Jul 05, 2019 at 10:22
Bank of Italy Doubts the Nature of Cryptocurrency
According to a recent Bank of Italy survey on the media bubble started by Libra, the Facebook project, there are many doubts about the nature of these tools, both functional and legal. The study reveals that they do not meet the definition of a financial asset; the high price volatility does not make them equivalent to liquid assets similar to currency; and those convertible at a floating exchange rate do not have the characteristics of legal money – fiat currency.
Jul 02, 2019 at 14:10
Goldman Sachs CEO Thinks Blockchain is the Future of Payments
With all eyes now on revolutionary novelties including blockchain, bitcoin, and distributed ledger technology, the CEO of Goldman Sachs Group, David Solomon, believes blockchain tech is the new wave of the future, according to a recent report by Les Echos, a French daily newspaper.
India: RBI Develops a Blockchain Platform for Banking
The Reserve Bank of India (RBI) develops a blockchain-based platform for banking starting with its R&D branch. The distributed ledger tech (DLT) platform is going to host a wide spectrum of blockchain applications beginningovel in 2020. The blockchain-powered platform will serve financial institutions including banks and will start with the RBI’s R&D branch. The new platform is generally for DLT use case for the government in financial banking.
Italy to Experiment with Blockchain Rules & Regulations
The Central Bank of Italy, the government authority of Italy accountable for regulating the Italian securities market CONSOB (Italian Companies and Exchange Commission), IVASS (Italian Institute for the Supervision of Insurance) and the Ministry of Economic Development (MiSE), are trying to get the applications of financial technology (fintech), blockchain and artificial intelligence (AI) in the financial, credit and insurance industry off the ground but within specific rules and regulations.
The Gap Between Traditional Banking & Crypto Could Be Bridged Faster Than You Think
It seems to be in fashion to talk about cryptocurrency adoption and how some established business has decided to accept crypto as a payment method. Yes, all that does help expand the use-case of cryptocurrency as a medium of exchange, but it does not solve a key fundamental problem for crypto. Back in late 2017 and early 2018, cryptocurrency exploded into the consciousness of the mainstream and that put crypto under a very bright, though brief, spotlight.
Interest for Blockchain & AI in Italy Increases Daily
Awareness and interest among Italian citizens, companies and institutions, is increasing steadily, but experimentation is not growing. The finance sector knows advantages of new hi-tech frontiers, like open banking, Bitcoin (BTC), smart contracts, artificial intelligence (AI), cryptocurrency, internet of things (IoT), blockchain and distributed ledger technology (DLT). Albeit, hazards, risks, technical difficulties and lack of necessary skills are major hindrances of growth and development of innovations in the country.
Blockchain to Increase Work Efficiency of Banks in Italy
Financial institutions, including banks, are getting closer and closer to financial technologies (fintech) including cryptocurrency, blockchain, mobile payments and smart contracts, as they realize they have to keep pace with progress to make their work more efficient. A group of experts from Bank of Italy recently published a report dubbed "Banks and Fintech: strategies and business models" to explore the bond.