Altrady Tuesday: Largest African Bank Joins Marco Polo Blockchain, Bank of England Governor Urges to Replace Dollar with Crypto & Swiss FINMA Issues Regulation Guidance on Blockchain Businesses
Happy Tuesday, altrady traders! Shouldn’t we be more excited about the breaking news in the crypto world? After all, Tuesdays are great for active yet highly-informed trading activities, right?
Here are the most recent news about cryptocurrency markets and blockchain technology around the world that can potentially affect the movement of prices in the short and long term periods.
IN AFRICA: LARGEST AFRICAN BANK JOINS THE MARCO POLO NETWORK
Standard Bank is considered to be the first ever South African bank to join the global Marco Polo Network. In a press release issued on August 22 by Marco Polo, this move by Standard Bank is considered to leverage the best technology available and take advantage of the best practices in the financial sector so that the banking institution can actively participate in building the future of trade financing.
But what is the Marco Polo?
The Marco Polo Network is said to be the biggest and fastest growing trade finance network across the globe. It is focused on improving trade financing by developing technological efficiencies through the blockchain technology. The Marco Polo Network is powered by TradeIX and R3’s Corda Blockchain which allows it to provide a fast and secure way to access working capital to trade finance. It resolves the usual difficulties in the industry such as time-consuming processes and high-onboarding costs.
IN UK: BANK OF ENGLAND GOVERNOR RECOMMENDS REPLACING US DOLLAR WITH DIGITAL CURRENCY
Recently, Bloomberg reported about the surprising sentiment and radical proposal of Mark Carney, the governor of the Bank of England. According to Carney,
“The combination of heightened economic policy uncertainty, outright protectionism and concerns that further, negative shocks could not be adequately offset because of limited policy space is exacerbating the disinflationary bias in the global economy… What then must be done?”
So what should really be done?
Definitely for Carney, the world must stop depending on the US dollar as the world’s reserve currency and neither shall we let another hegemonic power from China be able to control global economy by having the Chinese renminbi to replace the US dollar.
If not US dollar and not the Chinese renminbi, then what does the Bank of England governor suggest?
Carney offers a radical suggestion that the world’s reserve currency must be some form of a digital currency. A cryptocurrency that is similar to what Facebook has proposed — the Libra coin!
For him, having a virtual currency that is similar to FB’s Libra can surely be a better option to for the entire world.
As he further asserts,
“In the longer term, we need to change the game. When change comes, it shouldn’t be to swap one currency hegemon for another.”
Does he promote Facebook’s Libra cryptocurrency to be the world’s reserve currency?
Not outrightly. But one is certain about his statement: cryptocurrencies with a similar nature as Libra are better options. That could mean cryptocurrencies that are not entirely decentralized like Bitcoin but with a quasi governing authority just like the Libra Association.
IN SWITZERLAND: FINMA RELEASES REGULATION FOR PAYMENTS ON BLOCKCHAIN-BASED BUSINESS MODELS
On August 26, Switzerland’s Financial Market Supervisory Authority (FINMA) has published a guidance on how regulatory requirements for payments on blockchain-based business models can be legally applied without circumventing the policies set by the state and those of FINMA.
To what entities do the FINMA regulatory guidelines apply?
The newly published guidance basically affects those businesses that are operating under blockchain technology in Switzerland including cryptocurrency exchanges, digital currency wallet providers, and other crypto trading platforms.
What are the essential provisions stated on the FINMA guidance?
First, the blockchain-based businesses such as crypto wallets, exchanges, and trading platforms operating in Switzerland are definitely governed by the Anti-Money Laundering Act of the country. Placing such regulatory mechanisms on these blockchain businesses can help prevent the possibility of the state’s sovereignty from being compromised by terrorist acts that take advantage of the “anonymous” and “pseudonymous” character of blockchain technology and digital asset transfers.
Second, all Swiss businesses that are using the blockchain mechanism must also follow the KYC or Know Your Customer requirement. Following this regulation of checking on the identity of those involved in their blockchain or cryptocurrency transactions will ensure that criminal activities and money laundering attempts will be efficiently blocked and be properly accounted for.
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