The European Union Blockchain Observatory and Forum published its October-November newsletter, which covers the activities and events in EU on topics such as blockchain and artificial intelligence. This issue of the newsletter announces the success of inaugural edition of the Global Blockchain Convergence Congress 2019, which took place in Spain between November 11 and 13. Also released are the thematic report on Blockchain in trade finance and supply chain, an academic paper entitled "Blockchains and Education," and a report on a recent workshop on blockchain in financial services.
With the joint effort of EC, the Observatory, INATBA, and Alastria, the inaugural edition of Convergence was meant to be the first in what will become a yearly meeting between the global blockchain community, regulators, corporates, activists, and the public at large. The convergence attracted nearly 1,400 attendees representing over 50 countries, nearly 230 speakers, and over 80 keynotes, panels, fireside chats, roundtables, and meetings.
The thematic report on Blockchain in trade finance and supply chain highlights that globalization has made supply chains significantly more complex, involving multiple players globally and a great deal of coordination among large numbers of stakeholders that do not necessarily trust each other. While this has driven up operating costs, increased regulation is driving up the cost of regulatory compliance. Many processes are outdated, often paper-based and supply chains suffer from a lack of transparency due to data not being readily available. This report examines how blockchain technology might provide a means to address many of these issues. Additionally, the academic paper on Blockchains and Education provides a succinct, detailed overview of the use of blockchain and distributed ledger technology for education globally, with conclusions and recommendations tailored for a European context.
The newsletter also highlights the following issues that caught the attention of community during the month:
- South Africa plans new rules to stop crypto from being used to evade currency controls
- Like China’s Crypto was not enough, now a BRICS Crypto is on its way
- Which governments are using bockchain right now?
- Regulating the crypto world—new developments from France
- Latest IFC publication on blockchain
- Thematic Report (PDF)
- Academic Paper (PDF)
- Global Blockchain Convergence Congress
- Report on Workshop on Blockchain in Financial Services
Keywords: Europe, EU, Banking, Insurance, Securities, Blockchain, Blockchain Observatory, Newsletter, Fintech, Regtech, Distributed Ledger Technology, Artificial Intelligence, EC
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EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.
BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.
EBA published the quarterly risk dashboard, along with the results of the Risk Assessment Questionnaire survey among 60 banks and 15 market analysts.
ECB published a guide that sets out the supervisory approach to consolidation in the banking sector.
The SRB Chair Elke König published an article setting out work priorities for 2021.
FDIC has selected 11 technology companies—including BearingPoint, Fed Reporter, Inc, and S&P Global Market Intelligence, LLC—for inclusion in the third and final phase of the rapid prototyping competition.
PRA proposed (in CP2/21) an approach to supervising the UK activities of PRA-authorized banks and designated investment firms that are either headquartered outside the UK or are part of a group based outside the UK.
BoE and FCA announced that the Working Group on Sterling Risk-Free Reference Rates has published an update to the priorities and roadmap for the final year of LIBOR transition to help businesses to finish planning the steps they will need to take in the coming months.
OSFI published a discussion paper on climate-related risks that can affect the safety and soundness of federally regulated financial institutions (FRFIs) and pension plans (FRPPs).
SRB has published the checklist for reporting eligible liabilities for minimum requirement for own funds and eligible liabilities (MREL) and the template for the management sign-off form.