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Crumbling Behemoths: why banking size is a liability not an asset in the Blockchain Economy, Switzer



Crumbling Behemoths: why banking size is a liability not an asset in the Blockchain Economy


Banks are vertically integrated, tightly coupled, politically dependent entities. Most have been in business for hundreds of years. Their decline is inconceivable; like the decline of car manufacturing in Detroit, Blockbuster, bookshops, Kodak, etc, etc. Size gives some Banks great power today and size looks like an obvious asset on their balance sheet. However in the network age, their size is actually a liability. This post explains why, with a focus on: Legacy IT meltdowns and the liability of “technical debt”, Wells Fargo and the Creative Destruction 7 Act Play...

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Category: Blockchain Future

Image & article ref: dailyfintech.com

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Switzerland wants to Improve Framework Conditions for Blockchain


During its meeting on 7 December 2018, the Federal Council adopted a report on the legal framework for blockchain and distributed ledger technology (DLT) in the financial sector.

The report shows that Switzerland’s legal framework is well suited to dealing with new technologies, including blockchain. Nevertheless, there is still a need for selective adjustments. The Federal Council also noted the analysis of an interdepartmental working group on the money laundering and terrorist financing risks posed by crypto assets. It is predicted that distributed ledger tech...

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Category: Blockchain Regulation

Image & article ref: fintechnews.hk

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Japan Publishes Draft Report of New Crypto Regulations


Japan’s top financial regulator, the Financial Services Agency (FSA), published a draft report outlining the country’s new regulatory framework for cryptocurrencies and initial coin offerings (ICOs) on Friday. The report, which was discussed at the agency’s 11th study group meeting, contains recommendations from the previous 10 study group meetings. According to local media, there was no major objection to the proposed measures in the report so the FSA is expected to draft regulations based on its content.

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Category: Crypto Regulation

Image & article ref: news.bitcoin.com

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This Brazilian Bank Is Using Ethereum to Issue a Stablecoin


A state-owned bank in Brazil is about to issue a crypto token designed to maintain parity with the national currency. Revealed exclusively to CoinDesk, the Brazilian National Social Development Bank will launch a pilot in January 2019 for the BNDES token, which runs on the ethereum blockchain and is backed 1-for-1 by Brazilian real. The bank has been experimenting with the stablecoin throughout 2018 and will now use it for tax-deductible contributions to cultural institutions. ConsenSys, the ethereum design studio, will be among the...

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Category: Banking & Stablecoin

Image & article ref: coindesk.com

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