Taiwan Central Bank to Use Blockchain for Payments

A new chief of Taiwan Central bank informed that the bank will use blockchain applications in its operations including payments  
28 February 2018   182

During a ceremonial swear-in, Taiwan’s new central bank governor Yang Chin-long stated that the bank will embrace new technologies including adopting innovations in artificial intelligence (AI), big data and blockchain technology.

In the 90s, Yang Chin-long served as an economic researcher at the central bank. He noted the lack of impact of financial technologies on Taiwan’s policies. However, new developments may restructure the country’s financial policy.

The central bank will adopt “an open mind to accept new ideas”, the new central bank chief added, specifically pointing to three technologies in big data, AI and artificial intelligence. The first two would enable the bank to analyze and effectively determine patterns of Taiwan’s economic and financial conditions.

Yang Chin-long

The Chief of Taiwan Central Bank

According to him, the bank will also try to explore the feasibility of enhancing the security and efficiency of payments systems using decentralized blockchain technology.

More than that, Taiwan will look to embrace cryptocurrencies and ICOs in a move to foster and aid their development in the country.

SEC to Start Crypto Hedge Funds Check

To date, the regulator has identified at least 100 funds working with crypto-currencies
23 March 2018   10

The US Securities and Exchange Commission is preparing to check about 100 hedge funds that work with crypto-currencies. The Wall Street Journal writes about this with reference to a source familiar with the situation.

The initiative followed the announcement of the verification of dozens of crypto-currency start-ups suspected of spreading securities under the guise of digital tokens.

Although the agency will pay attention to various violations during its audit, the main task is to inform the market participants about the policies that the regulator adheres to the crypto currency, the source said.

The audit will begin within 2 months, the source said. The Commission will pay attention to whether the assets that buy hedge funds match those that they offer to their investors. The SEC will also check how hedge funds inform investors about the risks and how their documents describe the trading strategy for crypto-currencies and tokens. To date, the regulator has identified at least 100 funds working with crypto-currencies.

The SEC directly regulates hedge funds under the control of which there are assets worth more than $ 150 million, and smaller companies check periodically. In 2017, 84 crypto-currency hedge funds were launched.