Bank Of England Drops Plans For Its Own Cryptocurrency

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Via CCN, Lester Coleman writes on the Bank of England's decision not to launch its own cryptocurrency. From the article:

"The Bank of England has decided it will not launch its own cryptocurrency due to its possible impact on the financial system, according to FT Advisor. The bank began researching cryptocurrencies in 2015 and was considering launching its own cryptocurrency.

The bank continues to research cryptocurrencies, but it has decided that having its own such currency could have negative ramifications on traditional banks. The bank believes that consumers would choose its cryptocurrency over paper money and would stop using commercial bank accounts as well as paper money."

For more information on the bank's decision and perspective on cryptocurrencies, read the full article:

IMF Head Foresees the End of Banking and the Triumph of Cryptocurrency

Via Fee.org (Foundation for Economic Education), Jeffrey A. Tucker reports on IMF Director Christine Lagarde's presentation to the Bank of England last Friday.  From the article:

"Christine Lagarde … says the only substantial problems with existing cryptocurrency are fixable over time.

In the long run, the technology itself can replace national monies, conventional financial intermediation, and even 'puts a question mark on the fractional banking model we know today.'

In a lecture that chastised her colleagues for failing to embrace the future, she warned that 'Not so long ago, some experts argued that personal computers would never be adopted, and that tablets would only be used as expensive coffee trays. So I think it may not be wise to dismiss virtual currencies.'"

Uniform Regulation for Virtual Currency Businesses: Coming to a State Near You

Via CoinDesk, attorney Katherine Cooper contributes this opinion piece on the current movement in several states to address the regulation of virtual currency. From the article:

"The Uniform Law Commission will vote on its draft uniform virtual currency act at its annual meeting in San Diego on 14th July.

The current draft is the product of as many as six meetings of the act's drafting committee, 14 comment letters from various industry participants and input from the US Treasury Department, the Conference of State Bank Supervisors, authorities from relevant state agencies in California, Texas and Washington and the Federal Reserve Bank of New York.

Although typically the ULC requires a draft uniform act to be voted on and approved at two consecutive annual meetings, the drafting committee has noted the need to act quickly because various state legislatures have bills that would move forward with laws that would regulate virtual currency businesses."

Delaware House Passes Historic Blockchain Regulation

CoinDesk covers the State of Delaware's recent legal amendments to govern the trade of stocks on blockchain. From the article: 

"The state of Delaware has passed amendments to state law that make explicit the right to trade stocks on a blockchain, according to multiple sources familiar with the matter.

Crammed in at the last minute before the state House went into recess, the measures were part of a broader series of amendments that legally recognized any number of records being stored on a blockchain.

While details regarding the vote are still emerging, the director of the Global Delaware state initiative, Andrea Tinianow, described the news in an email to CoinDesk:

'Now, you have something to [write] about!!! History being made.'"

Arizona Lawmakers Pass Blockchain Records Bill

"Arizona's legislature has cleared a bill that would recognize blockchain signatures and smart contracts under state law... The measure... would make data tied to a blockchain 'considered to be in an electronic format and to be an electronic record' in Arizona. It also notably featured language specifically related to smart contracts, signifying an effort to capture new kinds of delivering information – in this case, via blockchain – under existing rules."

India Makes Major Move Toward Cash-free System

The Wall Street Journal and other publications are reporting on Indian Prime Minister Narendra Modi's recent decision to declare that nearly 90% of India's paper currency would lose its legal tender status. This is a major move, as much of the society's systems rely on cash transactions. Indian citizens and international travelers alike were affected during the swift, nearly overnight transition. Click here for more on the story.

 

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