Blockchain 

Alibaba Subsidiary Ant Financial Tests Its Enterprise Blockchain

The financial technology subsidiary of Chinese e-commerce giant Alibaba, Ant Financial, started testing its enterprise blockchain platform. According to local news outlet Sina Finance on Nov. 20, the senior director of technology and business innovation at Ant Financial, Jieli Li, announced the development at the World Blockchain Summit at Wuzhen. The firm’s plans to launch its own blockchain platform were first reported in September last year. During the event, Li said that the platform — dubbed Ant Blockchain Open Alliance — will go live three months after the testing period.…

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Bitcoin 

Could Blockchain Technology Prevent the Next Financial Crisis?

A central bank’s role is to manage a nation’s currency, money supply and interest rates. The United States did not have a central bank until 1913, when Woodrow Wilson signed the Federal Reserve Act into law. Since then, the Federal Reserve has been accountable for the elasticity of the U.S. economy through the expansion and contraction of liquidity in the form of credit and new fiat money supply. Retail and institutional banks abide by the Fed’s stringent economic rules, which in turn trickle down to affect the daily lives of…

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Bitcoin 

Financial System Blind to Crypto’s Deflationary Impact, Says Analyst

Investment strategist William Peets has pointed to a widespread underestimation of the deflationary impact of cryptocurrencies such as Bitcoin and blockchain for global finance. Peets is currently CIO and portfolio manager for digital asset strategies at Passport Capital.  In an Oct. 30 interview with Real Vision Finance, he said that blockchain represents a generational change in technology with profound implications for the existing financial system — something that most have been too slow to recognize. Redressing macro imbalances Finance is ripe for disruption by crypto and blockchain, Peets said, noting…

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Bitcoin 

A Budding Financial Romance at the Perfect Time

If you’ve been following Peter Schiff for his prediction of the 2008 financial collapse or strictly because of his affinity for gold, then you’re probably aware that he is not a fan of Bitcoin (BTC), but would he be interested in gold-backed smart contracts? The United States Federal Reserve cut interest rates by another quarter-point on Sept. 18 following the European Central Bank’s Sept. 12 announcement on its negative interest rates and decision to re-introduce quantitative easing. With negative-yielding bonds looking like a shaky refuge from the storm looming on…

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Blockchain 

New York State Financial Regulator Hiring Crypto and Blockchain Specialist

New York state’s financial regulator is hiring a specialist with expertise in the field of virtual currencies and blockchain, per a recently published announcement. The Department of Financial Services is looking to hire a Deputy Superintendent in the Research and Innovation Division, with a background in cryptocurrencies, blockchain, distributed ledger technology and other related fields. The person in this position is set to be in charge of policy decisions and the regulation of emerging and innovative markets. The individual will be responsible for directing the development of enforcement procedures, policies…

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Blockchain 

Ant Financial Partners with Monsanto Owner on Agricultural Blockchain

Alipay operator Ant Financial has partnered with pharmaceutical giant Bayer Crop Science, Monsanto’s owner, to develop a blockchain solution for the food and crop industry. Letter of intent Enterprise blockchain news outlet Ledger Insights reported on the partnership on Sept. 26, also noting that the two firms signed a letter of intent to develop their solution to increase traceability and transparency. Per the report, the initiative was announced at this week’s Apsara Conference in Hangzhou, China. Ant Financial also reportedly informed the public that it intends to extend its partnership…

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Blockchain 

US Congress Asks Financial Crime Director to Study Blockchain Tech

The United States House of Representatives has passed a bill that calls for the Financial Crimes Enforcement Network (FinCEN) to study blockchain technology in its fight against financial crime. On Sept. 19, the House passed the bill “Advancing Innovation to Assist Law Enforcement Act”, which requires the Director of the Financial Crimes Enforcement Network, Kenneth Blanco, to carry out a study on the use of emerging technologies, such as blockchain technology, within the FinCEN. The bill reads: “The Director of the Financial Crimes Enforcement Network (“FinCEN”) shall carry out a…

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Blockchain 

BIS Economist Proposes DLT-Based Financial Market Monitoring

An economist of the Bank for International Settlements (BIS) has proposed new ways of supervising financial risks through distributed ledger technology (DLT). In a recently released working paper, economist Raphael Auer made the case for so-called embedded supervision, which would automatically monitor tokenized markets. This would purportedly eliminate the need for the collection, verification and delivery of companies’ related data. New forms of transparency and data credibility Per the report, DLT and smart contracts can facilitate the development of financial markets through new forms of transparency and data credibility, and…

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Bitcoin 

VanEck Now Offering Bitcoin Financial Product for Institutional Investors

The CEO of investment management firm VanEck Associates, Jan Van Eck, said that the company is now offering a type financial product with exposure to Bitcoin (BTC). In an interview with CNBC on Sept. 11, Van Eck said that the product offered by the firm is a broker-traded fund and is currently not available to the public, but to institutional investors only. Van Eck further specified that it will trade over-the-counter and will not trade on a national securities exchange. The broker-traded fund is called VanEck SolidX Bitcoin Trust 144A…

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Blockchain 

Maltese Financial Regulator Will Actively Monitor Cryptocurrency Firms

The Malta Financial Services Authority (MFSA) says in its recently published strategic plan that it will actively monitor and manage business-related risks related to cryptocurrency firms. Monitor crypto firms to prevent crypto-related crimes On Sept. 6, the MFSA published its three-year strategic plan for 2019–2021 which states the Malta financial regulator will strive to modernize their regulatory approach to be one step ahead of industry developments. The MFSA said it will work closely with the Financial Intelligence Analysis Unit and other national and international authorities, including the newly formed Malta Digital…

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