Lessons From the First Digital Gold Boom

With cryptocurrencies having captured everyone’s imagination, we often forget that the digital gold boom of the 2000s was the first digital currency revolution. Jackson’s initial success with e-gold encouraged a swarm of copycats: GoldMoney, eBullion, OSGold, INTGold, Pecunix, 1mdc, and more. These currencies were swapped on hundreds of digital gold exchanges located around the globe. The industry even had its own magazine, DGC Magazine, and trade association, the Global Digital Currency Association. At its peak in 2005, e-gold had around 1.2 million accounts with transactions totalling $1.5 billion. It was…

German Bank Launches Digital Assets Unit to Offer Custody Products

“We believe that all tradable assets will be tokenized in the future,” said Alexis Hamel, managing director of solaris Digital Assets. “solarisBank had proven that the Banking-as-a-Service model works, and with a full German banking license solarisBank is ideally positioned to use the same model for solaris Digital Assets to provide custody-as-a-service.” Author: Nathan DiCamillo Source link

Volcker Might Have Said Yes to a Digital Dollar – If He Knew What It Was

Dick Bove, a five-decade financial-industry analyst for the brokerage firm Odeon Capital, said in a phone interview that Volcker likely would have opposed bitcoin and other digital assets built by independent developers. According to Bove, Volcker believed “central banks should have control of the financial system in a given nation, and it should have control of interest rates and the volume of currency being created, and it should be used to help the country meet whatever goals are needed at any point in time.” Author: Bradley Keoun Source link

What the Wild History of Digital Currency Tells Us About The Future

The history of the cryptocurrency project can be traced to the 1970s. One key factor was the fear of future surveillance. Both surveillance and the possibility to more directly manipulate transaction data. I wrote about Paul Armor, a computer scientist who worked on and off in the Department of Defense, and at Rand in the 70s, where they asked him to design a next-gen surveillance system, to keep tabs on the Soviet Union and anticipate their moves. His team came up with an electronic payments system. They realized tracking money flows…

SEC Taking ‘Measured’ Approach to Digital Asset Regulation, Jay Clayton Tells Senate Committee

“This past year, the Commission has brought actions against a number of issuers of digital assets for allegedly engaging in fraud and for violating the registration provisions of the federal securities laws,” he said. “The Commission also filed charges related to the unlawful promotion of initial coin offerings (ICOs) and the unlawful operation of a digital asset trading platform.” Author: Daniel Palmer Source link

China’s Central Bank to Lead Real-World Pilot of Digital Yuan: Report

China is at last planning to conduct the first real-world test of its central bank digital currency (CBDC), fresh reports claim.  According to local news outlet Caijing on Dec. 9, the initial pilot for the CBDC is set for the city of Shenzhen before the end of 2019, and may possibly include the city of Suzhou.  Banks in a digital currency “horse race”  Under the auspices of China’s central bank, the People’s Bank of China (PBoC), four major banks and major economic participants such as China Telecom will test digital…