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A Month in Review – May 2020

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month in review

While operations are far from returning to the norm, May was the first month, since the onset of COVID-19, to really demonstrate a positive turn of events.  Many nations have seen cases peak, or even decline, at this point.

While the threat of COVID-19 appears to be diminishing, due to huge efforts made around the world, the lessons learned from the pandemic are as fresh as ever.  This was evident over the month of May, as many developments surrounding blockchain involved projects influenced by the pandemic.  One such example is a recognition by governments that CBDCs are, indeed, something needed moving forward.

This edition of ‘The Digital’ highlights a few examples of this, along with a few industry developments seen throughout May.

Regulatory Advances

Growth surrounding digital securities has long been stymied by a lack of regulatory clarity.  This, however, is fast becoming an argument of the past.  This month alone, we saw nations stretching from the Caribbean to Asia, doing their part to facilitate sector growth.

RBI Clarifies Crypto Banking Regulations in India

Taiwan Publishes New Security Token Regulations

New Framework Passes in Cayman Islands Addressing Virtual Assets

 

Central Bank Digital Currencies (CBDC)

With inefficiencies brought to light by COVID-19, nations around the globe are working to upgrade their operations, with the release of a CBDC.  May saw multiple examples of this in, both, France and Austria.

France’s Central Bank completes Security Issuance with Digital Euros

Raiffeisen Bank Cooperating with Billion in Pilot of CBDC

 

Libra

Due to being a product of Facebook, the Libra project has, understandably, garnered the attention of a massive audience.  While the road has been bumpy, on route to where they stand now, this has not prevented progress from being made on the project.

Where April saw multiple additions to the Libra Association, May brought the announcement of the project’s first CEO being appointed.  In addition to this, Calibra underwent a re-branding, and is now known as ‘Novi’.

Facebook’s Libra Wallet, Calibra, Rebrands to ‘Novi Financial’

Libra Project Appoints First CEO – Stuart Levey

 

In The News

TON Project Shutters its Doors as the SEC Prevails

After waging a months-long battle against the SEC, Telegram made the decision to throw in the towel.  In the process of doing so, Telegram CEO, Pavel Durov released a condemning perspective of the United States. Read Here

“…we, the people outside the US, can vote for our presidents and elect our parliaments, but we are still dependent on the United States when it comes to finance and technology (luckily not coffee). The US can use its control over the dollar and the global financial system to shut down any bank or bank account in the world. It can use its control over Apple and Google to remove apps from the App Store and Google Play.

So yes, it is true that other countries do not have full sovereignty over what to allow on their territory. Unfortunately, we – the 96% of the world’s population living elsewhere – are dependent on decision makers elected by the 4% living in the US.”– Pavel Durov, CEO of Telegram

 

DTCC Unveils Two Security Token Research Platforms

After experiencing multiple shutdowns, due to COVID-19, it was made apparent to the DTCC that a change to their operations was needed.  May saw this realization result in the DTCC announcing multiple programs, built to study the efficacy of blockchain, in settlement process.  Read Here

 “The private markets are ripe for increased levels of automation and lack much of the infrastructure that has supported the public markets for decades…Project Whitney presents an exciting opportunity to leverage emerging technologies and develop completely new solutions from the ground up.” – Jennifer Peve, Managing Director at the DTCC

Interviews

Andrew Adcock, CEO of Crowd for Angels

In this exclusive interview, we discussed the benefits made possible through equity crowdfunding.  Further to this, Andrew elaborated on what Crowd for Angels is doing to push the sector forward. Read More

Around the Web

Why Central Bank Digital Currencies are Good News for Blockchain Adoption – Forbes

As nations continue toying with the idea of a CBDC, Forbes touched on a future in which these assets stand to help the adoption of blockchain.  While some believe CBDCs will eliminate a need for assets, such as Bitcoin, there are various reasons why they may just help it instead.  Can such assets co-exist?  Read More

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Joshua Stoner is a multi-faceted working professional. He has a great interest in the revolutionary 'blockchain' technology. In addition to this, he is a licenced Paramedic in Nova Scotia, Canada. As such, he can provide emergency care/medicine to any situation necessitating it.

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