Lifeboat Foundation

The World Economic Forum on Friday announced the first global consortium focused on designing a framework for the governance of digital currencies, including stablecoins.

The Global Consortium for Digital Currency Governance will aim to increase access to the financial system through innovative policy solutions that are inclusive and interoperable.

The opportunities for financial inclusion will only be unlocked if the space is regulated properly and includes public-private cooperation across developed and high growth markets, the WEF said while announcing the new initiative on the last day of its 50th annual meeting after extensive consultation with the global community.

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Fast forward 10 years and Li’s life has completely changed. No longer in finance, he communicates via WeChat and uses apps on his iPhone XS to order food, hail taxis, pay bills, and shop.

Most of the apps that permeate the daily life of Li and hundreds of millions of other Chinese had their beginnings at the start of the decade.

The 2010s will be remembered as the decade when smartphone apps became ubiquitous, spawning new Chinese tech giants whose platforms forever changed the way people live.

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Most people believe that modern day capitalism “does more harm than good in the world,” according to a new survey.

The closely-followed 20th annual Edelman Trust Barometer — an annual survey of 34,000 people across 28 countries that measures the public’s trust in NGOs, business, government, and media — underscored how a strong global economy and a booming stock market have failed to completely allay the public’s worries about their own economic prospects.

Edelman released the survey timed to the 50th annual World Economic Forum in Davos, Switzerland. This year’s forum centers around the idea of stakeholder capitalism, proclaiming that a company’s purpose goes beyond generating wealth and instead should be measured by its environmental, social, and good governance objectives.

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Technology giant Amazon is working to allow customers to connect their credit card information to their hands, so that they can scan for purchases with their palms at checkout areas in physical stores, people familiar with the project told The Wall Street Journal.

While Amazon’s plan is in the early stages, the company has reportedly begun working with Visa on testing out the terminals, and has discussed the project with Mastercard, JPMorgan Chase, Wells Fargo and Synchrony Financial.

The company previously filed a patent for a “non-contact biometric identification system” that features a “hand scanner” to produce a picture of a person’s palm.

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Several Greek government websites fell prey to cyber-attacks on Friday evening, forcing some of them to shut down entirely for security reasons, after access to them became problematic.

Among those attacked by hackers were the websites of the Greek Parliament, the Foreign Affairs Ministry, the Athens Stock Exchange, the National Intelligence Service (EYP) and the Finance Ministry.

A Turkish group named” Phoenix’s Helmets” (Anka Neferler Tim) posted a post on Facebook claiming responsibility for the attacks, in order to respond, as they said, to Athens’ threats against Turkey.

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https://www.qbittimes.com/blockchain-in-fintech-the-new-ag…/

The application of Blockchain in Fintech is proving that virtually every industry aspires to implement the technology in its internal process. Today, tasks that previously required bulky machines, tangible or physical currencies, and human hands have been efficiently digitised.

There are copious technological advancements making waves in almost every sphere of global business, and the financial service industry is no exception. Therefore, many will agree that the fintech industry is one of the fastest-growing sectors of the decade.

Continue reading “Blockchain In Fintech: The New Age Of Banking” »

There is countless paperwork involved in conventional trading systems across borders. For instance, exporters and importers have to wait for their respective banks to verify purchase and receipts before issuing a letter of credit.

All because there is no trust within the system. So, the need for a trustless system that will automate a letter of credit is a must.

The average time to issue a Letter of Credit is 5–10 working days. However, that won’t be the case for a letter of credit on the Blockchain.

Continue reading “HSBC Adopts R3 Corda Blockchain For Letter Of Credit On Blockchain” »

In 2019, many large tech firms announced plans to offer financial products and services. WSJ’s Liz Hoffman explains why Google, Apple, and others are offering products that might someday replace your wallet.

More from the Wall Street Journal:
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Some have called for caution with regards to China’s digital currency, with the urgency to rush through Beijing’s own plan now lessened as Libra, which is perceived by Beijing as a major threat to China’s financial sovereignty, faces major regulatory obstacles worldwide.

The People’s Bank of China (PBOC) stepped up its plan to launch a sovereign digital currency in response to Facebook’s Libra digital currency.

Continue reading “Shadow of doubt cast over China’s sovereign digital currency plan” »