CNMV Fast Track Pilot Successful, UK MP Suggests Chief Blockchain Officer & Philippines to Issue Exchange Licenses
Upward movement in the cryptocurrency markets overnight, the global cryptocurrency market cap now at $273 billion, up $5 billion. Bitcoin now at $6621, up $117 and Ethereum is at $473, up by $9.
The Spanish National Securities Market Commission (CNMV) has announced it has completed its pilot testing of the Fast Track Listing blockchain project in conjunction with a number of banks and financial institutions. The aim of the project was to increase the efficiency for the issuance of warrants which typically can take a week or more under current conditions – the pilot test successfully proved to reduce the time down to less than 48 hours and an overall reduced time of 70%. As a result the CNMV have indicated their intent to expand upon their use of blockchain into other areas of business with the support of domestic and international warrant issuers.
UK Conservative MP Eddie Hughes has spoken out suggesting the British government needs a “Chief Blockchain Officer” to increase government efficiency, enable social freedom and rebuild societal trust. Hughes spoke enthusiastically on the subject during a recent Prime Minsters Questions session which led to the Prime Minister suggesting his proposals should be circulated to all members of parliament. As a result a report has been produced and circulated by Freer – a think-tank with conservative party connections – which heavily extolls the benefits of embracing blockchain technology in several areas of government business. The report proposes a UK blockchain target as “a long-term aim for government departments to make 1 % efficiency by embracing blockchain and other associated technologies.” Whilst a 1% improvement in efficiency might not sound very ambitious, the net saving to the government could equate to around £8 billion or $10.5 billion – before the additional benefits of increased transparency and fraud reduction are taken into account.
The Philippine government has announced they will be issuing up to 25 cryptocurrency exchange licenses within the special economic zone – the Cagayan Economic Zone Authority (CEZA). The press release is not shy when mentioning the subject of scam prevention stating “There are many operating scammers who put an exchange with very little capital and they are victimizing investors. We do not want the Philippines to be a haven (for scammers) even if these scams are happening abroad.” ICO’s are also mentioned specifically stating they will be assessing any initial coin offerings to ensure they are asset backed, and resident Philippine nationals would not be permitted to invest or trade in ICOs.
Following up on yesterday’s observation of dodgy reporting in the Sun newspaper it appears the article was edited to be slightly less wrong than it was at the time of publishing, however, just a few hours later, another very similar article by a different journalist popped up with yet more inaccuracies – one gem in particular being the under the “What is Bitcoin” section within the article stating that “A single Bitcoin is worth over £12,000 today” I’m not sure which exchange or feed he’s looking at, but if you’re wanting to offload some Bitcoin he might be worth hitting up to see if he’s buyer at that price.
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Created: Thursday, July 5, 2018
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