The global nature of digital currencies makes following international news beneficial for investors and interested market participants. However, due to how fast news travels through the landscape, it can be easy to miss the occasional story now and again.As part of a regular weekly roundup, Coinsquare News compiled the weeks significant international news headlines. This week, we look at one of Singapores government subsidiaries launching a blockchain-based platform, the U.S. hosting new hearings on digital currencies, and more.
The Financial Stability Board (FSB) is tasked with overseeing regulation among countries in the G20; an international forum for government officials and central bank governors bringing together the European Union and 19 other countries - including Canada.
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This week, the FSB provided insight into its strategic approach towards the rise of digital currencies. While it stated that "crypto-assets do not pose a material risk to global financial stability at this time," the FSB did find issue with the lack of clear data regarding the use of cryptocurrencies in relation to the industrys exponential growth. "Monitoring the size and growth of crypto-asset markets is critical to understanding the potential size of wealth effects, should valuations fall," said the FSB, in its report to the G20.The FSB published a regulatory framework that calls for an examination of how digital currencies are evolving and if their typical use resembles that of a security. The news arrives following earlier reports that the G20 called for regulatory recommendations by July 2018. At that time, a G20 meeting concluded with a call for the Financial Stability Board (FSB) to consult with its contemporary institutions like the Financial Action Task Force (FATF), in order to deliver findings that could help create a unified approach to regulating the digital currency industry. G20 finance ministers and central bank governors are set to meet in Buenos Aires, Argentina, between July 21st to July 22nd, 2018.
This week, Crimsonlogic subsidiary Global eTrade Services (GeTS) launched a cross-border blockchain platform designed to support trade between the Association of Southeast Asian Nations (ASEAN) and Chinas Belt Road Initiative. GeTS is an electronic services provider based in Singapore, and the new GeTS Open Trade Blockchain serves as a government-backed platform made possible through the use of blockchain technology. In a press release announcing its launch, CrimsonLogic said that the network is facilitated using trusted nodes operated by accredited trade compliance companies. We believe that our Blockchain technology can help create greater trust amongstcross-border traders in ASEAN and along Chinas BRI and Southern Transport Corridor, said CrimsonLogic chairman, Eugene Wong, in a statement. Trade volume between ASEAN and China would become the single largest transaction between two regions and we hope to facilitate this.
The United States government housed two hearings this week designed to once again address the introduction of cryptocurrencies. The hearings were a Congressional Subcommittee on Monetary Policy and Trade, and a House of Agriculture public hearing.Former JPMorgan blockchain program manager and Clovyr CEO and co-founder, Amber Baldet, was in attendance, making the case that blockchain technology is in a similar state to technological innovations that birthed the internet. Addressing the new industry with anything other than a cautious and meticulous approach, she argued, could cripple innovation. Bitcoins role in the indictment of 12 hackers allegedly linked to Russia in the 2016 U.S. elections was mentioned at the House of Agriculture hearing, as Bitcoin was reported to be the currency in which the hackers were paid. https://twitter.com/repcleaver/status/1018915599412580355Despite calls from some to take a firmer stance against digital currencies as a result, arguments were made in favour of digital currencies as the Bitcoin blockchains function as a public ledger contributed to authorities catching those allegedly responsible. Ultimately, House Agriculture Committee Chairman, Michael Conaway, called the hearing very elucidating for the committee on several issues.
In news from South Korea, the countrys Yeongdeungpo-gu District established a new system designed to leverage blockchain technology in order to create fairer administrative procedures. The administrative districts adoption of blockchain technology could prove significant for a country that recently restated an intent to serve as a blockchain leader.According to a press release issued on July 19th (note: link is in Korean), the Proposal Evaluation System" will involve evaluations being posted on the districts official website in real time.In some ways, the news resembles previous reports in Canada that an official government branch began using blockchain technology in order to improve the transparency of its grant funding system. In January 2018, the Canadian government launched a blockchain publishing prototype that makes use of the Ethereum blockchain. As part of a National Research Council (NRC) pilot program, it allows the public to easily track information about grant funding.Check back every Thursday to stay up-to-date with international digital currency and blockchain developments on Coinsquare News.
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