Regulatory Round-Up: U.K. Chief Blockchain Officer, DLT Cohort in FCA Sandbox, Central Bank Calls Crypto ”Fallacy”


In recent regulatory information, U.K. minister, Eddie Hughes has released a report which urges for the creation of a “Chief Blockchain Officer,” that the U.K. Financial Conduct Authority has declared a number of dispersed ledger (DLT) businesses have been admitted into cohort 4 of its own regulatory sandbox, and Finland’s Central Bank has released a report calling cryptocurrency that a “fallacy.”

Regulatory Round-Up: U.K. Chief Blockchain Officer, DLT Companies in FCA Sandbox, Central Bank Calls Crypto ”Fallacy”Tory MP, Eddie Hughes, has spread a report to additional ministers titled”Unlocking Blockchain,” which urges for higher adoption of dispersed ledger technologies at the praxis of authorities, also involves the creation of a new administration standing of “Chief Blockchain Officer.”

Hughes asserts that the Chief Blockchain Officer “should be appointed from within the government’s existing task force to coordinate the U.K.’s strategy regarding the application of DLT to public services and data.” The report asserts that the position ought to be enlarged to cover emerging technologies like artificial intelligence as such converge with dispersed ledger technology.

The report also urges the establishment of a long-term goal of “making a 1 percent efficiency saving” through adopting dispersed ledger technology.

Regulatory Round-Up: U.K. MP Calls for ‘Chief Blockchain Officer’, DLT Companies Enter FCA Sandbox, Bank of Finland Calls Crypto a “Fallacy”The United Kingdom’s Financial Conduct Authority (FCA) has published a list of those 29 companies”which were admitted into cohort 4 of their regulatory sandbox to examine advanced products, solutions, business models and delivery mechanisms.” The companies accepted were one of 69 companies that employed for cohort 4 of their regulatory sandbox.

Some of those companies are included in the dispersed ledger tech sector, such as Blockex — a “platform that facilitates the issuance and manages the lifecycle of regulated bonds using DLT,” and Fineqia — a “blockchain-based digital platform that enables companies to issue and administer debt and equity securities, including bonds backed by cryptoassets.”

Other firms working in the DLT industry which were approved in cohort 4 comprise Capexmove, Community First Credit Union, Etherisc, Fractal, Globacap, Natwest, Tokenmarket, Tokencard, Universal Tokens, Word Reserve Trust, also 20|30.

Bank of Finland Calls Cryptocurrency that a “Fallacy”

Finland’s central bank has released a paper titled “The Great Illusion of Digital Currencies” that attempts to supply “analysis of digital currencies, including cryptocurrencies, and their potential as monetary instruments,” and asserts it reveals “the concept of a digital currency is a fallacy.”

The report asserts that money contains “a physical representation of a monetary unit of account,” and such “cannot be digitized, as this would inevitably mean creating a financial record keeping system based on accounts.” Cryptocurrencies, the report asserts, “are not currencies at all but accounting systems for non-existent assets.”

Do that you feel the U.K. (and other authorities ) will probably appoint government places tasked with all of the cryptocurrency and blockchain businesses? Share your ideas in the comments section below!

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