Ledger Vault Secures $150 Million Crime Insurance Policy for Digital Assets

Ledger Vault, the custody arm of hardware wallet manufacturer Ledger, has procured a crime insurance policy developed with broker and risk advisory firm Marsh and insurance company Arch Insurance Limited. According to an announcement on Nov. 14, the Ledger Vault platform now provides its users a customized crime insurance program for cryptocurrencies for up to $150 million. The program applies to third-party theft of the master seed and private keys, secure transmissions of the master seed fragments, and insider Ledger employee theft caused by collusion. Commenting on the new offering,…

Binance’s CZ Speaks Publicly About China’s Digital Currency

Binance CEO Changpeng Zhao, better known as CZ, predicted that the digital Renminbi token (RMB) would be based on blockchain.  Speaking today at BlockShow Asia 2019, CZ shared his thoughts on the digital currency in development by the People’s Bank of China.  The details of this currency are not officially known. It will certainly not be as decentralized as Bitcoin (as it will be issued by the central bank), but CZ thinks it is going to be a blockchain-based version of RMB. He explained his reasoning:  “The Chinese government wants…

Three Fronts in the Global Digital Currency Wars

Jeremy Allaire is co-founder, CEO and chairman of Circle, a global financial services company that provides a platform for individuals, institutions and entrepreneurs to build businesses, invest and raise capital with open crypto technologies. The views expressed here are his own. The past several months have brought dramatic new technology, market and regulatory developments in the cryptocurrency sector, with major global technology and state actors pushing forward digital currency initiatives. These new initiatives are forcing global leaders everywhere to ask what the role of digital money will be in the…

China Central Bank Official: Digital Yuan Should Have ‘Controllable Anonymity’ 

China’s proposed new stablecoin project should strike a balance between protecting privacy and regulatory enforcement, China’s Digital Currency Research Institute said Tuesday. Within the People’s Bank of China (PBOC), the Digital Currency Research Institute is part of the central bank’s payments division. Speaking at a conference in Singapore, Changchun Mu said the central bank will not seek full control of users’ personal details, while fulfilling authorities’ need for information, according to a report by Reuters. “We know the demand from the general public is to keep anonymity by using paper money…

China Digital Currency ‘Not Seeking Full Data Control’ — Central Bank

China is not launching a war on cash by introducing its own digital currency, a senior official from the central bank has said.  As Reuters reported on Nov. 12 quoting Mu Changchun, head of the digital currency research institute at the People’s Bank of China (PBoC), Beijing still intends for the new currency to complement the paper yuan.  PBoC “knows” public wants notes and coins Mu was speaking at a conference in Singapore, as speculation swirls the digital currency could appear within the next three months. China would be one…

French Central Bank Job Posting Reveals Digital Currency Program

The central bank of France, Banque de France, is seeking a blockchain analyst who will help the bank define a program for implementing digital currency. In a job opening posted on October 16th and listed under the Financial Stability and Operations branch of the bank, the bank called for an analyst with experience in crypto-economics, game theory and public or private blockchain. The bank is also hiring a development engineer to study the application of blockchain to key banking functions. Banque de France declined to comment. For the analyst position,…

ECB’s Benoit Coeure to Lead Central Banking Digital Currency Initiative

Benoit Coeure, outgoing member of the executive board of the European Central Bank (ECB), is to lead a new global effort by central banks to research the benefits of fintech such as digital currencies. The Bank for International Settlements (BIS) announced the news on Sunday, saying that Coeure will take on the role of head of the BIS Innovation Hub, “set up to foster international collaboration among central banks on innovative financial technology.” The post is initially for a five-year term starting in January 2020. Coeure said in a statement: “I…

BTC Bullion: Three Interpretations of Bitcoin as “Digital Gold”

Bitcoin is often described as “digital gold.” While this is an oversimplification, it can be a helpful way of understanding some of bitcoin’s most critical properties — the things that “give bitcoin value.” One of bitcoin’s preeminent use cases is in its role as a store of value, a status that gold has long embodied. Though the price is volatile, many Bitcoiners who believe in its long-term value to an increasingly decentralized society see it as a long-term investment, and citizens of countries whose economies are distressed regularly turn to…

Digital Travel Firm Webjet Has Launched Its Booking Verification Blockchain

Digital travel agent Webjet has launched its long-in-development blockchain-based platform in a bid to remove disparities in hotel booking data. Working in conjunction with Microsoft through the firm’s Azure blockchain-as-a-service sandbox since 2016, Webjet said Thursday the new Rezchain application will address hotel reservation snafus and overcharges by looking for data mismatches in real-time between customers, hotels and booking agents, and sending alerts if any are found. Such errors are found in at least 5 percent of bookings, according to the firm. Once identified, they trigger “a time consuming and painful reconciliation…