#Fintech Businesses in Bahamas

[jpadvisory]

Fintech Business Consulting in the Bahamas: A Complete Guide with JP Advisory

The Bahamas, with its sandy beaches and crystal-clear waters, isn't just a destination for tourists. It's quickly becoming a hotbed for financial technology (fintech) businesses. Whether you are an established fintech firm or a startup, JP Advisory is here to guide you through the complexities of the Bahamian fintech landscape.

1. Why the Bahamas is the New Fintech Hub

The Bahamian government, understanding the potential of fintech has rolled out several initiatives to boost the fintech ecosystem. This includes developing regulatory frameworks and fostering a tech-friendly environment. These efforts have resulted in a burgeoning fintech scene, attracting businesses from across the globe.

2. Navigating Regulatory Waters with JP Advisory

One of the most challenging aspects of any fintech venture is navigating regulatory waters. JP Advisory helps businesses understand and comply with Bahamian fintech regulations  with its expertise in fintech business consulting in the Bahamas, ensuring a smooth operation.

3. The Role of Fintech Consulting Services in the Bahamas

Fintech Consulting Services play a crucial role in guiding businesses through the intricate details of launching and operating in the Bahamas. From market research and regulatory guidance to technological assistance, these services are indispensable.

4. How JP Advisory is Revolutionizing Fintech Consulting

With a keen understanding of local market dynamics and global fintech trends, JP Advisory provides a unique blend of local knowledge and global perspective, making it the go-to consultant for Fintech Businesses in Bahamas.

5. Tailored Solutions for Every Fintech Challenge

Every fintech business is unique. This is why JP Advisory offers tailored solutions to meet specific business needs. Whether it's strategy formulation, risk management or technological integration, JP Advisory has got it covered.

6. Fintech Integration in Traditional Banking Systems

The integration of fintech solutions into traditional banking systems can be complex. JP Advisory assists in streamlining this process With its extensive experience, ensuring seamless integration and maximum efficiency.

7. Building Partnerships: A Key to Success

Fintech isn't just about technology; it's about partnerships. JP Advisory believes in fostering collaborations between fintech startups, financial institutions and technology providers, ensuring a synergistic ecosystem.

8. The Future of Fintech in the Bahamas

The future is bright for fintech in the Bahamas. With a supportive regulatory environment and increasing technological adoption, the Bahamas is poised to become a global fintech hub. JP Advisory is at the forefront, guiding businesses towards success.

9. JP Advisory’s Commitment to Excellence

Client satisfaction is paramount at JP Advisory. Through continuous engagement, feedback and refinement, JP Advisory ensures that every client receives the Best Fintech Consulting Services tailored to their specific needs.

10. Taking the First Step with JP Advisory

Starting a fintech venture in the Bahamas? Beginning with a strong foundation is crucial. JP Advisory offers initial consultations to help businesses understand the Bahamian fintech landscape, providing them with a clear roadmap to success.

Conclusion

The Bahamas is swiftly establishing itself as a leading fintech destination. Navigating this promising yet intricate landscape requires a trusted partner. JP Advisory, with its unparalleled expertise in Fintech Business Consulting in Bahamas, is that partner. Whether you are taking your first steps in the Bahamian fintech realm or looking to scale your operations, JP Advisory is here to guide you every step of the way.

[fintechconsultingservices]

Revolutionize Your Financial Technology with Fintech Consulting Services Expert Fintech Business Consulting

maintaining a leading edge is imperative not merely a choice. Fintech Consulting Services emerges as your trusted partner in this journey, delivering innovative Fintech Business Consulting and management consulting services. We are committed to enabling your business to master the complexities of the fintech environment, ensuring you move forward with both confidence and simplicity.

Understanding Fintech and Its Impact

It's reshaping how businesses handle finance from digital payments to blockchain and AI-driven financial management. Understanding its impact and potential is crucial for any business looking to stay competitive as fintech continues to evolve.

Why Choose Fintech Consulting Services for Fintech Business Consulting?

Our expert team excels in fintech business and management consulting at Fintech Consulting Services. We deliver customized solutions that cater specifically to your distinct requirements, ensuring that your business does more than just keep pace—it leads the charge in the fintech revolution.

Expertise and Experience:  Our team of consultants at Fintech Consulting Services is composed of seasoned industry professionals, each possessing an extensive grasp of both the technical intricacies and business dimensions of financial technology.

Customized Solutions: We acknowledge the distinctiveness of every business at Fintech Consulting Services. Our strategy involves a deep dive into your unique challenges and opportunities, crafting tailored strategies that sync seamlessly with your business objectives.

Staying Ahead of Trends: Our team at Fintech Consulting Services remains at the forefront of the dynamic and swiftly evolving landscape of fintech. We diligently keep abreast of the latest advancements and shifts in the industry, guaranteeing that the advice and solutions we offer are not only current but also forward-thinking.

Comprehensive Services: Our services cover the entire spectrum of Fintech Business Consulting from strategic planning and market analysis to implementation and risk management.

Our Fintech Consulting Services

Strategic Planning: Our expertise lies in crafting a distinct fintech strategy that aligns seamlessly with your business goals, fostering sustained growth and success for your enterprise.

Market Analysis and Insights: Gaining a deep understanding of the market is crucial for achieving success. We offer comprehensive market analysis and valuable insights at Fintech Consulting Services which assist you in making well-informed decisions that drive your business forward.

Technology Implementation: We guide you through the implementation process, ensuring seamless integration with your existing systems whether it's blockchain or any other fintech innovation.

Risk Management: Managing risk effectively is crucial in the dynamic realm of fintech. Our tailored risk management strategies at Fintech Consulting Services are crafted to safeguard your business. ensuring its security while also unlocking and maximizing potential opportunities.

Regulatory Compliance: Navigating the complex regulatory landscape of fintech can be challenging. We provide expert guidance to ensure your business remains compliant.

Join the Fintech Revolution with Fintech Consulting Services Fintech Consulting Services stands as your premier ally in Fintech Business Consulting whether you are spearheading a startup eager to leave a lasting impression in the fintech arena or you are at the helm of an established company aiming to innovate and expand.

[reportwire]

Sam Bankman-Fried has been arrested following FTX collapse. Here's what happens next

Sam Bankman-Fried has been arrested following FTX collapse. Here’s what happens next

Tom Williams | CQ-Roll Call, Inc. | Getty Images Sam Bankman-Fried’s arrest in the Bahamas on Monday marks the beginning of a new chapter in the FTX saga, one that will pit the former crypto billionaire against the Southern District of New York. The indictment is expected to remain sealed until Tuesday morning. U.S. prosecutors haven’t commented, and neither the Attorney General of the Bahamas…

[likitakans]

The Future of Cross-Border Payments: Fintech Innovations Making Global Transactions Seamless

In a world where business and commerce transcend borders, the demand for seamless, efficient, and cost-effective cross-border payments has never been higher. Traditional methods, often plagued by delays, high fees, and complex regulations, are rapidly giving way to innovative fintech solutions that are transforming the landscape of international finance.

The Pain Points of Traditional Cross-Border Payments

For years, businesses and individuals have grappled with the inefficiencies of traditional cross-border payment systems. The process often involves multiple intermediaries, each adding their own fees and delays. Exchange rates fluctuate, creating uncertainty, and the lack of transparency can leave customers in the dark about the true cost of their transactions.

The advent of fintech has been a game-changer, addressing these pain points with cutting-edge technology that promises to make cross-border payments as simple and instantaneous as sending an email.

Blockchain: The Backbone of Next-Gen Cross-Border Payments

Blockchain technology, with its decentralized and transparent nature, is at the forefront of the fintech revolution in cross-border payments. By eliminating the need for intermediaries, blockchain reduces transaction costs and speeds up the process. Cryptocurrencies like Bitcoin and stablecoins like USDC offer a borderless, digital alternative to traditional currencies, enabling near-instantaneous transfers with minimal fees.

Moreover, blockchain's immutable ledger ensures security and transparency, building trust in the system. This is especially crucial for businesses operating in regions with less stable banking systems, where traditional methods may not be reliable.

The Rise of Digital Payment Platforms

Digital payment platforms like PayPal, Stripe, and TransferWise (now Wise) have also made significant strides in streamlining cross-border transactions. These platforms leverage advanced algorithms and AI to offer real-time currency conversion and low-cost transfers, making it easier for businesses and individuals to manage their international financial operations.

With features like automated compliance checks and fraud detection, these platforms provide a level of security and efficiency that was previously unattainable.

Central Bank Digital Currencies (CBDCs): The Future of International Settlements?

Central Bank Digital Currencies (CBDCs) are another exciting development in the realm of cross-border payments. Countries like China, the Bahamas, and Sweden are already experimenting with CBDCs, which are digital versions of their national currencies. These digital currencies could revolutionize the way countries settle international trade, reducing the need for correspondent banking and speeding up cross-border payments.

CBDCs could also offer greater financial inclusion, particularly in regions where access to traditional banking is limited. By enabling direct, digital transactions between central banks, CBDCs have the potential to make cross-border payments faster, cheaper, and more accessible.

The Role of Open Banking and APIs

Open banking and APIs (Application Programming Interfaces) are facilitating the integration of cross-border payment solutions into existing banking systems. By allowing banks and fintech companies to securely share data, open banking enables the development of customized payment solutions that can cater to the specific needs of businesses and consumers.

APIs also allow for greater interoperability between different financial institutions, making it easier for businesses to manage cross-border payments across multiple currencies and jurisdictions.

The Road Ahead: Challenges and Opportunities

While fintech innovations are rapidly transforming cross-border payments, challenges remain. Regulatory hurdles, varying levels of technology adoption, and concerns about security and privacy are some of the issues that need to be addressed.

However, the opportunities far outweigh the challenges. As fintech continues to evolve, we can expect even more groundbreaking solutions that will make cross-border payments faster, cheaper, and more accessible than ever before.

Outcome: A Seamless Future

The future of cross-border payments is bright, thanks to the relentless innovation in fintech. From blockchain to digital payment platforms, CBDCs to open banking, these technologies are paving the way for a seamless, global financial system. As these innovations continue to gain traction, businesses and consumers alike will benefit from a world where cross-border payments are no longer a hassle, but a simple and effortless process.

In this new era, the possibilities are endless, and the world of finance is more connected than ever before. The future is seamless, and it's already here.

[coinprojects]

New Post has been published on https://coinprojects.net/chinas-national-cryptocurrency-is-getting-more-ominous/

China's national cryptocurrency is getting more ominous

China’s central bank governor gave an update on the national currency being developed this week Anonymity and privacy will be protected, he argues Our Analyst Dan Ashmore is not so sure, believing these digital currencies are potentially very dystopian Having said that, there are advantages to the nascent concept, too But with China leading the way, there is definite concern about what the end goal will look like 

China is at the forefront of state-sponsored cryptocurrencies, known as CBDC’s (central bank digital currencies).

While technological innovation should be applauded, there are some very ominous concerns here. And it feels like they are creeping closer.

Concerns around control

Chinese central bank governor, Yi Gang, discussed how advanced the national digital currency was recently at the Hong Kong Fintech Week. Despite insisting that “privacy protection is one of the top issues on the agenda”, the reality is that this will give the Chinese state unprecedented power over its citizens – not that it had a lack of it to begin with.

You see, national currencies mean that, with one flick of a button, wallets (the equivalent of bank accounts) can be frozen. Worse still, they could be drained. The implications are endless here.

The government could introduce an automatic tax system, for example, where funds are drained each year. Or maybe some sort of fine system. The Social Credit System, which is a national credit rating and blacklist that is being developed, could also be integrated with a national currency. With the credit system tracking individuals and businesses for trustworthiness, is it so insane to think financial punishment or reward could be introduced with it?

I wrote about many of the concerns back in April of this year, when I focused on the Sand Dollar of the Bahamas. While it remains concerning, the track record of the Chinese state’s rule, as well as the size of the economy, means the it is on a different level and far easier to imagine a dystopian future.

How will the Chinese CBDC work?

Concerns aside, it is fascinating to read about how they work – if not terrifying. Yi gave some insight into the way it is being developed.

His advocation that anonymity would be protected centres around a two-layer payment system. At tier one, the central bank provides yuan to the operators, while only processing inter-institutional information. At tier two, the operators (all of who are authorised) collect only the personal information that is necessary for exchange and circulation of the currency to the individual citizens.

Yi went further, promising that date wil be encrypted and personal sensitive information not shared with third parties. Even more notably, transactions up to a certain level will be allowed to take place under full anonymity.

This definitely seems promising. Again, however, the evidence and history is not on the side of the Chinese state here. In digging further into Yi’s quotes, he did caveat that there would have to be an eye kept on this anonymity:

“We recognize that anonymity and transparency are not black and white, and there are many nuances that need to be carefully weighed. In particular, we need to strike a precise balance between protecting individual privacy and combating illegal activities.”

That balance is the line that is sometimes tough to toe in cryptocurrency. Just recently I wrote about the dangers of decentralisation, yet in this case, it is more a danger of centralisation.

For many, CBDC’s are incredibly dystopian. Obviously, assuming you have read this article until now, I fully see how this can be the case – and overall I am worried about what this could look like down the line in certain states.

Then again, CBDC’s and blockchain technology do have perks. Efficiency, lower fees, higher speed and greater accessibility are all powerful proponents. But the dangers are extremely stark. I guess we will all need to wait and see what happens, but for now it is China that seem to be leading the way – and I’m not sure that is a good thing.

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#Altcoin #Bitcoin #BlockChain #BlockchainNews #Crypto

[blockchain0816]

The Future Of Crypto And Blockchain: Fintech 2022

The cryptophiles are settling into the realities of a bear market, but their recent triumphs should not be lost.

A record nine cryptocurrency-focused companies made it onto this year’s Forbes Fintech 50 list–an honor roll of the most innovative private companies in fintech. Collectively, these nine trailblazers have raised $6.5 billion in venture capital, with the lion’s share of that coming within the past 12 months.

Leading the pack is billionaire Sam Bankman-Fried’s crypto exchange FTX, which raised $1.5 billion in private funding last year alone, jolting its valuation from $1.2 billion to $25 billion. A $500 million raise this past January took its valuation to $32 billion, making it the third most valuable private fintech headquartered or doing business in the U.S. With its rapidly growing U.S. business, FTX US (valued separately at $8 billion), the Bahamas-based firm is going after its list predecessors Coinbase, Kraken and Gemini’s chunk of the customer base .  

So, there is still a big market and prospects for cryptocurrencies in the future, let's learn more and explore more.

Welcome to follow my account and update the currency circle news daily.

[truthblockchain]

Forbes Fintech List Raised $6.5 Billion In Venture Capital

A record nine cryptocurrency-focused companies made it onto this year’s Forbes Fintech 50 list–an honor roll of the most innovative private companies in fintech. Collectively, these nine trailblazers have raised $6.5 billion in venture capital, with the lion’s share of that coming within the past 12 months.

Leading the pack is billionaire Sam Bankman-Fried’s crypto exchange FTX, which raised $1.5 billion in private funding last year alone, jolting its valuation from $1.2 billion to $25 billion. A $500 million raise this past January took its valuation to $32 billion, making it the third most valuable private fintech headquartered or doing business in the U.S. With its rapidly growing U.S. business, FTX US (valued separately at $8 billion), the Bahamas-based firm is going after its list predecessors Coinbase, Kraken and Gemini’s chunk of the customer base.

https://www.forbes.com/sites/ninabambysheva/2022/06/07/the-future-of-crypto-and-blockchain-fintech-50-2022/?sh=74a7e71960cc

[adalidda]

Illustration Photo: NRG employee displays QR code for receiving payments through the Bahamian Sanddollar app, behind protective plexiglass. Nassau, Bahamas. (credits: IMF Photo/ Melissa Alcena / Flickr Creative Commons Attribution-NonCommercial-NoDerivs 2.0 Generic (CC BY-NC-ND 2.0))

BlockStart's Partnership Programme for Blockchain/ DLT Startups & SMEs

BlockStart is a 3-stage partnership programme. Each DLT/ blockchain startup receives a grant (equity-free) of up to €20,000, tailored tech and business mentoring.

BlockStart is launching its third and final Open Call for applications in

Fintech, ICT and Retail

Deal Terms & Perks: Up to €20,000 for pan-European DLT/ blockchain solution providers

Piloting opportunities to help developers explore new value streams for market ready blockchain-tech

Individualized coaching and mentorship from the experienced teams Bright Pixel, CIVITTA and F6S Networking with industry leaders and DLT experts and showcase opportunities at blockchain events

Application Deadline: 26 May 2021

Check more https://adalidda.com/posts/TmaHNRGHtrHsiidwo/blockstart-s-partnership-programme-for-blockchain-dlt

[jpadvisory]

Embrace Expertise in Fintech and Investment with JP Advisory

Having a reliable partner to guide you through the complexities of investing is crucial in the ever-evolving world of finance. JP Advisory is a premier Licensed Investment Advisor in Bahamas and stands at the forefront of this dynamic field offering bespoke financial solutions and fintech business consulting tailored to your unique needs.

Unveiling the JP Advisory Difference

JP Advisory understands that each client's financial journey is unique. That's why our approach is centered around personalized strategies that align with your goals. Our team of experts is dedicated to delivering results that exceed expectations whether you are an individual investor, a business owner or a corporate entity.

Comprehensive Financial Solutions

Our services extend beyond traditional investment advice. JP Advisory is equipped to offer a wide range of financial services as a Licensed Investment Advisor in Bahamas, including:

Portfolio Management: Tailored investment strategies to maximize returns and minimize risks.

Wealth Management: Holistic solutions for wealth preservation and growth.

Retirement Planning: Customized plans to ensure a secure and comfortable retirement.

Estate Planning: Efficient Wealth Protection and Transfer Strategies for Your Financial Security.

Leading the Way in Fintech Business Consulting

JP Advisory's expertise in Fintech Business Consulting positions us as a leader in the field. Our consultants provide insights and strategies to help you leverage the latest technological advancements in finance.

Why Choose JP Advisory?

Expertise: Our team comprises seasoned professionals with extensive knowledge in finance and technology.

Personalization: We believe in crafting solutions that are as unique as our clients.

Innovation: Keeping pace with the newest developments in financial technology to provide advanced solutions.

Integrity: We commit to the utmost standards of professionalism and maintain a steadfast adherence to ethical practices as a licensed investment advisor.

Navigating the Financial Seas with Confidence

The Bahamas offers a favorable investment landscape, known for its stable economy and attractive tax regulations. JP Advisory's deep understanding of the local market, combined with our global perspective, positions us perfectly to navigate these waters.

A Partner for All Seasons

JP Advisory stands as your trusted ally in expanding your assets, preparing for what lies ahead or leveraging the potential of financial technology. Our commitment lies in fostering enduring partnerships grounded in mutual trust, open communication and collective triumphs.

Ready to Elevate Your Financial Journey?

Begin your path to financial mastery with JP Advisory. Reach out now to discover the ways our certified Investment Advisory and financial technology consulting offerings can revolutionize your economic prospects.

[fintechconsultingservices]

Fintech Management Consulting Landscape with Fintech Consulting Services

The Bahamas has emerged as a beacon for innovation and digital transformation in the shimmering waters of the financial world. A service that Fintech Consulting Services excels in providing at the heart of this evolution is Fintech Management Consulting. Fintech Consulting Services is dedicated to guiding businesses through the intricacies of financial technology—whether it's blockchain, digital banking or regulatory tech.

The Fintech Revolution in the Bahamas

The Bahamas is not just about breathtaking beaches and clear blue waters; it's also a growing hub for fintech innovation. Companies in this region are rapidly adopting fintech solutions and Fintech Consulting Services is leading the charge in Fintech Management Consulting in Bahamas. Businesses can navigate the fintech landscape with confidence, harnessing new technologies to drive growth and efficiency with our expertise.

Why Fintech Management Consulting Matters

Fintech is reshaping the financial industry, making transactions faster, more secure and more user-friendly. But with innovation comes complexity. Fintech Consulting Services Fintech Management Consulting Services break down these complexities, helping businesses to:

Adopt Fintech Innovations: We guide companies in integrating the latest fintech solutions into their existing systems.

Navigate Regulatory Challenges: Our expertise in local and international finance regulations ensures that your fintech solutions are compliant.

Enhance Customer Experience: Fintech can revolutionize the way businesses interact with their customers. We help create seamless, secure and engaging digital experiences.

Stay Competitive: In a rapidly evolving digital landscape, staying ahead means adopting cutting-edge technologies. Fintech Consulting Services is your ally in staying at the forefront of fintech advancements.

Fintech Consulting Services: Your Fintech Management Consulting Partner

Fintech Consulting Services Advisory means partnering with a firm that has a deep understanding of both the local Bahamas market and the global financial technology landscape. Our consultants are not just tech-savvy; they are also equipped with the financial acumen to provide advice that’s both technologically sound and financially prudent.

Conclusion If you are aiming to leverage the potential of fintech in the Bahamas, Fintech Consulting Services is your go-to destination. Our specialized Fintech Management Consulting offerings are crafted to ensure your business flourishes in today's digital era. Reach out to us now and let's guide your financial operations toward a horizon filled with boundless opportunities

[quicklycybermoon-blog]

The Bahamas Ready To Regulate Cryptocurrencies

Cryptoregulation is tightening up worldwide. While China and the USA were among the first to crack down on cryptocurrencies, other countries were quick to follow suit. At the beginning of the year, South Korea was on the verge of ruling an outright ban on cryptocurrencies but it eventually preferred to regulate the sector instead of criminalizing it. Japan, on the other hand, designed a self-governing body that should take care of the industry. Iran, Russia, and Venezuela found another solution to the problem by developing their own state-backed cryptocurrencies. Nevertheless, Venezuela's Petro is still the only that is publicly available. Malta, Switzerland, and Estonia on the other hand fully embraced digital assets by adjusting their regulatory frameworks accordingly. When speaking about regulation in the European Union... Well, there isn't such thing there and the downsides are already apparent. But it turns out that the regulation bug has bitten the Bahamas as well. The Nassau Guardian reports that the local authorities are gearing up for the regulation of the crypto market. Indeed it was the Central Bank of the Bahamas (CBOB) that started the initiative by publishing a newly-designed regulatory framework. The discussion paper summarizes: “Standard setting bodies have taken a cautious approach in such critical areas as concealment of criminal activity, investor and consumer protection, and prospective financial stability risks. There has, however, widespread recognition of the benefits of fintech, both for secure and efficient delivery of products and services and as a more effective enabler of risk-based regulatory compliance.” Unsurprisingly, the government wants to approach common problems associated with cryptocurrencies – money laundering, tax evasion, funding of criminal organizations, and blatant scams. CBOB accurately notes that the global regulation of the sector is fragmented, thus making it harder to “manage emerging risks in the fintech arena.” The Central Bank of the Bahamas is, however, using the amendments from the International Monetary Fund as a reference, when building its laws and policies. Companies operating in the Bahamas will have to “demonstrate safe and sound business practices; show that they have systems in place to measure, monitor, and adequately control market and other risks; and ensure that they have in place auditable policies, practices, and procedures to prevent the use of their services for criminal purposes.” Read the full article

[bowsetter]

Bahamas Releases Discussion Paper on Crypto-Asset Regulation

The Central Bank of The Bahamas (CBOB) has released a discussion paper proposing how it intends to regulate digital assets. This includes initial coin offerings as part of efforts to eliminate the alleged threat of tax evasion, fraud and money laundering. However, when regulation eventually comes, it is likely that only a state-issued cryptocurrency will be supported.

Also Read: Nigerian Startups Call for Cryptocurrency Regulation to Stem Investment Outflows

Only State-Sanctioned Digital Assets Likely to Be Allowed

“The bank seeks to enhance the sector’s competitiveness without compromising the integrity or international reputation of The Bahamas, or undermining the financial safety of Bahamian households,” said the CBOB in a statement released Nov. 7. “These considerations are consistent with international best practices.”

CBOB lent support to the international regulatory convention approach, which classifies virtual currencies as ‘crypto-assets’ rather than ‘cryptocurrencies’, “as (this) clearly distinguishes between central bank-issued fiat currency and private sector products such as bitcoin or ripple.”

Under the proposed framework, the island nation is to amend the Payments Instrument (Oversight) Regulations of 2017 “to ensure comprehensive coverage of both Bahamian dollar and foreign currency denominated crypto payments instruments.”

The financial regulator plans to limit the range of digital assets which institutions like commercial banks may transact while banning any direct convertibility between the local fiat unit – or a even a state-backed crypto-asset – and forex-denominated cryptocurrencies. Noting the decision is in line with existing exchange control laws, CBOB warned:

It is likely that only central bank sponsored digital currencies, or payments instruments fully backed by central bank issued currencies or deposits will be eligible for issuance by payment services providers.

Tougher Operating Requirements

In June, Peter Turnquest, The Bahamas deputy prime minister, revealed his government’s plans to introduce a national cryptocurrency aimed at improving financial inclusion among the majority of the islanders who have limited access to banking services. The CBOB’s new discussion paper appears to be preparing for this eventuality, something it has referred to as “modernizing the country’s financial services sector.”

The Bahamian apex bank is seeking to come up with measures to deal with issues relating to market volatility, tax evasion and money laundering, in line with recommendations from the IMF. Until now, the country’s cryptocurrency industry has been a free-for-all, operating outside international best practice, thus making it hard to “manage emerging risks in the fintech arena.”

“The regulations also stress the fitness and propriety of individuals who provide electronic money services, safety and soundness of operations practices – especially when operations become systemically important,”  stated the CBOB in the paper.

“Thus, any business contemplating operations in, or from within The Bahamas would have to demonstrate safe and sound business practices; show that they have systems in place to measure, monitor, and adequately control market and other risks.”

The Bahamas central bank indicated the need to protect investors from ICO-related scams, now a global problem. To that extent, companies will have to prove their credibility by providing evidence to the Securities Commission of the Bahamas (SCB). The report reads:

When the instrument’s purpose is to confer digital access rights as a utility token, there may be no obvious connection to the central bank’s remit, other than the application of the exchange control regulations. This would also be the case for asset-backed/security tokens, where the determined jurisdiction of the SCB may also apply.

The development comes just a few days after Thailand announced that it would be following a similar course of action, regulating ICOs through a dedicated platform that is designed to facilitate due diligence, tighten security and decrease fraud.

What do you think about the Bahamian proposal on cryptocurrency regulation? Let us know in the comments section below.

Images courtesy of Shutterstock and The Nassau Guardian.

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[jacobhinkley]

Taiwanese Fintech Startup Announces Launch of Fiat-Pegged Digital Token

A Taiwanese fintech startup has announced plans to introduce a digital token that is pegged to the value of the New Taiwan Dollar (NTD). Green World Fintech Services will be building their new currency on the Ethereum network.

Green World Patents Tokenisation Process to Protect TWDT from Fraud and Money Laundering

The new NTD-backed currency will be called the Taiwan Digital Token (TWDT). According to reports cited by Taiwan News, the value of the token will use the NTD market to calculate its price. By tying it to an existing fiat currency in such a way, Green World Fintech Services are hoping their creation will be less volatile than other cryptocurrencies such as Bitcoin and Ethereum.

The report in the Taiwanese press states that Green World have patented a unique process for the tokenisation of the NTD. This, they believe, will help to safeguard the new currency from money laundering and potential incidents of fraud.

Green World will be working closely with established financial institutions in Taiwan. This will mean that the accounts of users of the TWDT will be connected with trusted traditional bank accounts. According to Green World, this will serve as a means to verify the personal information of their users. Only those transactions with such links will be permitted.

Pending a successful launch, Green World are hoping to make their TWDT available for users to buy online, as well as through designated machines at various real-world locations.

The Taiwanese government are keen to develop the nation’s digital infrastructure quickly. Green World believe that such a desire will encourage use of their digital token from both businesses and individual users.

The company itself also owns the EC Pay network. According to sources, this is one of the three largest payment processing firms in the nation of Taiwan that specialise in electronic payments. This should uniquely position Green World to take advantage of their existing infrastructure in launching the new digital token.

The fintech startup is also hoping to work closely with various financial auditors. This will help to improve the TWDT, as well as to ensure that it remains compliant of regulations.

However, the report in the Taiwan News alleges that there are voices sceptical of the TWDT. Some believe that the number of tokens in existence will overtake the supply of fiat currency available to the market. To prevent this from occurring, Green World have stated that they will ensure their system is kept as transparent as possible.

Previously at NewsBTC, we’ve reported on other efforts to launch fiat-backed cryptocurrencies. Along with plans from Russia and Goldman Sachs-backed Circle, the Bahamas recently announced their intentions to pursue such a scheme. Last month, the nation’s deputy prime minister stated of the plans:

“The production of a modern fully digital payment service is the way forward for this era of governance.”

Featured image from Shutterstock.

The post Taiwanese Fintech Startup Announces Launch of Fiat-Pegged Digital Token appeared first on NewsBTC.

Taiwanese Fintech Startup Announces Launch of Fiat-Pegged Digital Token published first on https://medium.com/@smartoptions

[joshuajacksonlyblog]

Taiwanese Fintech Startup Announces Launch of Fiat-Pegged Digital Token

A Taiwanese fintech startup has announced plans to introduce a digital token that is pegged to the value of the New Taiwan Dollar (NTD). Green World Fintech Services will be building their new currency on the Ethereum network.

Green World Patents Tokenisation Process to Protect TWDT from Fraud and Money Laundering

The new NTD-backed currency will be called the Taiwan Digital Token (TWDT). According to reports cited by Taiwan News, the value of the token will use the NTD market to calculate its price. By tying it to an existing fiat currency in such a way, Green World Fintech Services are hoping their creation will be less volatile than other cryptocurrencies such as Bitcoin and Ethereum.

The report in the Taiwanese press states that Green World have patented a unique process for the tokenisation of the NTD. This, they believe, will help to safeguard the new currency from money laundering and potential incidents of fraud.

Green World will be working closely with established financial institutions in Taiwan. This will mean that the accounts of users of the TWDT will be connected with trusted traditional bank accounts. According to Green World, this will serve as a means to verify the personal information of their users. Only those transactions with such links will be permitted.

Pending a successful launch, Green World are hoping to make their TWDT available for users to buy online, as well as through designated machines at various real-world locations.

The Taiwanese government are keen to develop the nation’s digital infrastructure quickly. Green World believe that such a desire will encourage use of their digital token from both businesses and individual users.

The company itself also owns the EC Pay network. According to sources, this is one of the three largest payment processing firms in the nation of Taiwan that specialise in electronic payments. This should uniquely position Green World to take advantage of their existing infrastructure in launching the new digital token.

The fintech startup is also hoping to work closely with various financial auditors. This will help to improve the TWDT, as well as to ensure that it remains compliant of regulations.

However, the report in the Taiwan News alleges that there are voices sceptical of the TWDT. Some believe that the number of tokens in existence will overtake the supply of fiat currency available to the market. To prevent this from occurring, Green World have stated that they will ensure their system is kept as transparent as possible.

Previously at NewsBTC, we’ve reported on other efforts to launch fiat-backed cryptocurrencies. Along with plans from Russia and Goldman Sachs-backed Circle, the Bahamas recently announced their intentions to pursue such a scheme. Last month, the nation’s deputy prime minister stated of the plans:

“The production of a modern fully digital payment service is the way forward for this era of governance.”

Featured image from Shutterstock.

The post Taiwanese Fintech Startup Announces Launch of Fiat-Pegged Digital Token appeared first on NewsBTC.

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[seedfinance]

US digital dollar: Will fiat currency ride the crypto wave? | Business and Economy News

The US dollar has been the leading global reserve currency for many decades, backed by the full confidence and creditworthiness of the US government and the value of its powerful economy.

But in recent years, the world’s dominant currency unit has faced an increasing number of threats, from its own inefficient financial infrastructure to the introduction of the Chinese e-yuan to the specter of Facebook’s Diem and cryptocurrencies like Bitcoin.

As countries like the Bahamas, China and Sweden test the viability of the central bank digital currency (CBDC), US policymakers are taking stock.

Two US-based efforts are exploring the concept of a digital fiat dollar at a time when cash is no longer king.

The Digital Currency Initiative at the Massachusetts Institute of Technology (MIT) is working with the Federal Reserve Bank of Boston on research to accelerate the hypothetical currency shift in an experiment called Project Hamilton. The President of the Boston Fed has said that a future “Fedcoin” would mix the functions of Venmo and Apple Pay.

And the Digital Dollar Project, a collaboration between the non-profit Digital Dollar Foundation and consulting firm Accenture Plc, is launching five pilot projects next year. This company hopes to stimulate public discussion and take practical steps towards a CBDC.

“There are a number of reasons why central banks around the world are seriously considering CBDC, including data collection and economic data protection, financial system modernization, financial inclusion, precision in government execution and monetary policy,” said Christopher Giancarlo, co-founder the Digital Dollar Foundation and former US government regulator.

Giancarlo told Al Jazeera that “geopolitical concerns, competition from stablecoins” [like Diem] with bank payment systems and the leadership role in setting standards for the global interoperability of digital currencies ”are also motivating the US.

“The private sector has been exploring the possibilities of digital assets like bitcoin for over a decade, and now the public sector is trying to catch up,” he said.

“Doesn’t need mining blocks”

There is no guarantee the US will successfully adopt a digital dollar, Chris Ostrowski, executive director of the UK-based Digital Monetary Institute, told Al Jazeera.

Progressive, libertarian, and business-minded technologists all have different ideas about what a CBDC should look like without agreeing on goals, design, or functionality.

Digital dollar advocates like Rohan Gray, president of the Modern Money Network and professor at Willamette University College of Law, argue that a nationwide approach can advance a coordinated, multi-path framework.

A number of U.S. lawmakers have proposed digital wallets to help Americans with and without bank accounts get benefits and make payments [File: J Scott Applewhite/AP Photo]Gray believes US President Joe Biden should work with Congress to find a dollar digitization path, just as government agencies – at least in theory – join forces to address complex issues like the coronavirus pandemic, economic recovery, and climate change .

“We’re not talking about an instrument or platform or technology, we’re talking about a wide range of legislative changes,” Gray told Al Jazeera.

One of the controversial solutions being considered by progressives is a proposal by Senator Sherrod Brown, an Ohio Democrat, to create a FedAccount digital dollar wallet so that every American can receive benefits and make payments.

The system would be easily accessible at local banks and would have no fees. This ties in with a bill co-financed by Senators Bernie Sanders and Kirsten Gillibrand for the US Postal Service to provide private customer business.

A related idea is the Public Banking Act, introduced by Representatives Rashida Tlaib and Alexandria Ocasio-Cortez, which aims to “introduce banking as a public utility, a globally proven model for keeping money local and reducing costs by bringing Wall Street middlemen, shareholders and high-paid executives “.

Some digital tokens like Bitcoin rely on energy-sucking Proof of Work (PoW) consensus mechanisms to validate transactions and mint new coins, which involves running thousands of computers working in unison [File: Bloomberg]Gray sees future “eCash” solutions as a populist tool to combat inequality and make money more democratic by offering token-based digital currencies on prepaid cards, alongside account-based ledger technology, in which people hold assets directly at the central bank hold.

Like many left-wing advocates of the digital dollar, Gray says that blockchain – the technology behind cryptocurrencies – is not needed where there is enough centralized trust.

“Blockchain is supposed to be a consensus among a number of colleagues on a common state of affairs, but that’s not the question you’re trying to resolve here,” he said, referring to the way crypto networks verify transactions. “No mining blocks or proof of work are required for this.”

Decentralized crypto and CBDC could one day coexist. But either way, private Bitcoin has accelerated the discussion about the latter partially replacing paper bills and metal coins.

“Advantages and Risks”

Regardless of whether a digital dollar is ultimately based on blockchain or is only influenced by the principles of cryptocurrency, US politicians of all stripes seem to largely agree on the desire not to fall behind in a global competition for the digitization of the greenback .

Many see a U.S. economy that has always pioneered the internet and fintech sectors and fear that at some point Beijing will shift from limited national implementation of its CBDC to a replacement for the popular Alipay and WeChat payment systems that already dominate much of Asia.

On the whole, despite concerns about illegal funding and money laundering, US officials have criticized the impact of the Chinese model on surveillance and consumer data collection.

Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen have both signaled growing support for a digital dollar, though their comments about the lack of complete user anonymity have cast doubt – especially among conservative lawmakers.

Some libertarian members of the US House of Representatives are optimistic about cryptocurrency but pessimistic about major governments. At a June 15 Task Force on Financial Technology hearing, senior Republican member Warren Davidson, an Ohio congressman, suggested that officials are still “learning” about a digital dollar.

Describing the current financial infrastructure as “already secure, effective, dynamic and efficient,” he said the US should push digitization “for the right reasons, not just to put pressure on ourselves.”

Federal Reserve Chairman Jerome Powell has signaled increasing support for a digital dollar [File:  Graeme Jennings/Pool via Reuters]Davidson’s main criticism is of “healthy money” – concerns that digital dollars could potentially undermine stability and prosperity. However, he also warns against moving away from the “permissionless” aspects of cash that allow privacy in peer-to-peer transactions.

He told Al Jazeera that the digital dollar should be created “not as a control tool, but as a store of value and a medium of exchange.”

Patrick McHenry, senior Republican on the House of Representatives Financial Services Committee, called for a thorough study of both the “benefits and risks” and agreed to the Fed’s commitment to “get it right.” [rather] to be the first ”.

Other Republicans focus on the inflationary potential of “printing” too much money or the pitfalls of the public sector trying to mimic what commercial banks are already doing. From a cybersecurity perspective, too, holding the intermediary banks could isolate the Fed.

“Convenient addition to cash”

In connection with the 21st Century Dollar Act, a bipartisan bill requiring the US Treasury Secretary to post status updates on the dominance of the dollar and the progress of the CBDC development, a consensus with Wall Street and financial technology companies could emerge.

About 80 percent of central banks are actively studying the CBDC concept, including the European Central Bank and the Bank of England, which recently published papers on the subject.

Last October, the Bahamas rolled out the “sand dollar,” the first national introduction of such a technology by a central bank. In April, the Central Bank of the East Caribbean presented its DCash. And the Bank of Jamaica plans to launch a digital currency next year.

The Jamaican program uses Ireland-based eCurrency Mint Inc as its technology provider. That company’s chief markets officer, Miles Au Yeung, suggests the US could do the same.

He told Al Jazeera that only the Treasury Department and the Federal Reserve should have the authority to create, issue and distribute this new form of legal tender.

“Each CBDC must be able to function within the financial system’s existing payment channels, including bank accounts, apps and payment cards, while expanding to smartphones, QR codes and other innovative ways to store digital assets,” said Yeung.

“The digital currency needs to achieve instant and final billing,” he added, saying it should be able to scale “massively with minimal energy consumption.”

In the Bahamas, local company NZIA Ltd implemented the new digital currency, which General Counsel John Kim described to Al Jazeera as “the most mature, advanced system of its kind”.

While Jamaica’s CBDC is not based on blockchain, the Bahamas model is a “best of both worlds” hybrid that combines blockchain and centralized systems, says Kim, who adds that he takes a “wait and see” approach to the digital US dollar tracked.

“When redesigning a mission-critical national infrastructure,” he said, “readiness is just as important as readiness.”

source https://seedfinance.net/2021/07/12/us-digital-dollar-will-fiat-currency-ride-the-crypto-wave-business-and-economy-news/

[brettzjacksonblog]

Taiwanese Fintech Startup Announces Launch of Fiat-Pegged Digital Token

A Taiwanese fintech startup has announced plans to introduce a digital token that is pegged to the value of the New Taiwan Dollar (NTD). Green World Fintech Services will be building their new currency on the Ethereum network.

Green World Patents Tokenisation Process to Protect TWDT from Fraud and Money Laundering

The new NTD-backed currency will be called the Taiwan Digital Token (TWDT). According to reports cited by Taiwan News, the value of the token will use the NTD market to calculate its price. By tying it to an existing fiat currency in such a way, Green World Fintech Services are hoping their creation will be less volatile than other cryptocurrencies such as Bitcoin and Ethereum.

The report in the Taiwanese press states that Green World have patented a unique process for the tokenisation of the NTD. This, they believe, will help to safeguard the new currency from money laundering and potential incidents of fraud.

Green World will be working closely with established financial institutions in Taiwan. This will mean that the accounts of users of the TWDT will be connected with trusted traditional bank accounts. According to Green World, this will serve as a means to verify the personal information of their users. Only those transactions with such links will be permitted.

Pending a successful launch, Green World are hoping to make their TWDT available for users to buy online, as well as through designated machines at various real-world locations.

The Taiwanese government are keen to develop the nation’s digital infrastructure quickly. Green World believe that such a desire will encourage use of their digital token from both businesses and individual users.

The company itself also owns the EC Pay network. According to sources, this is one of the three largest payment processing firms in the nation of Taiwan that specialise in electronic payments. This should uniquely position Green World to take advantage of their existing infrastructure in launching the new digital token.

The fintech startup is also hoping to work closely with various financial auditors. This will help to improve the TWDT, as well as to ensure that it remains compliant of regulations.

However, the report in the Taiwan News alleges that there are voices sceptical of the TWDT. Some believe that the number of tokens in existence will overtake the supply of fiat currency available to the market. To prevent this from occurring, Green World have stated that they will ensure their system is kept as transparent as possible.

Previously at NewsBTC, we’ve reported on other efforts to launch fiat-backed cryptocurrencies. Along with plans from Russia and Goldman Sachs-backed Circle, the Bahamas recently announced their intentions to pursue such a scheme. Last month, the nation’s deputy prime minister stated of the plans:

“The production of a modern fully digital payment service is the way forward for this era of governance.”

Featured image from Shutterstock.

The post Taiwanese Fintech Startup Announces Launch of Fiat-Pegged Digital Token appeared first on NewsBTC.

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