#IntlRoundup: Australian Stock Exchange Delays Move to Blockchain; Turkish Exchange Speeds Ahead
The global nature of digital currencies makes following international news beneficial for investors and interested market participants. However, due to how fast news travels through the landscape, it can be easy to miss the occasional story now and again.
As part of a regular weekly roundup, Coinsquare News compiled the week’s significant international news headlines. This week, we look at Australia’s major securities exchange delaying its blockchain roll-out, a Turkish exchange announcing a blockchain system based on KYC obligations, and more.
Australia’s primary securities exchange delays move to blockchain technology
According to a report from The Sydney Morning Herald, the Australian Securities Exchange (ASX) announced it is delaying its transition to distributed ledger technologies.
Previously, the ASX announced that it is working to use blockchain technology in order to provide cheaper equity transactions. Once completed, the move will replace the current Clearing House Electronic Subregister System (CHESS) in favour of a blockchain-based system.
While the move was praised as significant news for blockchain adoption in Australia, it seems proponents will have to wait a little longer than expected for the ASX to make the transition. The securities exchange said it expects a delay of 6 months, meaning the launch date is being pushed back from Q4 2020, to March-April 2021.
Turkish stock exchange develops KYC-like database with blockchain
Turkey’s sole exchange entity, the Borsa Istanbul Stock Exchange (BIST), claims to have developed a blockchain-based system that will facilitate information sharing between financial institutions. The news comes from the Daily Sabah, a Turkish pro-government daily newspaper.
According to a quoted statement from the BIST, the blockchain-based project synchronized information from the customer databases of Borsa Istanbul, as well as Istanbul Clearing, Takasbank, and the Central Securities Depository of Turkey (MKK).
The project was reportedly designed around the concept of Know Your Customer (KYC) obligations, which mandate that financial institutions in many countries retain pertinent information used to identify their clients. The BIST claims it will use a blockchain network in order to add new customers to the joined database, edit information, and manage documents.
The exchange entity also added that the system could be used to facilitate other projects “if required.”
Goldman Sachs may not open Wall Street bitcoin trading desk
As many outlets, including Coinsquare News, previously reported, all signs pointed towards Goldman Sachs launching the first bitcoin trading desk on Wall Street. The NYC-based financial services company even hired Justin Schmidt, a former digital currency trader, which further sparked rumours that it would launch a cryptocurrency trading desk in the near future.
However, according to a major report this week from Business Insider, Goldman Sachs has dropped its plans to launch a bitcoin trading desk for the time being.
Reportedly, Goldman Sachs executives concluded that many steps still need to be taken in order to make the trading a desk a reality. Unfortunately, most fall outside the bank’s control, as regulated banks are effectively unable to trade cryptocurrencies in New York at the current point in time.
“At this point, we have not reached a conclusion on the scope of our digital asset offering,” said Goldman Sachs spokesperson, Michael DuVally, in a statement to Reuters.
According to Business Insider’s unnamed sources, this does not mark the end of Goldman Sachs’ involvement with cryptocurrencies. Purportedly, it will begin focusing on other cryptocurrency-based service offerings on behalf of clients.
Korea Post looks to Goldman Sachs as a crypto-educator
According to Bloomberg, Goldman Sachs is in the news for another reason this week. Reportedly, Korea Post is seeking the entity’s help in learning about cryptocurrencies.
Based in South Korea, Korea Post is a government-run entity that is in charge of the country’s postal services, postal banking, and insurance services.
“I asked Goldman to pass on their know-how in the cryptocurrency area,” said Korea Post president, Kang Seong-ju, in an interview with Bloomberg. “Since cryptocurrencies are considered to have potential, and are something many people are watching, we’ll need to learn the strengths and weaknesses.”
Korea Post says it has no plans to invest in cryptocurrencies, but its president will meet Goldman Sach’s crypto research team in Hong Kong at the end of September in order to better study blockchain and related technologies for the purpose of contextualizing their mainstream relevancy.
Buy Bitcoin, Ethereum, XRP, and other cryptocurrencies on Coinsquare, Canada’s premier trading platform.
Get the latest blockchain and digital currency news from Canada and around the world, delivered each week to your inbox.
Your Email address