Some Small Movement in Regulatory Challenges This Week
Theo Chino, a bitcoin advocate who has been fighting regulations in the U.S. for over two years, requested the withdrawal of the proposed “Uniform Regulation of Virtual Currency Businesses Act.” Only July 7, 2017, Chino asked the Uniform Law Commission (ULC) to withdraw the proposed regulation on cryptocurrencies in the United States. The bitcoin....
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A roundtable discussion at the World Bank on Friday brought together a small group of officials for a closed-to-the-public,"frank discussion" about virtual currencies. "Virtual Currencies: The Legal and Regulatory Challenges," was organized by the Global Forum on Law, Justice and Development and was held at the World Bank's headquarters in Washington, DC. "A stocktaking roundtable will discuss legal and regulatory challenges associated to this new phenomenon. Virtual currencies are among the myriads of options for receiving payments and paying online. For example, Bit-Coin (sic) - one of....
Blockchain technology presents significant opportunities to record financial transactions, identities and various legal operations. However, the technology is new and it therefore must be subjected to various studies, especially in the banking sector, which is highly regulated. A recent report from BBVA Research by Javier Sebastian, the Banco Bilbao Vizcaya Argentaria, S.A. digital regulation manager, cites seven such regulatory challenges. The report is titled, “Blockchain in Financial Services: Regulatory Landscape and Future Challenges for its Commercial Application.” Seven Challenges....
Nigeria is leading Africa in Bitcoin adoption, and miners there are overcoming regulatory and power grid challenges to find economic freedom.
There are many forms of activism in this world. Many people see how corrupt the world can be and want things to change. Currently, there is a significant movement towards more autonomy. While this movement is small compared to the majority who can’t imagine a freer society, our world will gradually find its way there in a decentralized manner. The....
The Financial Stability Board has warned that global stablecoins could pose systemic risks to the monetary systems of nation-states. The G20’s financial watchdog, the Financial Stability Board (FSB), has published regulatory recommendations opposing the trans-national ambitions of “global stablecoins,” such as Facebook’s Libra project.The FSB’s report offers regulatory recommendations to G20 member states and the broader international community intended to prevent stablecoin projects from using opportunities for "regulatory arbitrage" and becoming embedded within the financial structures....