This week’s news throws light on financial institutions and Nations’ FOMO into crypto space. While the institutions are introducing their own digital cash protocols – Nations too are ramping up efforts to introduce their own digital currency leveraging blockchain technology. Last week we talked about Marshall Islands and this week North Korea is in the news.
If this is your first visit to our news section, you may like this crypto weekly news compilation that we have started to chronicle ALL the important news updates in the blockchain and cryptocurrency space leading to its adoption.
The US Congress to hold a hearing with SEC
Hearing titled, “Oversight of the Securities and Exchange Commission: Wall Street’s Cop on the Beat,” is scheduled to be held on 24th September. The hearing is expected to deal with topics like public company disclosures, private markets vs. public markets, enforcement, and cryptocurrency (including discussion of Facebook’s Libra).
Bank of America joins Marco Polo Network
Corda’s distributed ledger technology is finding adoption through its Marco Polo Network. It already has great brand names on its network and Bank of America announced that they are joining the network to provide transformative solutions on a global scale. Other members of the Marco Polo Network include “BNP Paribas, Commerzbank, ING, LBBW, Anglo-Gulf Trade Bank, Standard Chartered Bank, Natixis, Bangkok Bank, SMBC, Danske Bank, NatWest, DNB, OP Financial Group, Alfa-Bank, Bradesco, BayernLB, Helaba, S-Servicepartner, Raiffeisen Bank International, Standard Bank, Credit Agricole and National Bank of Fujairah.”
Wells Fargo is launching Digital Cash run on DLT to serve global markets
In our opinion, JP Morgan may have been behind the inspiration for Wells Fargo to enter the digital cash race. Wells Fargo, 4th largest bank in the US, is launching its own digital cash to help settle the cross border payments and expand the number of hours it serves the money movement in a day. “As a result of the increasing digitization of banking services globally, we see a growing demand to further reduce friction regarding traditional borders, and today’s technology puts us in a strong position to do that,” said Lisa Frazier, head of the Innovation Group at Wells Fargo. “It’s faster than SWIFT, cheaper and definitely more efficient,” she said according to other news sources.
North Korea to introduce its own ‘bitcoin like’ digital currency
Looks like the countries are racing in the digital currency space. Venezuela started with its national currency that resulted in sanctions. Marshall Islands announced that it will launch a national currency on blockchain. China has been in the news for quite awhile now with its digital currency efforts. Facebook (which is the biggest virtual nation of all) wanted to set up its own digital currency and faced backlash from the congress. Now, North Korea is planning to launch its own ‘bitcoin like’ cryptocurrency. “North Korea has shown extensive interest in cryptocurrency, showing expertise in mining, hacking exchanges, cryptojacking, and more,” Kayla Izenman, a research analyst at London-based think tank the Royal United Services Institute, told VICE News.
CME group to launch bitcoin futures contracts in 2020
According to a press release, CME group is planning to launch Bitcoin futures contracts in Q1 of 2020. They are currently working on the regulatory approvals. “Based on increasing client demand and robust growth in our Bitcoin futures markets, we believe the launch of options will provide our clients with additional flexibility to trade and hedge their bitcoin price risk,” said Tim McCourt, CME Group Global Head of Equity Index and Alternative Investment Products. People who have been in the crypto space before 2017 may remember that CME group’s announcement in 2017 about bitcoin futures caused market to break all new records in bitcoin price.
ABRA brings bitcoin to over 3000 7-Eleven stores in Philippines
ABRA is bringing the bitcoin to all 3000 7-Eleven stores across the Philippines. Abra’s site reads “Today we announced a new partnership with ECPay allowing more ways for Abra users in the Philippines to conveniently add money to their Abra wallet through any of ECPAY’s 6,000 retail outlets across the Philippines, including all 7-Eleven stores. The process of buying bitcoin (and other cryptocurrencies) is expected to be very simple and the purchased crypto loads to ABRA’s wallet.
This space is gathering a lot of steam recently. Looks like the blockchain and crypto jets are about to be fired…legal weather permitting.
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RK Reddy holds two Masters degrees, one in Accounting and another in Business Administration with over 15 years of experience in the financial services industry.