Mastercard left the Libra Association for regulatory and feasibility issues
Ajay Banga, who has been CEO and president of Mastercard since 2009, told the Financial Times that his attitude toward Libra deteriorated when project members proposed linking what was supposed to be a globally inclusive currency with a patented digital wallet, Calibra.
“He went from this altruistic idea to his own wallet. I am
like: ‘this doesn’t sound good,’ ”said Banga.
He said financial inclusion would mean that a government
can pay citizens in a certain currency, which they must be able to
of understanding how to use, and should be usable in the daily transactions of
Items like food.
“If they pay you in Libra … they go to Calibras,
who go back to pounds to buy rice, I don’t understand how that works, ”
said.
The lack of a clear business model for Libra raised
Another red flag for MasterCard. Banga said there were no obvious means to
that the Libra Association would become profitable or earn money with its users.
“When you don’t understand how to make money, it is done in a way that you don’t
like, ”he said.
Banga also had concerns when members of the
Nor do they firmly commit to knowing their client (KYC), the
money laundering controls (AML) or data management controls.
Mastercard abandoned the Libra project together with its main Visa competitor in October. Although Mastercard did not say at that time why they had decided to leave, a Visa spokesman said he withdrew because the project had failed to “meet all the required regulatory expectations.”
IBM blockchain automates contract work processes
The tech giant IBM is developing a new
blockchain product that will automate the reconciliation of labor contracts
Occasional
The CIO technology news site reported on February 3 that IBM believes that the blockchain is particularly suitable to address the critical point of companies resolving discrepancies in thousands of informal employment contracts.
An informal employment contract, sometimes known as a contingent employment contract, is a non-permanent employment relationship, which generally offers hired workers less job security and, often, part-time or part-payment.
Therefore, it is used for the work done by
consultants, freelancers, independent contractors and temporary workers
hired, known as temporary workers.
IBM has its sights set on the blockchain for the
business management of such contracts, since it states that processing the high
volume of contracts generated by casual workers is a task
cumbersome and insufficiently automated for businesses today.
Burton Buffaloe, global logistics and blockchain leader at IBM, said:
“One of the biggest problems of all contractor suppliers is the reconciliation of invoices. Blockchain lives in spaces where there is friction and discrepancy. ”
Stock Exchange in Singapore gets regulator breakthrough
The blockchain platform of the capital markets iSTOX is
graduated from the limited regulatory environment of Singapore and was approved as a
Recognized market operator and licensee of market services
capital.
The Business Times of Singapore confirmed on February 3 that the platform, developed by the blockchain infrastructure firm ICHX Tech, is now fully operational and licensed by the Monetary Authority of Singapore (MAS), the central bank of the city-state .
MAS, which also serves as Singapore’s financial regulator, launched its FinTech regulatory litter box to encourage local projects to seek innovative financial products and services within a safe, efficient and low regulatory pressure environment.
The ICHX Tech iSTOX will offer issuance, liquidation, custody and secondary trade of digitized securities, announcing a new fully regulated arrival at the blockchain scene in a major global financial center.
Winklevoss brothers get six stablecoin patents
Tyler and Cameron Winklevoss, the founders of the Gemini cryptocurrency exchange, have obtained six patents related to the stable currency, according to documents filed with the United States Patent and Trademark Office.
Three of the patents, the first, second and fifth of the list, describe systems to change the supply of a stable currency based on public blockchain. The first patent describes how trusted third parties, such as exchanges or banks, can generate the asset, he has also requested.
Two of the patents, the third and sixth of the list,
describe a system to create a stable currency in a blockchain
public The third patent also suggests that stable currencies
supported could be used as collateral in financial transactions that
They run through smart contracts.
The fourth patent, filed on April 23, 2018, “relates to the use of a digital asset of stable value to pay dividends for securities and other financial instruments linked to a blockchain”. This document suggests that stock dividends as shares could be paid Stablecoin.
Venezuelan, student of the last semester of Social Communication. Attracted by the new technologies and development that they offer to humanity.
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