Davos 2017: China unites 25 countries to establish Global Blockchain Business Council

On January 17, the governmental and industrial representatives from China and 25 other countries gathered in Davos, Switzerland for the Davos Forum. According to the latest update provided by Tai Cloud Corporation to EconoTimes, Jamie Elizabeth Smith, the former spokesperson and special assistant of the U.S. president Obama, announced that the Global Blockchain Business Council (GBBC) is formally established.

ECB must understand impact of Central Bank Digital Currency on price stability before introducing it: Yves Mersch

Yves Mersch, Member of the Executive Board of the ECB, discussed on how the bank could design, issue, and manage a central bank digital currency that will be used alongside cash. He focused on one type of digital currency, which is Central Bank Digital Currency, or Digital Base Money (DBM). Mersch said that ECB, in particular, has to understand the impact of either positive or negative of DBM on the primary objective of price stability before considering introducing it.

Cryptocurrency exchange Coinbase receives Bitlicense from New York Department of Financial Services

Leading cryptocurrency exchange Coinbase has announced that it has received Bitlicense from the New York Department of Financial Services (NYDFS) to carry out its operations in the state.

European banking giants collaborate to develop blockchain-based platform for SMEs

Seven European banking giants have joined to develop a shared cross-border trade finance platform for small and medium-sized companies using the power of the blockchain technology, Finextra reported. According to the statement, the seven banks Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Société Générale and UniCredit have signed a Memorandum of Understanding (MoU) in Brussels. With the MoU, the partners intend to collaborate on the development of a new product Digital Trade Chain (DTC).

Israeli government clarifies tax guidelines for bitcoin users

The government of Israel has issued a notice to the users of virtual currencies clarifying the tax guidelines that apply to them. In a statement released last week, the Israel Tax Authority (ITA) said that the Bank of Israel does not consider virtual currency as “foreign currency” and therefore they will be considered in accordance with the Income Tax Ordinance.

SEC Nigeria issues warning against cryptocurrencies

The Nigerian Securities and Exchange Commission (SEC) has issued a warning on investments in cryptocurrencies such as Swisscoin, OneCoin, Bitcoin and others. The agency said: “The Commission, wishes to alert the public that none of the persons, companies or entities promoting cryptocurrencies has been recognized or authorized by it or by other regulatory agencies in Nigeria to receive deposits from the public or to provide any investment or other financial services in or from Nigeria.”

National Bank of Kazakhstan warns against cryptocurrencies

The National Bank of Kazakhstan has issued a warning against the use of cryptocurrencies and related investments. The bank noted that there are organizations that offer investments services related to cryptocurrencies to the people. These organizations promise high returns that are not comparable to the prevailing rates in the financial markets. The bank further said that these organizations shut all activities when they are unable to meet current obligations.

Digital Currency/Blockchain research studies:

FINRA calls security industry participants to collaborate on blockchain tech to ensure regulatory compliance

Chinese blockchain alliance ChinaLedger releases white paper

Blockchain technology could help investment banks save $12 billion a year: Report

Conferences/ Events:

Moscow Blockchain International Meetup to discuss bitcoin scaling         

INTERPOL Doha conference to discuss risks with digital currencies

London Blockchain Expo 2017 to showcase Stratis Platform solution

Brian Behlendorf to provide Hyperledger Blockchain Project update at Open Source Leadership Summit 2017

Russian Perm Winter School to host blockchain and fintech event in February

Important deals, partnerships, and more:

WISeKey announces two new blockchain-focused partnerships

Hyperledger welcomes new blockchain project Cello

Mercuria, ING and Societe Generale test blockchain for first large oil trade

Blockchain partners with Imperial College London to launch Digital Asset Research Lab

German blockchain-focused VC Neufund raises €2M

Blockchain firm SatoshiPay secures £700K investment from Blue Star Capital