As we are used to by now, blockchain- and cryptocurrency-related developments are continuously happening. Coinciding with these developments, governments are trying to come to grips with financial innovation.
In China, the government’s financial regulators have assigned new laws to local governments. The new rules are aimed at the loosely regulated market for small, unsecured “cash loans”, which can be distributed via smartphone apps. This is not surprising as these loans are often associated with overlending, repeat borrowing, improper collection, abnormally high interest rates and privacy violations.
Blockchain, blockchain, blockchain…
Over in the US, New York lawmaker Clyde Vanel sees a lot of potential in blockchain and has introduced four bills to stimulate blockchain research. The desired blockchain research is directed at improving government-related activities and determining the impact of cryptocurrencies on New York financial markets.
The financial technology company & global fund transaction network Calastone also believes in the power of blockchain, announcing plans to transition the company’s technology to a private and permissioned blockchain infrastructure in 2019. This way, the company hopes to reduce costs and increase returns and transparency for investors.
Decentralized Cloud Computing Blockchain Network, ælf (originally known as Grid), envisions an important role for the fintech company. Co-founder and COO Zhuling Chen presented the company’s desire to take on the role of a central hub for all blockchains, hence creating a foundation for new types of “cross-chain” enterprise applications.
Recently, Cantor Fitzgerald, CME and Nasdaq announced the launch of bitcoin futures contracts. Today, however, options exchange company CBOE group stated to have received permission to start trading bitcoin futures on December 10 at 5PM CT. This gives the company a one-week head start to CME.
More news on cryptocurrencies as Venezuelan president Maduro announced the launch of a commodity reserves-backed cryptocurrency, in an attempt to help the country overcome a financial blockade. Opposition leaders express their disapproval, saying that the idea has no credibility.
By Michael Brooijmans, Research Analyst at Holland FinTech]]>