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FATF published its draft guidance on digital identity Thursday, for governments, regulated entities and other stakeholders to enforce anti-money laundering (AML) and counter financing terrorism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.”
The Third Science, Technology, Engineering, Arts and Mathematics Camp – Thursday December 5, 2019 – Sunday December 8, 2019
THEME – ENTROPY: MONEY SCIENCE AND TECHNOLOGY
Background of the problem
Knowledge is verified or falsified information, processed and interpreted into meaning and significance, wisdom and leadership (Gilder 2013). In Africa, knowledge is not processed to turn to information that can be converted into money. Knowledge is only confined to microstate in isolated systems such as universities and learning institutions (i.e., the ivory tower syndrome). Isolated systems create a state of very low entropy. Low entropy is caused by lack of a clear channel to transport knowledge from the university to the community (See e.g., Clausius, 1899; Godel, 1931; Shanon 1948). Knowledge in the universities and learning institutions, should be turned to information that would add value to commercial products which create wealth.
Cryptocurrency exchange OKEx is to launch a range of cryptocurrency-based futures contracts settled in the stablecoin tether (USDT).
The exchange will support USDT pairs including bitcoin (BTC), ether (ETH), bitcoin cash (BCH), EOS, XRP, bitcoin SV (BSV) and Tron (TRX) with leverage between 1 and 100x when trading commences on Nov. 6, according to a press release issued Tuesday.
The firm claims its linear futures contracts will be easier for newbie traders to handle, as holders do not have to hedge the margin risk as they would with inverse contracts.
The following article originally appeared in Institutional Crypto by CoinDesk, a weekly newsletter focused on institutional investment in crypto assets. Sign up for free here.
Ever since U.S. Securities and Exchange (SEC) commissioner William Hinman said last year that a digital asset could start out a security but cease to be one when it was “sufficiently decentralized,” token issuers and investors have been eager for a quantification of what that means.
The recent SEC action halting the distribution of Telegram’s TON blockchain tokens may finally have shed light on that – just not in the way we expected.
The end result could be a new type of token financing that mirrors an emerging trend seen in traditional markets.
Binance has added a fiat-to-crypto gateway for Nigeria’s Niara (NGN), the company said.
Facilitated by payments network Flutterwave, the addition starts a new phase of Binance adding sub-Saharan fiat pairs, the company said in a statement. In “the near future” the high-volume global exchange will also introduce gateways for South Africa’s Rand (ZAR) and Kenya’s Shilling (KES), Binance said.
At launch, Binance limited the Nigerian trading pairs to BUSD/NGN, BNB/NGN and BTC/NGN. Investors can deposit between 150 NGN (about $.40) and 430,000 NGN (about $1,200) for a 1.4% fee, Binance said in a blog post.
WASHINGTON – Facebook CEO Mark Zuckerberg told lawmakers that the company would pull out of the Libra Association in the event the consortium launched its proposed cryptocurrency without all needed regulatory approvals.
In a hearing of the House Financial Services Committee Wednesday, Zuckerberg fielded pointed questions on a variety of controversial issues around the social network, from election meddling to housing discrimination to deepfakes. But Libra, the proposed price-stable cryptocurrency Facebook conceived and set up the association to run, was the foremost item on the agenda
Read more :https://www.coindesk.com/zuckerberg-facebook-would-quit-libra-if-association-launched-prematurely
Once again, Facebook will face the fire on Capitol Hill on Wednesday, with the Libra cryptocurrency project taking center stage.
Mark Zuckerberg, the social media giant’s founder and CEO, will testify before the House of Representatives Financial Services Committee, arguing that Libra will benefit unbanked individuals and that the U.S. should allow Libra to launch. He’ll also be defending his company’s recent record on discrimination, among other issues.
And as with Libra’s previous trip to the Hill, lawmakers are expected to focus more on Facebook the company than the cryptocurrency project it is leading.
Cryptocurrency exchange Binance is soon to launch its first fiat-to-cryptocurrency trading pairs.
Speaking at the Open Innovations 2019 conference in Moscow on Monday, CEO Changpeng “CZ” Zhao confirmed that fiat options are on the way, kicking off with the Russian ruble:
“We’re adding support for fiat trading. In about two weeks or so, we should have support for Russian ruble trading, direct.”
Until now, the company’s primary service, binance.com, has only supported crypto-to-crypto trading. However, it has launched local fiat gateways in Uganda, Singapore, Jersey and, most recently, the U.S.