CFTC Chairman Says Crypto Is Here To Stay

The Chairman of the Commodity Futures Trading Commissions (CFTC), J. Christopher GianCarlo states in an interview with CNBC that cryptocurrency is here to stay, even if it does not achieve the ultimate goal of becoming the world’s leading currency.

He states that there is a whole section of the world that is of dire need for functioning currencies that they can’t find in their local currencies.

GianCarlo has been nicknamed CryptoDad for his favorable stance during a congressional meeting in which he advised legislators to not dismiss cryptocurrencies just because it appeals more to the younger investors.

He believes that regulators have the duty to take a thoughtful approach to approving cryptocurrency products even if that means that the U.S. does not become the leader in every aspect of blockchain industry development.

Former Hong Kong Regulator Becomes Bitmex’s COO

One of the largest cryptocurrency exchange in the world, Bitmex has named Angelina Kwan as its new Chief Operating Officer.

Prior to taking on the position, Ms. Kwan was the managing director and head of regulatory compliance of Hong Kong Exchange and Clearing Limited (HKEX).

She brings with her 24 years of leadership experience including 8 years working at the Securities and Futures Commission of Hong Kong.

She has worked at global financial services forms, covering retail securities trading and asset management.

According to Kwan aside from being a true market leader among trading platforms, Bitmex shares my value of gender inclusion.

Cryptocurrency market presents an exciting new opportunity for women to get involved in the intersection of finance and technology, two fields in which women are under-represented.

Coke Vending Machine Accepts Bitcoin Using Lightning Network

It has long been known that one of the major obstacle to Bitcoin’s mass adoption as a payment system is its usability for instant micropayments.

This is mainly due to the cost associated when using bitcoin for micro-transactions which makes very small payment amounts uneconomical .

During periods of high demand, fees can be even higher to guarantee inclusion in the next mined block which can take up to ten minutes to consummate.

One of the solutions the developers of bitcoin have proposed is the use of Lightning Network (LN).

LN works by creating a layer on top of the Bitcoin Blockchain, allowing multiple transactions to occur on channels before the resulting compound transaction is written to the main chain.

This enables instantaneous transaction with greatly reduced fees making micropayments feasible.

With this in mind, a Spanish hardware hacker Ricardo Reis created a mocked-up vending machine that accepts Bitcoin payment through Lightning Network, demonstrating that building this sort of payment facility into commercial vending machine is achievable with the current technology.

Brazil Allows Investment Funds To Buy Bitcoin Indirectly

The Securities regulator in Brazil, Comissao de Valores Mobiliaros (CVM), has given investment funds the go signal to invest money into cryptocurrencies indirectly through the acquisition of derivatives and foreign funds.

According to a local cryptocurrency news outlet, the Finance Ministry of Brazil has issued a circular allowing funds to invest in other assets traded in other jurisdiction as long as these are regulated where they are traded.

It also reminds funds that money laundering or other illicit activities exist in the space and that they should invest in cryptocurrency products through regulated exchanges that are subject to the supervision of regulatory agencies that have powers to restrain such illegal practices.

The Brazilian government has increasingly been supporting crypto-related businesses.

Despite this seemingly cryptocurrency friendly environment the government earlier this year sent local cryptocurrency exchanges a 14-point questionnaire to know more about their operations and their propensity to do illicit activities.

Bank Of America Sees Blockchain Major Boost To Amazon And Microsoft

According to research analyst of Bank of America (BoA), Kash Rangan blockchain is well-suited to some of the world’s largest corporation citing two of the largest corporation as examples.

The market of blockchain is estimated by BoA to reach $7 billion market and provide a major boost to corporate giants such as Microsoft and Amazon.

Rangan states that Amazon will benefit from incremental cloud services demand from the Blockchain implementation as well as benefiting from the improved supply chain tracking should make Amazon’s retail operations more efficient.

Microsoft can also benefit from blockchain as it will be the next logical evolution of Software-as-a-service to a blockchain-as-a –service and would increase the use of the blockchain-based Azure platform.

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