ASX considers blockchain for clearing and settlement
Bitcoin’s much-lauded transaction record, blockchain, is being seriously considered as a replacement for the Australian Securities Exchange’s clearing and settlement system. Managing director Elmer Funke Kupper said the ASX, which is in the middle of replacing its trading systems, had a once-in-a-generation opportunity to install the best technology, and blockchain could reduce cost, save time and cut complexity in the clearing and settlement of trades, now done by a system known as the Clearing House Electronic Subregister System (CHESS). Source: ASX considers blockchain for clearing and settlement
Bitcoin flounders as regulatory worries bite
What are your thoughts on this article? Do you believe this is happening? Australian businesses are turning their backs on bitcoin, as signs grow that the cryptocurrency’s mainstream appeal is fading. Concerns about bitcoin’s potential crime links mean many businesses have stopped accepting it, a trend accelerated by Australian banks’ move last month to close the accounts of 13 of the country’s 17 bitcoin exchanges. The development is a blow to hopes of bitcoin fans that the currency can play a significant role in everyday business transactions in developed economies, with Australia once seen as one of its most promising markets. It is estimated to hold 7 per cent of […]
Banks V Bitcoin
Michael Pascoe raises some interesting ideas in this short segment about why the banks are interested in ensuring they don’t do business with those that are involved in legal bitcoin businesses but turn a blind eye towards better known ‘shonks’ using their services. What are your thoughts on the banks using these tactics and do you agree that APRA and the Reserve Bank should start to review this practice?
