Category: Government

Regulators Plan a “Global Sandbox” for Fintech

Daily Fintech, Ilias Louis Hatzis | Aug. 13, 2018
In July, China’s third-largest bank issued the country’s first mortgage loan on the blockchain, using technology issued by the National Agricultural Bank System. Ultimately, the lender, the Agricultural Bank of China (ABC) plans to offer tea farmers e-loans and use land rights and housing property as guarantees. Thus, ABC’s e-loan project requires similar collateral information to the mortgage loans.

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DARPA Creates the Fast Lightweight Autonomy Program

Press Release, DARPA | July 18, 2018
DARPA is developing a new class of algorithms for drones and robots for quick navigation in cluttered environments to perform tasks dangerous, including battlefield reconnaissance and hostile or dangerous urban settings. In the not too distant future, unmanned vehicles will have operational systems that require no human input after providing a general heading, distance to travel and specific items to search, according to DARPA program manager J.C. Ledé.

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Treasury Releases Report on Nonbank Financials, Fintech, and Innovation

U.S. Treasury | July 31, 2018
On July 31, the U.S. Department of the Treasury released a 222-page report that identifies improvements to the regulatory landscape that will better support nonbank financial institutions, embrace financial technology, and foster innovation. Treasury’s fact sheet for this report provides a summary of the agency’s 80 recommendations that are designed to (i) embrace the efficient and responsible use of consumer financial data and competitive technologies; (ii) streamline the regulatory environment to foster innovation and avoid fragmentation; (iii) modernize regulations; and (iv) facilitate “regulatory sandboxes” to promote innovation.

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FSB Develops Framework for Financial Stability Implications of Crypto-Assets

Financial Stability Board and the Committee on Payments and Market Infrastructures | July 16, 2018
On July 16, a crypto asset monitoring framework, focusing on channels from crypto asset markets that may give rise to financial stability risks, was presented to G20 finance ministers and central bank chiefs by the Financial Stability Board and the Committee on Payments and Market Infrastructures. “Monitoring the size and growth of crypto asset markets is critical to understanding the potential size of wealth effects, should valuations fall,” warned FSB. “Market-related figures, such as metrics on prices, trading volumes, and volatility may be manipulated by generally prohibited practices such as wash trading, spoofing, and pump and dump.”

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