Charles Brett’s Blockchain Catch-up Week 29 (2021)

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That is Charles Brett’s start-of-the-week Enterprise Instances ‘blockchain catch-up’ Week 29. Essentially it’s idiosyncratic and selective.

It’s not meant to be complete however does search to focus on ‘Fast Takes’ on particular developments as effectively fascinating items to learn, an inventory of some (not all) bulletins/press releases and pointers to approaching occasions.

Fast Takes – Charles Brett’s Blockchain Catch-up Week 29

How blockchain is shaking Swift and the worldwide funds system

“Final month, the Brussels-based utility known as the Society for Worldwide Interbank Monetary Telecommunication (Swift) introduced that six world banks had embraced its plan to improve cross-border fee programs.

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“Thus far, so boring, many would possibly assume. Cost processes not often seize public or political consideration, until they go mistaken. In that sense they’re like family plumbing.

“However buyers ought to get up. For this joint initiative (along with the Financial institution of China, Citi, Financial institution of New York Mellon, Deutsche, Customary Chartered and BNP Paribas) is one signal of a probably vicious battle now erupting as a result of rise of cryptocurrencies and the know-how behind them.”

Fast Take: on this FT evaluation (paywall) evaluation, Gillan Tett takes a broad view of how the transnational funds sector is altering due to blockchain. SWIFT is one apparent goal. Different much less apparent ones are nationwide fee programs – that an internationally accepted, cheap, dependable and quick switch system may subsume (or within the case of the US, present). As Ms Tett factors out Russia, China and even Iran could attempt to do in any other case, which may but once more result in bifurcated (or extra) fee networks. That is an evaluation to mirror on. (She additionally reminds us that SWIFT got here into existence as a response to, and concern of, Citibank creating its personal proprietary funds/switch system.)

Anti-money laundering and countering the financing of terrorism legislative package deal

“On 20 July 2021, the European Fee presented an formidable package deal of legislative proposals to strengthen the EU’s anti-money laundering and countering the financing of terrorism (AML/CFT) guidelines. The package deal additionally features a proposal for the creation of a brand new EU authority to struggle cash laundering. It’s a part of the Fee’s dedication to guard EU residents and the EU’s monetary system from cash laundering and terrorist financing. The goal is to enhance the detection of suspicious transactions and actions, and shut loopholes utilized by criminals to launder illicit proceeds or finance terrorist actions by means of the monetary system.”

The concept is that new measures will “improve the prevailing EU framework by bearing in mind new and rising challenges linked to technological innovation. These embody digital currencies, extra built-in monetary flows within the Single Market and the worldwide nature of terrorist organisations. These proposals will assist to create a way more constant framework to ease compliance for operators topic to AML/CFT guidelines, particularly for these lively cross-border.”

Fast Take: aimed particularly at crypto, this is not going to be fast. Not often something main emanating from the European Fee is fast (look how lengthy the REACH chemical rules took). That doesn’t imply the results is not going to be far-reaching although it in all probability signifies that ‘coping with your individual monies’ will develop into ever extra bureaucratic and limiting. Hey, ho: know-how just isn’t all the time there to enhance high quality of life…

7 items to learn – Charles Brett’s Blockchain Catch-up Week 29

Chosen bulletins/press releases/opinions – Charles Brett’s Blockchain Catch-up Week 29

SETL particulars method to regulating blockchain (announcement)
Spain launches private-public know-how fund of as much as 4B euros (announcement)
Amadeus integrates IBM Digital Well being Move into its digital well being verification know-how (announcement)
NSF points RFI for blockchain enterprise packages (announcement)
Do Kwon explains artificial equities buying and selling on blockchain (opinion)
What we discovered from promoting a blockchain service to African governments (opinion)
Who writes the principles of a blockchain? (opinion)
Amazon: digital forex and blockchain product lead (employment).

Chosen upcoming occasions



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