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Thursday, April 4, 2019

#CryptoCorner: SEC Issues Statement Outlining Digital Asset Framework, WEF Report Says 40 Central Banks Considering CBDCs


  
#CryptoCorner: SEC Issues Statement Outlining Digital Asset Framework, WEF Report Says 40 Central Banks Considering CBDCs



Point Roberts WA, Delta BC,  April 4, 2019 -  Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.’s  (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and  the Genesis Exchange and Wallet  App bring you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .




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The U.S. Securities and Exchange Commission (SEC) has issued a statement outlining their framework for investment contract analysis of digital assets. The document outlines the conditions under which a digital currency may be subject to regulation and oversight by the SEC. An excerpt reads:

As financial technologies, methods of capital formation, and market structures continue to evolve, market participants should be aware that they may be conducting activities that fall within our jurisdiction.  For example, market participants may engage in activities that require registration of transactions and persons or entities involved in those transactions.  Even if no registration is required, activities involving digital assets that are securities may still be subject to the Commission's regulation and oversight.

According to a recently published report from the World Economic Forum, over 40 central banks are considering central bank digital currency (CBDC). The piece cites use cases such as financial inclusion, payments efficiency, and payment system operational and cyber resilience as reasons for the interest shown by so many banks. The primary author of the report, Ashley Lannquist, who is a project lead in blockchain and DLT with the WEF, told CoinDesk:

Pilot and experimentation work thus far on this subject has yielded some mixed results, some optimistic results, and the summary of where we are right now is that central banks are proceeding with caution, yet highly involved in research.”

but that:

“in the next couple years, speculating towards the future and being a bit conservative, I would expect a couple central banks to issue a central bank digital currency and that’s because we know that at least a few are.”

The Jamaica Stock Exchange (JSE) has announced an agreement with Canadian fintech firm Blockstation, that allows it to enable live trading of digital assets and security tokens. Following the agreement, the press release indicates that the JSE will launch a pilot to trade Bitcoin (BTC) and Ether (ETH). Jai Waterman, Blockstation’s Co-Founder and Chief Enterprise Architect commented:

“We are incredibly excited to reach this milestone in our partnership with the JSE, bringing digital assets including cryptocurrency and security tokens to mainstream investors. Digital assets are the future of capital markets, and our turn-key solution paves the way for traditional financial institutions to easily adopt this new, game-changing asset class. We look forward to being part of the evolution of finance going forward.”

An article from Bloomberg yesterday argues that algorithmic hedge fund trading may have played a part in the crypto rally initiated on Tuesday. “Algo trading” is executed using pre-programmed instructions using computer-run strategies to detect trends and other variables determining when to trade. Aaron Brown, an investor who writes for Bloomberg Opinion, said to Bloomberg an email:

"Algo trading is much easier in crypto than traditional financial assets. Most exchanges have simple APIs -- that is, interfaces for automated trading -- while traditional exchanges require expensive connections and permissions and have lots of rules. So crypto algo trading has always been an activity for technically sophisticated financial amateurs."


Sam Mowers, Investorideas

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