US Chamber of Digital Commerce Onboards Crypto Exchange ErisX

The United States Chamber of Digital Commerce has taken aboard cryptocurrency exchange ErisX. Per a press release shared with Cointelegraph on July 18, ErisX has become a member of the Chamber of Digital Commerce, an advocacy group that promotes the digital asset and blockchain industry.  ErisX thus joined other heavyweights of the industry such as Fidelity Investments, Overstock.com’s Medici Ventures, enterprise blockchain software firm R3, stablecoin platform TrustToken and professional services company Accenture, among many others. ErisX CEO Thomas Chippas stated: “The Chamber of Digital Commerce and its member initiatives…

Leaked Draft Bill Would Ban All Crypto Except ‘Digital Rupee’

Draft legislation that would allegedly impose a ban on the use of cryptocurrencies in India is being circulated by local blockchain legal experts on social media. An unverified document published to Scribd by tech lawyer Varun Sethi on July 15 appears to reveal a draft bill entitled “Banning of Cryptocurrency & Regulation of Official Digital Currencies.” Even if authentic, the bill will not allegedly be debated during the 2019 Monsoon session of the Indian parliament, according to one local crypto industry figure. Running at 18 pages, the document proposes a…

Digital Tech Is Driving Growth in Transportation Management Systems

A recent market report by Grand View Research suggests that blockchain is one of the digital technologies driving market growth in the global transportation management systems (TMS) sector, according to a press release on July 11. According to Grand View Research, a market research company based in San Francisco, the TMS market is expected to reach $198.82 billion by 2025 with a compound annual growth rate of 16.2%. A number of digital technologies are credited as driving forces for current and projected TMS market growth alongside blockchain, including Artificial Intelligence…

Bitcoin is Gold’s ‘Digital Imitation’ Says a Bit-Curious Peter Schiff

Veteran gold bug Peter Schiff will debate the precious metal’s utility against Bitcoin (BTC) in a dedicated event with Anthony Pompliano, the latter confirmed on Twitter July 10. Pompliano, the co-founder and partner at Morgan Creek Digital known in the industry as Pomp, said he hoped to convince Schiff that Bitcoin was a worthwhile investment. “Peter should get a lot of credit for agreeing to this. Hopefully he walks away a Bitcoin believer,” he wrote announcing the debate, which will occur at an unspecified date on CNBC. Schiff, well known…

Russian Smelting Giant Nornickel to Launch Digital Trading Platform by End of 2019

Russian mining and smelting giant Nornickel is planning to roll out a digital platform for metals trading by the end of 2019, local news outlet TASS reported on July 9. The vice-president of Nornickel, Andrey Bugrov told TASS that “the preparation process was quite lengthy, but nevertheless, we plan to bring this product [digitization of metal trading] to the market by the end of 2019 and begin trading our tokens.” Bugrov also said that the token trading program could be worth nearly $1 billion, but that is rather a target…

Facebook’s Digital Coin Libra Faces Extreme Criticism

Libra, Facebook’s cryptocurrency to be launched as a payment service provider, requires close examination. According to a senior official at Britain’s financial watchdog, this new coin project requires deep scrutiny as it raises questions both on social and legal grounds. Facebook unveiled its Libra digital coin last month as a platform that will let one buy things or send money to people with nearly zero fees. Regulators Have Doubts About Libra One would pseudonymously buy or cash out their Libra online or at local exchange points like grocery stores. However, soon…

China’s Central Bank Developing Own Digital Currency in Response to Libra

China’s central bank is reportedly developing its own digital currency in response to Facebook’s Libra as the latter could purportedly pose a risk to the country’s financial system, the South China Morning Post reported on July 8. Wang Xin, director of the People’s Bank of China (PBoC) research bureau, argued that “if [Libra] is widely used for payments, cross-border payments in particular, would it be able to function like money and accordingly have a large influence on monetary policy, financial stability and the international monetary system?”  Wang said that the…

Cash Prevents Digital Currencies With Negative Interest

Japan’s second most senior banking figure has said central banks cannot use digital currencies to enforce negative interest rates, Reuters reported on July 5.  Speaking at an event held by the publication, Masayoshi Amamiya, deputy governor of the Bank of Japan, said that states issuing digital currency with a negative interest rate would force inhabitants towards cash.  This cash supply would remain, Amaiya said, and despite the current trend to replace it, no government would actually do so.  “To overcome the nominal zero lower bound, central banks would need to…

BIS Chief: Central Banks May Issue Digital Currencies ‘Sooner Than We Think’

After issuing comments and reports heavily critical of cryptocurrencies over the last few years, Agustin Carstens, chief of the Bank for International Settlements (BIS), has acknowledged that central banks will likely soon need to issue their own digital currencies. Speaking to the Financial Times on Sunday, Carstens said that BIS – which acts like a central bank for central banks – is supporting global central banks’ efforts to research and develop digital currencies based on national fiat currencies. A number of central banks are engaged in such work and “we are working…

Group of Digital Asset Trade Associations to Establish Global Cryptocurrency Association

A group of national trade associations representing the local Virtual Asset Service Providers (VASPs) announced their intention to establish an association to provide a global representative for firms in the industry in a press release shared with Cointelegraph on June 29. Per the release, the aforementioned Japanese trade association signed a Memorandum of Understanding (MoU) in Osaka aiming to establish the association. The associations that signed the agreement include the Australian Digital Commerce Association (ADCA), Singapore Cryptocurrency and Blockchain Industry Association, Japan Blockchain Association, Korean Blockchain Association, Hong Kong Blockchain…