use of bitcoin saying its use is “impractical in everyday life”. Bankenverband, however, believes that blockchain technology may have a significant impact on financial markets. “Much more relevant to the developments in the financial services industry is that which lies behind bitcoin, […]

UK Treasury: Bitcoin present the lowest risk rating

November 19th, 2015 by

UK’s HM Treasury said that digital currencies such as bitcoin present the lowest risk rating for money laundering and terrorism financing. “The money laundering risk associated with digital currencies is low, though if the use of digital currencies was to become more prevalent in the UK this risk could rise,” said HM Treasury. HM Treasury […]