The Swiss Federal Council (Bundesrat) has said that existing financial law in the country suits the blockchain industry, but needs specific adjustments. The government suggested several amendments in an official statement by the Federal Department of Finance (FDF) published on Friday, Dec. 14.In a meeting on Dec. 7, the Bundesrat adopted a report on the legal framework for blockchain and distributed ledger technology (DLT) in the financial sector. The report analyzes relevant framework provisions, outlines the need for measures and proposes concrete steps for developing the necessary legal conditions in the blockchain sphere.Specifically, the report recommend the development of a new and flexible authorization category for blockchain-based financial market infrastructures. It also advocate...
Despite red water market conditions, Blockstack announced on December 13, 2018, that they had “unlocked” $25 million in resources to continue their blockchain development. In a company blog post, co-founder Muneeb Ali described the necessity of an advisory board, reviewed the firm’s milestones, and explained how the newly released funds would be put to use. Building a Fully Decentralized Internet Similar to some other blockchain startups in the web 3.0 ecosystem, Blockstack is looking to decentralize the application layer of the Internet. They provide some developer-facing tools that allow builders to enable secure authentication and identity verification. One of the most recent renditions of these ambitions has been the Blockstack’s open source browser. At Consensus 2017 in New York, the
The European Parliament has called for measures to increase the adoption of blockchain technology in trade and administration with a provisional resolution published on Dec. 13.The resolution, dubbed “Blockchain: a forward-looking trade policy,” generally considers blockchain “as a private, permissioned distributed ledger technology (DLT)” but also admits that “various case studies and industries will derive different utility from a mixture of private/public, permissioned/permissionless blockchains.”The resolution notes that Free Trade Agreements (FTAs) in the EU are underutilized — only 67 percent of EU exporters and 90 percent of EU importers make use of the preferential tariffs — and that blockchain could help improve these trade policies.The authors of the resolution state that “export
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.Market data is provided by the HitBTC exchange.A lot of crypto investors have lost a staggering amount of money this year. The total market capitalization of all cryptocurrencies is threatening to break down of the $100 billion mark. Unlike the traditional assets, there is no set standard to arrive at a fair value for cryptocurrencies. Various experts have proposed many different methods to determine the valuation.One of the most popular Bitcoin advocates and a co-founder of Fundstrat Global Advisors, Thomas Lee, believes that the fair value of Bitcoin is b...
Brazilian premier league soccer club Atletico Mineiro has launched a fan token dubbed “GaloCoin,” Cointelegraph Brazil reports Friday, Dec. 14.The GaloCoin is named after Atletico’s mascot, a rooster (“galo” in Portuguese). It is based on Footcoin — a platform that allows to launch utility tokens on the Ethereum blockchain. The GaloCoin is tied to the national fiat currency exchange rate and is equal to one Brazilian real.Atletico’s token will allow fans to purchase game tickets, official apparel, as well as participate in discount programs. To use the club’s cryptocurrency token, one has to buy at least 50 GaloCoins (equivalent to approximately $13).Utility tokens are steadily increasing in popularity among soccer teams. In September, one of the best-performing French clubs Paris Saint-Ge
Bahrain’s central bank has issued draft regulations on digital assets, Reuters reports Friday, Dec. 13.According to Reuters “the central bank said it had issued for consultation draft rules for crypto asset platform operators, providing regulations for the licensing and supervision of crypto asset services.”Bahrain’s central bank has reportedly stated that the proposed regulations include “measures to safeguard customer interests, technology standards, and cybersecurity risk management.”Bahrain first announced its positive stance toward blockchain over a year ago. At the time, Khalid Al Rumaihi, the country’s chief executive of the Economic Development Board called the technology a “huge opportunity for Bahrain.”As Cointelegraph reported this November, Bahrain’s Institute of Banking and Fi
CULedger, a credit union service organization (CUSO)-owned blockchain consortium, has joined enterprise software firm R3’s global blockchain ecosystem. The partnership was officially revealed in a press release published Dec. 13.Based in Denver, Colorado, CULedger reportedly delivers blockchain applications to credit unions and their members, using the technology to mitigate cybersecurity and fraud risks, as well as streamline administrative and operational processes to save time and costs. The firm also provides a specific blockchain-based identification solution for credit union members.As the press release notes, the consortium joins the R3 global network, which has to date reportedly gathered over 200 financial services companies, tech firms, central banks, regulators, and trade associ
According to an article by Computer World, published on December 13, 2018, Australia ranks sixth globally regarding blockchain technology related patents. The report posits that China is leading the patents race with 1520 patent families filed till date. The Asian economy is followed by the U.S., which has 773 deposited patents to its credit. Australians Catching up on the Blockchain Race The article cites data from the ACS and IP Australia’s Patent Analytics Hub. It states the number of blockchain related patents has grown at an exponential rate since 2013 in the range of 140 to 230 percent every year. Further, the report mentions that although the patents list is dominated by inventors from the United States and China, Australia has a respectable sixth position regarding the number of “p
Spain’s second largest bank, Banco Bilbao Vizcaya Argentaria (BBVA), has closed a €150 million loan using blockchain technology with Porsche Holding, the largest car distributor in Europe. The news was reported by financial news site Finextra Dec. 14.The transaction is reportedly BBVA’s first blockchain-based loans deal with a non-Spanish borrower. The bank has to date arranged several blockchain-based loans with Spanish corporate customers, including a syndicated loan of $150 million for partly state-owned Spanish national electrical grid operator Red Eléctrica de España (REE) in November, and a €100 million long-term bilateral corporate loan with Spanish engineering firm ACS.Finextra reports that the Porsche Holdings deal uses the “same mix of private and public blockchain technology” BB
Friday, Dec. 14 — Bitcoin Cash (BCH) led fresh losses across cryptocurrency markets as investors in the top twenty assets by market cap shouldered new lows.Market visualization from Coin360Data from Cointelegraph’s own price index, Coin360 and Coinmarketcap painted a gloomy picture at press time Friday, with Bitcoin (BTC) dropping about 3.5 percent in 24 hours.Having staved off a move below last week’s current “bottom” around $3220, BTC/USD has failed to find support much higher, now circling $3300 to cap almost 50 percent monthly losses.Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price IndexWorries over the fate of a Bitcoin exchange-traded fund (ETF) gaining United States’ regulators’ approval in February have combined with uncertainty over when the 2018 bear could end to li