23/07/2018: Biggest Stories in the Cryptosphere

1. BoE Says Its Payments System Should Connect With DLT FinTech Companies

Bank of England (BoE) stated that an updated version of their payments system should be connected to FinTech companies dealing with distributed ledger technology (DLT). This is part of the central bank’s desire to facilitate the flourishing of the blockchain industry in the country. To strengthen cyber-attacks defences and increase its customer base it wants to revamp the current system, which is adopted by the banking and trading industries, by 2020. Transactions worth approximately 500 billion pounds go through the Real-Time Gross Settlement (RTGS). The news comes following Bank of England’s discussion of the Proof of Concept (PoC). We previously addressed the report published by the bank, where it discussed the PoC carried out in partnership with blockchain startup Chain.

2. G20 Publishes Results Following Crypto Discussion

We previously reported various occasions in which European leaders stated they wanted to discuss crypto at the G20 conference. Following a meeting on 21–22 July, the international forum decided to maintain a “hands-off approach” towards cryptocurrencies until October. The decision was announced through an ‘interim decisions’ summary prepared by the Finance Ministers & Central Bank Governors (FATF) group. In the document, it was mentioned how they don’t expect for regulatory steps to be taken any time soon. The conclusion was reached after a four-month consultation launched at a meeting organised in March. However, over this period of time, the stance has been softened. The G20 concluded that cryptocurrencies carry both advantages and risks, including “consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing”.

3. Former JPMorgan Executive Believes Blockchain Could Help Avoiding Next Financial Crisis

Former JPMorgan Chase Vice President Pang Huadong has affirmed that blockchain technology could help to avoid the next global financial crisis. He went on to say that, thanks to his experience working at the Wall Street bank during the 2008 financial crisis, he believes blockchain could help build transparency and trust on a global level. Costs would also be slashed. He acknowledged that the technology is still in the early stages. However, he said its potential is significant. Huadong is currently an ‘Asian Blockchain Institute’ Academic Advisor. Despite a rejection of decentralised cryptocurrencies, China has shown interest in blockchain technology on multiple occasions. Politicians, academics and professionals operating in the financial services industry all agree the “prospects are limitless”.

4. Chinese City Launches Blockchain Project Worth $1.47 billion

The capital of Chinese Jiangsu province, Nanjing, has launched a 10 billion Yuan (1.47 billion US dollar) blockchain initiative. The fund will help to promote token economy and public blockchain projects. The capital is collaborating with the Zhongguancun Blockchain Industry Alliance, an entity formed by government research institutes along with blockchain companies. The initiative was announced at the inaugural Industrial Public Chain Summit (IPCS). UDAP Foundation and TokenX Community will be among the first ones to benefit from the fund. The idea is to facilitate the integration of blockchain technology in the various industries of the country.

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