China to ban 124 offshore cryptocurrency exchanges in continued crackdown

China is readying to block 124 offshore cryptocurrency exchanges still available to domestic users as part of the government’s wider crackdown on activities related to digital money, according to the country’s state media. The Chinese financial authorities affiliate news site Shanghai Securities News (SSN) reported that the government will block access to websites operated by foreign cryptocurrency exchanges that provide trading service to Chinese citizens. The People’s Bank of...

Bitcoin value recovers 3% following delay in pivotal SEC ruling

The price of bitcoin and other cryptocurrencies fell 10% yesterday (August 8), following a decision by the US Securities and Exchange Commission (SEC) to delay a major ruling that, if successful, could see token prices rocket. It related to an application for a bitcoin exchange-traded fund (ETF) - a financial product that tracks the price of an asset - backed by blockchain startup SolidX and investment firm VanEck, in what would be the first exchange-traded product of its kind in the...

Blockchain is the answer to 2019 EU payment authentication rules

Consumers who have become used to the convenience of contactless payments throughout their daily lives might be in for a shock next year. That’s because of a clause in the EU’s Second Payment Services Directive (PSD2) which will be enforced from September 2019. In essence, the clause states that consumers will no longer be able to constantly make contactless payments without any other form of security check or identity verification. In fact, the most likely scenario is that they will...

China pharma scandal sparks call for blockchain in drug supply chain

Blockchain has been touted as a possible solution to drug and food safety issues in China, following a high-profile scandal involving a pharmaceutical firm forging documents relating to a rabies vaccine for minors. As reported by South China Morning Post (SCMP), China’s Food and Drug Administration found the Shenzhen-listed pharmaceutical firm Changsheng Biotechnology to have fabricated production documents and inspection records, as well as modifying process parameters and equipment,...

Blockchain Expo Europe: Is blockchain on the path to consolidation by 2030?

Predicting the development of any technology within 12 years is difficult, but for blockchain, it’s pretty much a lifetime. That task was handed to a panel at Blockchain Expo Europe, made up of experts applying the technology across a range of disciplines, including smart contracts, eSports, cybersecurity, and even genetics, who were asked to make their predictions for the technology’s development by 2030. And that differing expertise across the panel was apt, given that a decisive...

Why ‘coopetition’ could be the biggest barrier to blockchain adoption

The biggest barrier to blockchain adoption at scale may be rivalry within the ecosystem itself, rather than any particular grapplings with the emerging technology. That’s according to a report by management consultancy firm McKinsey which, based on analysis of 90 use cases for distributed ledger technology (DLT), said that a “coopetition paradox” between industry competitors threatened to put a damper on its wider uptake. “Despite the hype” of blockchain, with the ICO (initial...

Two of Russia’s largest banks are piloting cryptocurrency trading

Two of Russia’s largest banks are to begin piloting cryptocurrency trading for their private clients, according to a report by Kommersant on Friday (June 15). The tests will be conducted within the “regulatory sandbox” of the country’s central bank, and follow recent comments by Russian president Vladimir Putin, that cryptocurrencies “cannot be a means of payment or saving” but subject to tight and careful regulation “have their place within the world”. The pilot process...

Blockchain: How to separate the myths from the realities

No-one can doubt that blockchain technology has captured the minds and imaginations of people in a number of diverse and unconnected industries, ranging from logistics, intellectual property, financial services, creative industries and data management – to name but a few. However, amid the hype accompanying blockchain technology’s rise, there is a growing confusion with regard to how it works and how it should be applied. It’s important to remember that the blockchain doesn’t enable...

What will the future of crypto regulation hold?

Following the 2008 global financial crisis, to prevent market abuse from occurring again, the global financial sector underwent nothing short of a revolution. Across the world, changes were made to regulatory systems, and additional measures were put in place to offer protection for consumers, and to enforce greater transparency from banks. Today, we can see a somewhat similar revolution fermenting in the world of cryptocurrencies. But, much like the reaction of world economies back in...

Central bank of India bans financial firms from dealing in crypto

India bans financial firms from using cryptocurrencies

The global cryptocurrency market took another regulatory hit on Thursday as India’s central bank issued a ban on the use of cryptocurrencies by regulated financial institutions in the country. The Reserve bank of India (RBI) said in a statement: "In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling [virtual currencies]." The...