The Financial Action Task Force (FATF) wants financial institutions to prepare for the global expansion of digital identification systems.
FATF published its draft guidance on digital identity Thursday, for governments, regulated entities and other stakeholders to enforce anti-money laundering (AML) and counter financing terrorism (CFT) regulations.
The intergovernmental organization aims to address emerging security and transparency issues as the process of financial transactions become more digital, according to the guidance.
On its website, FATF listed a number of questions acting as “areas of focus,” requesting private stakeholders to provide feedback via email by Nov. 29, 2019.
Bitcoin might become “digital gold,” but first it needs to be used more in everyday business, Intercontinental Exchange’s chief executive said.
During a quarterly earnings call Thursday, ICE head Jeffrey Sprecher said that he sees use in transactions as the prerequisite to bitcoin becoming a long-term store of value. The company’s Bakkt subsidiary, which runs a bitcoin futures market, announced this week that it is developing an app for consumers to buy goods from merchants, beginning with Starbucks.
When thinking about the future of money, many of us now invariably have thoughts about bitcoin. Where is it going? What role might it play in our financial lives? No matter what you think about it, bitcoin is great for starting a debate on where digital money is heading.
Africa is a place where bitcoin has major potential. But what you might not realize is how important electronic money already is to countries there such as Kenya. First, a little economic information about this East African nation. Kenya is one of the region’s largest economies with a GDP of $41 billion dollars. Fifty percent of its people live below the poverty line. Approximately 75 percent of people work in agriculture. According to the CIA World Factbook, on Kenya, “low infrastructure investment threatens Kenya’s long-term position as the largest East African economy.”