The Chairman of the China International Economic Exchange Center, Huang Qifan, revealed in October that China has been working on a central bank-issued digital currency for five to six years and he’s confident it can be introduced very soon.… Continue Reading
Since 2014, the six members of the Gulf Cooperation Council — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates — have been weaving Shariah-compliant blockchain technology and bitcoin into their existing financial and legal infrastructure, while transforming them all at the same time.… Continue Reading
Gulf Cooperation Council countries have been working since 2014 to weave Shariah-compliant blockchain technology and cryptocurrencies into their existing financial and legal infrastructure.
Current members of the Gulf Cooperation Council, known as the GCC, are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.… Continue Reading
The concept of central bank-issued digital currencies or national cryptocurrencies has attracted many governments across the world. Particularly, governments that have been sanctioned by the U.S. — such as Iran.
Iran is known for implementing the most creative barter-style sanctions evasion schemes in modern history involving various countries called “gas-for-gold” or the “gold loophole” to evade the economic restrictions that cut the country out of the financial system, crippling their ability to trade with the world.
Recently, with international payment intermediaries such as the SWIFT system barred from operating in Iran, it launched a new barter-style international payment gateway called “Instrument in Support of Trade Exchanges” (INSTEX), with France, Germany and United Kingdom (UK) to broker Iranian imports in and European exports out.… Continue Reading
China is at the forefront of efforts to revolutionize digital mobile cross-border payment systems. Already, traders on the 21st century digital silk road are sending payments from Hong Kong to the Philippines and Pakistan, among other places, in mere seconds using blockchain-based, cross-border, mobile digital wallets from Chinese tech giants, including Ant Financial’s Alipay and Tencent Holdings Ltd.’s WeChat Pay.
And Alibaba intends to further expand its global cross-border blockchain mobile digital wallet remittance services via nine partnerships.… Continue Reading
With apologies to David Letterman’s signature skit series of a decade ago, we’d like to borrow his title to highlight a few misunderstandings about the nature of trust in business.
Here’s our list, followed by some comments about the flaws.… Continue Reading
In the prior post, I explored how blockchain stores personal information on an immutable ledger and cannot be modified or erased to meet GDPR requirements. In this post, I’ll discuss strategies available to blockchain operators to help manage risks posed by GDPR.… Continue Reading
The General Data Protection Regulation (GDPR) came into effect in May. With the risk of hefty fines, it’s no surprise that GDPR compliance tops the agenda for many organizations. But one area of technology faces even greater challenges under GDPR: blockchain.… Continue Reading
It’s increasingly important to understand the way disruptive technologies such as blockchain, cryptocurrencies, artificial intelligence, and big data are already impacting and will continue to shape how compliance systems work.
Malta’s Prime Minister Joseph Muscat has described his country as the global trailblazer in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies.… Continue Reading
Canada has emerged as one of the cryptocurrency and blockchain centers of the world. Canada’s dominance in blockchain innovation stems in part from Toronto being home to Vitalik Buterin, the inventor of Ethereum Blockchain, which is the globally most adopted platform that supports ether (ETH), the second highest cryptocurrency valued at $63 billion.
The Enterprise Ethereum Alliance counts 135 banks out of its 450 members that are trialing the new Ethereum Blockchain technology which launched in 2015.… Continue Reading
At a recent cryptocurrency workshop, financial investigators from the Interpol and Europol organizations from over 30 nations discussed measures to combat the misuse of cryptocurrencies by criminals.
This meeting was in response to the report released by Europol (with headquarters in the Hague, Netherlands) which stated (pdf) that more than 40 percent of online transactions for illegal ends used Bitcoin, crypto mixers, and tumblers.
A cryptocurrency mixer or tumbler is a service offered to mix potentially identifiable or “tainted” cryptocurrency funds with others, to obscure the trail back to the fund’s original source.… Continue Reading