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02/03/2018: Biggest Stories in the Cryptosphere

1. Walmart To Rely On Blockchain Technology

Walmart has applied for a patent with the U.S. Patent and Trademark Office (USPTO). The giant wants to use blockchain technology to improve its ‘smart package’ delivery tracking system. The smart package would be composed of a recording device storing information on blockchain. Examples of information which would be recorded are the content of the delivery, and its location. It could also be used alongside technological innovations such as autonomous vehicles, for example, drones. However, this is not the first time Walmart wants to use blockchain for its business. We previously reported on its consortium focused on food safety.

2. Governor Of The Bank Of England Call For Crypto Regulations

Mark Carney, the Governor of the Bank of England and Chairman of G20’s Financial Stability Board, has called for crypto regulations in order to fight illegal activities and safeguard the financial system. Carney wants the same standard of law currently applied to the financial sector, to also be applied to the crypto market. He continued, saying that currently the size of this market means it does not have a strong influence on the whole financial market. However, given its rising popularity, the situation could change in the future. There was no call for a ban, but rather for a regulatory framework. Finally, the BoE Governor affirmed that regulations would soon come in, and that the topic will certainly be discussed at the coming G20 Meeting.

3. Crypto Regulation Bill Passes In Mexican Congress

A bill calling for the regulation of the growing FinTech industry has been approved by Mexico’s Lower House of Congress. Considering that cryptocurrency firms also fell in this group, Mexico is one of the first countries to issue regulations of this kind. The news confirms the rumours previously reported. Furthermore, open banking, that is the sharing of information through public application programming interfaces (APIs) by financial institutions, will be allowed under this new bill. Yet, cryptocurrencies are not going to be considered a legal tender, as stated before.

4. Another Bank Admits That Cryptocurrencies Could Become Their Competition

JP Morgan, Bank of America, and Goldman Sachs have all recently stated that cryptocurrencies represent a threat to their business model. Now, another bank has said the same. Regional bank Wesbank has shared the information in its annual report, as well as by filing with the Securities and Exchange Commission (SEC). The institution acknowledged that this technology could cause the loss of clients. Furthermore, being a relatively small bank, it would require more time to study and adopt this technology. Therefore, in the case of a rapid change, it would struggle to keep up with the bigger institutions who have the resources to adapt to the market.

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