Blockchain for Mortgages: Compelling, But Premature?
If there's an industry that cries out for the efficiencies and data integrity that blockchain tech promises, it's undoubtedly the US residential mortgage business. First off, there's the size of the business. At last count, according to the Federal Reserve, there were about $10tn-worth of residential mortgages outstanding, with about $2tn in new loans being originated in a good year. Then, there's the amount of data – most of it sensitive – that goes into and supports every loan. "A mortgage application requires hundreds of documents and very sensitive data," Leo Loomie, senior....
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Bitcoin as an asset is a perfect form of collateral and will likely be used to provide financial backing for mortgages and other forms of debt.
Just recently Bitcoin.com reported on the European Securities and Markets Authority (ESMA) Senior Risk Analysis Officer, Patrick Armstrong’s opinion to ban blockchain platforms. However, on February 7 the ESMA has released a report stating that regulating the technology at this early stage is “premature.” ESMA Says Regulating Blockchain Would Be....
A new proposal of a digital transformation law, written by a group of lawmakers in Spain would introduce the possibility of paying mortgages with cryptocurrency. The law draft also gives different incentives for companies and organizations using and developing solutions using these technologies, including tax cuts. Banks are also included in the regulation, and the draft includes the use of smart contracts for managing some processes in these organizations. Spain Would Include Crypto in Its Mortgage System A new draft of a digital transformation law, presented by a group of lawmakers from....
Let's start by stating the obvious – Warnings about the need for blockchain standards are premature and alarmist. It's too early to claim that a lack of standards is hurting blockchain technology adoption, or to call for standards bodies like the International Standards Organization (ISO) to get involved and define what they should be. (Though, there are already groups doing this). The topic of blockchain standards is complicated, and it extends beyond just seeing it as an interoperability challenge. This is because blockchain standards can be divided into three interrelated vectors,....
Pablo Hernandez de Cos, governor of the Bank of Spain, has again warned about cryptocurrencies and the growth that the crypto market is experiencing. Hernandes de Cos stated that, while the market is still relatively small at a worldwide level, the cryptocurrency market is now bigger than subprime mortgages before the financial crisis circa 2008, and its links with traditional finance keep growing.
Governor of Bank of Spain Warns About Expansion of Crypto
The governor of the Bank of Spain has warned about the risks of letting the growing cryptocurrency markets mix with....