by Florin Oprea
Lucy Meakin & Edward Robinson – Bloomberg (subscription)
William Schomberg & Andy Bruce – Reuters
Richard Partington – The Guardian
The Bank of England has warned that bitcoin faces a regulatory crackdown, warning that “inherently risky” cryptocurrencies are failing to fulfil their most basic function as money.
Mark Carney, the Bank’s governor, used a speech in London to attack a situation of “anarchy” in the trading of cryptocurrencies, with the market having grown rapidly on unregulated exchanges. He said the time had come to “regulate elements of the crypto-asset ecosystem to combat illicit activities”.
FAO: BoE’s Carney is back – after a first appearance in February (check this previous edition). We agree, the “cryptoverse” needs to be regulated, as it grew large enough. How will UK sort this? We know the country’s MPs have launched an inquiry (more here), as a first step towards issuing regulation. We also need to remind you that The US Congress also set sights on Federal cryptocurrency rules (more here) and that France & Germany will present a joint bitcoin regulation proposal at the next G20 summit (more here). Clearly regulation is being pushed, very fast. We think it’s a good thing because it will be the decisive factor for bringing (more) institutional clients in the game. It’s an interesting moment in the “cryptoverse”: regulators are moving in, global exchanges too, and current “inhabitants” are looking for ways to survive in a bigger market.
DNT: No surprise at all. In fact it’s quite similar to other “big voices” from banking industry. So take a FREE tour of our ARCHIVE to convince yourselves. Or, you can go straight to this edition (Fans’ Section), to read a different opinion from ECB chief, Mario Draghi, who said that it’s not his job to regulate Bitcoin.
Kellie Ell – CNBC
To combat fears of a trade war, put your money in bitcoin, said hedge-fund manager and bitcoin bull Brian Kelly.
“[Bitcoin] is the new gold”. “In this environment,” Kelly said of fears of a potential trade war, “I want to own those things that are deflationary and fixed supply in an inflationary environment. And look at what bitcoin has done the last couple of days.”
FAO: BTW, I suggest you read below our previous opinion on recent market volatility and what this could mean for the future of the “cryptoverse”. We first published it on Linkedin Pulse on Feb 13th, and now you can read it on Global Association of Risk Professionals’ website!
Florin Adrian Oprea, Decebal N. Todăriță & Jeffrey Kutler – GARP
Paul Schrodt – Time
“Cryptocurrency is very much here to stay,” said futurist and author Thomas Frey. He predicts that “cryptocurrencies are going to displace roughly 25% of national currencies by 2030. They’re just much more efficient, the way they run.”
JD Alois – Crowdfund Insider
Polymath announced a slew of partnerships. One of the most interesting partnerships announced was an arrangement with the Barbados Stock Exchange or BSE (pending shareholder approval).
John Kennedy – Siliconrepublic
State Street chief technology architect Moiz Kohari explains that investments in digital real-time latency, data science and blockchain are at the top of his agenda.
Prior to joining State Street in 2016, Moiz Kohari was executive vice-president and head of global technology innovation at the London Stock Exchange Group.
Wolfie Zhao – CoinDesk
South Korea’s Woori Bank has reportedly completed a cross-border remittance test using the DLT developed by Ripple. According to local business media source ChosunBiz, the completion of the trial arrives as the bank’s Digital Strategy Department reveals plans to commercialize the Ripple-based platform this year. It also marks a second phase of the trial, following an earlier test at the end of January.
FAO: And this was followed by an impressive jump in XRP’s price.
Giulio Prisco – Bitcoin Magazine
Rabobank is considering the possibility of integrating a cryptocurrency wallet within its online banking system.
Annaliese Milano – CoinDesk
Zcash has released new software in preparation for its first system-wide software upgrade.
Dubbed “Overwinter” and set to activate in June, the software finds zcash’s developer team moving to fortify its technology in anticipation of future updates. Due to the nature of the code, which will be enacted via a mechanism called a hard fork, all users will be required to make the shift.
Alyssa Hertig – CoinDesk
Yet another ethereum scaling solution is launching a test network. Liquidity.Network is officially joining Raiden Network as the latest ethereum project to attempt to move transactions off the world’s second most valuable blockchain and into payment channels, in turn, allowing the network to support greater adoption and use.
Pavel Alpeyev & Finbarr Flynn – Bloomberg
Some of the funds stolen from Coincheck in the $500 million heist have been traced to a cryptocurrency exchange in Canada, according researcher BIG Blockchain Intelligence Group.
FAO: Useful info. And the researcher wants to hand data to authorities.
Sandrine Rastello – Bloomberg (subscription)
Quebec’s potential as a Bitcoin-mining nirvana is starting to fizzle.
FAO: I think the real reason is the fact that miners don’t speak/don’t want to learn Francais…(I am joking…) Read more about how and why Quebec has become a destination for crypto miners.
Shehab Khan – The Independent
Some 600 bitcoin mining computers have been stolen in Iceland, in what is being described as one of the biggest thefts ever in the small island nation. A total of 11 people have been arrested so far after four burglaries in the Reykjanes peninsula. The computers are yet to be found and are believed to be worth almost £1.5m.
Jenna Lomax – Asset Servicing Times
Citi and Credit Agricole have taken stakes in the London-based institutional payment and settlement infrastructure provider SETL. In addition, Computershare have increased their investment in SETL. As part of the increased investment, Stuart Irving, group CEO of Computershare, has joined the SETL board.
Cat Rutter Pooley – Financial Times (subscription)
Many of the companies working on blockchain and other distributed ledger technologies have chosen to raise funds by unconventional means. These include so-called “ICOs”, whereby companies sell digital tokens to investors to fund projects without offering equity.
Cryptocurrency has so far defied legal classification, with some interesting side effects.
Frank Chaparro – Business Insider
Fundstrat, the research firm, is predicting the next two years will be big for bitcoin and the world of crypto. In a note out to clients, analysts led by Tom Lee said at least three companies could issue their own digital tokens in 2018 and 2019. They also doubled down on their bullish forecast for bitcoin, which they say could reach $25,000 by year-end.
Porsche, a division of Volkswagen announced that it became the first car company in the world, in collaboration with German start-up XAIN, to successfully integrate and test blockchain in a car.
Helen Partz – Cointelegraph
The application of Walmart to patent its “Smart Package” system has been released by the US Patent and Trademark Office. Walmart’s “Smart Package” patent employs a Blockchain-based tool to track package contents, environmental conditions, location, and other details. The device described in the application is intended to be used in new technologies like autonomous vehicles and unmanned drones.
The Santiago Times
Chile’s energy regulatory agency, the Comisión Nacional de Energía de Chile (CNE), has announced that it will adopt Blockchain technology in the national energy grid, becoming the first government institution in the Chilean territory to incorporate blockchain to its internal services.
JD Alois – Crowdfund Insider
The Securities and Exchange Commission issued another order of trading suspension for a company, HD View 360 that ostensibly was in talks to “explore and implement” Blockchain technology.
Aaron Hankin – MarketWatch
Fund manager and bitcoin bull Bill Miller said that the recent collapse in the price of digital currencies should not deter investors, but serve as a gauge of the future potential of digital currencies and the blockchain technology.
FAO: Florin Adrian Oprea, Editor-in-chief Blockchain Daily News
DNT: Decebal Nicolaie Todarita, Editor Blockchain Daily News