Fed chair says cryptocurrencies have no intrinsic value; Barry Silbert remarks Bitcoin unaffected by negative comments

Federal Reserve chain Jerome Powell voiced his concerns this week over the risks posed by cryptocurrencies, CNBC reported. While central bankers are cautioning investors against cryptocurrency investments, Barry Silbert, CEO of Digital Currency Group, believes that bitcoin price is on the path to its recovery.

U.S. Consumer Financial Protection Bureau launches fintech regulatory sandbox

The U.S. Consumer Financial Protection Bureau (CFPB) has launched a fintech regulatory sandbox, acting director Mick Mulvaney said this week, according to report from the Wall Street Journal. The team will be led by Paul Watkins, who was recently selected to lead the Bureau’s new Office of Innovation. Mulvaney said that he expects the innovation office to look closely at emerging financial technologies, including blockchain and cryptocurrencies.

Financial Stability Board publishes framework to monitor crypto-assets

The Financial Stability Board (FSB), an international body monitoring the global financial system, has published a framework to monitor the implications of crypto-assets on financial stability. The FSB has published “Crypto-assets: Report to the G20 on the work of the FSB and standard-setting bodies”. The framework has been developed by the FSAB, in collaboration with the Committee on Payments and Market Infrastructures (CPMI).

RBI’s ban on cryptocurrencies continue momentarily, Supreme Court of India lists matter on September 11th for final disposal

For now, the prohibition of the banks for the conversion of digital currencies to Indian Rupee (INR) has to continue. The Supreme Court of India has not lifted the ban off. The further hearing has been scheduled next hearing on 11th September 2018.

Hong Kong Monetary Authority to go live with blockchain-based trade finance platform in August

The Hong Kong Monetary Authority (HKMA) is set to launch a blockchain-based trade finance platform next month, The Financial Times reported. The platform has been designed by OneConnect, Ping An Group’s financial technology company, and will be one of the earliest government-backed blockchain trade finance platforms to go live.

CFTC warns with guidance alerts to customers to use caution and research before purchasing Crypto-coins

CFTC (Commodity Futures Trading Commission) warns again on crypto trading, informed customers to use caution and go through extensive research before purchasing virtual coins or tokens, including those that are self-described as “utility coins,” or “consumption coins.”

Investors earning over $1,800 a year in crypto must declare tax: Japan’s National Tax Agency

Japan’s National Tax Agency (NTA) is going to implement a new strategic policy aimed at enhancing the environment for people and businesses to declare their income tax returns related to cryptocurrencies, Bitcoin.com reported.

New York grants eighth BitLicense to bitcoin startup BitPay

Bitcoin payment processor BitPay has received its Virtual Currency License from the New York Department of Financial Services (DFS). With the virtual currency License, BitPay is authorized to offer clearing and settlement services to merchants willing to accept payment in bitcoin or issue payments in bitcoin.

Blockchain consortium R3 not pursuing IPO path at the moment

Enterprise software firm R3, which leads a global blockchain consortium of over 200 organisations, is considering initial public offering (IPO), Bloomberg reported. However, in an official statement on the matter, R3 said that “an IPO is not a path we’re pursuing at this time.”

Investments/Acquisitions/ Fund-raising:

Points raises $8M to bring blockchain and AI to credit rating

Peter Gabriel backs blockchain startup Provenance’s latest funding round

Blockchain startup Nervos Network raises $28M from Sequoia China, Wanxiang Blockchain and others

EOS developer Block.one secures investment from Peter Thiel, Bitmain and others

Partnerships/Consortiums:

NatWest joins R3’s trade finance blockchain consortium Marco Polo

Siemens-backed blockchain startup LO3 Energy’s Exergy joins Energy Web Foundation

Canadian credit union coalition LCUC latest to join R3’s blockchain network

Digital Currency and Blockchain Initiatives

BBVA signs €100M corporate loan with ACS using blockchain

Indian telecom regulator TRAI taps blockchain technology to curb spam calls

eGovernment solution provider CrimsonLogic launches blockchain cross-border trade platform in Singapore

Huobi launches cloud business arm to facilitate building digital asset exchanges

Neufund joins Malta Stock Exchange and Binance to build blockchain-based exchange for equity tokens

Blockchain platform KODAKOne to develop payment solution on Stellar

Lufthansa, SAP launch Aviation Blockchain Challenge

Wells Fargo files patent to tokenize sensitive financial data

Sun Exchange, Powerhive to accelerate energy access in Kenya through crypto-economy

Stronghold announces asset-backed USD Token, collaborates with IBM

Columbia University, IBM set up new blockchain and data transparency research center

Oracle officially launches Blockchain Cloud Service

Japan’s SBI Holdings opens VCTRADE cryptocurrency exchange to public

LINE’s BITBOX cryptocurrency exchange goes live, partners with BitGo

Unilever joins Blis’ blockchain project to bring transparency to digital advertising

NEM.io Foundation sets up blockchain hubs in Australia and New Zealand

Banco Santander sets up new team to explore blockchain use in securities transactions

Accenture, Thales demonstrate blockchain solution for aerospace and defense supply chains