1. Bank of Canada Trials Blockchain Stocks Settling
Bank of Canada (BoC), the country’s central bank, has trialled a blockchain-backed stocks clearance and settlement system. The test, called Project Jasper, was conducted in collaboration with stock exchange operator TMX Group Ltd. and Canada’s payments system. Securities were cleared and settled on an integrated platform. BoC’s Senior Special Director of Financial Technology Scott Hendry affirmed that distributed ledger technology (DLT) can help cutting costs and increase opportunities. However, he also mentioned that before being able to determine how to most efficiently improve the financial system with this technology, more work needs to be conducted. It should also be noted that the Bank of Canada is not the first entity to test a system of this kind. In fact, last year we reported on the Australian Securities Exchange (ASX)’s decision to clear and settle its trades using blockchain technology.
2. NYSE Parent Company Issues Bitcoin Futures Launch Date
Intercontinental Exchange (ICE), the New York Stock Exchange (NYSE)’s parent company, has issued a document reporting the launch date of the Bitcoin futures, which will take place on its platform Bakkt. Earlier this year we reported the creation of ICE’s platform, where digital assets can be traded, stored and used. This is where ‘Bakkt Bitcoin (USD) Daily Futures Contracts’ will now be listed for trading from December 12th. Each Exchange Business Day will see the creation of one daily contract. Furthemore, Bitcoins will be held in the Bakkt Digital Asset Warehouse. Finally, margin trading for Bitcoin contracts won’t be supported as it is believed that this system will support market integrity more efficiently as well as leading to a more trustworthy price formation.
3. China To Get Rid of Anonymity In Blockchain
Cyberspace Administration of China (CAC), the country’s apex internet regulator, has now drafted a policy calling for the identification of the name and national identification card number of blockchain providers’ users. The companies will then have to store this data and share it with authorities in case of an investigation. They will also be tasked with censoring content which may pose a threat. Firms doing business with the technology will also be required to register with the CAC within 10 days of starting the offering of their services. In some cases, they won’t be able to register with the CAC before obtaining licenses from relevant authorities. Although it hasn’t been communicated yet when the new regulations will be implemented, the public has until November to share their feedback on the document.
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