South Korea Seeks Greater Global Cooperation On Crypto Regulations

The governor of the Financial Supervisory Services (FSS) of South Korea has proposed greater international cooperation between regulators for crypto and Initial Coin Offering (ICO) regulation.

This was initially reported by one of the local news outlet last Friday, September 7.

Governor Yoon Suk-huen made this statement during the opening ceremony of the 20th Integrated Financial Supervisory Conference (IFSC) held in Seoul on the 6th of September which has been attended by representative from 15 countries.

The governor reveals that his agency’s main aim is to improve transparency in transactions to prevent illegal activities and they can only do this effectively if there is international coordination and information sharing among countries to stamp out the risk of money laundering brought about by this emerging financial product and services.

The Central Bank of South Africa Wins Award For Blockchain-Powered Wholesale Payment System

The South African Reserve Bank has won the Central Banking’s FinTech & RegTech Award for Best Distributed ledger Initiative.

The South African central bank won this award for their Project Khoka initiative which successfully used an Ethereum blockchain platform to process interbank payments and settlements.

In a three month test duration, the said central bank was able to successfully test Project Khoka for its proficiency, resilience, confidentiality, finality and scalability under realistic conditions.

It has been revealed that the bank used JP Morgan Chase’s permissioned-blockchain Quorum with Byzantine fault tolerance and Pedersen commitments and rage proofs.

The central bank was able to accomplished 95% of transaction validations in under 1 second and 99% under two seconds.

All of which was attained with the central bank having visibility of all transactions while participating banks could not view one another’s transactions.

Crypto - A Revolution Of Hope: Wendy McElroy

According to Wendy McElroy, Canadian individual anarchist and individualist feminist, Cryptocurrencies was able to crack the dominance of fiat and global banking system through the use of blockchain technology.

She describes blockchain as a flash of brilliance and cryptocurrencies as an act of defiance.

She states that crypto could not be a social phenomenon without millions of people who are willing to give cryptocurrencies a try despite its risks and then adds that it has succeeded because people hope.

Hope, she defines as the political battleground between individuals who wants financial autonomy and authorities who wants to control it through laws.

She gave examples on past revolutions and mirrors them to cryptocurrencies.

She states the revolution starts from a handful of people. Revolutions move freedom forward and is a mass voluntary movement.

The more successful the revolution, the more likely the state to confront It through suppression.

If suppression fails, then the state mostly compromises in self-preservation.

All of which she says parallels what is currently happening to the crypto revolution.

Crypto, A Prominent Trading Market In Australia

In a corporate plan just published recently, the Australian Securities and Investment Commission (ASIC) has described its vision for the country’s economic futures.

It plans to regulate the cryptocurrency trading market in the same fashion they regulate the securities market.

They plan to introduce regulations and strict control mechanism to mitigate the risk on Initial Coin Offering (ICOs) as well as introduce a regulated market infrastructure that is suitable to cryptocurrency exchanges.

ASIC will also take part in settling disputes between exchanges and investors when required.

This runs contrary to current market practice which is largely unregulated and no governing body that has the mandate of regulating the nascent industry.

This is the government’s direct response to the burgeoning blockchain sector in the country that may spur further growth in the Fintech market which has seen over $675 million investments in 2018.

Suspension Of Goldman Sachs Crypto Trading Desk Initiative “Fake News” According To CFO

Martin Chavez, Goldman Sachs CFO denies reports that the Wall Street Firm has abandoned its plans to create a cryptocurrency trading desk calling the rumors “Fake News.”

The executive reveals that the company is still considering ways to offer services that involve physical Bitcoin.

This has risen concerns that the cryptocurrency market can be easily be manipulated by a speculative or unconfirmed story.

Some cryptocurrency community members blames crypto whales for fueling rumors or fake news to artificially deflate the price of digital tokens, buy them low and sell them later on with higher prices, this is a classic example of a pump and dump practice.

While the Goldman Sachs Executive shot down the fake Chavez, made it clear that there has never been a fixed timeline for Goldman’s plans on cryptocurrency related initiatives.

He also reveals that the Wall Street Giant is working on a non-deliverable forward Bitcoin derivative that it will soon offer its clients due to customer demand.

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