“ a fund holding the currency could bring more professional investors to the asset and push its price higher.” “Bitcoin presents a new set of risks to investors, given its limited adoption, a number of massive cybersecurity breaches affecting bitcoin owners and the lack of consistent treatment of the assets by governments,” Reuters stated Tuesday. So blockchain is rife with possibilities for organizations, if not consumers. “It has attracted the most attention in the financial-services sector and is seeing growing interest from industries such as supply-chain management, health care and shipping.” “Despite all that, the advantages of blockchain are attractive for many businesses and institutions,” WSJ stated Monday. There’s also the costs of implementing new technologies, and integrating blockchain databases with legacy systems. DLTs aren’t deployed widely enough to test claims of security - plus recent cyberattacks on virtual currencies undermine confidence, according to WSJ. “Consumers are afraid to use it.”Īnd that’s understandable. “This is the worst time in history for an alternative currency,” said Anders Borg, chair of the World Economic Forum Global Financial System Initiative, who spoke at the same event as Bloom. “In the U.S., you can’t have both,” Bloom said at an event in Washington D.C. But there’s a potential problem with blockchain advocates’ demand for a regulation that both controls and enables.Ĭybersecurity concerns, including recent cyberattacks, are among the reasons that consumers remain wary of blockchain, according to experts. Deputy Treasury Secretary Sarah Bloom Raskin. That safe landscape should include consumer protections, according to Former U.S. And a regulatory wonderland for blockchain isn’t likely soon, as risk-averse financial regulators will probably be very thorough in their efforts to understand and create a safe compliance landscape, according to a former U.S. An international blockchain payment last year executed a two- to six-day transaction from Canada to Germany in less than 30 seconds - and the transfer was compliant with anti-money laundering regulation.ĭespite that, worldwide legal frameworks will still have to evolve before blockchain could go mainstream, according to The Wall Street Journal. And, indeed, there’s been a lot of progress.īut there are also significant obstacles on blockchain’s road to ubiquity.īlockchain can immediately cut costs and increase efficiency for those wiring money internationally it does so by sidestepping middlemen and substantial international wire transfer fees. And there’s the DLT’s oft-touted potential, such as faster transactions, greater transparency and lower data warehousing costs. This progress makes it easy to start thinking that blockchain has all but arrived. Securities and Exchange Commission indicated Tuesday that it will review an earlier decision to block the nation’s first exchange-traded fund that tracks bitcoin, a virtual currency based on blockchain. The European Commission aims to create a regional hub for developing blockchain use cases. But is the distributed ledger technology (DLT), which efficiently records and transparently shares contract and transaction data, worth the hype?īlockchain has a lot of business advantages over traditional currency, including faster transactions, greater transparency and lower data warehousing costs.ĭubai is overhauling its economy in order to conduct most of its business with blockchain. ** DISCLAIMER: This is not investment advice, do your own research.There’s been much ado about blockchain for years. Sign Up For Audible And Get 2 FREE Audio Books.The Best WordPress Theme I’ve Ever Used! GeneratePress.Understand key Bitcoin terms, concepts, and idioms. Other ways to support Big list of free ways to support! Support our content Become a paid member! ITunes | Stitcher | Google Pods | Rumble | YouTube | Soundcloud | RSS LinksĬharts and images Bitcoin daily chart S&P 500 chart The final article is revisiting Powell in Sweden and tying it back into Sarah Bloom-Raskin's failed nomination to the Fed last year. The second is an update on the oil market. The first is about the Federal Reserve trying to create a reverse wealth effect by crashing the stock market. In today's episode, I talk through the bitcoin price and then hit on a few interesting articles. One on the reverse wealth effect, one on oil and the last on the Fed and climate policy. In this episode, I update the bitcoin price and then read through 3 articles.
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