Rojin Nair, Advisor
June 1st, 2021
At Incyub8 Inc, Rojin is focusing on nurturing and guiding various national and international start-[...]
When the Tide Goes Out: Big Questions for Crypto in 2019
Coindesk | Gary Gensler | Dec 17, 2018
Gary Gensler is a former chairman of the Commodity Futures Trading Commission under President Barack Obama, a Senior advisor to the MIT Media Lab Digital Currency Initiative and Senior Lecturer at the MIT Sloan School of Management, where he currently teaches several classes on blockchain technology and crypto finance.
After this year’s wild market ride and so many failed projects, what might Satoshi Nakamoto’s innovative “Bitcoin: A Peer-to-Peer Electronic Cash System” mean for money and finance in 2019 and beyond?
Satoshi’s innovation – the use of append-only timestamped logs, secured by cryptography, amongst multiple parties, forming consensus on a shared ledger – needs to be taken seriously. The resulting blockchains of data can form widely verifiable peer-to-peer databases.
For any chance of a lasting role in the long evolution of money, though, blockchain applications and crypto assets have to deliver real economic results for users. And while bringing the crypto finance markets within public policy norms is critical, the greatest challenge remains the seriousness of commercial use cases.
A bunch of hype masquerading as fact won’t do it.
What We’ve Learned
Blockchain technology and crypto tokens provide an alternative means to move value on the Internet without relying upon a central intermediary. They promise the potential to lower verification and networking costs, ranging from censorship, privacy, reconciliation and settlement costs to the costs of jump starting and maintaining a network.
These features tie blockchain technology and cryptocurrencies directly to the essential plumbing of the financial sector, which at its core has the role of efficiently moving, allocating and pricing money and risk within an economy. It could lower costs, risks and economic rents in the financial system, which represents 7.5 percent of U.S. GDP.
See: Experts predict the five big fintech trends of 2019
To do so, though, blockchain technology must address its many technical and commercial challenges – scalability, efficiency, privacy, security, interoperability and governance. Industry reforms and regulations also must bring order to the markets surrounding this technology, especially for crypto exchanges and initial coin offerings.
In the meantime, the financial sector is mainly exploring private blockchain applications – without native tokens – built on software such as Hyperledger Fabric, R3 Corda or Quorum.
Any use case’s value proposition needs to be rigorously compared with simply using a traditional data base. In particular, any token offering must address how it will sustainably lower verification or networking costs – how such crypto asset benefits users more than simply using broadly accepted fiat currencies. While money is but a social construct, its history tells us that there are overwhelming network benefits when a currency is widely used and accepted for all three roles of money – as a unit of account, medium of exchange and store of value.
In essence, how might any blockchain technology project or any initial coin offering’s (‘ICO’) proposed token be more than simply a means to raise cheap money from the public? In 2019 and beyond, venture capitalists, large incumbents and crypto investors will likely be more discerning and rigorous in their investments and projects.
Public Policy Frameworks
The crypto finance markets can only gain public confidence and reach their potential by coming within long-established public policy frameworks. As with any other technology, we must guard against illicit activities, such as tax evasion, money laundering, terrorist financing and avoiding sanctions.
We must promote fair and open competition while ensuring for financial stability. We must protect investors and consumers.
While criminals have often exploited the existing financial system for money laundering, cryptocurrencies have given bad actors new ways to conduct old crimes. Dark markets conduct sales of illegal drugs and other contraband using cryptocurrencies. State actors, such as Venezuela, Russia, and Iran have used crypto finance to undermine U.S. policies. Additionally, cryptocurrencies add new challenges to global tax compliance.
What investor protection does exist in crypto markets seems little more than an effort to stay ahead of law enforcement’s and regulators’ attention.
Crypto Exchanges
Most crypto exchanges are unregistered. Manipulative behavior goes unchecked and billions of dollars in customers’ tokens have been stolen. Compared to traditional financial exchanges, they lack intermediation through regulated broker-dealers. Further, according to CryptoCompare’s October Exchange Review, only 47 percent of exchanges impose strict know-your-customer (‘KYC’) requirements.
See: Crypto Bear Market Gives UK Regulators Breathing Space to Finalize Crypto Regulation
Safeguards to date – treating crypto exchanges and digital wallet providers through money transmission laws in the same manner as Western Union or MoneyGram – are unsatisfactory.
Crypto exchanges are trading venues and need be treated as such, with mandated investor protections in place. Front running and other manipulative behavior needs to be banned. Exchanges need to fully comply with anti-money laundering laws and seriously fix or consider spinning off their custodial functions.
In 2019 and beyond, we will see multiple exchanges register in the U.S. – those trading ICO tokens will register as broker-dealers under Regulation ATS and Intercontinental Exchange’s new Bakkt exchangewill register and operate under the Commodities Exchange Act.
We’re also likely to see declining operating margins and consolidation in the more than 200 crypto exchanges.
Initial Coin Offerings
Of the thousands of ICOs to date, many have failed, and investors have lost billions. A recent EY studyreported that through the third quarter of 2018, 86 percent of the top ICOs of 2017 were trading below their listing price and only 13 percent actually have a working product.
Filecoin, for instance, raised over $250 million in October 2017 but is not due to go live until mid-2019. Academic and market studies also have found the ICO market rife with scams and frauds.
Debates have raged around the globe about how cryptocurrencies, and particularly ICOs, fit within existing securities, commodities and derivatives laws. Many contend that so-called ‘utility tokens’ sold for future consumption are not investment contracts – but this is a false distinction.
See: New eToro Survey Reveals Strong Interest in Cryptoasset Education, Despite Market Downturn
By their very design, ICOs mix economic attributes of both consumption and investment. ICO tokens’ realities – their risks, expectation of profits, reliance on the efforts of others, manner of marketing, exchange trading, limited supply, and capital formation — are attributes of investment offerings.
In the U.S., nearly all ICOs would meet the Supreme Court’s ‘Howey Test’ defining an investment contract under securities laws. As poet James Whitcomb Riley wrote over 100 years ago: “When I see a bird that walks like a duck and swims like a duck and quacks like a duck, I call that bird a duck.”
In 2019, we’re likely to continue seeing high ICO failure rates while funding totals decline. Regulators and the courts will bring added clarity to the market through increased numbers of enforcement cases and related private litigation.
Central Banks
Central banks are studying blockchain technology and crypto markets with one eye on financial stability and another eye on what it means for the fiat currencies they issue and oversee.
Canada’s project Jasper and Singapore’s project Ubin are exploring use of permissioned blockchain applications to update payment systems.
See: IMF: Nations Need to Consider a Central Bank Backed Cryptocurrency
While the policy challenges are significant, some Central Banks also are considering giving the public access to central bank payment systems and digital reserves through so-called ‘central bank digital currency’ (CBDC). Two countries’ review – one strong and one in distress – are noteworthy. In Sweden, use of paper-based Krona has declined and the Riksbank, the world’s oldest central bank, is pursuing an e-Krona project to provide electronic central bank money directly to the public.
Venezuela, facing hyperinflation, economic instability, and sanctions is promoting public use of a purportedly oil-backed token, Petro, though there are reports that seriously question the token’s legitimacy.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Open Banking Expo | Ellie Duncan | Sep 22, 2021 Toronto-headquartered TD Bank and California-based Envestnet|Yodlee have signed a North American data access agreement that means the bank’s customers will be able to connect their financial information to the more than 1,400 third-party applications powered by the Envestnet|Yodlee financial data aggregation platform. Under the agreement, should a customer request it, TD Bank will transfer the individual’s financial data to Envestnet | Yodlee through APIs, removing the need to share their banking login ID or password. See: Lack of open banking framework forcing Canadian consumers to choose between convenience and security, TD exec says “We know that our customers are interacting with us through digital channels more than ever before and we are focused on helping meet their needs however they choose to bank,” Franklin Garrigues, VP, digital channels at TD added. TD Bank has become the 13th US bank to sign such a data access agreement with Envestnet|Yodlee. Continue to the full article --> here The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, ...
Read More
ASC | Sep 27, 2021 ASC Connect includes a full morning (8:00 a.m. to 12:00 p.m.) of informative and interactive panel discussions led by industry experts and senior ASC leaders, in a format you can enjoy from your home or office. The Alberta Securities Commission’s fifth annual ASC Connect conference will be held virtually on Thursday, October 21, 2021. See: ASC and FCAA adopt new prospectus exemption to support small business capital raising In the past year, Alberta’s capital market was not spared from the significant challenges that impacted communities world wide. Despite these challenges, our market continues to create and leverage opportunities for growth. Join senior ASC leaders and industry experts in a full morning of informative and interactive panel discussions covering the opportunities, trends, and issues affecting Alberta’s capital market in its continued economic recovery. Register today for this FREE virtual conference and listen to industry experts discuss the critical opportunities and evolving trends affecting Alberta's capital market. This is your chance to gain new insights and perspectives from thought-provoking business leaders. Register for this event --> Now The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, ...
Read More
Wharton | Sep 20, 2021 When customers feel satisfied, they spend more money and are more likely to come back. Happy customers write positive reviews online and share their experiences through word of mouth. But great customer service is also really hard. Shoppers complain that sales associates aren’t listening to them or are just going through the motions. There is a simple and cost-effective way to fix that, and Wharton marketing professor Jonah Berger has new research that explains how. He found that when sales agents use concrete language, they make customers feel seen, heard, and valued. His paper with co-author Grant Packard, a marketing professor at York University’s Schulich School of Business, is titled “How Concrete Language Shapes Customer Satisfaction.” Knowledge@Wharton: Did you find that [something as simple as words agents used make customers more satisfied?]? Berger: We did. We found that a certain type of language improves customer satisfaction. It doesn’t just make people happier, it causes them to be more likely to come back and buy more in the future. This linguistic feature is called “concreteness,” basically how concrete the language is that people use. Sometimes we speak in a more abstract way, and sometimes we speak ...
Read More
The Economist | Sep 18, 2021 Although the terminology is intimidating (fees are “gas”; the main currency is ether, and title deeds over digital assets are known as NFTs), the basic activities taking place on DeFi are familiar. These include trading on exchanges and issuing loans and taking deposits through self-executing agreements called smart contracts. One yardstick of activity is the value of digital instruments being used as collateral: from almost nothing in early 2018 it has reached $90bn. Another is the value of transactions that Ethereum is verifying. In the second quarter this reached $2.5trn, around the same sum as Visa processes and equivalent to a sixth of the activity on Nasdaq, a stock exchange. The dream of a low-friction financial system is just the beginning. DeFi is spreading to more ambitious terrain. MetaMask, a DeFi wallet with more than 10m users, acts as a digital identity. To enter a decentralised “metaverse”, a looking-glass world with shops run by its users, you link your wallet to a cartoonish avatar who roams around. These digital worlds will become the subject of intensifying competition as more spending shifts online. Big tech firms could impose huge taxes on these mini-economies: imagine Apple’s ...
Read More
Fair Canada | Sep 15, 2021 The three banks (RBC, TD Bank and CIBC), according to recent media reports, have decided to stop selling “third-party” mutual funds to segments of their clients in their bank branches. This was in response to the “know-your-product” (KYP) rules, a component of the client focused reforms. How can the three banks justify this move? They say it’s because under the new rules starting in 2022, employees in local bank branches who hold themselves out as financial advisors will have to know and understand the mutual funds they sell to clients. Apparently, it is too much work to train their advisors to understand mutual funds offered by other banks or manufacturers before selling them. So, to make it easier to comply with the know-your-product rules, they will simply limit choices available to their clients. See: Retail investors are becoming more than shareholders Their decision is deeply disappointing. These banks are flying in the face of the spirit of the client focused reforms. By limiting customer choices in an apparent attempt to reduce their know-your-product compliance obligations, they are putting their own interests ahead of their clients’ interests. This is ironic, given the countless public commitments ...
Read More
Kaspersky Blog | Hugh Aver | Aug 12, 2021 Loss or leaks of sensitive information can be serious problems for small businesses. Here’s how to keep confidential data safe. There’s no such thing as a business that doesn’t have sensitive data. Even a small retail company has documents with employees’ personal details that legally must remain confidential, for example. Bank documents would be hard to restore. Supplier and contractor contracts could include trade secrets. To protect important data from loss or inappropriate disclosure, follow these seven tips. 1. Enable full disk encryption on all devices On devices where confidential data is stored or transmitted (i.e., most of them), be sure to enable full disk encryption (FDE). Encryption protects the data in case the device falls into the wrong hands. In Windows, the FDE tool is called BitLocker. The macOS equivalent is FileVault. FDE is enabled by default on most iOS and Android phones; don’t disable it unless absolutely necessary. 2. Restrict confidential data to the office Another way important data can fall into the wrong hands is through the loss (or theft) of physical media: external hard disks or flash drives. Ideally, they should never leave the office. In fact, ...
Read More
CoinTelegraph | Sep 21, 2021 Miami’s mayor believes that if city-specific cryptos succeed, it would mean residents “won’t have to pay a cent in tax.” Miami Mayor Francis Suarez has been celebrating the success of a recent initiative to fund municipal projects through the proceeds of a city-specific crypto protocol built atop the Bitcoin blockchain. On Sept. 13, Miami’s city commissioners voted to accept funds generated by a new cryptocurrency, MiamiCoin, which was launched in August by CityCoins. The coin is built on Stacks, an open-source network of decentralized applications and smart contracts that use the Bitcoin blockchain as a programmable base layer. Hard-coded into MiamiCoin’s protocol is the requirement that 30% of all coins mined are routed to a digital wallet designated for the city. Those funds will be earmarked for spending on projects such as projects to mitigate the risks of climate change, funding initiatives for underprivileged communities, and investing in crypto education for tech entrepreneurs. See: The risk of not participating in crypto is now outweighing the risk of non-participation Fox Business estimated last week that roughly $2,500 worth of Stacks (STX) at its then-value of $1.50 were being transferred into the city’s wallet every 10 minutes. In ...
Read More
Senator Colin Deacon | Sep 27, 2021 On June 19th, 2019, the Senate Standing Committee on Banking, Trade and Commerce (Senate Banking Committee) released the report, Open Banking: What it Means for You, Following the release of this report, Senators Colin Deacon and Howard Wetston continued to invest a considerable amount of time advancing the issue of open banking. Their ongoing efforts reflect the Senate Banking Committee’s unanimous view that Canada should urgently develop and implement an open banking framework. More than two years later, on August 4th, 2021, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, released the Advisory Committee on Open Banking (Advisory Committee)’s April 2021 Final Report. See: FFCON21 On-Demand with Seanator Colin Deacon: Inclusive Banking and Affordable Credit Following a request from Senator Wetston, recent chair of the Senate Banking Committee, the Library of Parliament completed a side-by-side comparison between the 10 recommendations made by the Senate Banking Committee and the 34 recommendations made by the Advisory Committee. The comparison identified that the Advisory Committee’s report contains additional, more detailed recommendations than those outlined in the Senate Banking Committee’s report, but that they did not differ in terms of direction or intent. It is reasonable to conclude that additional insight was ...
Read More
Betakit | Sep 27, 2021 “The reality is [the banks] have been used to an environment where they can increase fees without increasing value to customers.” Biography: Senator Colin Deacon The Honourable Colin Deacon’s entrepreneurial background brings a unique perspective to Canada’s Upper Chamber. Before his June 2018 appointment to the Senate as an Independent Senator representing Nova Scotia, Senator Deacon spent much of his career turning ideas into organizations, products and services that improve lives. Also: Canada’s Library of Parliament Report: A Comparison of Open Banking Recommendations Minister Freeland releases final report with 34 recommendations on Open Banking from the Advisory committee FFCON21 On-Demand with Seanator Colin Deacon: Inclusive Banking and Affordable Credit In 2009, he founded BlueLight Analytics, a company in the restorative dentistry field. The company has successfully commercialized new technologies that improve the longevity of dental fillings. Their products were sold in dozens of countries, and they worked with most dental multinationals. Until 2006, he served as CEO of SpellRead, which improved reading skills among children and adults, and was regularly cited as one of Atlantic Canada’s fastest-growing companies. Senator Deacon has also contributed to the charitable sector, where he has been an active member on the board of several organizations, including those dedicated to children’s health and well-being, ...
Read More
Insurtech Insights | Sep 24, 2021 From bogus claims to reputational damage, the ability of synthetic media to seemingly bend reality is an emerging menace with a far reach. If you are familiar with photo and video editing tools, then you have probably heard of deepfakes, an emerging breed of artificial intelligence-enhanced videos that have demonstrated the ability to blur reality in ways that are extremely difficult for humans or even machines to detect. Unlike conventional video editing, deepfakes utilize artificial intelligence(AI) to alter or synthetically generate videos, bringing a new level of realism without the forensic traces present in edited digital media. See: World Economic Forum (WEF) Warns of Cyberattack that will Collapse Existing Financial System While these advanced fakes may sound like science fiction, many researchers have concluded it is only a matter of time before deepfakes become nearly undetectable to the human eye and subsequently undetectable even to elaborate forensic tools. Earlier this year, the FBI sounded the alarm that deepfakes are a new cyberattack threat targeting businesses. As a result, many organizations are pondering strategies to mitigate the risks and potentially undesirable outcomes that may result. Deepfakes or synthetic media can effectively be used to file ...
Read More
Open Banking Expo | Ellie Duncan | Sep 22, 2021 Toronto-headquartered TD Bank and California-based Envestnet|Yodlee have signed a North American data access agreement that means the bank’s customers will be able to connect their financial information to the more than 1,400 third-party applications powered by the Envestnet|Yodlee financial data aggregation platform. Under the agreement, should a customer request it, TD Bank will transfer the individual’s financial data to Envestnet | Yodlee through APIs, removing the need to share their banking login ID or password. See: Lack of open banking framework forcing Canadian consumers to choose between convenience and security, TD exec says “We know that our customers are interacting with us through digital channels more than ever before and we are focused on helping meet their needs however they choose to bank,” Franklin Garrigues, VP, digital channels at TD added. TD Bank has become the 13th US bank to sign such a data access agreement with Envestnet|Yodlee. Continue to the full article --> here The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, ...
Read More
Read More
ASC | Sep 27, 2021 ASC Connect includes a full morning (8:00 a.m. to 12:00 p.m.) of informative and interactive panel discussions led by industry experts and senior ASC leaders, in a format you can enjoy from your home or office. The Alberta Securities Commission’s fifth annual ASC Connect conference will be held virtually on Thursday, October 21, 2021. See: ASC and FCAA adopt new prospectus exemption to support small business capital raising In the past year, Alberta’s capital market was not spared from the significant challenges that impacted communities world wide. Despite these challenges, our market continues to create and leverage opportunities for growth. Join senior ASC leaders and industry experts in a full morning of informative and interactive panel discussions covering the opportunities, trends, and issues affecting Alberta’s capital market in its continued economic recovery. Register today for this FREE virtual conference and listen to industry experts discuss the critical opportunities and evolving trends affecting Alberta's capital market. This is your chance to gain new insights and perspectives from thought-provoking business leaders. Register for this event --> Now The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, ...
Read More
Read More
Wharton | Sep 20, 2021 When customers feel satisfied, they spend more money and are more likely to come back. Happy customers write positive reviews online and share their experiences through word of mouth. But great customer service is also really hard. Shoppers complain that sales associates aren’t listening to them or are just going through the motions. There is a simple and cost-effective way to fix that, and Wharton marketing professor Jonah Berger has new research that explains how. He found that when sales agents use concrete language, they make customers feel seen, heard, and valued. His paper with co-author Grant Packard, a marketing professor at York University’s Schulich School of Business, is titled “How Concrete Language Shapes Customer Satisfaction.” Knowledge@Wharton: Did you find that [something as simple as words agents used make customers more satisfied?]? Berger: We did. We found that a certain type of language improves customer satisfaction. It doesn’t just make people happier, it causes them to be more likely to come back and buy more in the future. This linguistic feature is called “concreteness,” basically how concrete the language is that people use. Sometimes we speak in a more abstract way, and sometimes we speak ...
Read More
Read More
The Economist | Sep 18, 2021 Although the terminology is intimidating (fees are “gas”; the main currency is ether, and title deeds over digital assets are known as NFTs), the basic activities taking place on DeFi are familiar. These include trading on exchanges and issuing loans and taking deposits through self-executing agreements called smart contracts. One yardstick of activity is the value of digital instruments being used as collateral: from almost nothing in early 2018 it has reached $90bn. Another is the value of transactions that Ethereum is verifying. In the second quarter this reached $2.5trn, around the same sum as Visa processes and equivalent to a sixth of the activity on Nasdaq, a stock exchange. The dream of a low-friction financial system is just the beginning. DeFi is spreading to more ambitious terrain. MetaMask, a DeFi wallet with more than 10m users, acts as a digital identity. To enter a decentralised “metaverse”, a looking-glass world with shops run by its users, you link your wallet to a cartoonish avatar who roams around. These digital worlds will become the subject of intensifying competition as more spending shifts online. Big tech firms could impose huge taxes on these mini-economies: imagine Apple’s ...
Read More
Read More
Fair Canada | Sep 15, 2021 The three banks (RBC, TD Bank and CIBC), according to recent media reports, have decided to stop selling “third-party” mutual funds to segments of their clients in their bank branches. This was in response to the “know-your-product” (KYP) rules, a component of the client focused reforms. How can the three banks justify this move? They say it’s because under the new rules starting in 2022, employees in local bank branches who hold themselves out as financial advisors will have to know and understand the mutual funds they sell to clients. Apparently, it is too much work to train their advisors to understand mutual funds offered by other banks or manufacturers before selling them. So, to make it easier to comply with the know-your-product rules, they will simply limit choices available to their clients. See: Retail investors are becoming more than shareholders Their decision is deeply disappointing. These banks are flying in the face of the spirit of the client focused reforms. By limiting customer choices in an apparent attempt to reduce their know-your-product compliance obligations, they are putting their own interests ahead of their clients’ interests. This is ironic, given the countless public commitments ...
Read More
Read More
Kaspersky Blog | Hugh Aver | Aug 12, 2021 Loss or leaks of sensitive information can be serious problems for small businesses. Here’s how to keep confidential data safe. There’s no such thing as a business that doesn’t have sensitive data. Even a small retail company has documents with employees’ personal details that legally must remain confidential, for example. Bank documents would be hard to restore. Supplier and contractor contracts could include trade secrets. To protect important data from loss or inappropriate disclosure, follow these seven tips. 1. Enable full disk encryption on all devices On devices where confidential data is stored or transmitted (i.e., most of them), be sure to enable full disk encryption (FDE). Encryption protects the data in case the device falls into the wrong hands. In Windows, the FDE tool is called BitLocker. The macOS equivalent is FileVault. FDE is enabled by default on most iOS and Android phones; don’t disable it unless absolutely necessary. 2. Restrict confidential data to the office Another way important data can fall into the wrong hands is through the loss (or theft) of physical media: external hard disks or flash drives. Ideally, they should never leave the office. In fact, ...
Read More
Read More
CoinTelegraph | Sep 21, 2021 Miami’s mayor believes that if city-specific cryptos succeed, it would mean residents “won’t have to pay a cent in tax.” Miami Mayor Francis Suarez has been celebrating the success of a recent initiative to fund municipal projects through the proceeds of a city-specific crypto protocol built atop the Bitcoin blockchain. On Sept. 13, Miami’s city commissioners voted to accept funds generated by a new cryptocurrency, MiamiCoin, which was launched in August by CityCoins. The coin is built on Stacks, an open-source network of decentralized applications and smart contracts that use the Bitcoin blockchain as a programmable base layer. Hard-coded into MiamiCoin’s protocol is the requirement that 30% of all coins mined are routed to a digital wallet designated for the city. Those funds will be earmarked for spending on projects such as projects to mitigate the risks of climate change, funding initiatives for underprivileged communities, and investing in crypto education for tech entrepreneurs. See: The risk of not participating in crypto is now outweighing the risk of non-participation Fox Business estimated last week that roughly $2,500 worth of Stacks (STX) at its then-value of $1.50 were being transferred into the city’s wallet every 10 minutes. In ...
Read More
Read More
Senator Colin Deacon | Sep 27, 2021 On June 19th, 2019, the Senate Standing Committee on Banking, Trade and Commerce (Senate Banking Committee) released the report, Open Banking: What it Means for You, Following the release of this report, Senators Colin Deacon and Howard Wetston continued to invest a considerable amount of time advancing the issue of open banking. Their ongoing efforts reflect the Senate Banking Committee’s unanimous view that Canada should urgently develop and implement an open banking framework. More than two years later, on August 4th, 2021, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, released the Advisory Committee on Open Banking (Advisory Committee)’s April 2021 Final Report. See: FFCON21 On-Demand with Seanator Colin Deacon: Inclusive Banking and Affordable Credit Following a request from Senator Wetston, recent chair of the Senate Banking Committee, the Library of Parliament completed a side-by-side comparison between the 10 recommendations made by the Senate Banking Committee and the 34 recommendations made by the Advisory Committee. The comparison identified that the Advisory Committee’s report contains additional, more detailed recommendations than those outlined in the Senate Banking Committee’s report, but that they did not differ in terms of direction or intent. It is reasonable to conclude that additional insight was ...
Read More
Read More
Betakit | Sep 27, 2021 “The reality is [the banks] have been used to an environment where they can increase fees without increasing value to customers.” Biography: Senator Colin Deacon The Honourable Colin Deacon’s entrepreneurial background brings a unique perspective to Canada’s Upper Chamber. Before his June 2018 appointment to the Senate as an Independent Senator representing Nova Scotia, Senator Deacon spent much of his career turning ideas into organizations, products and services that improve lives. Also: Canada’s Library of Parliament Report: A Comparison of Open Banking Recommendations Minister Freeland releases final report with 34 recommendations on Open Banking from the Advisory committee FFCON21 On-Demand with Seanator Colin Deacon: Inclusive Banking and Affordable Credit In 2009, he founded BlueLight Analytics, a company in the restorative dentistry field. The company has successfully commercialized new technologies that improve the longevity of dental fillings. Their products were sold in dozens of countries, and they worked with most dental multinationals. Until 2006, he served as CEO of SpellRead, which improved reading skills among children and adults, and was regularly cited as one of Atlantic Canada’s fastest-growing companies. Senator Deacon has also contributed to the charitable sector, where he has been an active member on the board of several organizations, including those dedicated to children’s health and well-being, ...
Read More
Read More
Insurtech Insights | Sep 24, 2021 From bogus claims to reputational damage, the ability of synthetic media to seemingly bend reality is an emerging menace with a far reach. If you are familiar with photo and video editing tools, then you have probably heard of deepfakes, an emerging breed of artificial intelligence-enhanced videos that have demonstrated the ability to blur reality in ways that are extremely difficult for humans or even machines to detect. Unlike conventional video editing, deepfakes utilize artificial intelligence(AI) to alter or synthetically generate videos, bringing a new level of realism without the forensic traces present in edited digital media. See: World Economic Forum (WEF) Warns of Cyberattack that will Collapse Existing Financial System While these advanced fakes may sound like science fiction, many researchers have concluded it is only a matter of time before deepfakes become nearly undetectable to the human eye and subsequently undetectable even to elaborate forensic tools. Earlier this year, the FBI sounded the alarm that deepfakes are a new cyberattack threat targeting businesses. As a result, many organizations are pondering strategies to mitigate the risks and potentially undesirable outcomes that may result. Deepfakes or synthetic media can effectively be used to file ...
Read More
Read More
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