Connect with us

Cryptocurrency

Hong Kong Unveils ‘Fintech 2025’ Strategy – Fintech Bitcoin News

Published

on

Lubomir Tassev

The Hong Kong Monetary Authority (HKMA) plans to guide local banks towards full adoption of fintech technologies, a new strategy reveals. The region’s central banking institution also stressed that it’s going to “walk the talk” by digitalizing its own supervision of financial institutions.

Hong Kong Central Bank to Support Fintech Development

Hong Kong’s monetary policy regulator has presented its new strategy to stimulate the fintech development of China’s special administrative region. With the strategy, HKMA aims for a comprehensive adoption of new financial technologies in the next four years. The central bank also wants to “promote the provision of fair and efficient financial services for the benefit of Hong Kong citizens and the economy.”

‘All Banks Go Fintech’: Hong Kong Unveils ‘Fintech 2025’ Strategy

Speaking at a seminar organized by the Hong Kong Association of Banks, HKMA’s chief executive Eddie Yue outlined five focus areas of “Fintech 2025.” The regulator wants to encourage all banks to go fintech, future-proof Hong Kong for CBDCs, create next-gen data infrastructure, expand the fintech-savvy workforce, and nurture the ecosystem with funding and policies.

One of the key directions in which the monetary authority intends to intensify its efforts is the full digitalization of bank operations. Expanding on the accomplishments of its Smart Banking Era Strategy announced in 2017, the HKMA will continue to “promote the all-round adoption of fintech by Hong Kong banks.” The regulator is going to identify specific fintech areas where the sector is lagging behind and needs support. That applies to its own regulatory framework as well:

The HKMA will issue further supervisory guidance to facilitate the uptake of novel technologies and continue to “walk the talk” by digitalising its supervision of banks through the use of advanced technologies.

HKMA to Work With Stakeholders on the Implementation of ‘Fintech 2025’ Strategy

The new strategy envisages enhancing and expanding the city’s existing data infrastructure. The Hong Kong Monetary Authority is planning to establish a credit data sharing platform based on distributed ledger technologies (DLT) and set up a Commercial Data Interchange.

The central bank will work to increase the availability of fintech talent through new training programs and cooperation between the industry and academia. One such initiative is the Industry Project Masters Network, a scheme offering internships for postgraduate students to join fintech projects at participating banks. The program launches in September.

‘All Banks Go Fintech’: Hong Kong Unveils ‘Fintech 2025’ Strategy

The HKMA said it will engage industry players in the establishment of a new Fintech Cross-Agency Coordination Group which will be tasked to formulate supportive policies for the fintech ecosystem. The monetary authority will enhance its Fintech Supervisory Sandbox and provide funding for qualified fintech projects in partnership with the region’s Innovation and Technology Commission. HKMA CEO Eddie Yue emphasized:

Fintech is, without doubt, a key growth engine for the financial industry in the post-pandemic era, and now is the right time to double down on our efforts to grasp the opportunities. “Fintech 2025” sets out our vision in this regard. I urge all stakeholders to join forces with the HKMA.

The financial regulator intends to devote some of its efforts to increase Hong Kong’s readiness to issue central bank digital currencies. HKMA is referring not only to the development of wholesale CBDCs but also the research of retail digital currencies. The financial institution will continue to support the People’s Bank of China in testing the digital yuan (e-CNY) for cross-border payments while launching a separate study on a digital Hong Kong dollar (e-HKD).

Do you expect Hong Kong to become a global fintech hub? Let us know in the comments section below.

Tags in this story
banking institution, banks, Central Bank, China, data infrastructure, digital Hong Kong dollar, Digital Yuan, DLT, e-CNY, e-HKD, Financial Institutions, Fintech, Fintech 2025, HKMA, Hong Kong, monetary authority, Strategy&, technologies

Image Credits: Shutterstock, Pixabay, Wiki Commons





Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Cryptocurrency

Camarasal Poll Shows Entrepreneurs Are Worried About Bitcoin Law in El Salvador – Economics Bitcoin News

Published

on

Sergio Goschenko

Camarasal, a well known entrepreneur association in El Salvador, announced the results of a poll made this month. The poll shows almost 100% of Salvadorans worry about the implementation of the bitcoin tender law approved recently. Most criticize the obligatory character of receiving bitcoin payments and don’t expect this move to bring investment to the country.

Camarasal Poll Shows Concerns About Bitcoin Tender Law Implementation

A quick poll conducted by Camarasal, one of the biggest entrepreneur groups in El Salvador, is showing people have deep concerns about the future application of the Bitcoin Law. The poll got more than 1,600 answers in just four days from entrepreneurs and non-entrepreneurs. Camarasal president Jorge Hasbún stated on the massive participation that:

We believe that this excellent response is a reflection of how urgent this issue is for Salvadorans, in the sense of the implications it will have for the family economy on a day-to-day basis.

More than 96% of the entrepreneurs polled prefer an optional use of bitcoin for payments. The bitcoin tender law forces entrepreneurs to accept bitcoin for payments, as long as the entrepreneur manages the technological infrastructure to do so. In the same way, 45.3% indicated they were concerned that the circulation of cryptocurrency in the country is mandatory; while 35.9% assured that it generates mistrust.

Also, most of the entrepreneurs won’t keep the bitcoin received as payment for their goods and services: 51.6% of them answered they would exchange the bitcoin received for dollars. Bitcoin is a pretty volatile asset too, and that scares entrepreneurs that work with tight margins.

Non-Entrepreneurs Also Skeptical About Bitcoin

Camarasal also polled non-entrepreneurs, but the answers were not optimistic either. About using bitcoin as a medium of exchange, 36% said they are concerned and 39% said they distrusted it. The topic of wages and remittances was also included in the poll. El Salvador is a remittance-intensive country, with 23% of the GDP coming from these, according to AP. 93.2% said that they do not want to receive their salary in cryptocurrency, while 82.5% assured that they are not interested in receiving remittances in bitcoin.

Salvadoreans are still lack training on bitcoin and its management, and that might be the key behind these unoptimistic answers. Camarasal vicepresident Carmen Alas stated:

It will be essential that there is a broad consultation with an interdisciplinary group that represents the sectors involved for the construction of the regulations that make this law operational

What do you think about Camarasal’s latest poll in El Salvador? Tell us in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Source link

Continue Reading

Cryptocurrency

SEC Seeks Commentary From ‘Interested’ Individuals on Vaneck Bitcoin ETF – Regulation Bitcoin News

Published

on

Jamie Redman

The U.S. Securities and Exchange Commission (SEC) is currently seeking additional commentary from the public, as the regulating body ponders the Vaneck bitcoin exchange-traded fund (ETF) decision. In a notice published on Wednesday, the SEC thinks “interested persons” should provide comments on the proceedings.

SEC Is Looking for Comments Concerning Vaneck’s Proposed Bitcoin ETF Listing

In December 2020, New York-based investment management firm Vaneck filed with the SEC to list a bitcoin ETF. Following the original filing, in March 2021, the Chicago Board Options Exchange (Cboe) applied to list the Vaneck Bitcoin Trust. Then at the end of April, as the U.S. regulator was determining whether or not it would reach a conclusion on the Vaneck ETF, the SEC gave itself 45 more days to decide.

The SEC’s order detailed that the notice of designation has been postponed to June 17, 2021. The regulator could increase it to a “longer period up to 90 days” the notice said. “As the Commission may designate if it finds such longer period to be appropriate and publishes its reasons,” the U.S. regulator’s order revealed. The order was composed by the SEC’s assistant secretary Matt DeLesDernier on April 28, 2021.

This week, on June 16, 2021, the SEC has disclosed that it’s seeking commentary from “interested persons” who are for or against the Vaneck bitcoin ETF listing. Interested commenters have approximately 21 days to give a statement to the regulator.

“The Commission is instituting proceedings pursuant to Section 19(b)(2)(B) of the Act14 to determine whether the proposed rule change should be approved or disapproved. Institution of proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change, as discussed below,” the SEC’s June 16 notice discloses. The announcement adds:

[The] institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.

SEC’s Decisions Designed to ‘Protect Investors and the Public Interest’

The U.S. regulator declares that its methods for decision-making are in the best interests of the public. Moreover, the SEC may institute procedures that allow for further review of the proposed rule change.

“Pursuant to Section 19(b)(2)(B) of the Act, the Commission is providing notice of the grounds for disapproval under consideration,” the notice details. “The Commission is instituting proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices’ and ‘to protect investors and the public interest.’”

This is not the first time the U.S. regulator has asked for statements concerning approval or disapproval of a bitcoin-based ETF in the country. So far, however, despite the many applicants in 2021 and previous years, the Securities and Exchange Commission has yet to approve a bitcoin ETF.

What do you think about the SEC seeking commentary on the Vaneck Bitcoin Trust? Do you think the U.S. regulator will approve a bitcoin ETF this year? Let us know what you think in the comments section below.

Tags in this story
45 days, approval, Bitcoin, Bitcoin (BTC), BTC, Decision Making, exchange traded fund, Matt DeLesDernier, Postponed, Public Commentary, Public Interest, Regulation, SEC, us regulator, vaneck, Vaneck bitcoin ETF

Image Credits: Shutterstock, Pixabay, Wiki Commons, SEC Logo,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Source link

Continue Reading

Cryptocurrency

Bitdao Collects $230 Million in Private Capital From Investors – Finance Bitcoin News

Published

on

Reuben Jackson

As the decentralized finance movement proves its staying power and resilience, one of the world’s largest decentralized autonomous organizations, Bitdao, has concluded a private fundraising round to promote mass adoption of open finance.

DAO to Allocate Capital Towards Improving Defi R&D, Funding, & Liquidity

As decentralized finance (defi) slowly regains its footing following the May decline in total value locked, there is no shortage of investment capital chasing after the idea’s tremendous potential.

Bitdao, a decentralized autonomous organization focused on defi, is launching following the successful conclusion of a $230 million private funding round. The private capital raise featured participation from more than 20 institutions and defi partners, including hedge fund manager Alan Howard, well-known entrepreneur Peter Thiel, Dragonfly Capital, Fenbushi, Founders Fund, Jump Capital, Pantera Capital, and Spartan Group, among others.

To resolve the Bitcoin network’s persistent throughput issues and Ethereum’s high transaction cost, Bitdao’s multichain design intends to unseat existing centralized pegged tokens that pose censorship and counterparty risks through a fast and affordable decentralized solution. The organization’s native BDAO governance and defi token is pegged to the value of bitcoin, with plans to introduce other pegs in the future for coins like ethereum.

The fresh capital will be allocated to multiple areas of operation, including research and development, funding, and liquidity operations. Attracting developer talent is one of the primary aims of this initiative, and capital will also be distributed as grants and token swaps to support blockchain technologies. In addition, contributions to the Bitdao treasury will be used to back partners, add liquidity, and help bootstrap new protocols in decentralized exchange (dex) platforms, lending, and synthetics.

Besides this funding, Bybit, one of Bitdao’s ardent supporters, has pledged 2.5 basis points from all futures contracts transaction volume on its platform in recurring support to the treasury. Based on the platform’s 2021’s transaction volumes, this figure could reach $1 billion annually, helping underpin Bitdao’s mission of improving adoption, collaboration, and innovation within decentralized finance as inclusively as possible.

What do you think about Bitdao raising $230 million? Let us know what you think about this subject in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Source link

Continue Reading

Trending