Hong Kong’s chief securities regulator is asking on the world regulators to get on the identical web page relating to Facebook’s Libra to keep away from the “real risk of regulatory arbitrage.”
“If a retail stablecoin is approved in one jurisdiction, whether as a security, payment system, fund, trading platform or another category (or a combination of these), it could easily go global very quickly if it rides on the back of the huge user-base of a Big Tech platform,” Ashley Alder, chief govt officer of the Hong Kong Securities and Futures Commission (SFC) mentioned at Hong Kong Fintech week.
He added that even when Libra by no means involves fruition, it has already put a highlight on the crypto market.
“In 2018, the crypto world was seen to be of marginal importance to the global financial system. The Financial Stability Board, which is basically the G20’s financial regulatory arm, concluded last year that, although blockchain ‘currencies’ such as Bitcoin were problematic from an investor protection angle, they did not yet pose any significant financial stability risks,” he mentioned. “But then came Facebook’s Libra, and the international regulatory community had to get its act together very rapidly.”
In different information, Webjet, the proprietor of WebBeds, has introduced the launch of Rezchain, a brand new blockchain-based mostly expertise that may discover and eradicate discrepancies in resort reserving transactions.
Rezchain works by receiving a day by day replace of all bookings between two Rezchain linked events. Whenever there’s a discrepancy, an electronic mail alert shall be despatched to each events to allow them to appropriate the problem as quick as doable.
“Settlement between hotel suppliers and travel partners can be a complex, time consuming and ultimately costly process. With multiple IT systems speaking different languages, mistakes are probable, and the default position is often to write off debts when the situation is not clear. For years, the industry considered it a cost of doing business. But, with Rezchain, it doesn’t have to be that way any longer,” John Guscic, managing director, Webjet, mentioned in a press launch.
And expertise funding pioneer Glenn Hutchins is betting on blockchain. In feedback on the Reuters Global Investment Outlook 2020 Summit in New York, Hutchins mentioned that he believes blockchain-based mostly funds might revolutionize finance.
“Imagine if you can move anything of value … around the world at the speed of light at no cost,” he mentioned. “You might think I’m crazy, but one of the things that led to my investment career was (believing) people saying in the mid-1990s ‘we are going to move information around the world at the speed of light at no cost.’”