Image of The Day, 10 of September: Techrepublic, Market Watch, Bloomberg and Others
We're presenting "the image of the day". Bitnewstoday.com has chosen the 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 stories of this day in the most indicative quotes are below!
1.BLOCKCHAIN LICENSE (ZDNet)
Blockchain behind NSW digital driver licence play
The New South Wales government recently announced it would be kicking off a metro trial of a digital driver licence in November across Sydney's Eastern Beaches, allowing more than 140,000 licence holders in the region to ditch the plastic identification card for a smartphone-rendered copy, available via the Service NSW app.
The trial expands a pilot in Dubbo late last year that allowed participants to use their digital driver licence for proof of identity and proof of age to gain entry into pubs and clubs, as well as for roadside police checks.
2. TWO-THIRDS OF TECH LEADERS ARE USING (Techrepublic)
CIO Jury: Two-thirds of tech leaders are using or exploring blockchain applications
Blockchain has been one of the buzziest tech words of 2018, and many companies are trying to determine what use cases may make sense for the distributed ledger technology. Those in some industries, including manufacturing and pharmaceuticals, are using the technology to regulate supply chains. However, only 1% of organizations have already invested in and deployed a blockchain solution, according to a Gartner report.
We surveyed the TechRepublic CIO Jury to determine organizations' interest in blockchain solutions. When asked, "Is your company currently using or exploring any blockchain applications?", eight tech leaders said yes, while four said no.
3. WINKLEVOSS SHENANIGANS (cnbc)
Winklevoss firm rolls out new crypto dollar pegged to U.S. dollar
Tyler and Cameron Winklevoss aren't letting rejections from the SEC or the sharp downturn in the price of bitcoin this year stop them from launching a new cryptocurrency product.
Their digital exchange, Gemini Trust Company, on Monday unveiled the Gemini dollar, a regulated stablecoin that will allow people to send and receive U.S. dollars on the Ethereum cryptocurrency network. The Gemini dollar, which has received approval from the New York Department of Financial Services, aims to maintain a value one on one with the U.S. dollar.
4. CALL FOR A REAL VALUE (Daily Hodl)
Hester Peirce Calls Out ‘Real Value’ in Run-up to VanEck Bitcoin ETF Decision
In a new interview on CNBC’s Crypto Trader, SEC Commissioner Hester Peirce explains why she believes the SEC should prioritize a key American principle: freedom of choice. Recently, the SEC has deliberated several Bitcoin ETF proposals and has rejected or delayed all of them out of caution and concern for investors. Peirce, who issued her dissent over the Commission’s decision to reject the Winklevoss Bitcoin ETF proposal in July, criticized what she calls “merit regulation” and gatekeeping.
5. BEIJING’S BLOCKCHAIN EMPIRE (Asia Times)
PRC blockchain is now seen in finance, trade and even legal submissions
If any more proof was needed that anti-cryptocurrency measures were not having a negative effect on the country’s blockchain scene, Alibaba provided it by coming in top of global entities filing blockchain-related patents. Alibaba came in number one with 90 patents, narrowly beating IBM with 89, and MasterCard with 80, as reported by iPR Daily, a media organization that specializes in intellectual property.
Beijing seeking to further develop the country’s tech space, blockchain is seen as an absolute essential. This is particularly true in the south, where it seeks to develop a so-called Greater Bay Area connecting Hong Kong, Macau, Shenzhen, Guangzhou and other Pearl River Delta cities into a powerhouse to rival Silicon Valley.
6. TWENTY BILLION DOLLARS STEP (Forbes)
The Step That Would Save European Banks Twenty Billion Dollars
Every year, according to Europol, European banks spend $20 billion on anti-money laundering compliance. And every year financial investigation units intercepts just 1 percent of the almost $1 trillion laundered through the continent — i.e. $10 billion-worth, or half of the cost of prevention. It’s an inefficient process. So inefficient that, increasingly, anti-money laundering prevention is coming under fire from all sides.
Moreover, the manner in which it is done is being questioned: financial institutions charged with a process that looks and smells like an obligation of government. Does it have to be this way? In short, no.
7. A BIG JOKE (Market Watch)
Cryptos are a big joke, says financial analyst Wolf Richter
The crypto retreat deepened Monday, with all major digital coins beginning the trading week in the red. It’s against this ugly September backdrop that criticism of the still untested market — this time from closely followed analyst Wolf Richter — continues.
The crypto rout has wiped nearly $50 billion off the total value of all coins in less than five days, and at least one financial blogger has called into question the integrity of the market. “Because cryptos are decentralized, everyone can create their own, and all kinds of outfits are mining new units of existing cryptos. It’s really just a big joke,” wrote Richter.
8.CITIGOUP COMES UP WITH AN IDEA (Bloomberg)
Citigroup Planning Crypto Trading by Issuing Receipts
Citigroup Inc. is developing a new mechanism for trading cryptocurrencies such as Bitcoin that would put it at the forefront of Wall Street’s efforts to let clients bet on the largely unregulated market, according to a person with knowledge of the plans.
The bank plans to act as an agent issuing so-called digital asset receipts, or DARs, to enable trading by proxy without direct ownership of the underlying coins, said the person, who asked not to be identified because the information isn’t public. The structure is designed to fall within existing regulatory regimes, giving investors a relatively safe method of trading in crypto.
9. REAL RIOT! (News.Bitcon)
Riot Blockchain Replaces CEO Over $27 Million Pump and Dump Charges
Riot Blockchain, Inc, a company officially focused on cryptocurrency mining and the development of an exchange, has swiftly replaced its CEO after the SEC charged him in connection to a fraudulent $27 million pump and dump scheme.
The Securities and Exchange Commission (SEC) charged a group of ten individuals on Friday for fraudulent schemes that generated over $27 million from unlawful stock sales and “caused significant harm to retail investors who were left holding virtually worthless stock.” According to the SEC’s complaint, the group of “microcap fraudsters” was led by Barry Honig who was once Riot’s largest shareholder and included John O’Rourke, its CEO.
10. NOBEL ADVISERS (Venture Beat)
Cryptic Labs adds 2 Nobel laureates as advisers for blockchain security research
Cryptic Labs, a research institute that wants to use blockchain technology to solve security problems, has announced the addition of two Nobel laureates in economics — Eric Maskin and Christopher Pissarides — to its economic advisory board.
They will be called upon to provide insights into game theory and token economics, bolstering the institute’s mission to address the lack of blockchain industry expertise in both fields. Blockchain is a decentralized ledger that enables security and transparency, and it is used widely in cryptocurrencies such as Bitcoin and Ethereum.