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20/06/2018: Biggest Stories in the Cryptosphere

by BlockEx

1. Uruguay To Launch Crypto Regulatory Framework

It has been reported by BNamericas that Uruguay’s chamber of FinTech is establishing a committee tasked with the creation of a crypto regulatory framework. The move is part of the government’s attempt to promote innovation and develop the country’s fiscal system. Anti-money laundering, counter-terrorism and anti-drug trafficking initiatives will be launched within the project. The chamber is actively looking for input from third parties in order to develop the framework. Regulations will have to pass through institutional channels. Uruguay wants to position itself as a technology hub in the region. The initiatives are aimed at increasing the level of investment and innovation in the country.

2. Filipino Bank RCBC To Integrate Blockchain To Its Remittance Service

The Rizal Commercial Banking Corporation, a bank based in the Philippines, has announced the launch of a blockchain remittance service in collaboration with two Japanese banks, one of whom will probably be partner Resona Bank Ltd. Blockchain technology will cut the time and cost of monetary transactions. The project is aimed at assisting overseas Filipino workers (OFW) living in Japan. First Senior Vice-President Manny T. Narciso stated that the new technology will replace a SWIFT-based program which he said is obsolete and expensive. Japan was the country of choice because it is the largest in terms of remittance volume.

3. Goldman Sachs CEO Still Has Positive Stance On Cryptocurrencies

Goldman Sachs CEO Lloyd Blankfein was recently interviewed by Bloomberg. During the conversation, Blankfein reiterated his positive stance on cryptocurrencies, stating that they could revolutionise the current monetary system the same way paper money did when it replaced gold and silver coins. He went on to say that cryptocurrencies, like paper money, don’t have an intrinsic value. Finally, Blankfein labelled as ‘arrogant’ the idea that cryptocurrencies cannot replace the current forms of legal tender. The news comes following the Wall Street bank’s decision to launch a Bitcoin trading operation, as reported at the beginning of May.

4. Europol Is Teaming Up With Crypto Exchanges To Fight Criminality

Europol is teaming up with crypto exchanges as a method to fight criminality. The law enforcement agency is having discussions with several digital exchanges to gather information as to which would be the best approach to deal with the use of cryptocurrencies in illicit activities. Talks are taking place at the three-day event hosted by Europol, where cryptocurrencies are being discussed. 16 organisations, including crypto exchanges, payment processors, digital wallets and EU countries’ authorities, are attending the event. The focus of the conference is to assess how to trace the origination of cryptocurrencies, as well as to fight services helping to simplify the illicit activities.

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