Parliament of Malta to pass 3 Crypto Bills in 2d Reading

Today the Maltese Parliament is to be passing the three cryptocurrency and blockchain bills through their second reading
26 June 2018   794

This event was declared by Parliamentary Secretary for Digital Innovation Silvio Schembri in his opening speech at the Malta Institute of Management Cryptocurrency Considerations for Management Conference. These laws are to enable Malta to be a crypto space of choice for investors and business owners who are interested in a favourable jurisdiction to establish their cryptocurrency or blockchain firm.

The Virtual Financial Assets Act (VFA)

This VFA is set up to controll initial coin offerings (ICO). The bill affirms that projects engaging funding through ICO have to issue White Papers. The order also demands that the issuer’s financial history must be made public.

The Malta Digital Innovation Authority Act (MDIA)

The MDIA claims that an industry-specific governing structure will be instituted. This authority will be accountable to support the development and adoption of the guiding principles described in this Act and to promote consistent principles for the development of visions, skills, and other qualities towarding technology innovation. 

The Innovative Technology Arrangements and Services Act

This order is about the regulation of designated innovative technology arrangements. It will be the mechanism by which blockchain-built enterprises are estimated as such under the law, and as such will be the basis for the previous two bills to operate.

The implemention of these new bills provides an investor a transparent picture of the legal framework demanded to start a legitimate cryptocurrency business in Malta. 

US Federal Reserve to Consider Digital USD Issue

If a some country or company issues digital money that is widely recognized, this could lead to the loss its status by the USD, fed official believes
17 October 2019   66

The US Federal Reserve is actively considering the possibility of issuing digital currency, fearing the dollar will lose its leading position in the global financial system. This was stated by President of the Federal Reserve Bank of Dallas Rob Kaplan, reports CoinDesk.

In his opinion, if a foreign government or company issues digital money that is widely recognized, this could lead to the loss of the status of the world's reserve currency by the dollar.

On the eve of the previous chairman of the Commodity Futures Trading Commission (CFTC), Christopher Giancarlo also expressed concern that the re-issuance by other countries of national currencies in digital form could lead to the dollar losing its dominant role in the world. He called for the release of a digital dollar on the blockchain.

Bank of England Governor Mark Carney said earlier that a digital currency like Facebook’s Libra can replace the dollar as a global reserve currency.

The emergence of an attractive and viable alternative to the dollar will reduce demand for US government securities, Kaplan said. This will lead to an increase in interest rates by 100 basis points (1%), which will increase the cost of servicing public debt by $ 200 billion per year.

I still think for the foreseeable future, the dollar will be the world reserve currency, we’re able to refinance our debt at relatively low rates, but I don’t think we should take that for granted.

Rob Kaplan

President, Federal Reserve Bank of Dallas

Kaplan noted that countries subjected to sanctions or increased trade tariffs by the United States are working most actively on the digital alternative to the dollar.