Digital Currency and Blockchain Weekly Round-Up – November 29th, 2019
Fri, 29 Nov 2019, 12:14 pm UTC
Swiss federal government to amend DLT/Blockchain law to strengthen regulation
The Swiss federal government is looking to improve its existing financial market regulation that will oversee the crypto industry in the future. The Federal Council met yesterday, Nov. 27, to discuss the current regulatory framework. Members of the council found that although current legal regulation is “well suited” to handle the rise of the crypto market, there are some areas that need amendments.
China shuts down BISS crypto exchange, arrests more than 10 people; Binance ‘raid’ still unclear
China is currently cracking down on cryptocurrency exchanges that are operating within its borders. The People’s Bank of China (PBoC) – the country’s central bank – is spearheading this campaign in an attempt to halt crypto trading and protect investors from the volatile market. Individuals are instructed to report any crypto trading activities to the bank, maintaining its positivity towards blockchain technology while denouncing cryptocurrencies.
Indian government creating national blockchain policy for several sector applications
India is currently on the path to widely adopt blockchain technology and is currently working on an approach paper for the National Level Blockchain Framework. Minister of State for Electronics and IT (MeitY) Sanjay Dhotre announced the development of the strategy in response to a previous query sent by Lok Sabha, the lower house of the Indian parliament.
Thai SEC looks to amend royal decree on digital asset businesses in 2020
The Thai Securities and Exchange Commission (SEC) is seeking to amend the royal decree on digital asset businesses in 2020, Bangkok Post reported. Ruenvadee Suwanmongkol, secretary-general of the SEC, said that the SEC is looking if there are any areas in the royal decree that act as an impediment for digital asset businesses.
Bank of Ghana mulls launching central bank digital currency pilot project
The Bank of Ghana (BOG) is the latest central bank that is considering issuing a digital currency. In a recent speech, BOG Governor Ernest Addison said, “The Bank of Bank is also in discussion with key stakeholders to explore a pilot project (in a sandbox environment) on central bank digital currency [CBDC] with the possibility of issuing an e-cedi in the near future.”
Bank of Japan releases research report on legal issues surrounding CBDC issuance