China bitcoin rules would require exchanges to verify clients’ identity
In the continuing saga of China’s complex relationship with bitcoin, the People’s Bank of China opened up investigations in January at the country’s three largest bitcoin exchanges, Huobi, OkCoin and BTCC, and delivered a stern warning last month that bitcoin platforms risk being shut down if they evade rules on money laundering and foreign exchange, Chao Deng reported for The Wall Street Journal. The call echos other regulatory skepticism of governments around the world as to how to oversee cryptocurrencies.
Congress takes blockchain 101
The Congress has formed the Congressional Blockchain Caucus, signaling greater government interest in the emerging, complex technology. In a stunning move, the head of the caucus suggested that Congress should just listen rather than legislate, noting that other governments, like those in Singapore and the U.K., have safe zones where the technology can be tested without risk of unintended regulatory violations. Mike Orcutt has the story in MIT’s Technology Review.
Blockchain misreads could set banks up mistakes
Yes, blockchain is the popular topic in FinTech circles. But jumping in headfirst without taking the time to fully understand its faults and capabilities could set banks up for costly mishaps. The open-source blockchain products, like Hyperledger and Ethereum, have missing pieces, Jay Wack, president and CEO of the security software company Tecsec, told American Banker.
Blockchain needs to become technically boring
Watching blockchain technologists discuss the inner workings of the emerging technology is all fun and good, but when will there be products available for ordinary use, asks Daily FinTech. Enough with the dialogue. Let’s see the products. “The technical debates are pretty ugly. It is like watching Blue and Red states in America. There is no middle ground and a lot of dialogue of the deaf – if I shout louder maybe you will hear me and agree with me.”