The World Tightens Crypto Laws While Japan Lets its Crypto Industry Regulate Itself

HKEX plans to create a blockchain platform, Taiwan implements new amendments to AML and CFT laws, SEC ceased over dozen illegal ICOs, RFB demands monthly reports from crypto exchanges, Petro recognized as a legal tender, crypto industry to regulate itself in Japan, HSBC and RIL settle India’s first LoC transaction on blockchain, ASB settles New Zealand’s first export deal using blockchain

The problem at present is that there is a very short time period between when you execute a trade and the settlement cut off time, usually just four to five hours, during which asset managers need to decide how to allocate that trade to their funds, and pass that information down the chain to brokers and custodians.

Lukas Petrikas, co-head of HKEX’s innovation lab, said in advance of the announcement

He said It! #Live / President Nicolas Maduro: Oct 1st, Petro will go live to be used as a convertible currency. A digital currency from Venezuela to the World

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Bitcoin Dominance, Ethereum Hyperledger, India Crypto Ban, Swiss Crypto & IOTA Tangle Cars

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Deutsche Bank reaches $16 million settlement over SEC lawsuit alleging it preferentially hired relatives of Russian and Chinese officials (DB)

Deutsche Bank settled a Securities and Exchange Commission lawsuit Thursday, paying more than $16 million over charges of nepotism and preferential hiring of foreign officials' relatives. The SEC found the unethical practices dating back to at least 2006. It also discovered that policies meant to eliminate corrupt hiring were only partially enforced and not globally adopted until 2015. The hires revealed in the filing are related to Chinese and Russian officials, many of which tied to state-owned enterprises. One hire was described as "the classic nepo situation that we have every year" by a Deutsche Bank HR employee in London. Watch Deutsche Bank trade live here. Deutsche Bank settled a lawsuit brought by the US Securities and Exchange Commission, paying more than $16 million over accusations of nepotism toward relatives of foreign officials. The bank allegedly violated corruption law by giving jobs to under-qualified relatives of Russian and Chinese government staff. The SEC also said Deutche "created false books and records that concealed corrupt hiring practices." The commission found the practices date back to at least 2006, when the bank hired relatives of officials at government-owned businesses in order to build connections and better their odds of making a deal. Deutsche had released policies meant to eliminate corrupt hiring practices, but the rules were only partially enforced and weren't used globally until 2015. "From the outset, the primary goal of Referral Hiring was to generate business for Deutsche Bank by extending personal favors to clients, including government officials, through hiring their relatives," the SEC filing said. Markets Insider is looking for a panel of millennial investors. If you're active in the markets, CLICK HERE to sign up. The document reveals several specific instances of unethical referral hiring. One candidate's resume "contained numerous grammatical errors and typos" that were fixed by a bank employee. Interviewers noted the candidate was "one of the worst" from the hiring pool, yet he was hired anyway. His mother worked as an executive at a state-owned company in China. One female candidate was described as "average-level" based on interviews and failed two tests, yet was still hired. Her father was the chairman of a Chinese state-owned corporation. Russian candidates were also featured in the filing. An applicant in Moscow — whose father was a senior executive at a Russian state-owned entity — was hired in Russia and transferred to London. A human resource employee in the London office deemed him "the classic nepo situation that we have every year." During the hire's time with the bank, Deutsche carried out a deal for the connected state-owned business. The SEC ordered the bank to pay a fee of about $10.8 million, prejudgement interest of roughly $2.4 million, and a civil penalty of $3 million.  Deutsche stock traded about 1% lower in early Friday trading, down about 12% year-to-date. Shares closed at $7.17 per share Thursday. The bank has two "buy" ratings, 15 "hold" ratings, and 14 "sell" ratings from analysts, with a consensus price target of $7.30, according to Bloomberg data. Now read more markets coverage from Markets Insider and Business Insider: Overstock CEO Patrick Byrne resigns after calling himself 'far too controversial to serve'  Fed officials are divided over whether the economy needs more rate cuts Trump's latest tariffs could drag China's growth to its lowest level in almost 30 years — but there's still 'no chance' it will cave to US demands Join the conversation about this story » NOW WATCH: Violent video games are played all over the world, but mass shootings are a uniquely American problem
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The Push to Kill Cash – Australia’s Proposed Ban Shows It’s Not Conspiracy Theory

The supposed coordination of governments and tech companies to create a one-world, cashless society is often viewed as little more than fodder for silly Youtube conspiracy videos. After all, cash is still king in daily life, even in extremely high-tech, innovative societies like Japan. Upon closer examination, though, current realities like Australia’s proposed cash transaction ban for 2020, the continuing removal of higher denomination bills from several world economies, and the creation of centralized, state cryptocurrencies by governments worldwide cannot be ignored. These trends signal a global push to kill paper money in the name of safety, security, and financial inclusion. Also Read: Major Swedish Bank Orders Negative Interest Rate on Euro Deposits You Can Pay, But It Better Be Our Way Australia’s “Black Economy Taskforce” wants to put people accepting over 10,000 AUD (~$6,750) in cash in the slammer for up to two years, or fine them up to 25,000 (~$16,890), in an ostensible bid to fight black market economies. The Currency (Restrictions on the Use of Cash) Bill 2019 states: Transactions equal to, or in excess of this amount would need to be made using the electronic payment system or by cheque. The Black Economy Taskforce recommended this action to tackle tax evasion and other criminal activities. Long lines of people wait to exchange their obsolete rupee notes in India. Note the similarity here with talking points of other governments. India’s Prime Minister, Narendra Modi, when announcing the devastating surprise removal of 86% of the country’s circulating paper cash in 2016, proclaimed: Black money and corruption are the biggest obstacles in eradicating poverty. Not surprisingly, Modi’s shock move put the dominantly cash-based society in a panic, forcing people to take their now worthless 1,000 and 500 rupee notes to banks within 50 days of the announcement, to exchange them for smaller denominations. Now The Royal Bank of India is moving to ban all cryptocurrencies but one, the state-approved, digital rupee. 500-dollar federal reserve notes were officially discontinued in 1969. The removal of large cash bills is a worldwide, ongoing reality, with the European Central Bank (ECB) stopping production of the 500 euro note earlier this year. The note, dubbed by the media as “the Bin Laden,” was said to be used disproportionately in financing terrorism. The U.S. used to have banknotes worth $500 and higher as well, some which were known as gold certificates, entitling the bearer to physical gold upon redemption. As fractional reserve banking took over, however, and national debt increased, these systems were progressively abandoned. The trend continues today in the form of Negative Interest Rate Policy (NIRP), and the resultant push for digitization of money. Stop Holding Cash and Take Our Debt “If everyone is holding cash, negative interest rates become useless.” These are the words of former People’s Bank of China (PBOC) governor Zhou Xiaochuan after the Chinese government had just completed a trial run of their new national cryptocurrency back in 2017. Now the country’s sovereign digital currency is “almost ready.” Zhou has also officially stated: At the current stage, the central bank’s major goal of issuing digital currency is to replace the physical cash. Earlier in the same interview, he maintained that “The cost for cash transaction will gradually increase in the later stage. For instance, banks do not charge any fee for counting a large amount of coins now, but in the future they may charge their clients for such services.” Zhou’s remarks about negative interest rates are arguably the biggest giveaway as to what is going on here. If people are holding cash outside of banks, reckless, Keynesian NIRP policies won’t have the desired effect of coercing spending in the populace. New Zealand Reserve Bank governor Adrian Orr agrees with Zhou: Let’s tax cash holdings, simple as that: we’re back to monetary policy as usual; people are disincentivised to be holding large lumps of physical cash; they are having to think harder about putting money to work. Big Tech: We’ll Create the Digital Money, Thank You While draconian government monetary policy is alarming, the lack of support for actual financial sovereignty in the crypto and tech space is indicative of another problem. Government’s designs on eliminating paper money and fighting permissionless, decentralized crypto exchange — both moves to control money supply and populations of individuals — are obvious, and to be expected. But even big tech companies and exchanges like Facebook and Binance are jumping on the propaganda bandwagon, dragging many well-meaning enthusiasts into the fight against financial freedom (even if unintentionally) right along with them. “We believe that we all have a responsibility to help advance financial inclusion, support ethical actors, and continuously uphold the integrity of the ecosystem.” – Libra whitepaper “This is why we believe in and are committed to a collaborative process with regulators, central banks, and lawmakers…” – Facebook’s David Marcus “Binance is looking to create new alliances and partnerships with governments, corporations, technology companies, and other cryptocurrency companies and projects involved in the larger blockchain ecosystem, to empower developed and developing countries to spur new currencies.” – Binance’s ‘Venus’ announcement The common theme here is eager compliance with Keynesian value destroyers. And these examples are illustrative of the true financial epidemic. Forced ‘Perfection’ Digital currencies really are extremely convenient. Everybody in the world really should have a chance at financial inclusion. Holding wads of paper cash and coins really can be a bother, as well as a safety hazard, where crime is concerned. In Finland, passengers on state railways won’t be able to purchase tickets with cash for long-distance trips, starting in September. Much easier than messing with the paper stuff. ATMs are becoming less common worldwide, even in countries like China, the U.S., and cash-obsessed Japan. Settlements and payments can be made effortlessly, though, with just a quick scan or entering a PIN, so it’s no big deal. But this is not a perfect world. Governments are corrupt. Artificial monopolies and seas of red tape exist, keeping the life-threateningly impoverished and entrepreneurial from accessing crypto and banking services via strict KYC and AML policy, and by mandating, like Modi in India, that their hard-earned and hard-saved money is worthless. People already have the opportunity for extreme financial inclusion. A $40 smartphone and an internet connection enables anyone, anywhere in the world, to make or receive money with Bitcoin. In the name of regulation, safety, and financial inclusion, however, the state makes the situation more chaotic, less safe, and extremely exclusive where real human need is concerned. Some of us crazy people still like paper cash, and prefer to pay that way. Some annoying, behind-the-times luddites still put money in their mattresses, where global financial policy turns more and more toward negative rates, continued inflation, and devaluation of money sitting in banks. Some entrepreneurs and tech-savvy fans of crypto simply think it’s nobody else’s damn business, preferring paper wallets, coin shuffling, and VPNs, in a world where everyone but those in power are presumed guilty until proven innocent. Some of us “conspiracy nuts” just like crypto for crypto, and paper cash is still closer to that clean and private model than any slimy, centralized digital state currency could ever hope to be. Do you think there is a global push to end cash? Let us know in the comments section below. OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not 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 information in this Op-ed article. Images courtesy of Shutterstock, fair use. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post The Push to Kill Cash – Australia’s Proposed Ban Shows It’s Not Conspiracy Theory appeared first on Bitcoin News.
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