#CryptoCorner: Hong Kong Stock Exchange Says #Blockchain Should Be Regulated Under Existing Framework, #Samsung Partners with Dutch Bank and Port of Rotterdam for Blockchain Shipping Platform
October 22nd #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App
Point Roberts, WA and Delta, BC - October 22, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner, now available in podcast.
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#CryptoCorne: Hong Kong Stock Exchange Says Blockchain Should Be Regulated Under Existing Framework, #Samsung Partners with Dutch Bank and Port of Rotterdam for #Blockchain Shipping Platform
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Hong Kong Stock Exchange Says Blockchain Should Be Regulated Under Existing Framework, Samsung Partners with Dutch Bank and Port of Rotterdam for Blockchain Shipping Platform, Deputy Governor of Bank of Japan Dismisses CBDCs and Tennis Star Caroline Wozniacki to Launch Crypto Token
Total market capitalization is sitting at $210 billion USD as we open the week, according to data from CoinMarketCap. At press time, Bitcoin (BTC) is trading at $6529 USD, Ether (ETH) at $206 USD, XRP at $0.45 USD and Bitcoin Cash (BCH) at $449 USD.
A research report published by the Hong Kong Stock Exchange (HKEX) on Oct 18 advances the idea that blockchain technology, including digital currencies, should be regulated using existing frameworks. The report, titled FINANCIAL TECHNOLOGY APPLICATIONS AND RELATED REGULATORY FRAMEWORK, concludes that in order to be consistent, existing securities regulations must be applied to the emerging digital currency space.
The principle of consistency requires that robo-advisors and the issuance of digital currencies and digital funds must be governed under the existing securities regulatory framework. The legitimacy of crowdfunding has yet to be recognised by regulators. The public fund-raising activities of shares issuance by issuers — which do so with merely a prospectus published on the Internet but without any underwriter nor compliance with the IPO registration procedures or strict disclosure requirements — must be rectified by subjecting them to the governance by the Securities Law.
Samsung’s IT subsidiary has partnered with Dutch bank ABN AMRO and Europe’s largest port, Rotterdam, to test a blockchain platform for shipping, according to an announcement today. The Samsung SDS announcement said that following a successful trial, transactions will be streamlined and will make for easier shipping in the future.
When the pilot project of applying blockchain technology to the port of departure from Rotterdam [to the] port in Asia is completed, it will simplify the financial transactions such as confirmation of receipt and payment, real-time sharing of documents related to receipt and entry, and so on.
The deputy governor of the Bank of Japan (BOJ), Masayoshi Amamiya, disputed the efficacy of central bank digital currencies (CBDCs), according to the New York Times on Oct 20. In a speech in Nagoya, during a meeting of academics, Amamiya explained that in order for the central bank to make effective use of CBDCs in monetary policy, the bank would have to eliminate cash altogether.
"In order for central banks to overcome the zero lower bound on nominal interest rates, they would need to get rid of cash from society. Getting rid of cash now is not an option for us as a central bank."
Amamiya also pointed out that as it stands, digital currencies are still not widely used as currency, but rather as speculative investments.
Danish tennis star Caroline Wozniacki became the first female athlete to launch her own crypto token, according to a report from Reuters on Oct 20. Wozniacki signed a deal with Singaporean crypto exchange Global Crypto Offering Exchange (GCOX), who said that "the tokens will give buyers exclusive merchandise and interactions with their favorite celebrities, and that the celebrities will receive proceeds from the token sales."
Sam Mowers, Investorideas
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