Fidelity’s Digital Assets Department Seeks New York State’s Trust License

Several financial companies are jumping on the crypto bang wagon for some promising reasons. Fidelity, an American multinational financial services corporation based in Boston, has launched its digital assets arm, Fidelity Digital Assets Services (FDAS) back in October 2018 to offer crypto-custody services to large size institutions and organizations. Fidelity has recently filed to secure New York trust license which will enable the firm to serve its clients in New York in all sorts of crypto businesses. Digging deeper into the matter, sources familiar with the matter told the digital…

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…

Banking Giant Goldman Sachs Seeks Digital Asset Project Manager for Crypto Development

The recent hot story from the crypto news sphere is that the banking giant Goldman Sachs may follow the footsteps of JPMorgan and will launch its own USD-backed stablecoin. The CEO of Goldman Sachs, David Solomon, reveled in an interview with French news outlet Les Echos recently that the company is studying cryptocurrency for tokenization of various asset class and exploring possible ways to disrupt the current financial market with new products and services. Goldman Sachs has plans to launch its own digital currency but the banking firm is not…

Turkey Puts Central Bank Digital Currency on New Economic Roadmap

The government of Turkey has included a central bank-issued digital currency in its 2019–2023 economic roadmap published on July 9. As per the 11th Development Plan from the Presidency of the Turkish Republic, “Blockchain-based digital central bank money will be implemented.” In addition to a central bank digital currency, the development plan lists blockchain adoption in the operations of transportation and customs. It further notes that public services and administration can be improved by emerging technologies such as big data, artificial intelligence and blockchain. Turkish Vice President Fuat Oktay presented…

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…

Russia to Postpone Adoption of Bill on Digital Currencies

Russia’s parliament, the State Duma, may defer the adoption of the country’s major crypto bill “On Digital Financial Assets” (DFA) until the autumn session, local news outlet TASS reported on July 9. The Duma is considering shifting the adoption of the DFA bill to the autumn session, while the representatives have largely agreed on a bill on crowdfunding, according to the chairman of the State Duma Committee on Financial Markets, Anatoly Aksakov. Aksakov further explained that officials have not been able to reach a common position on the fate of…