Blog: Data ethics and the digital economy

By Simon McDougall, Executive Director – Technology Policy and Innovation, ICO 18 November 2019 How do we balance the interests of society against individual rights, on issues like facial recognition technology? How do we allocate rights and responsibilities in a world of connected devices and real-time automated decisions? How much thought does the law require organisations to put into what is ‘right’, and what their customers would reasonably expect to happen to their data? We face an increasing number of these types of questions, as we consider the practical implications of…

Ledger Vault Secures $150 Million Crime Insurance Policy for Digital Assets

Ledger Vault, the custody arm of hardware wallet manufacturer Ledger, has procured a crime insurance policy developed with broker and risk advisory firm Marsh and insurance company Arch Insurance Limited. According to an announcement on Nov. 14, the Ledger Vault platform now provides its users a customized crime insurance program for cryptocurrencies for up to $150 million. The program applies to third-party theft of the master seed and private keys, secure transmissions of the master seed fragments, and insider Ledger employee theft caused by collusion. Commenting on the new offering,…

Binance’s CZ Speaks Publicly About China’s Digital Currency

Binance CEO Changpeng Zhao, better known as CZ, predicted that the digital Renminbi token (RMB) would be based on blockchain.  Speaking today at BlockShow Asia 2019, CZ shared his thoughts on the digital currency in development by the People’s Bank of China.  The details of this currency are not officially known. It will certainly not be as decentralized as Bitcoin (as it will be issued by the central bank), but CZ thinks it is going to be a blockchain-based version of RMB. He explained his reasoning:  “The Chinese government wants…

The Digital Money Revolution | CCG

The rapid pace and sheer scale of innovation in digital currencies and mobile payments indicates that a monetary revolution is forthcoming. The choice for governments and central banks is whether to stand in front of a train that is gaining steam, or get on board and reap the benefits. How radically will digital currencies change our methods of exchange and the way that we think about money? With innovation in digital payments barreling ahead, these questions are now commanding the attention of the World Economic Forum and other international institutions.…

Tunisian Central Bank Denies Reports of an ‘E-Dinar’ Digital Currency

The Central Bank of Tunisia (BCT) has denied reports stating that the bank is developing a central bank digital currency (CBDC). An official announcement from the BCT follows apparently false reports that Tunisia was the first country to start moving its national currency to a blockchain platform and was preparing to launch its “e-dinar.” Central Bank of Tunisia is focused on the digitization of finance In the statement, the BCT refuted all claims regarding the development of a digital money solution. The Central bank clarified that it is now exploring…

China’s Central Bank Executive: ‘Controllable Anonymity’ with State’s Digital Currency

As China moves forward towards the launch of the digitized version of its traditional currency, investors and financial authorities all over the world closely monitor and assess its implications for the general public. With worries of surveillance and abuse in mind, the head of the People’s Bank of China’s digital currency research institute Mu Changchun stressed that the digital currency is not intended to empower the state to control private information of the public. Instead, it will function to mitigate security issues by providing the Chinese government the tools to…

Unilever, O2 and Sky Join Blockchain Pilot for Digital Ad Transparency

Unilever, O2 and Sky are among the latest big firms to sign on to Jicwebs’ blockchain pilot program designed to improve trust and transparency in digital advertising. The news was revealed in a Nov. 12 report from United Kingdom-based industry magazine Campaign. Industry involvement Jicwebs — an acronym for the U.K. digital ad trading standards body, the Joint Industry Committee for Web Standards — first announced its blockchain pilot initiative in May 2019.  It counts the participation of major global media agencies Zenith, OMD UK and Manning Gottlieb OMD, who…

‘No Point’ in Central Bank Digital Currencies

Alan Greenspan, the former chair of the United States Federal Reserve (Fed), has said there’s “no point” for central banks to issue their own digital currencies. According to a CNBC report on Nov. 11, Greenspan made his comments during the annual economic outlook conference hosted by Chinese financial magazine Caijing. No point in Libra either Greenspan’s argument reportedly hinged on the fact that national fiat currencies are backed by sovereign credit — a provision that is exclusive to the nation-state and its institutional structure.  Not even the tech behemoths in…

Banker Who Called Bitcoin ‘Evil Spawn’ Heads BIS Digital Currency Hub

A former European Central Bank board member will chair a new arm of the Bank of International Settlements (BIS) focusing on digital currencies and financial innovation.  In a press release on Nov. 11, the BIS confirmed Benoît Cœuré would begin chairing the Innovation Hub from January 15, 2020.  BIS eyes impact of “critical trends” “The Hub’s mandate is to identify, and develop in-depth insights into critical trends in technology affecting central banking; develop public goods in the technology space geared towards improving the functioning of the global financial system; and…