Precious metals deregulation in Russia as BRICS nations prepare to trade gold. The Vanguard Group to offer blockchain-based index. Bitfinex hires law firm to squelch free speech. SEC Chairman releases statement about cryptocurrencies and token offerings. Waves Platform is the next to launch self-regulating body. Crypto Futures trading starts in the US and abroad. Steam drops Bitcoin as fees continue to rise. OpenBazaar to offer a token to incentivize curated lists of items for sale. Venezuela talks about offering a petro-backed cryptocurrency.
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Russia’s Central Bank has just made it easy for Russian banks to transact in precious metals. Previously a bank would need a special license to engage in precious metal operations. Now any bank that can legally transact in Rubles and foreign currencies may now also trade and deal in precious metals. Hat tip to Silver_Watchdog on twitter for this story. This comes one the back of news that the BRICS nations (Brazil, Russia, India, China, and South Africa) have created a new gold trading network.
Combine this with China’s own Gold Price discovery method and you have some big changes coming to the market. Russia is already stockpiling gold having amassed more than 1800 tonnes of the precious metal. With all the eyes on new financial instruments and cryptocurrencies don’t be surprised to gold return to share the center stage.
The Vanguard Group ( with 4.8Trillion under management) announces collaboration with Symbiont and the Center for Research in Securities to offer Blockchain-Based Index
The global head of Vanguards Office of Investment Management FinTech Strategies was quoted as saying “Using this platform, investment managers will be able to instantly distribute, receive, and process index data, resulting in better benchmark tracking and significant cost savings that potentially results in better returns for our clients”.
I am not clear on which blockchain will be used. It’s clear investment services is looking closely at how to utilize blockchain technology.
On December 11, 2017, Jay Clayton released a statement where he spoke of investor concerns over ICO and cryptocurrencies due to less investor protection vs traditional securities markets and that this increases potential for fraud and manipulation. He also raised that no ICO’s have been registered with the SEC.
For investors in these new markets, Clayton included a list of questions for them to consider when investing in ICOs or cryptocurrency which span from understanding those behind projects, understanding terms, as well as private key security of wallets investors might directly hold.
While Clayton predicted additional SEC regulations coming, he was also optimistic that token offerings demonstrate new potential and said “ I believe that initial coin offerings – whether they represent offerings of securities or not – can be effective ways for entrepreneurs and others to raise funding, including for innovative projects.”
In all this was seen as more positive than negative. The SEC is taking a cautionary stance with ICOs and cryptocurrencies, but has not come down heavy handed.
Blockchain platform Waves is launching a self- regulatory body to set standards for ICOs and blockchain industry.
Participation will include Deloitte CIS, the ICO Governance Foundation, and the Ethereum Competencies Centre and its goal is to set legal, tax, accounting, KYC, and business due-diligence standards.
On December 11, 2017, the Hong Kong Securities and Futures Commision stated that with the proper licenses in place, it will allow investment in American issued Bitcoin futures on the Hong Kong market.
The OBT token will be used as inputs for smart contracts on the Ethereum public blockchain. Curators would create ‘channels’ or lists of select content and then sell ad-space in these lists using the OBT as the monetary exchange. In this way Curators will be incentivized to create valuable lists.
Steam statement on dropping Bitcoin as payments
“In the past few months we’ve seen an increase in the volatility in the value of Bitcoin and a significant increase in the fees to process transactions on the Bitcoin network. For example, transaction fees that are charged to the customer by the Bitcoin network have skyrocketed this year, topping out at close to $20 a transaction last week (compared to roughly $0.20 when we initially enabled Bitcoin).”
Wanna take bets on how long it’ll be til US takes out Maduro like Qaddafi & Sadaam? Nobody challenges the Petrodollar and gets away with it.
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