Anndy Lian argues “Recent crypto pumps are very different from the GameStop surge.”

On the article published by CryptoNews “Are GameStop-Style Surges In Crypto Any Different From Old Pumps & Dumps” on 7 February 2021, Anndy Lian commented on the current events of XRP and DOGE coin. Anndy argues that the recent crypto pumps are very different from the GameStop surge.

This view is shared by crypto advisor and investor Anndy Lian, particularly when it comes to XRP’s movement.

“For XRP, it was the same old game we’ve seen for a long time in the crypto space. They use news hype to draw retail investors. The retail investors think that they are fighting against the [US Securities and Exchanges Commission], but they are merely being used by the house,” he told Cryptonews.com.

As for DOGE, Lian suggested that its recent spike is a continuation of previous jumps that have been caused largely by its enthusiastic community of evangelists.

“In early Jan 2021, DOGE had already doubled its price. Last bull market, DOGE was upped 100X,” he said.

Anndy then went on to say that the recent craze for coordinated pumps is sustainable, even for GameStop and other traditional stocks.

“If you look at GameStop and AMC now, [they’ve] fallen by more than 70%. This proves again that this is not sustainable.”

This is particularly the case in crypto, even if neither DOGE nor XRP has actually fallen as much as GameStop from recent highs.

Anndy has also openly commented on Twitter on his views on the recent events.

The full article can be found at CryptoNews or on Google News: https://cryptonews.com/exclusives/are-gamestop-style-surges-in-crypto-any-different-from-old-p-9151.htm

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Ripple Bets On the New SEC While the XRP Purge Continues

It looks like major US-based blockchain company Ripple is putting their hopes in the new US Securities and Exchange Commission (SEC) following a lawsuit filed against the company by the regulator. Meanwhile, more platforms are suspending trading in XRP.(Updated at 16:08 UTC: updates in bold.)

Ripple is now looking towards the incoming new SEC leadership, which may (or may not) be more friendly towards it and XRP. “[W]e also look forward to working with all of the Commissioners and the SEC’s new leadership, once appointed,” they said in their December 29 announcement.

They added that “in all, the SEC Chair, six of his Directors from each SEC Division, the SEC’s Chief Economist and the SEC’s General Counsel have now departed (many left just last week),” and added that their “steadfast commitment to constructive regulatory engagement has not changed.” (Learn more: Cryptoverse Might Face ‘More Aggressive’ SEC Under Biden)

As reported, Ripple is questioning the motivation for bringing this action against them just days before the change in administration because “the SEC has permitted XRP to function as a currency for over eight years.”

Meanwhile, among the latest announcements regarding the staff change on the SEC’s website is the one that Sean Memon will conclude his tenure as the agency’s Chief of Staff in January 2021. Memon served as principal advisor to Chairman Jay Clayton on legal, policy and management matters, it said. It was announced in November that Clayton himself would leave by the end of this year, and just yesterday it was confirmed that Donald Trump designated Elad L. Roisman as Acting Chairman of the agency, who is generally said to be crypto-friendly.

Calling the lawsuit an attack on the entire crypto industry in the US that brought more uncertainty to the market and harm to the community the SEC is supposed to be protecting, Ripple said the lawsuit “affected countless innocent XRP retail holders with no connection to Ripple.”

Following the news, XRP erased almost all its gains over the past 12 months.

The company added that Ripple will continue operating in the US and globally, that the majority of their customers aren’t in the US, and that overall XRP volume is largely traded outside of that country.

An initial pretrial conference in the lawsuit has been set for February 22, according to a court order.

Meanwhile, exchanges continue their ‘evictions’ of XRP, so to say. Following several minor exchanges, as well as major ones like Coinbase and BitstampBittrex said it would be removing four available XRP markets (around USD 20m in combined trading volume in the past 24 hours, per Coinpaprika.com data) on January 15.

“Until further notice, customers will continue to have access to their XRP wallet on Bittrex after the markets are removed,” they added.

Also, Swipe Wallet will delist XRP for the USA users on January 5. Crypto buying app Ziglu will suspend XRP trading on January 12 and digital payment services provider Wirex decided against including XRP in a US version of the app slated for launch in January, The Block reported.

Meanwhile, in their latest report, Arcane Research predicted that XRP will drop out of the top 10 coins by market capitalization in 2021. “XRP has experienced terrible volatility lately with the SEC charges against Ripple, leaving late investors with big losses. XRP is about the erase all gains of 2020,” it said.

XRP has already dropped from the third position as the largest cryptoasset by market capitalization to the fourth following the crackdown.

At pixel time (10:23 UTC), XRP trades at USD 0.21 and is down by 4.6% in a day and 38% in a week. The price crashed by 66% in a month, erasing its gains over the past 12 months to less than 9%.

XRP price chart:

Ripple Bets On the New SEC While the XRP Purge Continues 102
Source: coinpaprika.com

Original Source: https://cryptonews.com/news/ripple-bets-on-the-new-sec-while-the-xrp-purge-continues-8764.htm

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Anndy Lian’s comments on fighting scams quoted on Decrypt.co “Hackers Impersonate Crypto Exchange Gemini on YouTube”

Youtube related scam advertised videos continue to flourish on Youtube. Decrypt media publish an article yesterday on hackers impersonating Gemini Crypto Exchange on Youtube. Anndy Lian was also being quoted in the article.

Anndy’s commented in October openly on Twitter urging Youtube to get rid of misleading video that offers an extraordinary return in their investments.

“Come on @YouTube, please get rid of this fake LIVE videos, 105,000 watching, 2800 likes. I am sure @tylerwinklevoss @cameron @Gemini are not and will not run such schemes. #Crypto has a good future, let’s protect it.”

He has also cautioned all that we should be alert and not fall for the scams that are published.

“Always remember, if it is too good to be true, it is most likely not real. If you need to deposit into some strange address first and they promise 5 times more, it is most likely a scam. Do not fall for such traps.”

 

Such scam-like videos have been floating around for a while. Many of us have seen similar videos with Binance or Ethereum on them. These are all fake. And in July (reported by BBC), Apple co-founder Steve Wozniak sued YouTube for allegedly allowing scammers to use images and videos of him to defraud people.

“Crypto giveaway scams must be stopped. If Youtube cannot cope with this, we should try our best to inform and educate everyone about this. I do not want the general public to think that this is how the crypto space is like. Let’s fight the scams together.” Anndy Lian added.

For users who have encountered spam or scam videos or even comments on Youtube. Youtube staff review reported videos 24 hours a day, seven days a week. All is needed is to sign in to Youtube, there is a drop down menu below the player and click “Report”. For more information, you can follow the instruction on this link.

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Hackers Impersonate Crypto Exchange Gemini on YouTube

FCA-regulated crypto exchange Gemini exposed two fake YouTube channels on Twitter yesterday.

In brief

  • Crypto exchange Gemini has been impersonated by two YouTube accounts.
  • This kind of thing has been an issue in recent months.
  • Ripple CTO David Schwartz has also experienced problems with YouTube’s impersonation rules.
A hacker took over two YouTube accounts to appear as though they were associated with crypto exchange Gemini, according to a tweet from the company yesterday.

YouTube does not allow impersonations of people or channels on its platform, but impersonations remain an ongoing issue for the social media giant. On this occasion, the hackers rebranded the relevant YouTube accounts with Gemini’s brand name, as well as the crypto exchange’s logo. And Gemini wasn’t too happy.

“These scam accounts are not our company. We have reported these accounts to YouTube,” said Gemini’s official Twitter account yesterday.

What’s more, this is a problem that has appeared to persist for Gemini in recent months.

In October of this year, Twitter user Anndy Lian publicly asked YouTube to bring down fake videos that pretended to be associated with Gemini, as well as the crypto exchange’s co-founders and brothers, Tyler and Cameron Winklevoss.

“Come on YouTube, please get rid of this (sic) fake LIVE videos, 105,000 watching, 2800 likes. I am sure Tyler Winklevoss, Cameron Winklevoss, Gemini are not and will not run such schemes,” Lian said.

In July, Gemini itself addressed yet another scam alert, admitting it had been “getting DMs about fake Gemini profiles on various social media platforms.”

Gemini is not alone in running into problems on Youtube. Ripple CTO David Schwartz was banned in April for impersonating…himself. Looks like YouTube just can’t quite hit its mark.

Original Source: https://decrypt.co/50736/hackers-impersonate-crypto-exchange-gemini-on-youtube

Author: Scott Chipolina

This article is also in Russian and Turkish and is searchable on Google News.

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Yahoo Finance: Anndy Lian Spoke at Economics Summit 2020: “Cryptocurrency recreates the future of finance.”

Singapore, Singapore, Dec 5, 2020 – (ABN Newswire) – COVID19 has brought uncertainty to every sector. The financial industry has not been spared. There are vital concerns that are emerging for the Banking & Capital Markets. Economics Summit 2020, held on 2 November 2020, gathered a panel of industry experts to discuss current challenges and share future insights on the topic. Anndy Lian, one of the panelists, shared insights on Central Bank Digital Currencies (CBDC) and its form in the future.

The panel consists of Kent Choi (Team Leader, Credit Suisse), Yvonne Zhang (Director, Risk Advisory, Deloitte), Andrew Colquhoun (Executive Director, Monetary Authority of Singapore), and Anndy Lian (Advisory Board Member, Hyundai DAC) and moderated by Pau Khua Mung.

The topic of Central Bank Digital Currencies (CBDC) came up during the discussion. CBDC is known as a new type of currency that governments around the world are experimenting with. It is issued and controlled by the central bank is managed on a digital ledger or blockchain, the same technology that underpins cryptocurrencies such as bitcoin. CBDC also aims to expedite and increase the security of payments between banks, institutions, and individuals.

Andrew Colquhoun, MAS, mentioned that: “Digital currencies are a key area for MAS and central banks globally. Consensus views across different institutions show no immediate urgent use case for CBDC in this region. Many central banks are adopting a wait and see approach and still on a consultation basis.”

Further accelerating central banks’ considerations for the issuance of CBDC, Anndy Lian, Hyundai DAC added: “CBDCs are very early-stage and I believe CBDC is here to stay. CBDC is a form of digital fiat powered by blockchain for many, is traceable and accountable. It works 24/7, nonstop around the clock.” He also went on to clarify that CBDC is not a cryptocurrency. “We must be clear on this and not lumped this (CBDC) into the bucket of cryptocurrencies. There are also crypto companies looking at adding cryptocurrencies on top of CBDC and acting as a bridge. But this is a different concept.”

Digital currencies are still early. It is essential to understand the pros and cons behind it. Digitalization has prompted both regulators and the public to demand increased privacy. Same for CBDCs. Many technologists believe that the right design structure for CBDCs will ensure privacy. “There are many misconceptions on the technology and concept. It will take time to design a suitable model. In my opinion, CBDCs complement and not replace cash. Cryptocurrency recreates the future of finance.” Anndy sums up.

Economics Summit 2020 is an annual event organized by SIM Economics Society (SIMES). SIMES is a student-led society at the Singapore Institute of Management (SIM) committed to learning and researching global economic challenges.

Kevin Kristano, VP in Marcomm, SIMES thanked all the speakers and his colleagues for making this event possible and told the reporter: “Covid-19 has accelerated a vast array of technology adoption and digital transformation in several industries, like banking and finance. I believe that this change is imminent, regardless of the pandemic. I look forward to how this technological shift would affect the global economy.”

The two days summit ended on 2 November 2020. To view the video recording for this panel, go to https://youtu.be/hwgfXNUuwsw

Contact:

Name: Jenny Zheng
Title: Editor
Email: [email protected]
Website: www.blockcast.cc

 

Source: https://au.finance.yahoo.com/news/anndy-lian-spoke-economics-summit-073400312.html

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앤디 리안, 디지털 위크 온라인서 ‘블록체인·암호화폐 경험 공유

“블록체인 산업에는 많은 보풀이 있습니다. 정부가 여러분의 말을 들으려면 실용적이어야합니다”.

현대 DAC테크놀로지의 자문위원 앤디 리안(Anndy Lian)이 디지털 위크 온라인(Digital Week Online)에서 ‘공공 부문에서 블록 체인 및 암호 화폐 탐색’ 주제로 기조 연설을 했다.

디지털 위크 온라인은 10월 12일부터 16일까지 개최된 온라인 서밋이다. 이 이벤트는 기술 전문가, 사업가, 작가, 투자자, 혁신가, 주요 기업 및 정부 부서를 하나로 묶었다.

기조 연설에서 앤디는 블록 체인과 암호 화폐의 사용 측면에서 여러 정부를 다루는 방법에 대한 자신의 경험을 공유했다. 간단한 개요를 제공하는 것으로 시작했으며 블록체인 기술은 아마도 금세기에 가장 훌륭한 예술 작품 중 하나 일 것라고 말했다.

이 기술은 탈 중앙화 원장이며 추적 성 및 추적과 같은 핵심 기능을 통해 변경할 수 없으며 금융, 제조, 공급망 및 정부에서 널리 사용되고 있기 때문에 앞으로도 사용될 것라고 말했다.

그러나 특히 암호 화폐와 관련하여 모든 사람들이 환영하지는 않았으며 실제로 여러 가지 이유로 여러 정부에서 암호 화폐를 비난했다. 예를 들어, 최고의 암호화폐인 비트 코인은 네팔, 방글라데시 등 일부 국가에서 금지되었다. 다른 많은 국가들은 과거에 비트 코인을 받아들이지 않고 블록 체인 기술을 받아 들일 것이라는 점을 분명히 했다.

앤디 리안은 “이것은 정부에게 좋은 출발이다. 현재 정부와 거래 중이거나 공공 부문 입찰에 참여하려는 사람들의 경우 부족한 부분과 블록 체인이 해결하는 데 도움이 될 수있는 것이 아니라 순수한 보풀이 아닌 문제를 해결해야한다”라고 설명했다.

그는 정부가 정부를 다룰 때 현장에서의 경험을 바탕으로 지금까지 기술에 개방적이라고 강조했다. 식량 안보, 신분증 관리 및 자금 흐름 제어가 ‘핫 주제’ 중 일부라고 계속해서 말했다. 싱가포르, 에스토니아, 한국과 같은 국가들은 이미 기존 인프라와 함께 블록 체인 기술을 사용하여 문제를 해결하기위한 여정을 시작하고 있다.

공공 부문을 탐색하려면 시간과 결정이 필요하다. 기업은 제품과 솔루션을 판매하기 위해 정부에 말하기 전에 준비가되어 있어야하며 그들은 파트너쉽과 충분한 마케팅을 통해 신뢰를 쌓고 신뢰도를 높여 적절하게 스스로를 구축해야한다. 당신의 브랜드는 어떤 형태의 비즈니스를 위해 접근하기 전에 약간의 견인력을 얻어야한다.

앤디는 이 모든 것이 솔루션 제공한 업체가 실제 기술로 뒷받침 될 때만 가능하다는 점을 강조했다. 그는 또한 많은 스타트 업 블록 체인 회사가 판매 및 소개를 위해 고문과 컨설턴트에만 의존했다고 언급했고 기업들이 기술 분야에 대한 실제 경험이없고 블록 체인 공간에 깊이 들어 가지 않았기 때문에 기업들은 현명하게 선택해야하며 무작위 약속에 속지 않아야한다고 다시 경고했다.

마지막으로 그는 전체 참가자에게 ‘Pragmatic(실용주의)’ 한단어로 연설 요약했다. 현실적이고 실용적인 것만이 새로운 길을 열어 줄 것이다.

앤디 리안은 정부를 위한 자문 업무로 유명하고, 아시아 태평양 지역의 생산성 향상에 전념하는 정부 간 조직인 아시아 생산성기구 (APO)의 블록 체인 고문으로서 중추적 인 역할을 담당한다.

그는 스마트 공장 전반에 걸친 사이버 보안 및 IoT 네트워크 데이터 무결성에서 블록 체인 기술의 최신 개념과 응용에 대해 사무국에 조언하고 생산성에 적용 할 수있는 블록 체인 기술에 대한 기술 지원을 한다. APO 회원에는 방글라데시, 캄보디아, 중국, 피지, 홍콩, 인도, 인도네시아,이란 이슬람 공화국, 일본, 대한민국, 라오스, 말레이시아, 몽골, 네팔, 파키스탄, 필리핀, 싱가포르, 스리랑카, 태국, 그리고 베트남이 포함된다.

앤디는 또한 대한민국 정부의 경상북도 블록 체인 특별위원회의 일원으로 브록 피어스 (비트 코인 재단 회장) 및 알렉시스 시르 키아 (옐로우 닷컴 창립자)와 같은 업계 전문가들과 함께 블록 체인을 사용하여 지방이 성장하도록 돕고 있다.

블록체인투데이 <이 기사는 싱가포르 블록캐스트와의 기사커넥트를 통해 작성되었습니다>

출처 : 블록체인투데이(http://www.blockchaintoday.co.kr)

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Anndy Lian Emphasizes: “Digitalization has struck every government as a priority never before.” at Hong Kong Blockchain Week 2020

Anndy Lian and a panel of experts spoke on “Digital Transformation and Innovation: What’s New for Governments and Businesses” at the Hong Kong Blockchain Week 2020. This session is timely as COVID19 has accelerated the pace of digital transformation, decision-makers who were reluctant to adopt and adapt have harnessed technology innovation to keep their companies afloat, and governments are relying on digital solutions to respond quickly to the global crisis.

Digitalization has become essential and has brought up its real purpose in such times. According to ASME-Microsoft study 2020, 83% of small and medium enterprises (SMEs) in Singapore now have digital transformation strategies. More than half (54%) reported delays in their digitalization plans due to COVID-19. Also, despite higher digital transformation adoption, only two in five SMEs perceive their efforts to be successful. This study also coincides with what Olga Yaroshevsky, the moderator of this panel, has mentioned in global trends that only 30% of digital projects implemented have exceeded its target value.

“This is not alarming, and this trend has happened long before the COVID19 times. Governments and associations are trying hard to push the technology agenda into businesses. Legacy is not the main issue. It is an excuse. I think human interference is a bigger deferral for the adoption of new technology. “Anndy Lian, Advisory Board Member, Hyundai DAC Technology commented.

Lian added: “Whenever there is a new technology in place such as negativity, I do see much negativity that comes along with it. People do not see the positive aspects of things on such innovation. Many are too relying on government grants, which is a big disadvantage, for example. Take Singapore, for example. In the past decade, companies took advantage of the grants, but the result is that most of them stopped using it after the claims were made. This is mainly because of their mindset, and their starting point when obtaining the grant is not with the correct intention and purpose. For innovation to grow, it has to be a win-win for everybody, companies need to have the right mindset, and a good push from the government will kick start innovation in a much better manner.”

Dr. Toa Charm, Chairman, OpenCertHub & Associate, and Professor, CUHK Business School, agreed with Anndy’s point. “The subsidy is helpful but not sustainable. Companies must appreciate the digital transformation culture and appreciate the digital transformation. In the times of COVID19, governments have placed additional subsidies and grants to SMEs and different programs, but this is only for a short period and may not be sustainable. We have to make it closer to what the companies are doing, embedding the technology in our daily lives seamlessly.”

Last but not least, Anndy emphasized, “Digitalization has struck every government as a priority never before. The move into digital with AI, big data, automation, blockchain & cryptocurrencies will stay with us for a long time.”

This session consists of Anndy Lian, Advisory Board Member, Hyundai DAC Technology, Dr. Ernie Teo, Vice-Chairman, Blockchain Association Singapore, Mohammad Sear, Associate Partner, Digital Government & Public Sector Advisory, EY, Dr. Toa Charm, Chairman, OpenCertHub & Associate and Professor, CUHK Business School and moderated by Olga Yaroshevsky, NexChange Group. The panelists have also shared their insights on the subject matter, and the full recording can be found online at https://youtu.be/3aYJD6hkhKs.

Hong Kong Blockchain Week 2020, hosted by NexChange and led by their Chairman Juwan Lee delivers specialist content and expert discussions directly from industry leaders who are building the future of blockchain technology and digital assets. Professionals from all parts of the ecosystem, including investors, government, start-ups, and enterprises, come together for deep learning, robust discussions, and high-impact networking. This is the largest blockchain virtual event in Hong Kong will see the global blockchain community converge to discuss the latest developments and insights into the evolving, real-world applications of blockchain technology in finance, investment, enterprise, socially essential projects, and the global payment industry.

About Anndy Lian:
Anndy Lian is an early blockchain adopter and experienced serial blockchain entrepreneur known for his work in the government sector. He is a best-selling book author, “Blockchain Revolution 2030” and currently the Advisory Board Member of Hyundai DAC Technology. He plays a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region. Anndy is also part of the Gyeongsangbuk-do Blockchain Special Committee, the Government of Republic Korea with industry experts such as Brock Pierce. You can read more about Anndy’s work at www.anndy.com.

About Hong Kong Blockchain Week:
Hong Kong Blockchain Week 2020, 17-19 November, delivers specialist content and expert discussions directly from industry leaders who are building the future of blockchain technology and digital assets. Professionals from all parts of the ecosystem, including investors, government, start-ups, and enterprises, come together for deep learning, robust discussions, and high-impact networking. High profile speakers such as Dr. David Chung JP, Under Secretary for Innovation and Technology, Hong Kong; Dan Morehead, CEO & CO-CIO, Pantera Capital; Justin Sun, Founder, TRON & CEO, BITTORRENT; Roger Ver, Founder of BITCOIN.COM and Charles Hoskinson, CEO of IOHK & Founder of CARDANO were present

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Anndy Lian’s Speech on “Cryptocurrency Regulation & Commercialisation 2021” at Digital Assets Investment Conference

Anndy Lian gave a speech on “Cryptocurrency Regulation & Commercialisation 2021” at the Digital Assets Investment Conference on 13 November 2020. Anndy is an early blockchain adopter and experienced serial blockchain entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030” and currently the Advisory Board Member of Hyundai DAC Technology. In his speech, he gave an overview of regulations for cryptocurrency globally for 2021 & beyond, commercial adoption & implementation, and finally trends to look out for in 2021.

An Overview

He started by sharing some positive headlines:

– Investment banking giant JPMorgan is about to see the first commercial transactions with its own cryptocurrency, JPM Coin.
– PayPal allows Bitcoin and crypto spending. It has gone live today.
– Jack Dorsey’s Square buys $50 million in bitcoin
– Mode allocated up to 10% of cash reserves to purchase #Bitcoin and adopt it as a treasury reserve asset
– DBS Bank Is Planning to Launch a Digital Asset Exchange
– 22 Indian Bank Branches to Begin Offering Crypto Banking Services
– Alibaba Founder Jack Ma: “Digital Currencies” Are the Future
– World’s Second-Biggest Bank, China Construction Bank (CCB) has tapped Labuan-based digital asset exchange Fusang for the issuance of $3 billion worth of debt securities over a blockchain.

Then he also shared the not so positive headlines:

– BitMEX founder arrested for violation of US anti-money laundering laws
– China’s OKEx halts cryptocurrency withdrawals after founder arrested
– $150M Stolen by Hackers from KuCoin Crypto Exchange

Based on the above, Anndy felt that this is a positive sign in his opinion and stated that the blockchain and cryptocurrency space is taking its shape. Regulations are catching up. Investors are more aware of what they are investing in. And it is heading for mainstream.

Government attitude

The surveyed countries have categorized cryptocurrencies differently for tax purposes, as illustrated by the following examples:

Israel→taxed as an asset
Bulgaria→taxed as a financial asset
Switzerland→taxed as foreign currency
Denmark→subject to income tax and losses are deductible
United Kingdom→corporations pay corporate tax, unincorporated businesses pay income tax, individuals pay capital gains tax

In Singapore, the nation has started recognizing cryptocurrencies in 2017. The Payment Services Act (PSA) in Singapore, which came into effect on 28 January 2020, stated that cryptocurrency businesses must obtain a license from MAS to comply with AML/CFT regulations. This expands to companies that both transfer cryptocurrency within Singapore and outside of Singapore.

Similarly, more forward-looking countries have also started their public consultation for specific crypto-related bills to be passed.

To sum up, in this part, Lian emphasizes that we have to follow the rules and be upfront and open when dealing on unclear grounds. Having said so, the crypto space has been shifting and changing very fast. Experts should also find channels to update governments of the latest developments like Defi, AMM, and PMM and keep them informed of the latest scams and Ponzi schemes in the market. Proper education and awareness must be told to their people to avoid any form of fraud. Leading exchanges like Binance are always giving free lessons and updates on the industry. Information from credible sources and channels like them should be a useful reference. A formalized think tank in blockchain and cryptocurrencies accredited by the government must also be set up to be the voice.

Paths to commercialization

There must be clear incentives for the stakeholders and clients to drive proper ROI on the blockchain solutions. It should potentially have the ability to create revenue and cost-saving outcomes by using this new technology.

Blockchain technology implementation is no different from other technology. There must be clear strategic objectives, road maps, and specialized skill sets needed to drive commercialization and deliver business value.

It should also be an integrative approach, able to scale and provide a level of standardization so that existing data management and process standards can be applied to the blockchain solution.

Trends in 2021

Anndy highlighted that prop trading would be introduced, and social trading will gain more popularity in early 2021. On top of this, he also stated that STO would be more mature in 2021, more licenses will be approved, and will be operational in Q4.

Lian also mentioned briefly that DeFI would be more sustainable next year, stating that most of the higher risk companies would be flushed out from the ecosystem because of competition.

He mentioned that there would be more licensed LOTTO businesses getting into the crypto space.

Finally, he is optimistic that 2021 will hit a new milestone for the leading blockchain companies, and governments will be supportive. He also ended with an insightful quote.

“I do think that it is possible that Bitcoin goes to $100,000 but once it starts to affect governmental monetary policy and fiscal policy. You will see a whole different reaction.”- Anndy Lian

About Anndy Lian

Anndy Lian is an early blockchain adopter and experienced serial blockchain entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030” and currently the Advisory Board Member of Hyundai DAC Technology. He plays a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region. Anndy is also part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. You can read more about Anndy’s work at www.anndy.com

 

About STOBOX:

STOBOX gives businesses access to a worldwide community of retail and private accredited investors. They provide a full range of services for issuing next generation digital security on a distributed ledger, including legal structuring, technical setup, preparation of marketing materials and organization of a fundraising campaign. The offering of digital securities is conducted in complete compliance with EU financial regulation.

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“Hyundai will help jump-start this industry a lot faster”: Anndy Lian, Advisory Board Member of Hyundai DAC

Anndy Lian has recently been appointed as the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group where he looks after the governance and compliance aspects of the business. He is an all-rounded business strategist with more than 15 years of experience in Asia. He has provided advisory across a variety of industries for local, international and public listed companies.

Hdac Technology is a blockchain technology company headquartered in Zug, Switzerland. Founded by Chung Dae-Sun, the company intend to develop and provide a decentralized platform that can satisfy various requirements required in a hyperconnected society through the convergence of core technologies such as IoT, cloud, and big data with blockchain.

“I have joined Hyundai DAC as it is a big brand to reckon with and this is what the blockchain industry needs right now. Blockchain is here to stay and I continue to advocate strongly for this technology, putting up a strong voice to businesses and governments. Movers and shakers like Hyundai who owns a huge ecosystem will help jump-start this industry a lot faster.”

– Anndy Lian told Sarah Robinson, Reporter at Newslookout.

Anndy has been pro-government in his blockchain and crypto journey. He plays a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region. He advises the Secretariat on the latest concepts and applications of blockchain technologies in cybersecurity and IoT network data integrity across smart factories and upskills the Secretariat staff in blockchain technologies as applicable to productivity. APO members include Bangladesh, Cambodia, Republic of China, Fiji, Hong Kong, India, Indonesia, Islamic Republic of Iran, Japan, Republic of Korea, Lao PDR, Malaysia, Mongolia, Nepal, Pakistan, Philippines, Singapore, Sri Lanka, Thailand, and Vietnam.

He is also part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce (Chairman, Bitcoin Foundation) and Alexis Sirkia (Founder of Yellow.com), helping the province to grow using blockchain technologies.

Prior to being active in the blockchain space, Anndy played a leadership role in a not-for-profit and quasi-government linked organizations such as Singapore Business Federation (SBF) and Singapore Institute of International Affairs (SIIA) where he worked alongside policymakers, private sector decision-makers, and experts to create business value propositions for different industries.

His book titled “Blockchain Revolution 2030” and is published by Kyobo Books, the largest bookstore chain in South Korea, shares insights on how blockchain technology plays an important foundation for the Fourth Industrial Revolution.

His blockchain knowledge and work have drawn attention from various international media such as Forbes, Bloomberg, Reuters, Yahoo, Nasdaq, FOX News, The Straits Times, Business Times, ABC News, Singapore Business Review, Asia Business Weekly, CBS News, CNET, ZDNET and more.

Anndy is also the founder, investor, advisor, author and board member to several other companies in Asia and Europe. Most recently, he led a project to become the World’s First Initial Exchange Offering (IEO) on EOS-based Decentralized Exchange.

An avid supporter of incubating start-ups, Anndy has investments in several traditional companies. He has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

 

(This interview is curated by BLOCKCAST.CC and originally published on News Lookout.)

Original Source: https://www.newslookout.com

Author: Sara Robinson

Image Credits: Anndy.com

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Anndy Lian’s Comments Quoted “DeFI as an open financial ecosystem where you can build various small financial tools and services in a decentralized manner.”- Associated Press

Thanks for taking my comments BitBerry. I got to know about this wallet from UpBit in their early days. Glad to see that they are moving along with the times and working with new partners to expand their business.

Anndy Lian, a DeFI expert and also a Member of Gyeongsangbuk-do Blockchain Special Committee, Government of the Republic of Korea added:

“I am a user of BitBerry and I do see the importance for their wallet to move with the times and embrace DeFI. DeFI as an open financial ecosystem where you can build various small financial tools and services in a decentralized manner. Thanks to their existing framework, BitBerry’s non-custodial nature can let users safely store their own funds without having to rely on third-party institutions to hold their assets. And by partnering with OKEx and listing OKB to their wallet, this has opened up new opportunities for the current users.”

 

 

BitBerry Signs MOU with OKEx, a world-leading cryptocurrency spot and derivatives exchange

 

South Korea, Seoul — BitBerry signs MOU with OKEx, a world-leading cryptocurrency spot and derivatives exchange to work together in the cryptocurrency industry. On the signed document, both parties agree to help each other in the markets that they are active in and also look at listing OKB onto BitBerry’s wallet.

BitBerry, founded in 2016 is a leading cryptocurrency wallet in South Korea with over 100,000 users. They aim to make money transfer simple, easy and secure globally based on blockchain technology.  While, OKEx is a world-leading cryptocurrency spot and derivatives exchange, offering the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks.

The community members from BitBerry who heard of the plans to include OKB into their wallets spark new excitement in the forum. OKB is a globally available ERC-20 utility token issued by the OK Blockchain Foundation that gives users of the OKEx trading platform various exclusive benefits. OKEx also has a buy-back and burn program for OKB tokens, whereby 30% of spot trading fee income is allocated to acquiring OKB from the secondary market each quarter. In terms of performance, OKB posted gains of 287.96% in 2019 and according to date from CoinGecko, OKB topped the list of the 30 digital cash in the first quarter of 2020, with a 148% increase. A crypto analytics firm  Messari, the annual return on investment of OKB is as high as 62%, which is far above the industry average.

Jae Bum Yoo, CEO of BitBerry said: “Having OKB listed on our wallet is a gateway for our platform to grow globally. OKB is a top 20 coin according to CoinGecko.com and Blockreview.net, we want our users to be exposed to coins and products ranging from DeFI, payments and security to cryptocurrency trading bots that come together with the OKB ecosystem. This will be win-win-win for all parties. We will work hard to make it happen earlier for our users.”

BitBerry has more than 100,000 users on their platform currently and many of the users are also keen to know more about OKB and experience DeFI services that comes in the ecosystem. For example, once the integration and listing of OKB is completed on BitBerry, OKB now can be used as  collateral in C2C loans  on OKEx. Users can borrow USDT by pledging OKB without incurring any service fees and take advantage of the minimum interest on borrowing, which is as little as 0.01% per day.

Connecting Wallet to DeFI

DeFI or commonly known as decentralized finance refers to financial services, including lending, exchanges, investment, stablecoins, and more, is currently the buzz word in the cryptocurrency space. Financial services are bounded by smart contracts, which are automated enforceable agreements that do not require intermediaries like a bank or lawyer and use online blockchain technology instead.

BitBerry is ready for this space and it is ideal integrating their wallet to OKEx’s full suite of trading products for on DEX such as Uniswap. Anndy Lian, a DeFI expert and also a Member of Gyeongsangbuk-do Blockchain Special Committee, Government of the Republic of Korea added: “I am a user of BitBerry and I do see the importance for their wallet to move with the times and embrace DeFI. DeFI as an open financial ecosystem where you can build various small financial tools and services in a decentralized manner. Thanks to their existing framework, BitBerry’s non-custodial nature can let users safely store their own funds without having to rely on third-party institutions to hold their assets. And by partnering with OKEx and listing OKB to their wallet, this has opened up new opportunities for the current users.”

Planting Seeds for Regional Growth

While BitBerry is a known brand in South Korea, they allow users to transfer money via phone numbers by issuing a unique address based on the unique phone number. The login process is simple and authentication can be triggered using KakaoTalk or fingerprint recognition via Kakao Pay. The strong case study in South Korea gave them more confidence in the regional market.

BitBerry’s sales and marketing spokesperson also highlighted that they are already working with more corporate clients regionally who want to utilize BitBerry’s technology for retail and other commercial purposes. They are continuing its efforts to move beyond its shores into South East Asia such as Singapore, Malaysia, Thailand and Philippines as their next target markets. The regional growth plans will expand more effectively with the help of the MOU with OKEx.

 

About BitBerry ( www.bitberry.app)

Founded in 2016 is a leading cryptocurrency wallet in South Korea with over 100,000 users. BitBerry aims to make money transfer simple, easy and secure globally based on blockchain technology. MonsterCube is the owner of BitBerry and also SODAcoin that is already listed on Bithumb.

 

About OKEx ( www.okex.com)

A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks.

 

Press Contact

Name: Jenny Zheng

Title: Editor

Email: [email protected]

Web: www.blockcast.cc

 

 

Source: https://apnews.com/press-release/kisspr/technology-business-financial-technology-seoul-south-korea-61100ffaa3e727fc3827735d699af011

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Featured on Startup India Magazine: Keynote Speech by Anndy Lian: “Navigating Blockchain & Cryptocurrency in the Public Sector”

Thanks, Startup India Magazine Team for featuring my keynote speech on “Navigating Blockchain & Cryptocurrency in the Public Sector”.

Keynote Speech by Anndy Lian: “Navigating Blockchain & Cryptocurrency in the Public Sector”

Anndy Lian, Advisory Board Member of Hyundai DAC Technology gives a keynote speech at the Digital Week Online on the topic “Navigating blockchain & cryptocurrency in the public sector”. Digital Week Online is an online Summit held from 12-16th October 2020. This event unites tech entrepreneurs, authors, investors, innovators, leading corporates, and key governments

At his keynote speech, Anndy shares his experiences on how to deal with the different governments while introducing blockchain and cryptocurrency in the most effective manner. He started by giving a quick overview. Stating that the blockchain technology is possibly one of the finest piece of art when it comes to this century. In simple words, this technology is a decentralized ledger and it is immutable, with core functions like traceability and tracking. It is and will be widely used in finance, manufacturing, supply chain and governments. But it has not welcomed by all especially when it comes to cryptocurrencies, in fact, cryptocurrencies have been denounced by several governments due to a number of reasons. For example, Bitcoin, the leading cryptocurrency, has been banned in some countries, including Nepal, Bangladesh, among others. Many other countries have in the past made it clear that they will not accept Bitcoin but will accept blockchain technology.

“This is a good start for governments. For those who are currently dealing with governments or intend to participate in a public sector bid, please bear in mind that you need to address what is lacking and what can blockchain help them solve and not pure fluff.” Anndy Lian explained.

Anndy emphasises that governments are open to the technology so far based on his experiences on the ground when dealing with them. He goes on saying that food security, ID management and controlling the flow of money are some of the “hot” topics. Countries like Singapore, Estonia, South Korea are already embarking their journey to solve problems using blockchain technology together with their existing infrastructures.

Navigating through the public sectors needs time and determination. Businesses must be ready before speaking to the government to sell their products and solutions. They need to build themselves up properly by building up trust and increase credibility through partnerships and with sufficient marketing. Your brand has to gain some traction before approaching them for any form of business. Anndy went on by highlighting that all these are only made possible if the solution providers are backed by real, solid technology that is robust enough to tackle their demand. He has also noted that many of the startup blockchain companies depended on advisors and consultants to make their sales and introduction. He cautioned again that companies must choose wisely and not deceived by their smooth talks as many of them do not have any real experience in the tech field and have not gotten deep in the blockchain space.

Last but not least, he told all to be “Pragmatic”. Only being real and practical will open up new paths for you.

Anndy Lian’s is known for his advisory work for governments. He plays a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region. He advises the Secretariat on the latest concepts and applications of blockchain technologies in cybersecurity and IoT network data integrity across smart factories and upskills the Secretariat staff in blockchain technologies as applicable to productivity. APO members include Bangladesh, Cambodia, Republic of China, Fiji, Hong Kong, India, Indonesia, Islamic Republic of Iran, Japan, Republic of Korea, Lao PDR, Malaysia, Mongolia, Nepal, Pakistan, Philippines, Singapore, Sri Lanka, Thailand, and Vietnam.

He is also part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce (Chairman, Bitcoin Foundation) and Alexis Sirkia (Founder of Yellow.com), helping the province to grow using blockchain technologies.

To know more about what Anndy Lian is doing, you can visit www.anndy.com or on his social media channels, https://twitter.com/anndylian and https://www.linkedin.com/in/anndylian/. You can also view his keynote speech at https://www.youtube.com/watch?v=47tBlAbSAro.

 

Media Contacts:

Name: Jenny Zheng

Title: Editor

Company: BLOCKCAST.CC

Email: [email protected]

Website: www.blockcast.cc

 

 

Related Links: 

https://www.startupindiamagazine.com/anndy-lian/

https://m.dailyhunt.in/news/india/english/startup+india+magazine-epaper-dha49a0dd9ef6b4bf68dc7033f9990f13b/anndy+lian+delivers+keynote+speech+on+navigating+blockchain+cryptocurrency+in+the+public+sector-newsid-dha49a0dd9ef6b4bf68dc7033f9990f13b_8ada6db00d6911eb9fff2988a8504e1a

Keynote Speech by Anndy Lian: “Navigating Blockchain & Cryptocurrency in the Public Sector”

Keynote Speech “Navigating blockchain & cryptocurrency in the public sector” by Anndy Lian at Digital Week Online 2020

Keynote Speech on “Navigating blockchain & cryptocurrency in the public sector” by Anndy Lian, Advisory Board Member of Hyundai DAC Technology

 

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Anndy Lian believes DeFi will also result in more and more bitcoins being locked up, “which will bring another bull market for bitcoin.”

Anndy Lian’s comments were featured on CryptoNews on 27 September 2020. He believes that DeFi will also result in more and more bitcoins being locked up, “which will bring another bull market for bitcoin.”

“This inter-related relationship between Bitcoin and Defi works hand in hand with the demand as seen in the market. The breakout trend in Defi for 2020 will continue. New terms will supersede “Yield Farming”  and a more stable environment will be established as you see the bigger exchanges like Binance, Gemini, Huobi and Okex taking the lead.” Anndy Lian added.

Read more about the article on Google News:

https://news.google.com/articles/CAIiEGyo6SpEJbiRN5EMTwYXqjoqMwgEKioIACIQOG0vTzP65T11pGTnFueHJCoUCAoiEDhtL08z-uU9daRk5xbnhyQwg7vbBg?hl=en-SG&gl=SG&ceid=SG%3Aen

 

 

 

‘If DeFi Collapsed, Bitcoin Would Still Be Bitcoin’

 

  • The core driver of DeFi is its use case, not Bitcoin.
  • “BTC is money, DeFi is banks, that’s how people should think about it.”
‘If DeFi Collapsed, Bitcoin Would Still Be Bitcoin’ 101
Source: Adobe/golibtolibov

Bitcoin (BTC) and DeFi both had a good summer. After the coronavirus-induced collapse of March, the price of bitcoin rose from USD 3,500 to just over USD 12,000 in August, while the total value locked into DeFi platforms rose from USD 1bn in June to almost USD 12bn in late September.

It’s tempting to view the performances of bitcoin and DeFi as connected. Given that the supply of wrapped bitcoin has ballooned from wBTC 500 to almost wBTC 90,000 in the past 12 months, it would seem that bitcoin holders have been driving the growth of DeFi.

However, industry figures speaking to Cryptonews.com said that, while BTC has been a significant player in DeFi’s growth, its importance within the DeFi ecosystem will wane over time. And while some may be tempted to regard Bitcoin and DeFi as interdependent, most commenters believe that each can survive without the other.

Bitcoin boosts DeFi

There’s little doubt that bitcoin — and in particular wrapped bitcoin — has spurred at least a portion of DeFi’s impressive growth over the past few months – USD 1.4bn worth of BTC is locked in DeFi today, or almost 13% of total value locked (TVL) in decentralized finance projects.

As data from Defi Pulse indicates, the demand for wBTC began rising exponentially from the end of June onwards.

‘If DeFi Collapsed, Bitcoin Would Still Be Bitcoin’ 102
Source: defipulse.com

And data also indicates, it was around the end of June that TVL into DeFi platforms suddenly began rising more strongly, as ethereum (ETH) locked in DeFi jumped also this past summer.

‘If DeFi Collapsed, Bitcoin Would Still Be Bitcoin’ 103
Source: defipulse.com

Industry figures agree that the two trends are connected, even if they have their own opinions on how long the interconnection may continue.

“Yes, I think the use of wBTC pair mining will boost the Defi market to a certain extent,” said crypto advisor and author Anndy Lian.

“According to the data released today (the second day of Uniswap Liquidity Mining), 50% of the miners used the wBTC/ETH pair in the initial mining, and most of them are big whales.”

Analyst and CryptoMondays Partner Lou Kerner suggested that bitcoin will remain an important part of DeFi in the medium term, not least because it still accounts for over half of the total value of all cryptoassets.

“Given its scale, bitcoin will be an increasingly significant asset in DeFi. But over time, as real world assets are tokenized and enter DeFi, bitcoin relevance will decrease,” he told Cryptonews.com.

However, while BTC has played a role in DeFi’s recent growth, ADVFN CEO Clem Chambers doesn’t see it as the main factor.

“Bitcoin will influence DeFi but it is not the core driver. The core driver is the powerful use case,” he said.

DeFi boosts BTC

Conversely, commenters agree that DeFi is boosting BTC, or that it will in the near future. By offering the chance to earn an additional return on the bitcoin you own, DeFi’s liquidity mining and yield farming is making BTC seem even more attractive to investors, particularly during a period of reduced economic opportunity.

“DeFi has made BTC even more attractive as an investment,” according to Kerner.

That said, Chambers estimated that most of DeFi’s boost to BTC still awaits us in the future.

“It will [boost bitcoin] but not yet. DeFi is still underground with only the core early adopters ‘getting it’,” he said.

Aside from enhancing the returns offered by bitcoin, Anndy Liang pointed out that DeFi will also result in more and more bitcoins being locked up, “which will bring another bull market for bitcoin.”

Mutual aid, not mutual interdependence

While DeFi and bitcoin both help each other in various ways, commentators seem that they don’t believe that each needs the other to survive.

“Bitcoin crashing would certainly slow the growth of DeFi, but one is not dependent on the other,” said Kerner.

Likewise, if DeFi were to somehow collapse, Interlapse CEO and Co-founder Wayne Chen said that BTC would continue as before.

 

“Bitcoin has seen massive growth over the past decade and will certainly continue its momentum,” he told Cryptonews.com. “If DeFi collapsed, Bitcoin would still be Bitcoin and continue its growth and adoption.”

On the other hand, some think that bitcoin crashing would have a severe effect on DeFi, since even if parts of the DeFi ecosystem survived, altcoins would struggle.

“Most of the ‘value’ coins will go to zero if the price of bitcoin crashed significantly or collapsed,” suggested Lian. “One thing is for sure: no coin (maybe tiny s***coins can) can survive if bitcoin collapses.”

The future: parallel, not pivotal

As for the more distant future, some experts believe that DeFi and Bitcoin will increasingly operate in parallel, rather than remain interlinked.

“BTC is money, DeFi is banks, that’s how people should think about it. The linkage is parallel not pivotal,” argued Chambers.

Chen claims that it’s in the interests of DeFi and Bitcoin that each maintains a degree of independence from the other in the future.

“Industry professionals will likely try to interrelate DeFi and Bitcoin. However, this needs to be done cautiously so that it doesn’t turn into a complicated financial product which can ultimately confuse the market,” he said.

Anndy Lian isn’t completely sure that DeFi will be around in several years’ time. However, if it is, he said there’s a chance other cryptoassets could emerge to reduce BTC’s influence on DeFi.

“But personally I do hope to see new players coming into challenge Bitcoin’s supremacy,” he said. “With challenges, there are improvements. This is what’s lacking in today’s crypto space.”

 

 

Original Source: https://cryptonews.com/exclusives/if-defi-collapsed-bitcoin-would-still-be-bitcoin-7827.htm

 

 

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Anndy Lian Commented on “Banking Giants Laundering Billions Might Turn Against Bitcoin Too” at CryptoNews

Banking Giants Laundering Billions Might Turn Against Bitcoin Too

Documents uncovered by an investigation conducted by 110 news organizations appear to show global banking giants moving trillions of dollars for clients allegedly involved in fraud, embezzlement, money laundering, and more, as the banks defend themselves against the allegations. Meanwhile, the crypto community appears to be divided as to whether it spells good news for crypto in general, and bitcoin (BTC) in particular. (Updated at 17:45 UTC: updates in bold.)

The evidence was uncovered by the International Consortium of Investigative Journalists (ICIJ) in a new report. The consortium said that it, together with BuzzFeed News and 108 other media organization, conducted a 16-month, cross-border investigation, and revealed the leaked documents, now known as the FinCenFiles.

The consortium wrote that “secret United States government documents reveal” that global banks “have defied money laundering crackdowns by moving staggering sums of illicit cash for shadowy characters and criminal networks.” The five named banks are JPMorganHSBCStandard Chartered BankDeutsche Bank and Bank of New York Mellon.

Furthermore, the leaked documents allegedly “show banks blindly moving cash through their accounts for people they can’t identify, failing to report transactions with all the hallmarks of money laundering until years after the fact, even doing business with clients enmeshed in financial frauds and public corruption scandals.”

These files, the authors said, include more than 2,100 suspicious activity reports (SARs) filed by banks and other financial firms with the United States Department of Treasury’s Financial Crimes Enforcement Network, also known as FinCEN.

ICIJ said:

“[The] documents identify more than [USD] 2 trillion in transactions between 1999 and 2017 that were flagged by financial institutions’ internal compliance officers as possible money laundering or other criminal activity — including [USD] 514 billion at JPMorgan and [USD] 1.3 trillion at Deutsche Bank. […] The FinCEN Files represent less than 0.02% of the more than 12 million suspicious activity reports that financial institutions filed with FinCEN between 2011 and 2017.”

ICIJ added that United States agencies responsible for enforcing money-laundering laws rarely prosecute megabanks that break the law, “and the actions authorities do take barely ripple the flood of plundered money that washes through the international financial system.”

Per the authors, the data shows that Deutsche Bank is leading by some distance, with JPMorgan in second place.

“Mobsters pushed billions through Deutsche Bank in one of the biggest dirty money scams ever,” tweeted BuzzFeed News, adding that “small businesses were crushed” in the process.

The news outlet further claimed that the bank’s executives “had direct knowledge for years of serious failings that left the bank vulnerable to money launderers.” After a USD 10 billion mirror trading scandal was exposed, “Deutsche Bank blamed it on a few middle-level staffers in its Moscow office, paid a fine, and got back to business,” reported BuzzFeed News.

Crypto as a systemic threat

News of the traditional banking system’s alleged wrongdoings came as little surprise to the crypto community.

And the irony of the situation was not lost on many commentators: While regulators ramp up the pressure on the crypto industry, particularly in the field of anti-money laundering (AML) measures, the banking sector appears to be running roughshod over the very same AML rules.

Commenting on a report on HSBC’s drop to a 25-year low today in the stock market, the CEO of crypto exchange Binance, Changpeng Zhao, tweeted that it “might be a good time for their treasury to buy bitcoin?”

However, Anndy Lian, investor and blockchain adviser, didn’t agree that this was a good idea, writing: “On the contrary, I hope HSBC to stay away from bitcoin. Early stages mess the soup.”

Others, like the Chief Legal Officer of crypto exchange Kraken, Marco Santori, also claimed that this will not help Bitcoin’s cause at all.

“If you think this is good for bitcoin, man you are going to be so disappointed,” he said. “I wonder if this will compel FinCEN to publish more information about the efficacy of its enforcement activity. It would serve to quell many complaints to the tune of “Why do we send all this info to FinCEN – what good has it done?”

Others, like GetLevvel CEO Chris Hart, also chimed in saying that there is a risk that “the answer to a perception of poor enforcement is more enforcement, and ‘more’ isn’t limited to fiat-based transactions.”

Bitcoin educator, author, and entrepreneur Andreas Antonopoulos also stressed that this leak will be used against cryptocurrencies. According to him, the correct analysis of this news is that AML/CTF (counter terrorism financing) and KYC (know your customer) don’t work and the report will be used to increase the use of controls and surveillance.

 

“That makes crypto-currency a systemic threat, not to the economic nature of national money, but to the control and surveillance system of geopolitical money. Math money doesn’t play politics, which makes it automatically “rogue” money,” he said, estimating that “the war on cash and the war on “illicit” money becomes an all out war on the only money that still works.”

According to him, “the solution is to stop trying to use money (a tool) to fight crime (human nature).”

“But if you think the hypocrites will back down and adopt sensible systems and laws that enable human trade and economic inclusion, you are wrong,” Antonopoulos said.

 

Banks respond

“BNY Mellon takes its role in protecting the integrity of the global financial system seriously, including filing Suspicious Activity Reports (SARs),” told Cryptonews.com Associate Director for Corporate Communications Sorrel Beynon, adding that they “fully comply with all applicable laws and regulations, and assist authorities in the important work they do.” The bank cannot by law, they claim, “comment on any alleged SAR we may have filed or that may have been illegally disclosed by third parties to the media.”

Deutsche Bank’s Head of UK Media Relations, Charlie Olivier, told Cryptonews.com that the fight against financial crime, money laundering and capital flight has been a priority for both investigating authorities and financial institutions, the latter of which, Deutsche Bank included, have invested “billions of dollars” to more support authorities in this effort. “Naturally, this leads to increased detection levels.”

Olivier stated that “the ICIJ has reported on a number of historic issues,” claiming that “those relating to Deutsche Bank are well known to our regulators.”

“The issues have already been investigated and led to regulatory resolutions in which the bank’s cooperation and remediation was publicly recognized. Where necessary and appropriate, consequence management was applied. To the extent that information referenced by the ICIJ is derived from SARs, it should be noted that this is information that is pro-actively identified and submitted by banks to governments pursuant to the law. SARs are alerts of potential issues, not proven facts,” he said.

Per the statement provided by Standard Chartered Group Media Relations Director, Josephine Wong, to Cryptonews.com, SARs are filed by the banks “when circumstances warrant and that means our screening and monitoring systems are working as intended.” A SAR filing does not mean there has been criminal activity, but that the bank has identified “something suspicious or irregular in a transaction that meets the filing requirements in the local market,” which is then reported to law enforcement “so they can investigate and, if they see fit, take further action.”

“The reality is that there will always be attempts to launder money and evade sanctions; the responsibility of banks is to build effective screening and monitoring programs to protect the global financial system,” said Wong, adding that in 2019 Standard Chartered “monitored more than 1.2 billion transactions for potential suspicious activity and screened more than 157 million for sanctions compliance.”

JPMorgan declined to comment. We contacted HSBC as well, and will update should they reply.

 

Source: https://cryptonews.com/news/leak-alleges-banking-giants-moving-staggering-sums-of-illici-7768.htm

 

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