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Digital Currency and Blockchain Weekly Round-Up – November 2nd, 2018

Fri, 02 Nov 2018, 11:42 am UTC

Crypto and blockchain firms Circle, Coinbase, ConsenSys and R3 join Global Digital Finance as founding members
Circle, Coinbase, ConsenSys, Diginex, R3, and law firms DLA Piper and Hogan Lovells, have become the founding members of Global Digital Finance (GDF) – a not-for-profit initiative based in London, New York and Hong Kong. These founding members will support GDF in “developing its global strategy and growing a community membership of firms who wish to adhere to the Code of Conduct.”

Indian government mulls ban on use of cryptocurrencies
At a recently held meeting of the Financial Stability and Development Council (FSDC) – an apex-level body constituted by the government of India, Finance Minister Arun Jaitley reviewed the current global and domestic economic situation and financial sector performance. Among other things, the council focused on the burning topic of cryptocurrencies.

UK Cryptoasset Taskforce to issue regulatory perimeter guidance on cryptoassets by end of 2018
The UK government-backed Cryptoasset Taskforce has released a report on the country’s policy and regulatory approach to cryptoassets. The final report, published on October 29, provides an overview of cryptoassets and the underlying technology, assesses the associated risks and potential benefits, and sets out the path forward with respect to regulation in the UK.

HKMA announces official launch of blockchain-based trade finance platform ‘eTradeConnect’
The Hong Kong Monetary Authority (HKMA) has announced the official launch of a blockchain-based trade finance platform developed by a consortium of twelve major banks in Hong Kong. Dubbed “eTradeConnect,” previously known as the Hong Kong Trade Finance Platform, the new platform leverages blockchain technology to enhance trade efficiency, build better trust among trade participants, and reduce risks.

Hong Kong SFC seeks to regulate crypto funds and trading platforms
The Hong Kong Securities and Futures Commission (SFC) has announced that it plans to bring crypto portfolio managers and distributors of cryptocurrency funds under its regulatory net. The regulator said that it will adopt new measures within its regulatory remit to protect those who invest in cryptocurrency funds.

Thai SEC issues warning against nine ICOs and digital tokens
In an online post dated October 26, Thailand’s Securities and Exchange Commission (SEC) said that it looked into the digital assets which are being promoted through online media such as Facebook and Youtube and found nine such projects that have not been approved by it.

Sweden’s Riksbank to forge ahead in central bank digital currency project ‘e-krona’
Riksbank’s e-krona project has published a new report that calls for the development of a technical solution for the issuance of the central bank digital currency (CBDC). In the latest report, the project team has proposed that the Riksbank should begin to design a technical solution for an e-krona in order to test which solutions are practicable and possible to realize.

Smart Dubai, IBM announce enterprise-ready government-endorsed blockchain platform in UAE
Smart Dubai, in collaboration with IBM, has announced the Dubai Blockchain Platform, an enterprise-ready government-endorsed blockchain platform as-a-service in the UAE. Built locally in the UAE, the platform is delivered through an IBM Cloud environment and will help domestic as well as overseas organizations to transition their blockchain testing and development into full-production.

Gibraltar launches blockchain-focused trade association
HM Government of Gibraltar has announced the official launch of a new trade association aimed at accelerating the country’s adoption of blockchain or distributed ledger technology (DLT). Called the “Gibraltar Association for New Technologies” (GANT), the association will act as a forum for policymakers, regulators, professional firms, and educators.

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Digital Currency and Blockchain Initiatives

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