“We look forward to launching the first institutional credit exchange and believe it will play a critical role in facilitating clients` business strategies and also in helping to mature crypto infrastructure.” Bahamas announces the date of the new CBDC. On September 25, the Central Bank of the Bahamas announced that it would release on October 20 “gradually a digital version of the Bahama dollar at the national level” through authorized financial institutions. The Sand Dollar Central Bank (CBDC) digital currency is the continuation of the Bahamas` payment systems modernization initiative. The UK Financial Supervisory Authority bans crypto-based products for small investors. On October 6, the Financial Conduct Authority (FCA) announced the publication of rules prohibiting the sale of derivatives and exchange-traded bonds (ETNs) that buy certain types of cryptoasses from individuals, with effect from January 6, 2021. The ACF asserts that such products are “inappropriate” for end consumers, including for reasons that do not have a reliable basis for evaluation, the prevalence of market abuse and financial crime, the volatility of price movements, the insufficient understanding of consumers for these assets and the lack of a legitimate investment need for consumers to invest in such products. The FCA prohibits the sale, marketing and distribution of cryptocurrency ETNs and derivatives such as futures, options, differential contracts (CFDs) to retail clients. The Bank of Canada releases a report on the safety and comfort of CBDCs. In October, the Bank of Canada released a staff analysis note entitled Security and convenience of a central bank digital currency, which discusses the risks and benefits of a CBDC.

The note states that the risks arise from the way balances are aggregated, their transactional use, and competition among aggregation solution providers, and that a central bank could reduce these risks by limiting balances or transfers, changing liability rules, or imposing security protocols on storage providers. While the application cases of blockchain technology are huge, from copyright protection to coordination, most of the current acceptance in the field of financial services and this newsletter will mainly focus on the use of blockchain and smart contracts in this sector…

Global Digital Assets Lending Agreement

  • September 22nd, 2021
  • Posted in Uncategorized

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