How the Marshall Islands Envisions Its National Digital Currency Dubbed ‘Sovereign’

On Jan. 10, 2019, the team behind a national cryptocurrency for the Republic of the Marshall Islands (RMI) — dubbed the Sovereign (SOV) — revealed that the coin is still being actively developed, despite previous disagreements among government officials, as well as reservations expressed by the International Monetary Fund (IMF) and the United States Treasury Department on the subject. The idea behind the SOV project lies in the RMI government’s pursuance of “manifesting our [the RMI’s] national liberty,” as well as the creation of an alternative state currency to the…

Bank-Issued Digital Assets A Deeply Misguided Idea

Ripple price edge lower Brad Garlinghouse says bank issued currencies doomed to fail Transactional volumes low JPM Coin is a bank-issued coin, but it will fail if we factor in Brad Garlinghouse analysis. A synergy is mandatory, and Ripple’s InterLedger Protocol can solve their need. Meanwhile, XRP prices are down and trending inside Feb 8 high–low. Ripple Price Analysis Fundamentals Back in 2017, David Schwartz, Ripple’s Chief Cryptography officer conceded that it would be years before banks adopt distributed ledger technologies. Backing his reasons were scalability and privacy issues. That…

Most Digital Tokens ‘Will Go to Zero’ Says Digital Currency Group CEO

Barry Silbert, CEO and founder of Digital Currency Group and Grayscale Investments, said that the majority of digital tokens will not have value in the long run, CNBC reports on Feb. 13. In a purported phone interview with CNBC, Silbert said “I’m not a believer in the vast majority of digital tokens and I believe most will go to zero.” He added that, “Almost every [initial coin offering] ICO was just an attempt to raise money but there was no use for the underlying token.” ICOs experienced a boom in…

British Financial Historian Niall Ferguson Says Bitcoin Is ‘an Option on Digital Gold’

Niall Ferguson, British economic and financial historian, believes that Bitcoin (BTC) is “an option an digital gold,” as he said in a interview with a blockchain magazine Breaker Mag on Feb. 13. Ferguson, a world famous historian and author fourteen books such as The Ascent of Money, declared that Bitcoin itself is “only money in a very limited sense,” stressing that the oldest cryptocurrency is incapable of being money as a means of payment due to massive volatility. However, in near future, Bitcoin’s main function will be serving as a…

Morgan Creek Digital Secures $40M Backing from Public Pension Funds

According to Bloomberg, renowned digital asset firm Morgan Creek Digital has successfully closed a new $40 million blockchain-specific venture capital fund. It has done this because of major contributions from two US public pensions. Initially, the venture looked to raise $25 million. Morgan Creek Digital Backed by finance behemoth Morgan Creek Capital, Morgan Creek Digital is a hedge fund. The new venture—called the Morgan Creek Blockchain Opportunities Fund—has been created specifically for investment into the digital asset space. Pension Plans The two pension plans are based in Virginia. They are ‘anchor investors’ in the new…

Mauritius Regulators to Approve Digital Asset Custodian Licensing Framework

The Mauritian Financial Services Commission (FSC) is establishing a regulatory framework for digital asset custodian services, according to an official announcement published on Feb. 8. The new regulation will be effective as of March 1 and will require custodian services “to comply with the applicable framework for [Anti-Money Laundering] AML/CFT [combat financing terrorism] in line with international best practices.“ Harvesh Seegolam, the Chief Executive of the FSC said: “The FSC is committed to implementing enabling frameworks which facilitate the development of the Mauritius IFC.” According to the statement, this framework has…

Bithumb Exchange Launches OTC Trading Desk for Digital Assets

South Korean-headquartered cryptocurrency exchange Bithumb has launched a global over-the-counter (OTC) trading desk for digital assets. Announcing the news on Thursday, the firm said that the new Hong Kong-based venture – Ortus – is a “block deal, matchmaking service” for institutional clients. In an OTC deal, two parties trade directly with each other, unlike on an exchange where orders are matched between buyers and sellers. “Ortus will operate to allow institutions to buy and sell digital assets through a network of global liquidity providers and benefit from a competitive and…

Blockchain-Based Digital ID Systems Are Increasingly Finding Real-World Use

According to the latest estimates, we generate around 2.5 quintillion bytes of data every day. That’s 2.5 followed by 17 zeros — or rather 2.5 trillion million — a number that’s impossible to visualize intuitively, but nonetheless has massive implications for our privacy online, our security and our ability to keep our digital identities within our own personal control. Indeed, recent surveys indicate that as many as 89 percent of consumers believe that corporations currently aren’t doing enough to protect their data, while over half of all CEOs and C-suite executives admit…

UAE to Discuss Blockchain and Digital Assets at 7th World Government Summit

The Ministry of Finance (MoF) of the United Arab Emirates (UAE) will discuss the development of blockchain and digital assets in the country’s economy at the 7th World Government Summit. The news was reported by business news outlet the Gulf Today on Feb. 7. The MoF will hold two closed sessions devoted to global financial trends, including the development of blockchain and digital currencies and building a feasible economic environment around the two technologies. The conference participants will also discuss the development of Small and Medium Enterprises (SMEs) and the…