Thailand to Issue Central Bank Digital Currency

Solution called 'Project Inthanon' will be based on the Corda blockchain technology
23 August 2018   877

The Bank of Thailand (BoT) announced the launch of Project Inthanon, an initiative aimed at creating its own digital currency, CCN reports.

According to the report BoT, the financial regulator of this Asian country has joined forces with 8 partner banks and proceeds to create prototype solutions, which will be based on a Corda Technologies blockchain, created by a consortium of R3.

The project envisages the creation of tokens, through which money transfers across the country can be carried out using the interbank system.

Representatives of BoT noted that similar initiatives are also being implemented by the central banks of Canada, Hong Kong and Singapore.

Earlier this week, the head of the Bank of Thailand, Viratay Santiprabhob noted that crypto can not be directly associated with fraudulent projects.

Also this month, representatives of the BoT said that the country's financial institutions can buy and sell cryptocurrency after obtaining permission from the local Commission on the Securities and Exchange Commission (SEC).

New York State to Revise BitLicense Granting Terms

At the moment, BitLicense is the most stringent legal framework for the cryptocurrency industry
23 October 2019   6

The terms for granting the so-called BitLicense, the license required for cryptocurrency companies to work in New York State, will be reviewed. This was stated by the superintendent of the New York Department of Financial Services (NYDFS) Linda Lacewell, reports CoinDesk.

BitLicense is considered the most stringent legal framework for the cryptocurrency industry at the state level. In particular, companies are required to receive it for cryptocurrency transactions of New Yorkers, even if they themselves are based in other jurisdictions.

Last year, Kraken, a San Francisco-based exchange, chose not to receive BitLicense, but to completely leave New York. Earlier this year, the Bittrex exchange (Seattle) also left the state without licensing.

This is a good time to take a look, a responsible look and see how our regime is fitting the current market and … what if any adjustments should we think about making to continue to adapt to sort of a changing industry … that’s going to be one of the things that [we do].
 

Linda Lacewell

Superintendent, New York Department of Financial Services

At the same time, she called not to “be too happy” about possible changes in the rules for the cryptocurrency industry.

According to her, the current regulatory regime “works well,” but the industry has changed since 2015, when BitLicense was introduced.

How has the industry grown? Has it matured in any way? And I don’t want to get too specific, but you know, it’s a good time for a second look.
 

Linda Lacewell

Superintendent, New York Department of Financial Services

 Lacewell did not specify when the revision of licensing terms will be completed and what exactly industry participants can expect in the end.

Since the introduction of the license until June 2018, only 6 companies have received BitLicense, but over the past 20 months, after the regulator has softened its position, 16 more companies have been added to their number.