CRYPTO UPDATE — SteemCN

Crypto News Updates 12/3/18

a. Malaysia: a new “Anti-Money Laundering and Counter Financing of Terrorism Policy for Digital Currencies” goes into effect as outlined by Bank Negara. Basically, traders would have to provide name, address, dob and reasons. Central Bank of Malaysia is keeping impartiality on the subject.

b. USA:
Law-enforcement government agencies working on a “comprehensive strategy” around crypto; federal officials being educated on how the technology works and how to follow digital trails.

Goldman Sachs’ CIO in Private Wealth Management, Sharmin Mossavar-Rahmani, believes that Central Banks’ issuance of own currency (bank-backed cryptocurrencies) might overtake existing digital coins in existence today.
Bill Gates doesn’t endorse crypto.
BlackRock (world’s largest investment company) views crypto as ‘interesting development’. "“A blockchain-based, single shared financial database could eliminate inefficiencies and risks associated with human processes, but adoption at scale would require a massive shift in software development and a well-constructed maintenance model,” it added.”

However, in another article (b.4.2 below) BlackRock is highlighted as saying that crypto investors should be prepared to lose all.

c. OECD: the Organisation of Economic Co-operation and Development believes crypto exchanges are more self-regulating than banks.
“Crooks don’t want to end up on the blockchain”
… Most people mistakenly see the pseudo-anonymity of cryptocurrencies like bitcoin and presume that it is a great mechanism for money laundering when it is actually the opposite and probably one of the worst ways to facilitate these types of activities.”

d. China:

Platforms that allow nationals trading on overseas exchanges will be heavily scrutinized.
Educational institutions are patenting blockchain technology. One of them, Chinese Academy of Sciences, is looking at blockchain that would support public, private and consortium blockchains.
Next Vice Chairman of the FATF (Financial Action Task Force - with 23 members representing 35 countries and two organizations tackling money laundering) will be Chinese.

e. Taiwan committed to moving forward with blockchain technology. Central Bank’s governor (Yang Chin-long) is open to adopting “artificial intelligence technologies and bid data analysis to better predict and analyze global economic conditions”.

f. Germany: Blockchain-based payment service provider Bitwala announced on Monday that it is building an online bank account service, “enabling a seamless transition between the crypto and fiat worlds.”

Alibaba launching new clause products around AI and big data and setting up as rivals to Amazon and Microsoft. Three years ago it had plans for data centers in the Middle East, Japan, and Europe. "Today, we are talking a lot with local clients about digital transformation including retail, logistics, finance,” he said, adding: “Everyone is talking about digital transformation.”
https://www.rt.com/business/419921-alibaba-ai-europe-challenge/

An article in The Independent. Nice one.
“The truth about cryptocurrencies is that they have been made possible by humans’ technological brilliance, and have been made grimy by human flaws”.
http://www.independent.co.uk/voices/bitcoin-cryptocurrency-lapdance-divorce-cant-buy-you-love-a8229271.html

Interesting article on Circle, Goldman Sachs, Poloniex, and ETH.
http://www.coinroundup.com/ethereum-eth-to-thrive-with-poloniex-acquisition/
and another on the input from VC into exchange
http://www.coinroundup.com/what-is-circle-x-crypto-exchange-will-be-more-than-coinbase-challenger/

Article on JD.com’s four start-ups in AI and blockchain.
https://cointelegraph.com/news/chinas-top-retailer-launches-startup-incubator-to-lure-foreign-blockchain-projects