Major banks on the move with Blockchain – huge development amid renewed economic flux

  • Posted on 13th April 2016
Major banks on the move with Blockchain – huge development amid renewed economic flux

These are key months in the future of financial services, and for the power of traditional banks in the global economy. The recent Citigroup report spelled out in clear terms the potential of Blockchain technology, which underpins the digital currency Bitcoin, to revolutionise financial services way beyond payment and remittance services, into asset management and insurance. The report modelled projected…

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What the future may hold for Fintech after the UK general election

  • Posted on 26th March 2015
What the future may hold for Fintech after the UK general election

With the UK General Election just six weeks away, the recent Budget was an opportune time for The Chancellor, George Osborne, to set out his stall and give the UK electorate a glimpse of what a Conservative-led Government after the election would prioritise. Among the macroeconomic announcements and promises were policies solely aimed at the growing financial technology (Fintech) sector….

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European Banking Authority begins the debate on an EU-wide virtual currency regulation

  • Posted on 15th July 2014
European Banking Authority begins the debate on an EU-wide virtual currency regulation

At the beginning of the month, the European Banking Authority (EBA), the institution charged with overseeing the European banking sector, proposed guidelines for a regulatory regime for virtual currency. The report has now been presented to the EU Council, Commission and Parliament for consideration. The report also issues guidelines for national supervisory bodies.   The report is an attempt to…

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Virtual currency prospers in Asia: Will China follow?

  • Posted on 25th June 2014
Virtual currency prospers in Asia: Will China follow?

Last Thursday, Japan’s Liberal Democratic Party (LDP) announced that it is not currently looking to regulate virtual currency. This is a significant announcement as there previously was uncertainty over how state officials, particularly in Japan, would react following the collapse of the leading Japanese Bitcoin exchange, Mt. Gox and the loss of over $420 million worth of Bitcoins.   House…

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Regulators begin looking at promoting virtual currencies

  • Posted on 4th June 2014
Regulators begin looking at promoting virtual currencies

Last week the Financial Conduct Authority (FCA), which is responsible for UK financial regulation, outlined plans to launch a policy hub for start-up companies including those in the virtual currency sector. Head of the FCA, Martin Wheatley (pictured), stated “it’s an imperative for the regulators to be standing on the right side of progress”.   A helping hand   He confirmed…

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Virtual currency and the pursuit of legitimacy

  • Posted on 20th May 2014
Virtual currency and the pursuit of legitimacy

A number of news stories over the last few days once again illustrate the momentum that virtual currencies are gathering towards increased legitimacy amongst regulators and consumers.    The US state regulatory group, the Emerging Payments Task Force, has pushed ahead with plans to compile an overarching rulebook or guidelines for the use of virtual currency. The publication will look…

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US Federal Election Commission approves use of Bitcoin for campaign contributions

  • Posted on 9th May 2014
US Federal Election Commission approves use of Bitcoin for campaign contributions

The Federal Election Commission (FEC) has unanimously approved the use of Bitcoin for political donations after months of debate on the issue.  Commissioners imposed several conditions.  Among them: No anonymous bitcoin contributions will be allowed, and campaign treasurers must scrutinize the donations for “evidence of illegality.”   Jim Harper, global policy counsel of the industry’s Bitcoin Foundation, said the FEC’s…

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