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Pirate Weekly Meeting | 2.19.2020

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Jack Ma on FinTech: slams regulatory barriers

Jack Ma on FinTech regulatory issues. Jack Ma believes FinTech is being destroyed by regulatory barriers. The entrepreneur also slams Basel accords. Monetary regulators of China are under fire, accused of failing to understand the comprehensive risk prevention system by Jack Ma, co-founder of tech conglomerate Ali Baba and Head of the fintech firm Ant […]

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  • Jack Ma on FinTech regulatory issues.
  • Jack Ma believes FinTech is being destroyed by regulatory barriers.
  • The entrepreneur also slams Basel accords.

Monetary regulators of China are under fire, accused of failing to understand the comprehensive risk prevention system by Jack Ma, co-founder of tech conglomerate Ali Baba and Head of the fintech firm Ant Group. Further disapproving the Basel concede, Ma rejected the international regulations on the finance sector, deeming them unfit for China market.

The tech giant strongly disparaged the notion calling them constraints to innovatory growth of digital finances across Europe and answer to the older financial era’s problems.

Jack Ma on FinTech, slams Basel accords

Speaking at a shanghai based forum, Ma highlighted the Chinese market’s absence of a financial ecosystem, while the Basel regulatory framework continues to address organized financial risk which is not the need of the current time. Present at the event were notable industry leaders such as the governor of the People’s Bank of China (PBoC), Yi Gang, the vice finance minister Zou Jiayi, and former governor Zhou Xiaochuan.

Ma spoke about the rising innovations of the day and the importance of supervising them through an equally innovative approach instead of outdated supervisory standards.

Before the Jack Ma on FinTech views, the Ant group recently made public its IPO (initial public offering) in Hong Kong, expected to be highest ever reported historically and is said to be between $350,000 – $450,000 approximately. The news is further targeting a raise of $30 billion, leaving Saudi Aramco behind in the race. This would also explain the Jack Ma on FinTech stance, the entrepreneur is taking.

Zou Jiayi, China’s vice finance minister, warned blockchain tech firms to stay withing set financial regulations. He further recognized the importance of striking the right balance between technology and financial security. Opposing Jack Ma’s views Zou highlight the risk of low-interest fields within which fintech companies are operational and supported the prevention of tech giants, creating a monopoly within the sector.

Public Bank of China is overseeing rigorous testing to launch its digital currency Yuan through a blockchain enhanced QR code-based mobile application.

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Avanti Financial Joins Kraken as a Wyoming-Approved Crypto Bank

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Blockchain pioneer Caitlin Long is now the CEO of her own special purpose depository institution (SPDI) in Wyoming. 

Avanti Financial’s banking charter was approved unanimously by the Wyoming State Banking Board on Wednesday, becoming the second newly chartered bank in the state in 2020 after Kraken Financial earned approval last month.

Avanti, like Kraken, now has to jump through a few hoops – like raising more capital – before it can be granted a certificate of authority to operate.

“Kraken definitely captured attention, but now that there’s a second one chartered it’s no longer a one-off situation and a trend is in motion,” Long told CoinDesk in an email.

Along with the charter approval, the banking board approved Avanti’s future issuance of Avit, a programmable electronic currency that’s redeemable at par with a U.S. dollar. The Avit is not a security token, meaning it is not a digital representation of an investment that’s expected to generate returns.

The Avit will be issued initially on Bitcoin sidechain Liquid and then on Ethereum, Long said. 

Source: https://www.coindesk.com/avanti-financial-joins-kraken-as-a-wyoming-approved-crypto-bank

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Markets Rocked by Lockdown Nation

Xi communist fistComplete red greets markets today as investors are faced with difficult decisions amid a marching continental lockdown in a repeating concert. All are holding their breath for Emmanuel Macron’s address…

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Complete red greets markets today as investors are faced with difficult decisions amid a marching continental lockdown in a repeating concert.

All are holding their breath for Emmanuel Macron’s address to the nation. He is expected to order a house arresting lockdown.

Schools will remain open they say but not secondary schools and higher with this potentially the first country to total lockdown.

Wales has already locked up. “People have been told to stay at home and only leave for essential food, medication or to take exercise among other limited exceptions,” CNN reports.

Germany has gone for a soft lockdown for now, while in UK barbers will remain open, but restrictions continue to be imposed across the continent.

Walter Ricciardi, an adviser to Italy’s health minister, called for an immediate shutdown of the city. “In Milan you can catch the virus by simply entering a café or getting on a bus,” he said.

Mass public protests in Siberia against Putin have given way to ambulances protesting a lack of beds.

The situation in Russia is apparently getting towards terrible, with the country being generally very poor as its people barely earn $200-$300 a month due to most government resources being spent towards the army.

This is just the beginning they say. November is expected to be worse. December presumably worser. January even worse than that. As well as February.

2023 some say this will continue. Some say immunity lasts just three months, making any vaccine irrelevant and thus these lockdowns irrelevant too.

“Hospital bosses in Nottingham have cancelled some cancer operations due to ‘pressure on intensive care units’.

Nottingham University Hospitals NHS Trust medical director Keith Girling said the trust had taken the ‘extremely difficult decision’ to postpone four cancer operations this week.” Bosses, over government run hospitals.

Top companies by market cap, October 2020

All are bracing for tomorrow, which happens to be a Thursday, with investors unsure whether they are to expect another -20% quarter.

Just as they are unsure whether this V recovery we’ve seen is more of a dead cat bounce.

Typically, after a bubbly top is reached an asset briefly quickly falls and then almost fully recovers, to then turn falling downwards.

Whether that’s the case here is not too clear, but what is clear is that the “just three weeks” we were told was a complete lie.

Moreover, what is also absolutely completely unclear, is how can China claim their rates are stuck at about 5,000 with 90,000 cases, as when the lockdown was lifted in March.

Obviously, it is either the Chinese government lying – in which case how on earth can they lie to 1.4 billion people and the world – or it is our government lying.

Because, how on earth did this all begin and finish in three weeks there, while it goes on to last for a year here and some say for another three years?

Who is lying, and why? Who is killing these cancer patients that had their operation cancelled?

Stock prices, October 2020
Stock prices, October 2020

The first on the top from the left is American stocks with their V recovery based on some $2 trillion of bazooka money, some directly given to Americans.

They’ll have to pay it all back, of course, with interest, meaning they’ll actually be poorer due to the indiscriminate manner of this taxed giveaway.

Euro stocks are on hourly candles, and then you have the Chinese stocks doing terribly in 2019 amid Trump tariffs, but watch what they do.

Sideways gives way to a shallow dip, instead of a massive crash as March US stocks. Then we have even more new highs as they increase their business by forcing masks and all sorts of plastics on offices and public spaces.

The British stocks have suffered the worst. Almost halved to barely recover and now turning downwards towards that halving again.

Japanese stocks appear to be doing better, while German stocks are now seeing that sharp downturn.

Cui bono, is always the question, and here the answer is clearly China. What to do about it is primarily what America will vote on in six days.

It’s a heavy vote and all else is secondary to this matter in this election.

We trust the American people and their judgment, but the decision is a clear appeasement with Biden, or a response with Trump.

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