Digital Currency Weekly Recap 4-24-2016
French Central Bank Report Recommends Increased Tracking of Cryptocurrency
France’s central bank, Banque de France, recently released a report in which it called for enhanced surveillance of digital currency activity. That report, titled Financial Stability in the Digital Age, was crafted in collaboration with experts from the world of finance and academia, and offers the central bank’s current estimation of EU banking system stability. It also has much to say on the issue of digital currency and its empowering blockchain technology.
Within the report’s pages, cryptocurrency is characterized as a potential threat to the bank’s currency-issuance authority. Banque de France’s Governor, Francois Villeroy De Galhau, also notes that the bank has previously warned French consumers about digital currency’s perceived promotion of illicit activities like money laundering. The report also repeated claims that cryptocurrency could make it easier to finance terrorist activity, apparently ignoring recent reports that find no actual evidence of such misuse. Finally, the recommendations include increased exploration of digital currency technology and a stronger effort to track cryptocurrency transactions involving crypto and fiat exchanges.
Unconfirmed Leak Suggests Russian Duma to Host Crypto Conference in June
Readers who keep up on cryptocurrency news are already aware of the ongoing debate within Russia over the legal status of digital currency within that country’s borders. Various government officials have, at different times over the course of the last year, offered opinions that range from almost welcoming to outright hostile. Recent news about a leaked letter that supposedly contains Duma Chairman Andrey Lugovoy’s own signature seems certain to add to that confusion, as the missive reportedly reveals a planned Duma-hosted digital currency conference at the beginning of June.
That letter is basically an invitation offering FinTech industry participants, Russian legislators and regulators, and other government officials the opportunity to gather on June 2, 2016 for an event that will focus on the economic, social, and legal issues involved in greater adoption of cryptocurrency technology inside Russia.
Private Testnet for Rootstock to Begin Soon
Rootstock recently announced that its platform will be available for testing before the end of April. When the company’s smart contract protocol becomes available a private testnet in coming weeks, many people will get their first taste of smart contracts’ potential benefits. And while the Rootstock protocol is not the type of blockchain-validated process many advocates of the technology have envisioned, its release will provide an indication of just how popular the concept may become in the future.
EDCAB Hosts Roundtable Discussions on Digital Currency
The European Digital Currency & Blockchain Technology Forum (EDCAB) brought together European policymakers and industry leaders in a planned series of roundtable discussions designed to increase understanding and facilitate improved cooperation. The participants included financial industry leaders, representatives from the world of digital currency and blockchain technology, the World Bank, ESMA, and even Europol. Sessions focused on everything from the developing trust in blockchain ledgers and economic benefits offered by digital currency to issues involving the development of effective legislation and regulations.
CGI Group Adds Ripple to Intelligent Gateway
Payments leader CGI Group made news this week as it integrated the Ripple distributed ledger technology into its Intelligent Gateway offering. The company hopes that the addition of Ripple Connect capabilities will provide more choice to consumers, limit transaction rejections, and reduce fees. In addition, the learning curve for new users is expected to be far less challenging – which should make it easier for customers to more readily adopt and adapt to the innovation. The integrated offering is envisioned as a way to automate the selection of payment processing options through the use of a system designed to autonomously determine the most cost-efficient and effective payment option.