Image of The Day, 4 of September: The ManilaTimes, Forbes, FXStreet, and Others

We're presenting “image of the day”. Bitnewstoday.com has chosen only the freshest and most important news about the digital economy and virtual currencies. Only the most valuable stories from only the trusted sources. Each and every event from this list will change the world of the digital economy either way. The most important of today's stories in most indicative quotes are below!

1. ON THE SWISS PATH (THE MANILA TIMES)

Cryptocurrency exchanges in the Philippines may fall under the legislation

Cryptocurrency exchanges could be allowed to operate as trading platforms in the Philippines given the growing global interest in virtual currencies, the Securities and Exchange Commission (SEC) said.

SEC Commissioner Ephyro Luis Amatong told reporters that regulators were targeting the release of draft rules.

“We see the need to regulate them as trading platforms,” Amatong said, given the SEC’s mandate to protect the investing public. He also added that the virtual currency exchange (VCE) rules of Australia and Switzerland are being reviewed as possible templates.

2. TEACH ME BITCOIN (SEBI)

Indian officials to study cryptocurrency and fintech

The Securities and Exchange Board of India sent officials to Japan, the UK, and Switzerland to study the cryptocurrency and initial coin offerings from each of the three countries’ financial regulators. The securities watchdog aims to engage with international regulators and gain a deeper understanding of their crypto mechanisms and systems in order to improve its own process.

The regulator also detailed: SEBI organised study tours to Financial Services Agency (FSA) Japan, Financial Conduct Authority (FCA) the UK, and Swiss Financial Market Supervisory Authority (FINMA) Switzerland to study initial coin offerings and cryptocurrencies.

3. NOT NOW (THE NEXT WEB)

The Australian Securities Exchange is delaying its blockchain plans until 2021

A summary of feedback collected from users and stakeholders was included in the announcement of the delay. In general, it seems that many remained unconvinced such a large system can be effectively built so quickly. As such, the ASX has seen fit to give itself some more time.

It should be noted that the has long come under fire for its ambitious DLT project. Patrick McConnell, the honorary fellow of the Macquarie Applied Finance Centre, penned a scathing review last December. In it, he noted that even describing ASX’s new system as a “blockchain” is a real stretch.

4. LET'S WAIT AND SEE (FXSTREET)

The government of Canada delayed the update on crypto regulations from this fall until 2020. The delay is a result of the general elections expected in the country in 2019. Moreover, once the regulations are updated, it will take a period of 12 months for them to become effective.

There was a draft of the crypto/blockchain regulation in June of 2018. The draft proposed stricter rules and guidelines for the crypto industry. The current news has been received both positively and negatively. Some parties see the delay as a way for the government to come up with favorable guidelines for the rapidly growing industry while other believe that Canada is likely to lose its competitive edge.

5. THIS IS SOMETHING NEW (FINEXTRA)

Deutsche Bourse sets up dedicated blockchain and crypto-assets unit

Тhe German exchange established a 24-person team led by Jens Hachmeister to coordinate its blockchain-based activities across the group.

Deutsche Bourse has been actively exploring potential applications of distributed ledgers and implications of crypto-assets, including cooperation with international central securities depositories on the use of distributed ledgers and smart contracts for mobilising scarce collateral, as well as the joint development of a functional prototype for the blockchain technology-based settlement of securities with Deutsche Bundesbank. Later last month, the Exchange also acquired a minority stake in HQLAx, the liquidity and collateral management outfit with which it is building a blockchain-based front-to-back operating model for securities lending.

6. FINISH BADLY (THE NEXT WEB)

The Belgian Financial Services and Markets Authority (FSMA) warned netizens about the spread of illegitimate cryptomonnaies and blockchain platforms, as tricksters continue to dupe the general public.

The FSMA strengthened its warning with an updated list of “cryptomonnaies” (Belgium’s surprisingly mellifluous word for cryptocurrencies) trading sites, which has grown to include over 70 known scams, with 28 being added in the latest update.

Even though the FSMA issued numerous warnings, and has been updating its list of known scammers since the end of February this year, complaints continue to roll in.

7. OTHER PRIORITY (FORBES)

Many experts are pointing to the New York Stock Exchange's parent company, Intercontinental Exchange (ICE), plans to roll out a bitcoin ETF on November 5.

"I believe that the bitcoin price will hit $10,000 by the first week of November," Hermann Finnbjörnsson, the founder and the chief executive of bitcoin and cryptocurrency advisory firm Svandis told. "I think that there are a lot of reasons to be bullish on bitcoin. There's less than a 1% chance in my mind that bitcoin won't succeed".

8. DRONES WILL BEGIN TO “TALK” (USPTO)

A patent application filed by Walmart indicates that the retailer is investigating the implications of blockchain technology.

The information in the application describes a blockchain-based system for the authentication and coordination of delivery drones which function autonomously.

This system would allow autonomous drones or robots to authenticate the identity of other devices, provided they could identify them by their appearance or signals sent.

9. AUSTRALIAN CRYPTOCAPITAL (GIZMODO)

Queensland is banking on cryptocurrency to boost tourism in the state, with a sizeable grant given to a Brisbane-based start-up that will enable visitors to pay for every aspect of their travel using digital currencies like Bitcoin.

The local start-up, TravelbyBit, received two rounds of funding from the state government and, in turn, transformed its hometown of Brisbane into one of the most crypto-friendly cities in the world.

TravelbyBit's digital currency point-of-sale system has been deployed to over 200 merchants across Australia, with at least 60 per cent of those located in Queensland.

10. A MINOR ERROR (THE NEXT WEB)

In an effort to curb the spread of the crypto-jacking software, Google updated its terms of service in July to ban the on-device cryptocurrency mining apps from the Play Store. Unfortunately, it appears that (in addition to a slew of mining apps) the Internet giant has erroneously banned some legitimate apps – including one with over a million installs.

The removed app – MinerGate – originally offered both on-device mining and a remote cloud mining management functionality. To comply with the updated terms of service from the Big G, MinerGate removed the on-device mining feature from its app.