High Court grants proprietary injunction against Bitcoin ...

PART 1. Blockchain Technology As A Document Management Tool

PART 1. Blockchain Technology As A Document Management Tool

https://preview.redd.it/fywgs148q8w31.png?width=960&format=png&auto=webp&s=32941846f01ad676aa78a018132b592ddc9eb8fb
According to experts of the International organization for Standardization (ISO), “blockchain and distributed systems technologies are becoming an important new direction in the development of information technologies; they can be used in many industries to solve a wide range of problems. On the basis of these technologies, it is possible to create new solutions with great potential to accelerate business processes and significantly reduce costs, especially in cases where there is a need for reliable and unchangeable documents within the framework of transactions between individuals or organizations, without the involvement of a trusted third party for this purpose.
Interest in blockchain is growing, and almost every day around the world there are numerous new initiatives in the field of blockchain, distributed registries, and smart contracts”.
Membership: Countries in the International Organization for Standardization

Innovative Features And Potential Impact Of Blockchain Solutions

The following innovative features of blockchain solutions and their potential impact can be distinguished.
  • A key innovation in the use of DLT-systems is a new model of trust, which, unlike traditional systems, does not rely on the authority of the organizer of the system and trust in its participants, nor on the rules of a particular jurisdiction and generally does not require the use of trusted third parties, including certification centers and time stamp services. DLT-the system itself tends to become the universal intermediary who arranges direct communication between the parties to the transaction.
A number of states are already using blockchain solutions as an additional tool to ensure trust in electronic data and documents, independent from the state and from any specific commercial organizations. In principle, the mechanism of consensus in the blockchain system can be configured in such a way that all decisions will be made on the principle of direct democracy (with the “weight” of votes of participants, as a rule, differs significantly depending on their computing power, share in the system and/or other factors).
  • The important point is that in a blockchain system built on the type of Bitcoin, there is no official owner and jurisdiction, no operator to whom it would be possible to make demands and claims (which, depending on the circumstances and the tasks to be solved, can be both good and bad).
Such uncertainty may be useful where, for example, barriers to cross-border interaction related to state sovereignty need to be circumvented and the ability of individual states to interfere in the management of the system, to extract information and to impose sanctions. A blockchain solution can be intentionally created as a neutral trusted “stateless “intermediary. In the absence of an official owner and operator, it is difficult for the law enforcement authorities of a particular country to gain access to confidential information relating to the participants of the DLT system.
  • The principal distribution and/or decentralization of blockchain solutions makes them disaster-resistant, as well as resistant to the impact of certain States. Transactions in DLT systems such as Bitcoin are difficult to track or block, and in combination with the anonymity of participants, such systems can be used, for example, to bypass sanctions.
In the context of destructive sanctions activities of a number of countries that interfere with the normal operation of systems such as SWIFT, Visa, and MasterCard, the introduction of DLT-systems may be a measure that stabilizes financial ties between different countries, including conflicting with each other.
  • It follows from General considerations that solutions based on blockchain technologies and distributed registries can be very effective as a tool to support initially decentralized and not centrally controlled activities and processes. Conversely, traditional solutions are expected to continue to be more effective where activities are centralized or centrally controlled.
The analysis of available materials shows that innovators pay surprisingly little attention to distributed activities so far, all the while trying to replace successfully working traditional solutions with distributed ones in areas where the use of blockchain (under equal conditions) does not promise any special advantages.
  • It seems that the future of blockchain technology and distributed registries are likely to be associated not with “pure” blockchains, but with hybrid solutions that combine strengths and compensate for the weaknesses of traditional and innovative technologies.
As for the legal problems, the solution of which can most determine the further fate of the blockchain (primarily the issue of compliance with the legislation on the protection of personal data of different jurisdictions), such problems can be most easily solved in the case when decisions based on distributed registers are created or accredited by the state, and the rules for processing the same personal data can be established by special laws — as is done in Russia for the main state registers, registers, and cadastres.
Because the technology of the blockchain and distributed registries are very expensive from the point of view of computing and consumption of energy and — in the case of public blockchains will be greater legal uncertainty, their use is not very promising where traditional coping system. In the vast majority of cases, ostensibly indicating the advantages of blockchain, traditional systems are quite capable of reaching a much higher level of efficiency, provided that the existing business processes and the legislative and regulatory requirements for them are similarly revised.
The main driving force for the introduction of DLT technologies so far is the circumvention of existing, sometimes inconsistent, outdated and/or burdensome national and regional regulatory mechanisms and the creation of non-state-controlled transactional systems that support, inter alia, cross-border activities. At the same time, it is quite possible that States, for one reason or another, would prefer (at least for a while) not to get involved in the fight against DLT systems, but also not to revise existing norms, to close their eyes to the fact that the new technology bypasses these norms. It may be recalled that this approach has been and continues to be used in the implementation of, for example, informants and a variety of electronic payment systems that allow certain transactions to be carried out in a simplified manner.
Given the numerous legal problems, it can be assumed that blockchain technology and distributed registries are most likely to develop “under the wing” of the state — within the framework of state or state-accredited systems, the activities of which (including the very difficult issue of personal data protection) can be regulated by special legislation.

Legal Problems

From the point of view of the law, DLT systems are just a subspecies of information systems and business tools. The use of blockchain technologies does not exempt stakeholders from the need to comply with all relevant legislative and regulatory requirements. While the law is also likely to change in order to remove obstacles to the introduction of innovative technologies, these changes will be gradual and long-lasting. In the meantime, blockchain solutions will have to fit into the existing legal system, as well as interact with traditional (paper and electronic) systems used for the needs of public administration and business — for example, with centralized state registers, registers, and cadastres, with systems such as MADO and SMEV, etc.
Legal security of the blockchain system can be ensured if its development, implementation, operation and decommissioning are carried out in such a way that over time, despite changes in legal, technological or social conditions, the following requirements are met:
  • Documents that are stored (or managed through) the blockchain system must retain their business or legal value as long as necessary.
  • Interaction with courts and regulators in all jurisdictions (especially in situations where courts require documents and information or require them to be removed, modified or blocked) should not cause catastrophic consequences for the system (for example, because of a violation of the underlying principle of invariance of records).
  • It should be possible (technical and legal) to submit certain documents to the court or regulator (it should be determined who and how will certify them).
  • The authenticity, integrity, usability, and confidentiality of both the system and the documents stored therein should be ensured in a manner that can be demonstrated to the regulator and the court.
  • Comply with the existing legislative and regulatory requirements for the period of storage, protection of personal data.
  • It should be clear who is responsible for the correct functioning of the system and who compensates for the damage.
  • Operators (or a community of stakeholders) monitor legislative and regulatory changes and take appropriate action.
  • Efforts are being made to solve the problem of ensuring the long-term safety of information in the blockchain.

Experience In The Use Of The Blockchain In Document Management And Archiving

To date, a number of countries have gained experience in the real use of blockchain solutions in document management and archival business. Also within the framework of a number of international research projects, theoretical studies are conducted, as well as practical experience is studied and analyzed. In terms of the few actual practices, Estonia and Georgia are the most illustrative.
In recent years, a number of blockchain studies of archival and documentary orientation have also been carried out.
In Part 2 of the article, we will consider the experience of using blockchain technologies as a document management tool in some countries: Estonia, Georgia, Canada, and the UK.
Material developed by experts IMBA-Exchange
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Binance Exchange and a Cryptocurrency Project Tron Will Become Partners

This is the best tl;dr I could make, original reduced by 56%. (I'm a bot)
The Bill CLOUD was first introduced by the senators in the February of 2018.
Its essence lies in the possibility for the US to enter into bilateral agreements with other countries and to get access to data on citizens and companies that is stored on foreign servers from technology companies, Cointelegraph.
The EFF wrote: "This final, legislatively enacted bill will lead to an erosion of the protection of confidentiality around the world".
"Our companies have long advocated for international agreements and global solutions to protect our customers and Internet users around the world. We have always stressed that dialogue and legislation - not litigation - is the best approach. If enacted, the CLOUD Act would be notable progress to protect consumers' rights and would reduce conflicts of law."
He wrote in his Twitter on the eve of voting in Congress that the vote on the bill is an "Important step" in the significance of CLOUD. According to him, changes in the legislation will allow law enforcement agencies to "Legally receive data from other countries".
Now the judges are deciding whether the US Department of Justice had the right to force the company to provide the customers' emails, which are stored on the servers of the company in Ireland, without the permission of the Irish government.
Summary Source | FAQ | Feedback | Top keywords: bill#1 Law#2 company#3 CLOUD#4 Congress#5
Post found in /Crypto_General, /bitcoinxt, /Economics, /economy, /business, /Accounting, /SecurityAnalysis, /BitcoinAll, /BitcoinUK and /u_thecoinshark.
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"A Sea Of Red": Global Stocks Plunge With Tech Shares In Freefall

While there was some nuance in yesterday's pre-open trading, with Asia at least putting up a valiant defense to what would soon become another US rout, this morning the market theme is far simpler: a global sea of red.

Stocks fell across the globe as worries over softening demand for the iPhone prompted a tech stock selloff across the world, while the arrest of car boss Carlos Ghosn pulled Nissan and Renault sharply lower. Even China's recent rally fizzled and the Shanghai composite closed down 2.1% near session lows, signalling that the global slump led by tech shares would deepen Tuesday, adding a new layer of pessimism to markets already anxious over trade. Treasuries advanced and the dollar edged higher.
S&P 500 futures traded near session lows, down 0.6% and tracking a fall in European and Asian shares after renewed weakness in the tech sector pushed Nasdaq futures sharply lower for a second day after Monday's 3% plunge and crippled any hopes for dip buying. News around Apple triggered the latest bout of stock market selling, after the Wall Street Journal reported the consumer tech giant is cutting production for its new iPhones.
Europe's Stoxx 600 Index dropped a fifth day as its technology sector fell 1.3% to the lowest level since February 2017, taking the decline from mid-June peak to 21% and entering a bear market. Not surprisingly, the tech sector was the worst performer on the European benchmark on Tuesday, following Apple’s decline to near bear-market territory and U.S. tech stocks plunge during recent sell-off. The selloff was compounded by an auto sector drop led by Nissan and Renault after Ghosn, chairman of both carmakers, was arrested in Japan for alleged financial misconduct. The European auto sector was not far behind, dropping 1.6 percent, and the broad European STOXX 600 index was down 0.9 percent to a four-week low.
“Most of Europe had a red session yesterday and that has been compounded by the news on Apple and tech stocks overnight, The overall climate is risk off,” said Investec economist Philip Shaw. “Beyond stocks, the Italian bonds spread (over German bonds) is at its widest in about a month now, and Brexit continues to rumble on - uncertainty is very much hurting risk sentiment,” he added.
Earlier, MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 1.2 percent, with Samsung Electronics falling 2 percent. In Japan, Sony Corp shed 3.1 percent. Japan’s Nikkei slipped 1.1 percent, with shares of Nissan Motor Co tumbling more than 5% after Ghosn’s arrest and on news he will be fired from the board this week.
Meanwhile, as noted yesterday, the CDS index of US investment grade issuers blew out to the widest level since the Trump election, signaling renewed nerves about the asset class.

Exactly two months after the S&P hit all time highs, stocks have been caught in a vicious decline and continue to struggle for support as some of the technology companies that helped drive the S&P 500 to a record high earlier this year tumbled amid a slowdown in consumer sales and fears over regulation, many of them entering a bear market.
At the same time, a more gloomy macro outlook is emerging, with Goldman chief equity strategist David kostin overnight recommending investors hold more cash even as it reiterated its base case of S&P 3000 in 2019.

Ray Dalio disagreed, and said that investors should expect low returns for a long time after enjoying years of low interest rates from central-bank stimulus.
“The easy days of long, global bull markets where you can invest in a tracker for five basis points -- I say this as an active fund manager -- and watch the thing go up, I think those days are gone,” Gerry Grimstone, chairman of Barclays Bank PLC and Standard Life Aberdeen PLC, said in an interview on Bloomberg Television. “It’s going to be a move back to value investing, and back to the Warren Buffett-style of investment.”
In the latest Brexit news, UK PM May is reportedly drawing up secret plans to drop the Irish border backstop and win support from angry Brexiteers, while reports added PM May has received agreement from the EU to drop the backstop plan if both sides can agree on alternative arrangements to keep the border open. Meanwhile, Brexiteers reportedly still lack the sufficient number of signatures required to trigger a no-confidence vote against UK PM May, the FT reported. In related news, Brexit rebels reportedly admitted attempts to oust PM May has stalled as Eurosceptic MPs turned on each other. The Telegraph also reported that the confidence vote now appears to be on hold until after Parliament votes in December on Mrs May's Brexit deal.
Sky News reported that the UK government are to publish new analysis before the MPs’ meaningful vote on the Withdrawal Agreement comparing the “costs and benefits” of Brexit. The impact of three scenarios will be measured; no Brexit, no deal, and leaving with the government's draft deal and a free trade agreement.
In rates, Treasuries rose, driving the 10-year yield down to its lowest level since late September, ahead of Thanksgiving Thursday. Italian government bond yields jumped to one-month high on Tuesday and Italian banking stocks dropped to a two-year low, hurt by risk aversion and concerns over the Italian budget. Euro zone money markets no longer fully price in even a 10 bps rate rise from the European Central Bank in 2019, indicating growing investor concern about the economic outlook in the currency bloc.
In FX, the Bloomberg Dollar Spot Index whipsawed in early London trading even as it stayed near a more than one-week low on concern cooling global growth will slow the pace of Fed rate hikes, keeping Treasury yields under pressure. At the same time, the pound stabilized as Theresa May appealed to business leaders to help deliver her Brexit deal, and evidence mounted that a plot to oust her as U.K. Prime Minister is faltering.
The euro slid as Italian bonds dropped, pushing the yield spread to Germany to the widest in a month; the currency had opened the London session higher, supported by corporate buying in EUGBP. The yen rallied to a month-to-date high as Asian stocks followed a U.S. equity slide while the New Zealand dollar got a boost from a jump in milk production; the Aussie was on the back foot even after the RBA said Australia’s unemployment rate could fall further in the near term. India’s rupee rallied a sixth day after the central bank signaled a compromise with the government in their dispute over reserves.
Bitcoin extended its drop below $4,500 for the first time since October 2017.
WTI crude oil futures hovered around $57 a barrel after oil prices lost steam as fears about slower global demand and a surge in U.S. production outweighed expected supply cuts by the Organization of the Petroleum Exporting Countries. Brent crude slipped 0.9 percent to $66.21 per barrel.
In other overnight news, BoJ Governor Kuroda said there is currently no need to ease further, while he added that there was a need for bold monetary policy in 2013 and now we need to persistently continue with policy. Furthermore, Kuroda suggested that the chance of reaching the 2% inflation target during FY2020 is low. Japanese PM Abe says the next initial budget is to have measures to address sales tax.
India's Finance Ministry sources expect that the RBI will stand pat on rates at its meeting next month.
RBA Governor Lowe states that steady policy is to be maintained for 'a while yet' and it is likely that rates will increase at some point if the economy progresses as expected.
Expected data include housing starts and building permits. Best Buy, Campbell Soup, Lowe’s, Medtronic, Target, TJX, and Gap are among companies reporting earnings.
Market Snapshot
Top Overnight News
Asian stock markets were lower across the board as the risk averse tone rolled over from Wall St, where the tech sector led the sell-off as Apple shares dropped nearly 4% on reports it had reduced production orders and with all FAANG stocks now in bear market territory. As such, the tech sector underperformed in the ASX 200 (-0.4%) and Nikkei 225 (-1.1%) was also pressured with Mitsubishi Motors and Nissan among the worst hit after their Chairman Ghosn was arrested on financial misconduct allegations. Shanghai Comp. (-2.1%) and Hang Seng (-2.0%) were heavily pressured after the PBoC continued to snub liquidity operations and as China’s blue-chip tech names conformed to the global rout in the sector, while JD.com earnings added to the glum as China’s 2nd largest e-commerce firm posted its weakest revenue growth since turning public. Finally, 10yr JGBs were weaker amid profit taking after futures recently hit their highest in around a year and following mixed results at today’s 20yr auction.
Top Asian News - BlackRock Doesn’t Expect Significant Growth Slowdown in China - China Stocks Lead Global Losses as Tech Rout Hits Fragile Market - Stock Traders in Asia Keep Finding New Reasons to Hit ’Sell’ - World’s Largest Ikea to Open in Manila as Company Bets on Asia
Major European indices are largely in the red, with the SMI outperforming (+0.1%) which is being bolstered by Novartis (+1.0%) following their announcement of a joint digital treatment with Pear Therapeutics for substance abuse disorder. The DAX (-0.7%) is lagging its peers, weighed on by Wirecard (-5.0%) following a disappointing change to guidance forecasting as well as weak sentiment across IT names after the FAANG stocks entered bear market territory on Wall St. In particular, the Stoxx 600 Technology sector (-1.9%), dropped to its lowest level since Feb 2017. Meanwhile, Deutsche Bank (-2.5%) are in the red due to reports that the Co processed payments for Danske Bank in Estonia.
Top European News
In FX, the DXY index remains technically prone to further downside pressure having closed below another Fib support level yesterday and testing the next bearish chart area around 96.050-10 ahead of 96.000 even. However, a more concerted bout of risk-off trade/positioning saved the DXY and broad Dollar from steeper declines as the tech-induced sell-off in stocks intensified, and jitters over Brexit alongside the Italian budget returned to the fore.
NZD/AUD - The Kiwi is bucking the overall trend and outperforming in contrast to this time on Monday, with Nzd/Usd rebounding firmly to 0.6850+ levels and Aud/Nzd retreating through 1.0650 to just south of 1.0600 following overnight data showing a hefty 6.5% y/y rise in NZ milk collections for October. Conversely, the Aud/Usd has slipped back under 0.7300 again, and close to 0.7250 in wake of RBA minutes underscoring no rush to hike rates and subsequent affirmation of wait-and-see guidance from Governor Lowe. In fact, he asserts that the jobless rate could decline to 4.5% vs 5% at present without inducing wage inflation, while also underlining concerns about the supply of credit.
JPY/CHF - Both benefiting from their more intrinsic allure during periods of pronounced risk aversion and investor angst, as Usd/Jpy probes a bit deeper below 112.50 and a key Fib at 112.46 that could be pivotal on a closing basis with potential to expose daily chart support circa 112.16 ahead of 112.00. Meanwhile, the Franc has inched closer to 0.9900 and over 1.1350 vs the Eur that remains burdened with the aforementioned Italian fiscal concerns.
GBP/EUR - Almost a case of déjà vu for Sterling and the single currency as early attempts to the upside vs the Greenback saw Cable and EuUsd revisit recent peaks around 1.2880 and 1.1470 respectively, but a combination of chart resistance and bearish fundamentals forced both back down to circa 1.2825 and 1.1425. In terms of precise technical/psychological levels, 1.2897 and 1.1445 represent Fib retracements, ahead of 1.2900 and 1.1500, while the Pound has remained relatively unchanged and unresponsive to largely on the fence pending Brexit rhetoric from the BoE in testimony to the TSC on November’s QIR.
In commodities, gold has stayed within a USD 5/oz range and traded relatively flat throughout the session moving with the steady dollar ahead of US Thanksgiving. Similarly, copper traded lacklustre breaking a 5-day rally because of a subdued risk sentiment stemming from ongoing US-China trade tensions; with Shanghai rebar adversely affected from these factors. Brent (-0.1%) and WTI (+0.2%) are following a relatively quiet overnight session, while recent upticks in the complex resulted in WTI reclaiming the USD 57/bbl and Brent edging closer to USD 67/bbl. This follows comments from IEA Chief Birol that Iranian oil exports declined by almost 1mln BPD from summer peaks. Looking ahead, traders will be keeping the weekly API crude inventory data which is expected to print a build of 8.79mln barrels.
On today's light data calendar, in the US, there should be some interest in the October housing starts and building permits data, especially following Fed Chair Powell’s recent comments acknowledging a slowdown in the housing market and yesterday’s homebuilder data. Away from that, the BoE’s Carney is due to appear before the Parliament’s Treasury Committee to discuss the Inflation Report, while the ECB’s Nouy and Bundesbank’s Weidmann are both scheduled to speak at separate events.
US Event Calendar
DB's Jim Reid concludes the overnight wrap
With the sell-off of the last 24 hours we have now traded through the last of our YE 2018 top level credit spread forecasts as US HY widened 6bps to +424bps (YE 2018 forecast was 420). We still think US HY is the most expensive part of the EUR & US credit universe but as discussed above, last night we’ve become more optimistic on all credit in the near-term after what has been the worst week of the year. Credit massively under-performed equities last week but equities caught up on the downside yesterday. The sell-off was underpinned by the FANG names selling off, an accounting scandal emerging at Nissan, oil swinging around and the US housing market spooked by weak data.
Just on the market moves first, the NASDAQ and NYFANG indexes slumped -3.03% and -4.28% yesterday, registering their fourth and third worst days of the year, respectively. Facebook and Apple fell -5.72% and -3.96% respectively, as the sector remains pressured amid a slew of negative PR and the spectre of stricter government regulation. Over the weekend, Apple CEO Tim Cook said in an interview that “the free market is not working” and that new regulation is “inevitable”. This negatively impacted highly-valued social media companies. Twitter and Snapchat traded down -5.02% and -6.78% respectively. The tech sector was further pressured after the WSJ reported that Apple had cut production orders in recent weeks for the new model iPhones, with chipmakers broadly trading lower and Philadelphia semiconductor index shedding -3.86%. The S&P 500 and DOW also slumped -1.66% and -1.56% respectively while in Europe the STOXX 600 turned an early gain of +0.71% into a loss of -0.73%. In credit, cash markets were 2bps and 11bps wider for Euro IG and HY and 2bps and 6bps in the US. CDX IG and HY were, however, 3bps and 11bps wider, respectively. Elsewhere, WTI oil first tested breaking through $55/bbl yesterday, after Russia stopped short of committing to supply cuts, before recovering to close +0.52% at $56.76.
Bond markets were relatively quiet, with Treasuries and Bunds ending -0.4bps and +0.6bps, respectively, albeit masking bigger intraday moves. BTP yields rose +10.6bps to 3.597%, within 10 basis points of their recent closing peak, as rhetoric between Italian officials and their European peers continued to intensify. Finance Ministers from Austria and the Netherlands separately spoke publicly about their concerns, and expressed their hope that the European Commission will loyally enforce the fiscal rules. Italian Finance Minister Tria tried to calm conditions by framing the disagreement as relatively minor, though he also accused the Commission of being biased against expansionary policies, which he argued are needed to avert a macro slowdown.
Back to credit, as we highlighted yesterday, the recent weakness in the asset class has become a talking point for broader markets and while our view is now that value is starting to emerge, there are an increasing number of idiosyncratic stories plaguing the market. There were a couple more examples yesterday with the aforementioned story about Nissan removing its chairman after being arrested for violations of financial law. This caused Renault’s CDS to widen +25.0bps (equity down -8.43%), while Vallourec bonds dropped 15pts after falling 11pts on Friday as concerns mount about the company’s rising leverage in the wake of recent results. Like we’ve see in equity markets, it does feel like credits are now getting punished with sharp moves in the wake of negative headlines Certainly something to watch, but as we said above, credit is now much more attractively priced than it has been for some time.
From steel tubing to Downing Street, where we’ve actually had a rare temporary lull for Brexit headlines over the last 24 hours, although behind the scenes it does look we’re getting closer to the threshold for a confidence vote in PM May with the Times yesterday reporting that “senior Brexiteers” had told reporters that they had “firm pledges” from over 50 MPs to submit letters. As a reminder, 48 are needed to trigger the process. Looking further out, yesterday DB’s Oliver Harvey published a report arguing that there is still a path towards an orderly Brexit based on the existing Withdrawal Agreement should May survive a confidence vote. This path is provided by the political declaration on the future economic relationship. The latter has yet to be negotiated, and as the EU27 and UK recognise in the joint statement, the existing temporary customs arrangement (TCA) already provides a basis for a future economic relationship. Oli argues that the UK should push for the political declaration on the future relationship to explicitly commit the UK to a form of Brexit that might be described as “Norway plus.” The temporary customs arrangement would become permanent, but under the governance framework of UK membership of the EEA and EFT. The UK should tie the political declaration on the future relationship to the good faith clause in the existing Withdrawal Agreement, meaning that if negotiations were not pursued on these lines after the transition period had begun, the UK could withhold payments from the EU27. This would help to allay concerns from across the political divide that the UK would be “trapped” in a sub optimal customs union with the EU27.
Meanwhile, to complicate matters, Bloomberg has reported that the EU is mulling over issuing a series of separate statements on Brexit on Sunday, in addition to the Withdrawal Agreement and the Political Declaration. This comes after pressure from some EU countries not to appease any additional UK demands. Elsewhere, the SUN has reported that the PM May has drawn up a secret plan to scrap the Irish backstop arrangement in an attempt to win over angry Tory Brexiteers after a meeting with them yesterday. However, if a mutually agreeable solution couldn’t be found over the last couple of years, it seems tough to imagine one was finally found yesterday afternoon. We’ll see.
Further adding to the complexity of where Brexit heads, last night the DUP abstained on the UK finance bill, which implements the budget. This stops short of their prior threat to actively vote against the legislation, but is still a surprise and signals that further political turbulence between PM May and the DUP is likely. The bill only just scraped through. Sterling finished +0.14% yesterday and this morning is trading flattish (+0.02%) in early trade.
Sentiment more broadly in Asia is following Wall Street’s lead with almost all markets trading in a sea of red. The Nikkei (-1.25%, with Nissan Motors down as much as -5.41% and Mitsubishi Motors -6.71%), Hang Seng (-1.84%), Shanghai Comp (-1.63%) and Kospi (-0.96%) are all down along with most other markets. Elsewhere, futures on S&P 500 (-0.29%) are extending losses as we type.
Back to yesterday, where as we mentioned at the top, weak US homebuilder sentiment survey data played its part in the moves for markets. The November NAHB housing market index tumbled to 60 from 68 in October after expectations had been for just a 1pt drop. That’s the lowest reading since August 2016 and biggest one-month drop since February 2014. The details weren’t much better and falls into line with the expectation of a softer outlook for housing. As you’ll see in the day ahead we’ve got more housing data in the US today so worth keeping an eye on even if the October data for starts could be distorted by Hurricane Michael.
As far as the day ahead is concerned, we’re fairly light on data today with Q3 employment stats in France, October PPI in Germany and November CBI total orders data in the UK the only releases of note. In the US, there should be some interest in the October housing starts and building permits data, especially following Fed Chair Powell’s recent comments acknowledging a slowdown in the housing market and yesterday’s homebuilder data. Away from that, the BoE’s Carney is due to appear before the Parliament’s Treasury Committee to discuss the Inflation Report, while the ECB’s Nouy and Bundesbank’s Weidmann are both scheduled to speak at separate events.
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Bitcoin Regulation w/ Gem, Chainalysis, Perianne Boring, & Marco Santori Karen Hsu: Cryptocurrency Regulation, Dash vs. Bitcoin Privacy, Crypto Taxes & Blockchain Analysis Bitcoin Q&A: Coin selection and privacy Bitcoin Brief w/ Jimmy Song - DeFi Hacked AGAIN! BTC Privacy & Mining Hardware EB72 – Siân Jones: Cryptocurrency Regulation Update: Uk, Isle Of Man, California, Bitlicense

On 10 January 2020 changes to the Government's Money Laundering Regulations came into force. They update the UK's AML regime to incorporate international standards set by the Financial Action Task Force (FATF) and to transpose the EU’s 5th Money Laundering Directive. This page highlights some specific new areas that firms need to comply with. Blockchain and distributed ledger technology offers significant and scalable processing power, high accuracy rates, and apparently unbreakable security at a significantly reduced cost compared to the traditional systems the technology could replace, such as settlement, trading or accounting systems. Like all new technology however, it poses challenges for suppliers and customers. Recent legislation in the UK curtails the confidentiality professionals like lawyers and accountants can maintain at the expense of the state. Accountants, for example, are required to disclose to the state any suspicions of fraudulent accounting and, even, the legitimate use of tax saving schemes if those schemes are not already known to the tax authorities. Breach of confidence in English ... «The Bitcoin Exchange Limited» - a site containing information about the Goods and/or Services and/or Other values for the user, the Seller and/or the Service Provider, which allows the selection, ordering and/or purchase of the Goods, and/or receipt of the service. 2.1.3. Site Administration - authorized employees to manage the Site, acting on behalf of «The Bitcoin Exchange Limited». 2.1 ... Using the services of Chainalysis (a blockchain investigations firm), it was quickly established that 80 Bitcoin had been sent to a wallet held at Coinbase UK Ltd, the UK arm of San Francisco-based Coinbase, one of the world’s leading cryptocurrency exchanges. (The other 20 Bitcoin were sent to various local Bitcoin exchanges.) Stewarts applied for an APO to secure the 80 Bitcoin and a ...

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Bitcoin Regulation w/ Gem, Chainalysis, Perianne Boring, & Marco Santori

Discussion topics included the state of regulation as it affects Bitcoin, New York's Bitlicense, and the role of identity and risk management in this new field of Digital Currency. Category ... Greg Maxwell explains new features enabled by Elements sidechains: Confidential Transactions, Issued Assets, Strong Federations and the two-way peg. (Recorded in 2015) He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters. Bitcoin Brief w/ Jimmy Song - DeFi Hacked AGAIN! BTC Privacy & Mining Hardware👉 Subscribe so you don't miss the next one: http://bit.ly/2QKVDdV SAVE THE DATE... Epicenter Bitcoin Regulatory Correspondent and founder of COINsult Siân Jones joined us for an update on the state of Bitcoin regulation in a variety of jurisdiction. Topics included: - The ...

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