22/03/2018: Biggest Stories in the Cryptosphere

1. Crypto Task Force Part of UK’s FinTech Sector Strategy

Today, the second International FinTech Conference hosted by the HM Treasury took place in London. At the event, Chancellor Philip Hammond introduced the government’s FinTech Sector Strategy. Two major projects are a cryptoassets task force, to help take advantage of the potential new technologies can unlock, and a UK-Australia bridge, which will facilitate the international expansion of British companies. Hammond wants the UK to maintain its position at the forefront of technological innovation. Furthermore, ‘robo-regulation’ will be trialled, in an attempt to facilitate regulatory compliance for firms. These are just some of the plans which are part of the FinTech Sector Strategy. The conference was attended by investors and FinTech companies, including BlockEx.

2. Economists Want a Central Bank-backed Cryptocurrency With Low Volatility

A group of economists want to create the “academic’s cryptocurrency” Saga, an alternative to Bitcoin. The cryptocurrency, launched by a Swiss foundation, would be issued with financial and political authorities in mind. JPMorgan Chase International Chairman and Bank of Israel Former Governor Jacob Frenkel; Nobel Prize-winning Economist Myron Scholes; and Vix volatility index Co-creator Dan Galai are all part of the foundation’s advisory board. The cryptocurrency’s volatility would be lowered by backing it with reserves of fiat currencies, located in IMF’s baskets at commercial banks. This will also facilitate the process of retrieving one’s money. Furthermore, identity and anti-money laundering checks will be carried out. However, the cryptocurrency would be relying on the US Dollar. $30 million has already been raised, although an ICO is not being issued.

3. Bermuda Is Preparing Crypto-friendly Regulations

Bermuda Premier and Minister of Finance, David Burt, has declared that the country will enact a crypto-friendly set of regulations with the aim of making the country a leader in the emerging market. Burt said that Bermuda has always been a top choice of jurisdiction for international businesses. Adaptation is fundamental to maintain this role. It was acknowledged that many countries are deciding to adopt a defensive approach towards blockchain technology, ICOs and digital assets such as Bitcoin. However, the premier wants Bermuda to take a different approach in an attempt to attract more business to the country, while also adhering to the global standards.

4. Puerto Rico To Launch Blockchain Advisory Council

Puerto Rico’s Department of Economic Development and Trade (DDEC) has launched a blockchain advisory council, with the goal of attracting blockchain-based companies to the country. Manuel Laboy Rivera, the country’s Secretary of Economic Development and Commerce, has released the news during the Blockchain Unbound conference, which took place in the country. Rivera himself will be part of the council, along with representatives from both the private and public sector. Other figures involved are Luis Arocho and George Joyner; respectively the government’s Chief Innovation Officer and Financial Institutions Commissioner.

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