#CryptoCorner: Market Takes a Dive Over Weekend, Japan Sets Up Working Group for Libra Ahead of G7, UK Crackdown On “Dirty Money” and Korean Credit Card Giant Wins #Blockchain Patent
#CryptoCorner: Market Takes a Dive Over Weekend, Japan Sets
Up Working Group for Libra Ahead of G7, UK Crackdown On “Dirty Money” and
Korean Credit Card Giant Wins #Blockchain Patent
Point Roberts, WA, Delta BC July 15, 2019
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Stocks discussed: (NasdaqGS:FB)
The crypto market took a
considerable dive over the weekend as total market capitalization slid from
$320 billion on Friday to about $286 billion at press time, according to data
from CoinMarketCap.
After hovering around $11,700 on Friday, Bitcoin (BTC) dropped as low as about $10,000
yesterday, but has climbed back up to around $10,600 at press time.
Reuters reports that Japan has set up a
working group to determine the effect Facebook’s (NasdaqGS:FB) Libra could have on the country’s
monetary policy and regulation. The group comprises the Bank of Japan, the
Ministry of Finance and the Financial Services Agency, and started meeting last
week. This comes ahead of a G7 meeting, where Libra will be one of the central
topics of discussion among world leaders.
In the U.K., the
government has announced a new initiative to combat “dirty
money”, which will include “action on cryptoassets to ensure these are not
being used for money laundering and other illicit activity”. One of the aims of
the initiative is “establishing a new cryptoassets regime with the Financial
Conduct Authority, going beyond international standards to create one of the
most comprehensive global responses to the use of cryptoassets in illicit
activity”. Chairman of UK Finance, Bob Wigley, said:
“Tackling economic crime in
partnership with government and law enforcement is a top priority for the
finance and banking sector. This plan provides a vital blueprint for how the
public and private sector will work together to crack down on the criminals
responsible and make this country the cleanest and most transparent for
financial business in the world.”
The Korea Times reports that Shinhan Card
– Korea’s biggest credit card company – has obtained a patent for a
blockchain-powered credit transaction process. The technology enables setting
maximum spending limits, payments in monthly installments and executing
payments between merchants and consumers. An unnamed Shinhan Card official
said:
"Services
using those key functions of credit cards will be extended to the
blockchain-based system, a notable advancement from the status quo whereby most
blockchain-based services available are limited to cash wiring or user
identification for online transactions.”
"We
obtained the patent about a year and a half after we initiated a feasibility
study including technology reviews. We are seeking measures to make the patent
valid in European countries, the U.S., Japan, China, Vietnam and Indonesia.”
Sam
Mowers, Investorideas
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