1- Switzerland Formally Considers State Backed Cryptocurrency
Reuters reported Switzerland is formally considering the possibility of a state-backed cryptocurrency. Its government has asked legislators commission a study on the pros and cons of a Swiss “e-franc.”
Switzerland’s Federal Council explained :
The Federal Council is aware of the major challenges, both legal and monetary, which would be accompanied by the use of an e-franc. It asks that the proposal be adopted to examine the risks and opportunities of an e-franc and to clarify the legal, economic and financial aspects of the e-franc.”
The G20 is an international forum for the governments and central bank governors. Its members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States, and the European Union.
The top financial policymakers of these countries have agreed to acknowledge and regulate cryptocurrencies as financial assets, the news outlet noted, elaborating
Financial policymakers of G-20 nations have set a July deadline for the first step toward ‘unified regulations’ of cryptocurrencies. One reason for the move by the G-20 is that they see cryptocurrencies as ‘too small to jeopardize’ financial markets. The combined market value of cryptocurrencies is less than 1 percent of the global GDP.
The latest source to investigate the still-booming ICO market, the WSJ warned that of the 1450 offerings it found, 271 of them were using what it described as “deceptive or even fraudulent tactics.”
Those tactics ranged from hiding or providing fake information about the issuing company’s location and leadership to secrecy about finances and even plagiarized whitepapers.Of the 271 suspicious actors, some have already shut down, with lawsuits and regulators resulting in investors attempting to recoup an estimated $273 mln in lost funds.
Zhao Changpeng, CEO Binance released a dedicated blog post praising ICOs : “Scams exist everywhere, in every industry,” he wrote on the topic of illegal offerings.
“I still receive phone calls and SMS telling me I won a grand prize, but I need to make a bank transfer to someone first. Does that mean we should stop using phones, SMS, and banks?”
Sanat Rao, chief business officer at Infosys Finacle, said
Digitization of trade finance processes using distributed ledger technology offers immense potential to eliminate the friction, cut costs and increase revenue through new business products that are now viable using the modern technologies."
Infosys Finacle, a subsidiary of the firm, announced Wednesday the development of a trade network called India Trade Connect (ITC) in partnership with seven Indian private banks, including ICICI, Axis Bank, South Indian Bank and Yes Bank.The blockchain-based network has been designed to digitize trade finance business processes and covers areas such as ownership validation, certification of documents and payments.
ICICI bank, which recently announced a blockchain trade finance initiative involving over 250 companies, said that
the partnership "will enable automation, increase transparency as well as enhance efficiency across trade and supply chain operations."
Authorities in Malta, a country maintaining a crypto-friendly regulatory environment, are working on a project to use blockchain to improve the public transportation services. Maltese Minister for Transport and Infrastructure, Ian Borg, has announced a partnership with Omnitude, a multi-enterprise blockchain platform. According to a press release, the deal is part of the nation’s blockchain strategy that will see the technology implemented to develop a transport and logistics platform using Omnitude’s blockchain middleware technology.
Ian Borg said :
We believe in Omnitude’s blockchain technology and its broad use-cases for the government […] It will improve the quality of life and enhance access to information for Maltese citizens. Blockchain technology is a key part of our overall technology strategy that will transform different sectors,”
Earlier this year, Malta became one of the first countries in the world to approve a national strategy on blockchain technology.
Disclaimer:
THIS #ARTICLE IS NARRATED FROM DIFFERENT SOURCES and is not intended to provide, #investment #advice. Please conduct your own thorough research before #investing in any #cryptocurrency.
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