Nasdaq hosts closed door meeting to help legitimize crypto
Nasdaq Inc. aims to help legitimize the cryptocurrency industry & hosted a closed-door meeting earlier this week in Chicago, with representatives from about half a dozen companies, including traditional exchanges as well as Gemini and other crypto markets, according to a person familiar with the event. The focus of the gathering, this person said, was to encourage the industry to do things that will improve its image and validate its potential role in global markets.
A Nasdaq spokesman confirmed the event took place. Among topics discussed were the implications of future regulation for cryptocurrencies, what the necessary tools are and what surveillance will be needed. Nasdaq disclosed this week that it’s supplying technology to 5 crypto exchanges, including Gemini and SBI Virtual Currencies. There is expected to be an ongoing dialogue among the participants. Due to its history of illiquidity, theft, fraud and the lack of custody services, Wall Street has been slow to move into the space.
Tech giant Hitachi develops blockchain-based fingerprint payment system
Tokyo-based tech giant Hitachi and telecom operator KDDI are testing a biometric, blockchain-based system to settle retail payments. Using Hitachi’s blockchain built on the Hyperledger Fabric platform, the biometric verification system is designed to integrate KDDI’s coupon system, allowing customers with coupons to validate in-store purchases using their fingerprints only.
Initially, the coupon settlement system will be trialed at KDDI retail stores located in Tokyo and fast food outlets of the Mr. Donut chain. According to Hitachi, shoppers will register their biometric information as well as coupon credits when they enroll to use the system. This data will then be encrypted before being stored on the blockchain.
Bank of Canada research paper says central bank crypto could bring economic gains
Central bank-issued cryptocurrency can potentially bring economic welfare gains for Canada and the US, according to a central bank researcher. In a quantitative based research paper published Thursday, the Bank of Canada’s S. Mohammad R. Davoodalhosseini says the welfare gains of introducing Central Bank Digital Currency (CBDC) are estimated as up to 0.64% for Canada & up to 1.6% for the US, compared with their respective economies if only cash is used.
Based on detailed modeling and mathematical calculations, the researcher argues in the paper that a country’s economic welfare – at least for Canada and the US – might be better off by substituting cash with a CBDC, provided implementation is not extremely costly.
Kraken Daily Market Report for 26.07.2018
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