Connect with us

Blockchain

How an Updated Payments Charter Could Aid Digital Assets

Avatar

Published

on

New acting comptroller of the Office of the Comptroller of the Currency (OCC) Brian Brooks announced that this coming fall season, banks can expect to see what the OCC is calling the new Payments Charter 1.0, which could potentially provide service in the interest of both fintech and cryptocurrencies.

A Payments Charter Is What’s Needed to Help Banks and Crypto Alike

As it stands, the way the U.S. government works is that banks are required to earn money-transmitting certificates dependent on their own states’ rules. Thus, California will have different rules from Arizona, while that state’s banks will be different from New York, and that’s state’s rules will be the opposite of Montana’s. The process can get very lengthy and complicated, and the OCC wants to make things considerably simpler in the coming months.

That’s where the new Payments Charter 1.0 comes in. This would be a charter introduced at the federal level and would enforce the same rules for all banks regardless of what state they were situated in. They follow the federal regulations set forth in the charter, and thus, they are permitted to serve as money-transfer businesses, which means that it is within their rights to provide cryptocurrencies to customers and offer crypto-related services.

Brooks says that this will largely work for customers who are seeking ways to have their portfolios and assets bundled up into unique packages. He explains:

It’s not clear that customers always want their financial services in bundled form. One of the reasons for a rise in fintech is an unbundling that is happening.

He has also stated that the Fed has expressed concern over potential risks involved with the new charter, and that it’s going to sit back and watch for a while. Brooks is taking it upon himself to convince the Fed that this is the right thing to do, and that things depend on how “persuasive” he can be.

Others Pushing for Change

He’s not the only one pushing the introduction of the new charter. Amy Luo – senior counsel of global business development and stable coins at Coinbase, one of the leading cryptocurrency exchanges in the United States – expressed her comments regarding the new payment charter, saying that it can “democratize” the financial system as we know it. She explained:

A federal payments charter has the potential to democratize the playing field, promote innovation, and make financial services accessible to those that need them most in a way that still ensures there is strict regulatory oversight and protection for consumers… Anyone that has had to deal with state-by-state money transmitter licensing will know how difficult it is to navigate the patchwork of requirements, especially with regards to new technologies such as virtual currencies. Often, only the largest players have access to the resources required to undergo this intensive analytical exercise, and even then, there is no certainty that they have gotten it right.

Tags: Brian Brooks, coinbase, OCC, payments charter Source: https://www.livebitcoinnews.com/how-a-new-payments-charter-could-aid-the-crypto-industry/

Blockchain

Avatar

Published

on

Source:

Continue Reading

Blockchain

Japan witnessed significant growth in the blockchain industry in 2020.

Avatar

Published

on

According to a new report by one of the country’s largest digital currency companies revealed that the blockchain sector has grown by over 30% since 2019. For years, Japan has been witnessing growth in the blockchain industry. It is one of the few countries to formulate and implement a regulatory framework for the industry. Its blockchain-friendly approach has led to the rapid growth of the industry. According to the report by the Monex Crypto Bank, Japan’s blockchain industry has grown by over 30% in the past year. 

There are 430 blockchain companies in Japan. 

The Monex Crypto Bank’s report further revealed that as of May this year, there were 430 blockchain companies in the country, a 30.7% rise from the 329 companies reported in July last year. However, 64% of these companies focus primarily on blockchain technology and the rest being involved in a secondary capacity. The report further revealed that blockchain technology is not limited to startups, as 193 companies out of these were labeled as large corporations. Of these, over half focus primarily on blockchain technology. 

There are 31 publicly-listed companies in Japan are using blockchain technology. On the available blockchain products, the report noted that finance had the highest share, accounting for 19% of the 422 active products. 

Blockchain technology is being used in many fields around the world. 

The blockchain technology that is used to pin most cryptocurrencies is currently being used in many fields around the world successfully. The digital distributed ledger eliminates the use of paperwork and intermediaries in many cases. The technology has been deployed in fields like logistics, healthcare, and many other sectors around the world. Regulators around the world have appreciated the technology and its potential use in today’s world as it makes businesses more transparent. Earlier, the US Senate had proposed to use the blockchain technology for remote voting and other tasks amid the shutdowns due to the ongoing COVID 19 pandemic. 

Source: https://coinnounce.com/japan-witnessed-significant-growth-in-the-blockchain-industry-in-2020/

Continue Reading

Blockchain

Abra CEO: Cardano’s “Shelley” upgrade is good as it spurs competition in crypto

Avatar

Published

on

For the longest time, Ethereum has been the king of smart-contract blockchains.

As CryptoSlate sector data indicates, ETH’s market capitalization is an order of magnitude higher than that of the second-largest smart-contract crypto, Cardano (ADA). The difference between Ethereum and its peers is further pronounced when you look at metrics like active users, confirmed transactions, and transaction fees paid.

Chris Burniske, a partner at Placeholder Capital, shared the image below in December, showing the aggregate mining fees paid on Ethereum versus those paid on Tezos, Waves, and Lisk.  As can be seen, the latter three networks have collected less in aggregate than $500,000 in mining fees while Ethereum has collected in excess of $70 million.

Ethereum transaction fees vs. Tezos, Waves and Lisk combined
Chart of mining fees paid (Ethereum vs. Tezos, Waves and Lisk combined) from Chris Burniske, a partner at Placeholder Capital

Not to mention, Ethereum has seen strong adoption from some of the world’s biggest companies while other blockchains haven’t.

Yet, the introduction of Cardano’s “Shelley” era will change this, with one prominent CEO saying that competition is needed.

Cardano’s “Shelley” upgrade is finally rolling out

At long last, after years of development and months of testing and optimizing, Shelley is finally here.

For those that are unaware, Shelley is Cardano’s next phase of development, similar to how there is Ethereum 1.0 (current) and Ethereum 2.0, which is currently in development. As the Cardano Foundation describes Shelley on its site:

“Shelley will also see the introduction of a delegation and incentives scheme, a reward system to drive stake pools and community adoption… Come the end of the Shelley era, we expect Cardano to be 50-100 times more decentralized than other large blockchain networks.”

Confirmed at the Shelly Virtual Summit, a digital conference dedicated to the upgrade, code for Shelley was released.

Deployed on Jul. 1 is node software that contains all of the Shelley features that will go live when a hard fork occurs at the end of July.

Also confirmed at the event is that Coinbase will eventually support ADA staking.

Competition is needed

Commentators on the space are optimistic about the upgrade.

Bill Barhydt, the chief executive of Abra and a former Goldman Sachs and CIA employee, commented on the Cardano upgrade and what it means for the rest of the cryptocurrency space in a Jul. 2 blog: 

“Many are super bullish on the project and expect great things while others consider the project vaporware such that any failure to deliver would result in a precipitous drop in the token’s value. My take is that competition in the cryptocurrency space is always a great thing and is exactly what we need to accelerate the pace of adoption and improvement.”

Founder of the blockchain, Charles Hoskinson thinks this is the case. He said to Messari‘s chief executive Ryan Selkis that Ethereum may soon feel pressure from Cardano due to the upgrade. 

Posted In: Cardano, Altcoins

Like what you see? Subscribe for daily updates.

Source: https://cryptoslate.com/abra-ceo-cardanos-shelley-upgrade-is-good-as-it-spurs-competition-in-crypto/

Continue Reading
venezuela-raises-petrol-prices-mandates-support-for-petro-at-gas-stations-3.jpg
Blockchain13 seconds ago

venezuela-raises-petrol-prices-mandates-support-for-petro-at-gas-stations-3.jpg
Cannabis27 mins ago

Longitudinal studies on cannabis

Cannabis49 mins ago

Illinois and Indiana Compared

Cannabis54 mins ago

Cannabis Grow, Sensor Push set up, Low Stress Training, and Transplant

Cannabis57 mins ago

Alien RDWC PRO GROW 2 1kg plants hydroponic system cannabis

Cannabis58 mins ago

Rose gardening: 6 simple tips to grow roses at home | Life hacks

Cannabis1 hour ago

Cobbler CBD Flower Fern Valley Farms

Cannabis1 hour ago

Grow Cannabis – Airflow – by Jorge Cervantes

Cannabis1 hour ago

WEED – Charlotte’s Web Story Medicated Marijuana and Epilepsy

Cannabis1 hour ago

Hemp Industry Assoc names executive director, partners with industrial hemp group

Cannabis1 hour ago

FinCEN Guidance: How To Hemp

Cannabis1 hour ago

Docufraud Canada Advises Provincial Court of British Columbia Announcement “Be Prepared To Proceed”

Cannabis1 hour ago

Australia: NT Farmers Association Promoting Hemp Cultivation

Cannabis2 hours ago

Paper: Medical cannabis in the UK: From principle to practice

Business Insider2 hours ago

Donald Trump Jr.’s girlfriend Kimberly Guilfoyle tests positive for COVID-19

Cannabis2 hours ago

South African Cannabis Activist Murdered In Robbery

Blockchain2 hours ago

Japan witnessed significant growth in the blockchain industry in 2020.

Cannabis2 hours ago

São Paulo Court Grants Couple Right to Grow Cannabis for Children Care

Cannabis2 hours ago

Sweden: Survey Says 65% Of Swedes Support Medical Cannabis

Blockchain2 hours ago

Abra CEO: Cardano’s “Shelley” upgrade is good as it spurs competition in crypto

Blockchain2 hours ago

$4 Billion OneCoin Crypto Ponzi Scheme Promoter in Singapore To Pay $72,000 Fine

Blockchain2 hours ago

The Five Most Malicious Ransomwares Demanding Crypto to Watch Out For

Cannabis3 hours ago

Pictured – Inside the Midlands’ biggest cannabis farms

Blockchain3 hours ago

Cardano Founder Roasts EOSIO over Voice Launch as ADA Tops at 19-Month High

BBC3 hours ago

Mount Rushmore: Trump denounces ‘cancel culture’ at 4 July event

venezuela-raises-petrol-prices-mandates-support-for-petro-at-gas-stations-3.jpg
Cannabis4 hours ago

Virginia lawmaker looks to legalize marijuana in special session

Cyber Security4 hours ago

Worldwide Endpoint Security Software Market Shares Report Reveals CrowdStrike is Shaping the Endpoint Market

venezuela-raises-petrol-prices-mandates-support-for-petro-at-gas-stations-3.jpg
Blockchain4 hours ago

Last Time Bitcoin Volatility Was This Low, BTC Surged by 25% in 24 Hours

venezuela-raises-petrol-prices-mandates-support-for-petro-at-gas-stations-3.jpg
Blockchain4 hours ago

Whale: Before the Next Bitcoin Bull Run, Expect an Altcoin “Extinction Event”

CNBC4 hours ago

Kimberly Guilfoyle, Trump campaign official and girlfriend of president’s son, tests positive for coronavirus

Cyber Security4 hours ago

LinkedIn iOS App Caught Reading Clipboard With Every Keystroke, Says it is a Bug

Blockchain4 hours ago

AT&T Faces Lawsuit Over Alleged SIM Swapping Leading to Massive Cryptocurrency Theft 

Blockchain5 hours ago

Bitcoin [BTC] Price Prediction Model Sees Next All-Time High in 474 Days

venezuela-raises-petrol-prices-mandates-support-for-petro-at-gas-stations-3.jpg
Cannabis5 hours ago

Moncton-based Organigram lays off 220 workers, will cultivate less cannabis than expected

Cyber Security5 hours ago

Spyse – A Cybersecurity Search Engine For Pentesters

Ethereum
Blockchain5 hours ago

Crypto research firm: DeFi, not CryptoKitties, is giving “real value” to Ethereum

Cyber Security5 hours ago

Cyberattacks Possibly Involved in Explosions at Iranian Nuclear

CNBC5 hours ago

8-year-old killed, 3 injured in shooting at Alabama mall

CNBC6 hours ago

Canada suspends its extradition treaty with Hong Kong, eyes immigration boost

Cannabis6 hours ago

Heart Alchemy presents a new Power Yoga Workout that will help you Find and Radiate Peace

Trending