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23/01/2018: Biggest Stories in the Cryptosphere

January 23rd 2018

1. Chinese Banking Regulator Calls for Blockchain To Be Used in Credit Market

A paper published by the China Banking Regulatory Commission (CBRC) on January 19, discusses the potential Blockchain technology could have in the Chinese secondary loan market. The main topic of the piece is the plan to regulate financial technologies created by the country. In the paper, a wider use of Blockchain technologies is also suggested, as it is believed it would benefit China’s credit market. Research into the matter, as well as meetings in the UK and France, led to the interest in Blockchain technology and publishing of this essay.

2. BitFlyer Obtains EU Operational License

Japanese Bitcoin exchange BitFlyer, the largest in the world, has been awarded an EU Operational License. This means it can now enter the European market. The company already has regulatory approval in Japan and the US. The founder and CEO Yuzo Kano said in an interview that the plan was always to go global. He also discussed being the most compliant cryptocurrency exchange in the world, and how this helps not only its client but the whole industry. Initially, only the BTC/EUR pair will be available in the EU. However, more cryptocurrencies will be added later on.

3. Blockchain Could Help Track $200 Billion of Gold Supply

The possibility of cryptocurrencies such as Bitcoin replacing gold has often been brought up. However, many are now discussing the chance of Blockchain technology helping to track $200 billion of the gold supply. The new method would establish the source of origin of the precious metal. It would become harder to use gold to fund terrorism, or launder money. This is how Sakhila Mirza, the Executive Board Director of the London Bullion Market Association (LBMA), explained the reasoning behind the decision. LBMA is the overseer of the biggest spot gold market.

4. Could Bitcoin Alleviate Africa’s Problem with Inflation?

Inflation is a known issue in the African continent. However, Bitcoin could help alleviate the problem by presenting itself as an alternative to local currencies. People would have a potential tool to deal with deteriorating purchasing power. Indeed, cryptocurrencies represent an opportunity to bypass failing government policies. Many politicians have been printing money as a way to increase their approval ratings, or ensure a re-election. However, this move has led to the erosion of people’s savings. Cryptocurrencies could become an alternative store of wealth. Their popularity is growing in Africa. At the moment, their price is volatile, but many believe that wider use could help solve this problem.

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