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21/03/2018: Biggest Stories in the Cryptosphere

1. South Korea’s Top Financial Regulator To Promote Blockchain Use

South Korea’s Financial Services Commission (FSC), the country’ top financial regulator, wants to promote the use of blockchain to make its FinTech industry flourish, by deregulating them. Examples of areas where the technology would be adopted are the communications and payment systems. Blockchain could help improve the payment systems of financial institutions as well as help them improve their security policies. The FSC also thinks that the move would decrease the commission charged for financial services, which would result in higher incomes and more job opportunities. ‘App-to-app’ payment systems are an example of another technology in the process of being authorised by the government. FinTech company Toss has been testing this new kind of payment in South Korea since July of last year.

2. Japan Hosts Brainstorming Session Between Regulators and Central Banks

Japan’s regulator Financial Services Agency (FSA), hosted a closed-door brainstorming session where regulators and central banks from around the world met to discuss the launch of the ‘Multilateral Joint Research’ project, focused on blockchain technology. Topics such as its advantages and challenges, and how a protection policy should look were discussed. The event took place on 8–9 March. FSA released a copy of the agenda on its website on Monday. Despite the session not being open to the public, specialist were allowed to provide technical knowledge on the matter.

3. Twitter CEO Thinks Bitcoin Will Become World’s Single Currency in 10 Years

Twitter Co-founder and CEO Jack Dorsey believes Bitcoin will be the world’s single currency in ten years, even becoming more important than the US Dollar. He added that the cryptocurrency will be able to deal with its current transaction issues, and become widespread legal tender by then. Dorsey is personally involved in the crypto industry with payment app Cash, owned by FinTech company Square of which he is CEO. The app offers Bitcoin buying and selling in certain territories of the US. Lastly, even if at the moment Bitcoin does not fit the characteristics of a currency, Dorsey affirmed that apps such as Cash should cooperate to ensure this changes over time, as wider use would improve many of the current issues.

4. SEC Allocates Part Of Its Website to ICOs

The U.S. Securities and Exchange Commission (SEC) has allocated part of its website to ICOs. The independent agency has created a page where the public can educate itself on the subject, specifically on ICOs’ “risks, rewards and responsibilities”. The page also has an ‘ICO update’ section. This is the latest attempt by SEC to deal with the phenomenon. The material is not only aimed at investors, but also at companies planning to issue an ICO, or just interested in operating in the sector. Cryptocurrencies, along with projects crossing borders, are also discussed.

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