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Moody's predicted standardization of blockchain technology by 2021

Blockchain technology is more likely to be brought under common standards by 2021. This is stated in a report published this week by the international rating agency Moody's. According to analysts, such standardization will have a positive impact on asset securitization using technology, as it will help reduce time and costs, as well as provide automation and more […]

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Blockchain technology is more likely to be brought under common standards by 2021. This is stated in a report published this week by the international rating agency Moody's.

According to analysts, such standardization will have a positive impact on asset securitization using technology, as it will help reduce time and costs, as well as provide automation and faster data availability.

In addition, common standards will also help achieve better interoperability of blockchains, that is, the ability to exchange information between different networks without restrictions.

At the moment, analysts believe that the lack of standardization and interoperability not only reduces the efficiency of processes, but also increases the risks for the parties involved.

“Standardization will improve the interoperability of systems, as well as reduce the presence of counterparties and operational, legal and regulatory risks for transactions using blockchain technology, ” wrote Frank Cerveni, senior analyst at Moody's.

In 2016, the Technical Managing Bureau of the International Organization for Standardization (ISO) approved the creation of a new technical committee dedicated to standardization in the field of blockchain – ISO / TC 307.

The committee was led by Australia, which in March 2017 published the first of its kind roadmap for developing blockchain standards.

At that time, Russia abstained from joining the TC, and in August 2018 the Federal Agency for Technical Regulation and Metrology (Rosstandart) announced the formation of its own technical committee for standardization of decisions based on the blockchain.

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Wells Fargo Banking Holding creates stablecoin pegged to US dollar

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U.S. financial giant Wells Fargo is working on a cryptocurrency pegged to the dollar. The company announced this in its press release .

According to the company, the future stablecoin will be used as part of its own blockchain platform. Its main focus will be cross-border payments between the company and its partners around the world. Moreover, other companies outside the US will be able to use cryptocurrency to complete transactions between themselves.

The decision to issue cryptocurrency in the company is explained by the need to reduce the cost of payments between different countries, as well as the acceleration of this process. The current mechanisms cannot be called bad, but they are already outdated: high commissions, terms of several days per transaction – all this cryptocurrency can leave in the past.

Wells Fargo assures that their stablecoin will provide almost instant payments, and the process of their implementation will become much simpler. Next year, the company will begin a pilot project during which the cryptocurrency will be tested in test mode. Initially, only dollars will be available for transfers, but in the future it is planned to add support for many other currencies.

Wells Fargo is not the first bank that intends to launch its cryptocurrency, but it is not only one of the largest banks in the world and in the USA, but also one of the most expensive companies in the world. The arrival of such a player will show other companies that without their own digital currencies and blockchain ecosystems, they will have nothing to do in this market.

Publication date 09/19/2019
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North Korea plans to launch its own cryptocurrency

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North Korea is creating a cryptocurrency with which the country will be able to avoid international sanctions.

It is assumed that the cryptocurrency development project is at an early stage. Its goal is the same as that of the Venezuelan project – last year the topic of developing the state’s national digital currency, Petro, was actively discussed. A cryptocurrency that does not yet have a name will be similar to the technology used by BTC or altoins. Currently, the team that is working on the project is studying products that could be tied to cryptocurrency. It is known that the payment instrument will not be exactly supported by the national currency of North Korea.

Experts believe that North Korea has enough opportunities and developments to present a good cryptocurrency. So, we can assume that the state will be able to improve its position in this way.

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The head of the SEC said when Bitcoin will appear on large traditional exchanges

Chairman of the US Securities and Exchange Commission (SEC) Jay Clayton said that bitcoin needs more regulation for listing on large exchanges. It is reported by CNBC. “If investors believe that Bitcoin pricing is as strict as on the Nasdaq or the New York Stock Exchange, then they are very mistaken. We must get to the point where we are sure […]

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Chairman of the US Securities and Exchange Commission (SEC) Jay Clayton said that bitcoin needs more regulation for listing on large exchanges. It is reported by CNBC .

“If investors believe that Bitcoin pricing is as strict as on the Nasdaq or the New York Stock Exchange, then they are very mistaken. We must get to the point where we are sure that trade is regulated correctly , ”he stressed.

We are talking about listing conditions for bitcoin itself, and not derivatives, such as CME futures.

Recall, Clayton said earlier that some progress on Bitcoin ETFs has been achieved. VanEck and SolidX have withdrawn their application.

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