cityam--2020-11-29--Argentine prosecutors investigate death of soccer star Maradona

BUENOS AIRES ( Reuters ) – Argentine justice officials on Sunday seized medical files from the doctor of Diego Maradona as part of their investigation into the recent death of the soccer star .
Maradona died at age 60 on Wednesday after a heart attack .
The search order was requested by prosecutors in the affluent Buenos Aires suburb San Isidro and signed by a local judge , according to a statement issued by the prosecutor ’ s office .
“ Yesterday ( Saturday ) the investigation and substantiation of evidence continued with the taking of statements from people including @ @ @ @ @ @ @ it said .
“ By virtue of the evidence that was collected , it was considered necessary to request searches at the home and office of doctor Leopoldo Luque , ” the prosecutor ’ s office said in the statement .
The prosecutor ’ s office provided no information on what prompted the investigation .
“ They took the clinical files , ” Luque told local television after law enforcement officers searched his home and office .
“ There was no medical error , ” Luque said , adding that he not responsible @ @ @ @ @ @ @ who catapulted to international fame and semi-devine status at home after leading the Argentine team that won the 1986 World Cup .
Maradona had struggled for years with substance abuse issues .
“ I did the best I could with Diego .
He needed help , ” Luque said .
Maradona ’ s lawyer , Matias Moria , on Thursday said he would ask for a full investigation of the circumstances of the soccer legend ’ s death , criticizing what he said was a slow response by emergency service .
“ The @ @ @ @ @ @ @ to arrive , which was a criminal idiocy , ” Matias said on Thursday in a Twitter post .

Argentine prosecutors investigate death of soccer star Maradona
By Jorge Otaola and Ramiro Scandolo
BUENOS AIRES (Reuters) – Argentine justice officials on Sunday seized medical files from the doctor of Diego Maradona as part of their investigation into the recent death of the soccer star.
Maradona died at age 60 on Wednesday after a heart attack.
The search order was requested by prosecutors in the affluent Buenos Aires suburb San Isidro and signed by a local judge, according to a statement issued by the prosecutor’s office.
“Yesterday (Saturday) the investigation and substantiation of evidence continued with the taking of statements from people including direct relatives of the deceased,” it said.
“By virtue of the evidence that was collected, it was considered necessary to request searches at the home and office of doctor Leopoldo Luque,” the prosecutor’s office said in the statement.
The prosecutor’s office provided no information on what prompted the investigation.
“They took the clinical files,” Luque told local television after law enforcement officers searched his home and office.
“There was no medical error,” Luque said, adding that he not responsible for the death of the soccer player who catapulted to international fame and semi-devine status at home after leading the Argentine team that won the 1986 World Cup.
Maradona had struggled for years with substance abuse issues. “I did the best I could with Diego. He needed help,” Luque said.
Maradona’s lawyer, Matias Moria, on Thursday said he would ask for a full investigation of the circumstances of the soccer legend’s death, criticizing what he said was a slow response by emergency service.
“The ambulance took more than half an hour to arrive, which was a criminal idiocy,” Matias said on Thursday in a Twitter post.
(Reporting by Jorge Otaola and Ramiro Scandolo; Writing by Hugh Bronstein; Editing by Leslie Adler and Lisa Shumaker)


cityam--2020-11-29--Swiss firms narrowly avoid 'Responsible Business' liability as vote divides nation

ZURICH ( Reuters ) – Swiss firms narrowly avoided facing greater liability for human rights and environmental abuses on Sunday after a national vote rejected the proposal due to regional differences despite it winning majority popular support .
In a divisive referendum , 50.7 % of Swiss voters supported proposals by the Responsible Business Initiative ( RBI ) to extend liability over international human rights abuses and environmental harm caused by major Swiss companies and the firms they control abroad .
But the initiative failed to win support in a majority of cantons , a necessary condition for a public @ @ @ @ @ @ @ paving the way for a milder government counter-proposal to come into force .
It is the first time in over 60 years a Swiss vote has failed on regional grounds after winning popular support .
“ The Federal Council is pleased with the result , but is also aware that many who have fought for years for the initiative are disappointed today , ” Justice Minister Karin Keller-Sutter said at a press conference .
She said the enactment of new government measures meant supporters would not leave the campaign with empty hands .
@ @ @ @ @ @ @ this is a good way to achieve the common and undisputed goal of better protecting human rights and the environment.
” The government proposal will require firms to step up and publicly report checks on their overseas operations and supply chains , hitherto voluntary measures , but stops short of extending liability to Swiss courts .
Proponents of the initiative said its broad public support – a rare , if symbolic , victory for a politically and economically progressive issue in the traditionally staid country – remained cause for sharper scrutiny of multinationals @ @ @ @ @ @ @ world ’ s leading commercial centres .
“ Human rights is such a fundamental issue .
People understand you can ’ t justify human rights violations by economic considerations , ” Florian Wettstein , a professor for business ethics at the University of St. Gallen and co-organiser of the initiative , told Reuters .
In a polarizing campaign , the government and multinationals denounced the negative economic consequences of the proposal , while activists , religious groups and various political factions argued Switzerland risked falling behind other countries in tackling progressive social and @ @ @ @ @ @ @ was the most aggressive campaign I ’ ve ever experienced in my 20 years in politics , ” parliamentarian Christa Markwalder told Swiss broadcaster SRF .
Meanwhile , voters more clearly rejected a proposal seeking to impose a ban on funding arms makers , the latest anti-military referendum in a nation that has not fought an external war for 200 years .
The vote , which held implications for major Swiss banks and investors including the country ’ s central bank and pension funds , as well as Swiss industry , received 57.5 @ @ @ @ @ @ @ than 40 % approval gained by the initiative , spanning beyond the country ’ s most left-leaning political camps , nonetheless put pressure on arms financing and showed the need for further action .

Swiss firms narrowly avoid ‘Responsible Business’ liability as vote divides nation
By Brenna Hughes Neghaiwi
ZURICH (Reuters) – Swiss firms narrowly avoided facing greater liability for human rights and environmental abuses on Sunday after a national vote rejected the proposal due to regional differences despite it winning majority popular support.
In a divisive referendum, 50.7% of Swiss voters supported proposals by the Responsible Business Initiative (RBI) to extend liability over international human rights abuses and environmental harm caused by major Swiss companies and the firms they control abroad.
But the initiative failed to win support in a majority of cantons, a necessary condition for a public initiative to be enacted in Switzerland, paving the way for a milder government counter-proposal to come into force.
It is the first time in over 60 years a Swiss vote has failed on regional grounds after winning popular support.
“The Federal Council is pleased with the result, but is also aware that many who have fought for years for the initiative are disappointed today,” Justice Minister Karin Keller-Sutter said at a press conference.
She said the enactment of new government measures meant supporters would not leave the campaign with empty hands. “The Federal Council is convinced that this is a good way to achieve the common and undisputed goal of better protecting human rights and the environment.”
The government proposal will require firms to step up and publicly report checks on their overseas operations and supply chains, hitherto voluntary measures, but stops short of extending liability to Swiss courts.
Proponents of the initiative said its broad public support – a rare, if symbolic, victory for a politically and economically progressive issue in the traditionally staid country – remained cause for sharper scrutiny of multinationals and commodities firms in one of the world’s leading commercial centres.
“Human rights is such a fundamental issue. People understand you can’t justify human rights violations by economic considerations,” Florian Wettstein, a professor for business ethics at the University of St. Gallen and co-organiser of the initiative, told Reuters.
In a polarizing campaign, the government and multinationals denounced the negative economic consequences of the proposal, while activists, religious groups and various political factions argued Switzerland risked falling behind other countries in tackling progressive social and economic issues without it.
“It was the most aggressive campaign I’ve ever experienced in my 20 years in politics,” parliamentarian Christa Markwalder told Swiss broadcaster SRF.
Meanwhile, voters more clearly rejected a proposal seeking to impose a ban on funding arms makers, the latest anti-military referendum in a nation that has not fought an external war for 200 years.
The vote, which held implications for major Swiss banks and investors including the country’s central bank and pension funds, as well as Swiss industry, received 57.5% rejection.
Organisers said the more than 40% approval gained by the initiative, spanning beyond the country’s most left-leaning political camps, nonetheless put pressure on arms financing and showed the need for further action.
(Reporting by Brenna Hughes Neghaiwi; Editing by Kirsten Donovan and Jan Harvey)


cityam--2020-11-29--EU budget rules need adjustment but no debt cancellation: European Commissioner

European Union budget rules need to be more consistent with expected higher levels of sovereign debt , the bloc ’ s economics commissioner said , but dismissed calls to cancel debt amassed during the coronavirus crisis .
The idea of debt cancellation has been raised by Italy ’ s co-ruling 5-Star Movement , backing a proposal by EU Parliament President David Sassoli .
“ In Europe debts can not be cancelled ” , Paolo Gentiloni said .
The European Commission , which is in charge of enforcing EU fiscal rules , this year suspended requirements to keep government deficits below @ @ @ @ @ @ @ cut public debt below 60 per cent of GDP as the economy entered a record recession .
Gentiloni said on Sunday that eurozone average debt to GDP ratio would be 103 % -104 % at the end of the pandemic next year .
“ We need to take in account this new scenario , ” the EU commissioner told Italian state broadcaster RAI , adding that discussions on how to adjust the budget would occur next year .
“ The answer is not debt cancellation but creating conditions to gradually change and make @ @ @ @ @ @ @ reality , ” Gentiloni said .

EU budget rules need adjustment but no debt cancellation: European Commissioner
FILE PHOTO: European Commission vice-president Dombrovskis, European Commissioners for Economy Gentiloni and for Jobs and Social Rights Schmit attend a media conference in Brussels
European Union budget rules need to be more consistent with expected higher levels of sovereign debt, the bloc’s economics commissioner said, but dismissed calls to cancel debt amassed during the coronavirus crisis.
The idea of debt cancellation has been raised by Italy’s co-ruling 5-Star Movement, backing a proposal by EU Parliament President David Sassoli.
“In Europe debts cannot be cancelled”, Paolo Gentiloni said.
Fiscal rules
The European Commission, which is in charge of enforcing EU fiscal rules, this year suspended requirements to keep government deficits below 3 per cent of GDP and to cut public debt below 60 per cent of GDP as the economy entered a record recession.
Gentiloni said on Sunday that eurozone average debt to GDP ratio would be 103%-104% at the end of the pandemic next year.
“We need to take in account this new scenario,” the EU commissioner told Italian state broadcaster RAI, adding that discussions on how to adjust the budget would occur next year.
“The answer is not debt cancellation but creating conditions to gradually change and make our rules more consistent with the new reality,” Gentiloni said.


cityam--2020-11-29--UK strikes deal with France to beef up border protection

The number of officers patrolling French beaches near Calais will double in a bid to stop increasing numbers of migrant boats crossing the channel in attempts to reach the UK border .
The UK and French governments struck a deal yesterday to enforce the increased measures , with the Home Office saying it “ will bolster the patrolling of the 150-kilometre stretch of coastline regularly targeted by people-smuggling networks and enable quicker response rates to suspicious activity ” .
Read more : Priti Patel promises overhaul of the UK asylum system Home secretary Priti Patel said earlier this year at @ @ @ @ @ @ @ overhaul the UK ’ s asylum system in the face of increasing numbers of illegal boat crossings .
More than 8,000 people have crossed the channel to try to reach the UK border this year alone .
In a statement released last night , Patel said : “ Thanks to more police patrols on French beaches and enhanced intelligence sharing between our security and law enforcement agencies , we are already seeing fewer migrants leaving French beaches .
“ The actions we have agreed jointly today go further , doubling the number of @ @ @ @ @ @ @ , increasing surveillance and introducing new cutting edge technology , representing a further step forward in our shared mission to make channel crossings completely unviable .
Read more : Brexit : Chance of no-deal exit ‘ underpriced ’ , says Number 10 “ On top of these new operational plans , we will introduce a new asylum system that is firm and fair , and I will bring forward new legislation next year to deliver on that commitment .
”

UK strikes deal with France to beef up border protection
The number of officers patrolling French beaches near Calais will double in a bid to stop increasing numbers of migrant boats crossing the channel in attempts to reach the UK border.
The UK and French governments struck a deal yesterday to enforce the increased measures, with the Home Office saying it “will bolster the patrolling of the 150-kilometre stretch of coastline regularly targeted by people-smuggling networks and enable quicker response rates to suspicious activity”.
Home secretary Priti Patel said earlier this year at the Tory party conference that she would overhaul the UK’s asylum system in the face of increasing numbers of illegal boat crossings.
More than 8,000 people have crossed the channel to try to reach the UK border this year alone.
In a statement released last night, Patel said: “Thanks to more police patrols on French beaches and enhanced intelligence sharing between our security and law enforcement agencies, we are already seeing fewer migrants leaving French beaches.
“The actions we have agreed jointly today go further, doubling the number of police officers on the ground in France, increasing surveillance and introducing new cutting edge technology, representing a further step forward in our shared mission to make channel crossings completely unviable.
“On top of these new operational plans, we will introduce a new asylum system that is firm and fair, and I will bring forward new legislation next year to deliver on that commitment.”
Amnesty International UK called the new measures “profoundly disappointing”.


cityam--2020-11-29--Brexit: Chance of no-deal exit 'underpriced', says Number 10

There is still a reasonably good chance the UK will leave the post-Brexit transition period on a no-deal basis , according to Downing Street .
The UK will leave the EU ’ s single market and customs union with or without a trade deal on 31 December .
A no-deal exit would mean that trade barriers between the EU and UK would be immediately erected , with tariffs on some UK exports rising to as much as 35 per cent .
Intensive trade talks between the UK and EU are continuing next week , however a Downing Street source told @ @ @ @ @ @ @ ” still remain on fisheries .
“ No deal is arguably underpriced , ” the source said .
A no-deal exit from the EU would see two per cent of the UK ’ s 2021 GDP growth wiped out , according to the Office for Budget Responsibility ( OBR ) .
Read more : OBR : ‘ No-deal ’ Brexit to wipe 2 per cent off GDP – with finance worst hit The OBR said this scenario would leave long-term economic scarring in the form of lower GDP growth for years to come @ @ @ @ @ @ @ an interview with Sky News today that Brussels must climb down from its demands on access to UK fisheries and that leaving without a trade deal was a very real possibility .
“ As we leave the transition [ period ] , we are an independent coastal state – we ’ ve got to be able to control our waters , ” he said .
“ We can talk about transitions and things like that and we recognise the impact it has on other countries around Europe .
“ But that principle comes @ @ @ @ @ @ @ just the EU but the transition period.
” Irish foreign minister Simon Coveney also said the remaining barriers to a deal were proving to be a serious challenge .
“ The outstanding issues around fair competition and fisheries , and indeed governance in relation to the level-playing-field issue , are proving very , very difficult issues to make progress on , if the truth be told ” , Coveney said .
EU chief negotiator Michel Barnier ’ s starting position in talks with the UK was that Brussels wanted EU countries to retain @ @ @ @ @ @ @ waters as they had prior to Brexit .
This was turned down by UK chief negotiator David Frost , who said on many occasions that the UK will be a “ independent coastal state ” from next year .
Frost has pushed for a “ zonal ” arrangement , which would see EU countries allowed only a certain amount of fish from UK waters every year .
Read more : A sea apart : UK dismisses EU Brexit fishing offer as ‘ derisory ’ The UK also wants this arrangement to be re-negotiated @ @ @ @ @ @ @ believed that Barnier is now demanding for the EU to keep around 80 per cent of its current access to UK waters .

Brexit: Chance of no-deal exit ‘underpriced’, says Number 10
Talks over the EU’s access to UK fishing waters is holding up a post-Brexit trade deal
There is still a reasonably good chance the UK will leave the post-Brexit transition period on a no-deal basis, according to Downing Street.
The UK will leave the EU’s single market and customs union with or without a trade deal on 31 December.
A no-deal exit would mean that trade barriers between the EU and UK would be immediately erected, with tariffs on some UK exports rising to as much as 35 per cent.
Intensive trade talks between the UK and EU are continuing next week, however a Downing Street source told The Sunday Telegraph that “significant gaps” still remain on fisheries.
“No deal is arguably underpriced,” the source said.
A no-deal exit from the EU would see two per cent of the UK’s 2021 GDP growth wiped out, according to the Office for Budget Responsibility (OBR).
The OBR said this scenario would leave long-term economic scarring in the form of lower GDP growth for years to come.
Foreign secretary Dominic Raab reiterated in an interview with Sky News today that Brussels must climb down from its demands on access to UK fisheries and that leaving without a trade deal was a very real possibility.
“As we leave the transition [period], we are an independent coastal state – we’ve got to be able to control our waters,” he said.
“We can talk about transitions and things like that and we recognise the impact it has on other countries around Europe.
“But that principle comes with sovereignty, comes with leaving not just the EU but the transition period.”
Irish foreign minister Simon Coveney also said the remaining barriers to a deal were proving to be a serious challenge.
“The outstanding issues around fair competition and fisheries, and indeed governance in relation to the level-playing-field issue, are proving very, very difficult issues to make progress on, if the truth be told”, Coveney said.
EU chief negotiator Michel Barnier’s starting position in talks with the UK was that Brussels wanted EU countries to retain the same rights to fish in British waters as they had prior to Brexit.
This was turned down by UK chief negotiator David Frost, who said on many occasions that the UK will be a “independent coastal state” from next year.
Frost has pushed for a “zonal” arrangement, which would see EU countries allowed only a certain amount of fish from UK waters every year.
The UK also wants this arrangement to be re-negotiated on a regular basis.
It is believed that Barnier is now demanding for the EU to keep around 80 per cent of its current access to UK waters.


cityam--2020-11-29--Soho House founder: ‘If we were desperate for cash we’d let in our 50,000 waiting list’

Nick Jones , founder of Soho House , has said if the business needed more money post-pandemic , it would let in its “ huge ” waiting list of 50,000 people .
Speaking in an interview with the Telegraph , Jones was confident Soho House customers would return to the private members club when they could , and if the business needed extra cash , it had plenty of people wanting to be a part of the scene .
“ Once everything switches back on and there is light at the end of the tunnel all those worries about ‘ @ @ @ @ @ @ @ profit ’ will go away , ” he said .
“ If we were desperate for cash , we would let in our huge waiting lists , you could just go straight to that and let them in .
We have about 50,000 people on our waiting lists.
” Like other hospitality businesses , the Covid-19 crisis has been tough for Soho House .
The club bid goodbye to 1,000 of its 8,000 global staff , has cut ties with its suppliers and asked its landlords for rent holidays .
Soho House has @ @ @ @ @ @ @ and $ 22m ( £16.5m ) in crisis loans backed by the US government .
Read more : Boris Johnson appoints new minister for UK coronavirus vaccine rollout “ We have very good relationships with all our landlords , I ’ ve known them all and every deal I ’ ve done has always been a personal deal , ” he told the Telegraph .
“ But that doesn ’ t mean we have paid everyone .
We didn ’ t refuse to pay either .
We sat down and negotiated deferment or @ @ @ @ @ @ @ pretty up to date .
”

Soho House founder: ‘If we were desperate for cash we’d let in our 50,000 waiting list’
The West End has been hit hard by lockdown restrictions, but sunshine finally appears to be tempting shoppers back to Central London.
Nick Jones, founder of Soho House, has said if the business needed more money post-pandemic, it would let in its “huge” waiting list of 50,000 people.
Speaking in an interview with the Telegraph, Jones was confident Soho House customers would return to the private members club when they could, and if the business needed extra cash, it had plenty of people wanting to be a part of the scene.
“Once everything switches back on and there is light at the end of the tunnel all those worries about ‘is there too much debt against the profit’ will go away,” he said.
“If we were desperate for cash, we would let in our huge waiting lists, you could just go straight to that and let them in. We have about 50,000 people on our waiting lists.”
Like other hospitality businesses, the Covid-19 crisis has been tough for Soho House. The club bid goodbye to 1,000 of its 8,000 global staff, has cut ties with its suppliers and asked its landlords for rent holidays.
Soho House has also made use of the furlough scheme and $22m (£16.5m) in crisis loans backed by the US government.
“We have very good relationships with all our landlords, I’ve known them all and every deal I’ve done has always been a personal deal,” he told the Telegraph.
“But that doesn’t mean we have paid everyone. We didn’t refuse to pay either. We sat down and negotiated deferment or some rent-free months. We’re pretty up to date.”


cityam--2020-11-30--Breaking: Booze banned in Welsh pubs from Friday

Pubs , bars , restaurants and cafes in Wales will be forced to close on Friday as the country tightens its national restrictions ahead of Christmas , first minister Mark Drakeford has announced .
From 6pm on Friday , hospitality venues will be banned from serving alcohol at any point of day or night .
Food will only be available via takeaway .
Read more : Tiering it down : Boris Johnson backtracks on Covid restrictions Cinemas , bowling alleys , bingo halls and other indoor entertainment venues must also close from 4 December .
Announcing the measures , Drakeford @ @ @ @ @ @ @ rates in Wales continued to rise in the run up to Christmas .
Sixteen out of 22 local Welsh authorities recorded rises in their seven-day rolling case rates last Thursday .
The new infections pushed Wales ’ R rate up to 1.4 in Wales , with the rate needing to be below one for the number of cases to fall .
Drakeford said while case rates had fallen following the country ’ s 17-day ‘ firebreak ’ , they had since risen “ faster and further than we anticipated ” as people resumed @ @ @ @ @ @ @ a return to the firebreak arrangements , but the cabinet has agreed to take further specific and targeted action to reinforce the current national measures we have place , ” he said .
The Welsh leader added that unless action was taken now , the number of people with coronavirus in Welsh hospitals could reach 2,200 by 12 January .
Drakeford announced a £340m support package for hospitality businesses affected by the new regulations .
The first minister said smaller and medium-sized businesses will be able to access up to £100,000 , while @ @ @ @ @ @ @ to £150,000 .
It comes after Prime Minister Boris Johnson last week announced a five-day period over Christmas in which coronavirus restrictions will be lifted across the UK .
Up to three households will be allowed to mix and travel restrictions will be lifted between 23 and 27 December .
Read more : Retailers allowed to open 24 hours over Christmas period , says minister Johnson is scrambling to defuse a 70-strong Tory revolt on the fresh tier system by offering a series of concessions ahead of a crunch Commons vote tomorrow .
@ @ @ @ @ @ @ expiry date for the tier system , detailed impact assessments , and extra cash for pubs and restaurants .

Breaking: Booze banned in Welsh pubs from Friday
Pubs, bars, restaurants and cafes in Wales will be forced to close on Friday as the country tightens its national restrictions ahead of Christmas, first minister Mark Drakeford has announced.
From 6pm on Friday, hospitality venues will be banned from serving alcohol at any point of day or night. Food will only be available via takeaway.
Cinemas, bowling alleys, bingo halls and other indoor entertainment venues must also close from 4 December.
Announcing the measures, Drakeford said fresh action was needed as case rates in Wales continued to rise in the run up to Christmas.
Sixteen out of 22 local Welsh authorities recorded rises in their seven-day rolling case rates last Thursday.
The new infections pushed Wales’ R rate up to 1.4 in Wales, with the rate needing to be below one for the number of cases to fall.
Drakeford said while case rates had fallen following the country’s 17-day ‘firebreak’, they had since risen “faster and further than we anticipated” as people resumed socialising.
“This does not mean a return to the firebreak arrangements, but the cabinet has agreed to take further specific and targeted action to reinforce the current national measures we have place,” he said.
The Welsh leader added that unless action was taken now, the number of people with coronavirus in Welsh hospitals could reach 2,200 by 12 January.
Drakeford announced a £340m support package for hospitality businesses affected by the new regulations.
The first minister said smaller and medium-sized businesses will be able to access up to £100,000, while larger businesses will be eligible for up to £150,000.
It comes after Prime Minister Boris Johnson last week announced a five-day period over Christmas in which coronavirus restrictions will be lifted across the UK.
Up to three households will be allowed to mix and travel restrictions will be lifted between 23 and 27 December.
Johnson is scrambling to defuse a 70-strong Tory revolt on the fresh tier system by offering a series of concessions ahead of a crunch Commons vote tomorrow.
The PM is set to announce an expiry date for the tier system, detailed impact assessments, and extra cash for pubs and restaurants.


cityam--2020-11-30--Is Opec+ fraying at the edges?

Is Opec+ fraying at the edges?

As the Opec summit gets underway in Vienna , there are signs that the consensus about overproduction levels may be fading .
The UAE and other major producers have indicated frustration at the current state of production .
They see Saudi Arabia and Russia , two of the world ’ s largest producers , determining energy policy bilaterally , apart from the rest of the members .
Read more : Before the bell : Equity sentiment slips while all eyes are on OPEC While the Opec+ agreement helped limit the damage facing oil-producing countries this year , it has left @ @ @ @ @ @ @ fear is that , should a more equitable arrangement not be found at this summit , countries may start to abandon the deal .
Should that happen , a managed approach to production levels — a cornerstone of the raison d ’ etre for Opec+ — is in jeopardy .
Much of the current difficulties can be laid at the door of the coronavirus pandemic .
The spread of the disease forced governments to act and impose movement restrictions , hitting demand .
The fall from around $ 50 per barrel to below @ @ @ @ @ @ @ Russia and Saudi Arabia to join forces and propose a cut of 10 million barrels per day .
Since then , prices have recovered , to around $ 40 per barrel .
But demand has remained low , especially in North America and Europe .
What demand there is has been in Asia , with China and India at the forefront and snapping up cheaper supplies .
Moreover , it remains well below the fiscal breakeven price for several of the Gulf states which is around double the current selling price .
By @ @ @ @ @ @ @ lowest point in nearly 30 years .
Over the summer , producers began to ease production cuts .
However , the second Covid waves across much of Europe and North America means energy markets remain depressed , with the International Energy Agency recently predicting that overall demand will continue to remain low until late 2021 .
With production levels low and likely to remain so , this has already caused discomfort for a number of countries .
In the Gulf , it has meant a loss in revenues and economic contractions .
Overall @ @ @ @ @ @ @ by six per cent in the Gulf states this year .
Moreover , the most recent estimates in October were poorer than six months ago .
Among the countries most likely to be heavily affected are Oman and Kuwait , which are expected to contract by 10 per cent and eight per cent respectively , compared to around five per cent for Saudi Arabia and Bahrain .
The loss of income is having a sizeable impact in terms of public spending , in the form of public services and public sector salaries .
@ @ @ @ @ @ @ expenditure , running down their foreign reserves , borrowing more , or raising revenues elsewhere .
Saudi Arabia has made use of its foreign reserves , which since 2014 have fallen from $ 2.8 trillion to $ 1.7 trillion , while also tripling its value-added tax .
The UAE ’ s federal government is undertaking a restructuring and rationalisation of its public sector , merging ministries and cutting workers .
Oman , meanwhile , may be about to introduce a personal income tax , a first among the Gulf states .
The loss @ @ @ @ @ @ @ immediate concerns .
Less money today means less money for tomorrow and more pressure for the Gulf states to diversify their economies away from oil and gas .
The fall in oil prices has reduced the Saudi budget for such projects while also impressing the importance of recent legal changes made in the UAE to allow more flexible visas and foreign ownership of businesses , to attract foreign investment .
The threat to current and future revenues and planning illustrates the wider challenges facing oil producers .
Opec ’ s strength has waxed @ @ @ @ @ @ @ greater unity contributing to consensus on production levels and higher oil prices and revenues , however a perception that two major actors are taking major decisions away from the rest of the group may harm said unity .
After 2000 , Opec became more coordinated and prices rose to over $ 100 per barrel .
But following the 2008 financial crisis , demand fell , and with it , both prices and collective harmony .
Saudi Arabia began increasing production in a quixotic bid to squeeze out more costly American shale producers .
@ @ @ @ @ @ @ due to western sanctions imposed on it after its annexation of the Crimea .
It was at that point , with prices falling and revenues at risk , that these two competitors came together .
They recognised the need to work together rather than apart .
However , other Opec+ members appear unlikely to keep their concerns quiet for much longer .
Read more : Green energy — it ’ s bigger than the internet

Is Opec+ fraying at the edges?
A managed approach to production levels — a cornerstone of the raison d’etre for Opec — is in jeopardy.
As the Opec summit gets underway in Vienna, there are signs that the consensus about overproduction levels may be fading.
The UAE and other major producers have indicated frustration at the current state of production. They see Saudi Arabia and Russia, two of the world’s largest producers, determining energy policy bilaterally, apart from the rest of the members.
While the Opec+ agreement helped limit the damage facing oil-producing countries this year, it has left some worse off than others. The fear is that, should a more equitable arrangement not be found at this summit, countries may start to abandon the deal.
Should that happen, a managed approach to production levels — a cornerstone of the raison d’etre for Opec+ — is in jeopardy.
Much of the current difficulties can be laid at the door of the coronavirus pandemic. The spread of the disease forced governments to act and impose movement restrictions, hitting demand. The fall from around $50 per barrel to below $20 per barrel in spring triggered Russia and Saudi Arabia to join forces and propose a cut of 10 million barrels per day.
Since then, prices have recovered, to around $40 per barrel. But demand has remained low, especially in North America and Europe. What demand there is has been in Asia, with China and India at the forefront and snapping up cheaper supplies. Moreover, it remains well below the fiscal breakeven price for several of the Gulf states which is around double the current selling price.
By June, production levels had reached their lowest point in nearly 30 years. Over the summer, producers began to ease production cuts. However, the second Covid waves across much of Europe and North America means energy markets remain depressed, with the International Energy Agency recently predicting that overall demand will continue to remain low until late 2021.
With production levels low and likely to remain so, this has already caused discomfort for a number of countries. In the Gulf, it has meant a loss in revenues and economic contractions. Overall, the IMF predicts GDP to fall by six per cent in the Gulf states this year.
Moreover, the most recent estimates in October were poorer than six months ago. Among the countries most likely to be heavily affected are Oman and Kuwait, which are expected to contract by 10 per cent and eight per cent respectively, compared to around five per cent for Saudi Arabia and Bahrain.
The loss of income is having a sizeable impact in terms of public spending, in the form of public services and public sector salaries. Governments are facing the dilemma of cutting expenditure, running down their foreign reserves, borrowing more, or raising revenues elsewhere.
Saudi Arabia has made use of its foreign reserves, which since 2014 have fallen from $2.8 trillion to $1.7 trillion, while also tripling its value-added tax. The UAE’s federal government is undertaking a restructuring and rationalisation of its public sector, merging ministries and cutting workers. Oman, meanwhile, may be about to introduce a personal income tax, a first among the Gulf states.
The loss of revenue is not solely limited to immediate concerns. Less money today means less money for tomorrow and more pressure for the Gulf states to diversify their economies away from oil and gas. The fall in oil prices has reduced the Saudi budget for such projects while also impressing the importance of recent legal changes made in the UAE to allow more flexible visas and foreign ownership of businesses, to attract foreign investment.
The threat to current and future revenues and planning illustrates the wider challenges facing oil producers. Opec’s strength has waxed and waned over the years, with greater unity contributing to consensus on production levels and higher oil prices and revenues, however a perception that two major actors are taking major decisions away from the rest of the group may harm said unity.
After 2000, Opec became more coordinated and prices rose to over $100 per barrel. But following the 2008 financial crisis, demand fell, and with it, both prices and collective harmony. Saudi Arabia began increasing production in a quixotic bid to squeeze out more costly American shale producers. Russia, meanwhile, found itself struggling due to western sanctions imposed on it after its annexation of the Crimea.
It was at that point, with prices falling and revenues at risk, that these two competitors came together. They recognised the need to work together rather than apart. However, other Opec+ members appear unlikely to keep their concerns quiet for much longer.
Main image credit: Getty


cityam--2020-11-30--Playing FTSE: How a global index was born in London

It is now more than two decades since FTSE was founded – becoming common parlance not just in the City but across the business world .
FTSE ’ s founder Mark Makepeace has teamed up with respected business journalist James Ashton to tell the story of the FTSE – and how it grew from nine people in an office to being featured on every ticker on the globe .
Today James Ashton writes for City A.M. on the rise of FTSE , and the deals that saw it come to pass .
THE City of London has played host to @ @ @ @ @ @ @ years , but one of the most successful unions cooked up by two of the Square Mile ’ s most famous institutions cost close to nothing .
Twenty five years ago this month the Financial Times and the London Stock Exchange pooled resources to create FTSE International , a joint venture company with the mission to commercialise a small set of stock indices that started life with the FTSE 100 in 1984 .
Into the start-up went contracts worth an annual £2.85m , a loan facility , nine staff – and a good @ @ @ @ @ @ @ sides .
Read more : To audit or not to audit ?
Big 4 look nervously at their client list Home was St Alphage House , a tatty tower block built during the 1960s redevelopment of London Wall that the exchange had lying empty on a long lease .
What was at the time known as FT-SE was the result of an uneasy courtship dating back more than a decade .
Before the 100 index started life on January 3 1984 to measure the minute-by-minute performance of a basket of London ’ s @ @ @ @ @ @ @ ruled the index roost .
But the FT 30 , compiled since 1935 from prices collected from jobbers on the exchange floor and promoted assiduously in the newspaper ’ s salmon-pink pages , was showing its age .
Updated hourly from a set of 30 largely industrial stocks , it was an equal-weight index that did not factor in constituents ’ wildly different market capitalisations .
It was not fit for purpose when it came to the sophisticated world of options and futures contracts , where the growth in trading volumes lay .
@ @ @ @ @ @ @ options market , the exchange borrowed an idea from the Chicago Board Options Exchange ( CBOE ) by creating a contract around an index , instead of a handful of individual stocks .
The London International Financial Futures and Options Exchange ( LIFFE ) , which had launched with great razzamatazz in 1982 , also needed new products to sustain interest .
But before they could launch anything , someone needed to construct a new index .
That was down to the exchange ’ s enterprising IT department , with some help from @ @ @ @ @ @ @ & Co , actuaries and academics .
The FT was apoplectic when it found out about the plan in autumn 1983 , and coverage was scant in its pages when the SE 100 – as it was first called – launched in the January and was made available to all subscribers of the exchange ’ s electronic information system , Topic .
There followed a remarkable lobbying campaign to get the FT involved , led by Richard Lambert , who would go on to edit the paper from 1991 .
LIFFE and the @ @ @ @ @ @ @ upside to a collaboration and feared a hostile media .
It was down to the FT ’ s chief executive , the no-nonsense Lancastrian Frank Barlow , to strike a deal .
The paper would publish and support the 100 index , but only if it changed its name .
The Stock Exchange FT Index , or SEFT , was proposed but Barlow said that only putting the FT name first would do .
He got his way , and “ Footsie ” – originally christened “ footsy to its friends ” by @ @ @ @ @ @ @ was born .
Fast forward 11 years to 1995 , and the gentlemen ’ s agreement needed formalising .
It had taken 18 months of conversations because the FT was reluctant to formally partner with the exchange .
Its reputation had suffered after the collapse of Transfer and Automated Registration of Uncertified Stock ( Taurus ) IT project that was meant to replace paper share certificates with computerised share settlement but actually led to some of its clearing functions taken over by the Bank of England .
Even when the company was created @ @ @ @ @ @ @ .
The first chief executive , Mark Makepeace , who had joined the exchange in 1985 to work on Big Bang , knew FT-SE International was not a strong enough brand if he was to fulfil his ambition of going global .
The venture ’ s first chairman , John Makinson , had a solution : why not just rebrand the growing family of indices that categorised stocks by size and by geography under the FT banner ?
It was left to the only independent director sat around the board table , Keith @ @ @ @ @ @ @ chief executive of the asset manager Morgan Grenfell , to exclaim loudly , “ For God ’ s sake , can we just drop the hyphen ?
” They did , and the rest is history .
FTSE , now FTSE Russell , grew to become one of the big three index providers , along with MSCI and S & P Dow Jones Indices , that have boomed on the back of the rise of exchange-traded funds ( ETFs ) and the inexorable shift from active to passive investing .
The exchange bought @ @ @ @ @ @ @ in 2011 , valuing FTSE at £900m .
Its value has soared since .
Pearson , the FT ’ s owner at the time , may have carried off a welcome cheque as their sometimes wary partnership ended , but judging by the exchange ’ s upward share price movement over the last nine years , it is the acquirer that had the last laugh .
FTSE : The Inside Story by Mark Makepeace with James Ashton is out now bit.ly/FTSEbook

Playing FTSE: How a global index was born in London
(Photo by Lionel Healing/Getty Images)
It is now more than two decades since FTSE was founded – becoming common parlance not just in the City but across the business world.
FTSE’s founder Mark Makepeace has teamed up with respected business journalist James Ashton to tell the story of the FTSE – and how it grew from nine people in an office to being featured on every ticker on the globe.
Today James Ashton writes for City A.M. on the rise of FTSE, and the deals that saw it come to pass.
THE City of London has played host to numerous multi-billion-pound mergers and takeovers over the years, but one of the most successful unions cooked up by two of the Square Mile’s most famous institutions cost close to nothing.
Twenty five years ago this month the Financial Times and the London Stock Exchange pooled resources to create FTSE International, a joint venture company with the mission to commercialise a small set of stock indices that started life with the FTSE 100 in 1984.
Into the start-up went contracts worth an annual £2.85m, a loan facility, nine staff – and a good dose of enmity shared between the two sides.
Read more: To audit or not to audit? Big 4 look nervously at their client list
Home was St Alphage House, a tatty tower block built during the 1960s redevelopment of London Wall that the exchange had lying empty on a long lease.
What was at the time known as FT-SE was the result of an uneasy courtship dating back more than a decade. Before the 100 index started life on January 3 1984 to measure the minute-by-minute performance of a basket of London’s 100 largest qualifying stocks, the FT ruled the index roost. But the FT 30, compiled since 1935 from prices collected from jobbers on the exchange floor and promoted assiduously in the newspaper’s salmon-pink pages, was showing its age.
Updated hourly from a set of 30 largely industrial stocks, it was an equal-weight index that did not factor in constituents’ wildly different market capitalisations. It was not fit for purpose when it came to the sophisticated world of options and futures contracts, where the growth in trading volumes lay.
Seeking to breathe life into its traded options market, the exchange borrowed an idea from the Chicago Board Options Exchange (CBOE) by creating a contract around an index, instead of a handful of individual stocks.
(Photo by John Li/Getty Images)
The London International Financial Futures and Options Exchange (LIFFE), which had launched with great razzamatazz in 1982, also needed new products to sustain interest. But before they could launch anything, someone needed to construct a new index.
That was down to the exchange’s enterprising IT department, with some help from the team at the stockbroker W Greenwell & Co, actuaries and academics.
The FT was apoplectic when it found out about the plan in autumn 1983, and coverage was scant in its pages when the SE 100 – as it was first called – launched in the January and was made available to all subscribers of the exchange’s electronic information system, Topic.
There followed a remarkable lobbying campaign to get the FT involved, led by Richard Lambert, who would go on to edit the paper from 1991. LIFFE and the exchange boss Sir Nicholas Goodison saw some upside to a collaboration and feared a hostile media.
It was down to the FT’s chief executive, the no-nonsense Lancastrian Frank Barlow, to strike a deal. The paper would publish and support the 100 index, but only if it changed its name. The Stock Exchange FT Index, or SEFT, was proposed but Barlow said that only putting the FT name first would do. He got his way, and “Footsie” – originally christened “footsy to its friends” by the FT’s Lex column, was born.
Fast forward 11 years to 1995, and the gentlemen’s agreement needed formalising. It had taken 18 months of conversations because the FT was reluctant to formally partner with the exchange.
Its reputation had suffered after the collapse of Transfer and Automated Registration of Uncertified Stock (Taurus) IT project that was meant to replace paper share certificates with computerised share settlement but actually led to some of its clearing functions taken over by the Bank of England.
Even when the company was created, its name had not been resolved. The first chief executive, Mark Makepeace, who had joined the exchange in 1985 to work on Big Bang, knew FT-SE International was not a strong enough brand if he was to fulfil his ambition of going global.
The venture’s first chairman, John Makinson, had a solution: why not just rebrand the growing family of indices that categorised stocks by size and by geography under the FT banner? It was left to the only independent director sat around the board table, Keith Percy, who was at that time chief executive of the asset manager Morgan Grenfell, to exclaim loudly, “For God’s sake, can we just drop the hyphen?”
They did, and the rest is history. FTSE, now FTSE Russell, grew to become one of the big three index providers, along with MSCI and S&P Dow Jones Indices, that have boomed on the back of the rise of exchange-traded funds (ETFs) and the inexorable shift from active to passive investing. The exchange bought the FT out of their joint venture in 2011, valuing FTSE at £900m. Its value has soared since.
Pearson, the FT’s owner at the time, may have carried off a welcome cheque as their sometimes wary partnership ended, but judging by the exchange’s upward share price movement over the last nine years, it is the acquirer that had the last laugh.
FTSE: The Inside Story by Mark Makepeace with James Ashton is out now bit.ly/FTSEbook


cityam--2020-11-30--Bitcoin Whale Numbers Hit All-Time high As New BTC ETN Launches

This week CryptoCompare data shows the price of Bitcoin ( BTC ) moved from around $ 18,700 after the weekend to a high of $ 19,200 before enduring a sell-off that saw it move back down to $ 16,500 .
Bitcoin ’ s price recovered and is now back at $ 18,550 .
Ether ( ETH ) , the second-largest cryptocurrency by market capitalization , managed to briefly breach the resistance it has been facing at $ 600 this week , but after BTC ’ s price plummeted it fell to sub- $ 500 levels , before recovering .
Ether @ @ @ @ @ @ @ Headlines seen in the cryptocurrency space throughout the week suggest institutional investors are still moving into the space , despite the sell-off .
European ETF issuer VanEck has announced the launch of a bitcoin exchange-traded-note ( ETN ) on the Deutsche Böerse .
The ETN will launch on the electronic trading venue of Europe ’ s third-largest exchange , Xetra .
The VanEck Vectors Bitcoin ETN ( VBTC ) has a total expense ratio of 2 % and is set to be fully replicated .
Through a partnership with Bank Frick , a @ @ @ @ @ @ @ underlying BTC is held in cold storage .
The ETN is easily accessible to investors , as purchasing it is “ as simple as trading in stocks or ETFs.
” Over the week data shared by on-chain market analysis firm Glassnode revealed that the number of bitcoin whales , defined as entities that hold at least 1,000 BTC in a wallet or across a cluster of wallets , has hit a new all-time high after more than four year , with nearly 2,000 whales being spotted across the blockchain .
Bitcoin ’ s @ @ @ @ @ @ @ the front page of the Wall Street Journal , in an article that pointed out that new BTC supporters include billionaire investors Paul Tudor Jones , who has revealed over 1 % of his assets are in bitcoin , and Stanley Freeman Druckenmiller , who owns BTC as part of his investment portfolio .
The WSJ ’ s coverage also mentioned PayPal is letting users buy , sell , and hold bitcoin , bitcoin cash , ether , and litecoin , which could be driving up adoption .
The head of institutional coverage @ @ @ @ @ @ @ Brett Tejpaul , said in an interview this week that institutional interest in cryptocurrencies has grown more than threefold since he joined the trading platform earlier this year .
According to the executive , Coinbase saw “ an explosion of activity ” as when he entered the firm ’ s institutional assets under custody were $ 6 billion , and are now above $ 20 billion .
The smart contract set to trigger the first phase of Ethereum 2.0 , an upgrade that is expected to solve a number of issues on the @ @ @ @ @ @ @ smart contract needed 523,288 ETH staked in it to trigger phase 0 of Ethereum 2.0 , and has over 852,000 ETH at press time .
Phase 0 will launch the beacon chain , a parallel proof-of-stake blockchain that will un alongside the existing Ethereum network .
Its initial development will not impact Ethereum or its smart contracts and application , and will instead contribute to the launch of Ethereum 2.0 .
It ’ s the first of four phases of the migration to the upgraded network .
The primary stakeholders on the Ethereum @ @ @ @ @ @ @ are essentially the equivalent to the miners on ETH ’ s current proof-of-stake network .
Validators , just like miners , will earn rewards for processing transactions and finding new blocks .
The smart contract ’ s threshold being met is believed to have helped the price of ether go up this week , to the point the percentage of Ethereum addresses in a state of profit reached a 2-year high of 86.117 % when the cryptocurrency was close to $ 600 .
Despite the excitement surrounding ETH 2.0 , activity on the @ @ @ @ @ @ @ by hacks and exploits .
A total of $ 103 million were liquidated this week on popular decentralized finance protocol Compound after a sudden rise in the price of the DAI stablecoin on Coinbase Pro saw some loans become under-collateralized .
Crypto AM : Market View in association with Ziglu

Bitcoin Whale Numbers Hit All-Time high As New BTC ETN Launches
Image via Unsplash
This week CryptoCompare data shows the price of Bitcoin (BTC) moved from around $18,700 after the weekend to a high of $19,200 before enduring a sell-off that saw it move back down to $16,500. Bitcoin’s price recovered and is now back at $18,550.
Ether (ETH), the second-largest cryptocurrency by market capitalization, managed to briefly breach the resistance it has been facing at $600 this week, but after BTC’s price plummeted it fell to sub-$500 levels, before recovering. Ether is now trading at $582.
Headlines seen in the cryptocurrency space throughout the week suggest institutional investors are still moving into the space, despite the sell-off. European ETF issuer VanEck has announced the launch of a bitcoin exchange-traded-note (ETN) on the Deutsche Böerse. The ETN will launch on the electronic trading venue of Europe’s third-largest exchange, Xetra.
The VanEck Vectors Bitcoin ETN (VBTC) has a total expense ratio of 2% and is set to be fully replicated. Through a partnership with Bank Frick, a crypto custodian regulated in Liechtenstein, the underlying BTC is held in cold storage.
The ETN is easily accessible to investors, as purchasing it is “as simple as trading in stocks or ETFs.”
1) Today @vaneck_eu launched a #Bitcoin #ETN. The ETN is physically-backed by Bitcoin and listed on Deutsche Böerse Xetra. Launching a Bitcoin ETP was a top priority for VanEck. We succeeded! VanEck hopes to serve many in Europe and Asia! Resource page: https://t.co/oRpVOQyby2 pic.twitter.com/xnCnTWqMrG — Gabor Gurbacs (@gaborgurbacs) November 25, 2020
Over the week data shared by on-chain market analysis firm Glassnode revealed that the number of bitcoin whales, defined as entities that hold at least 1,000 BTC in a wallet or across a cluster of wallets, has hit a new all-time high after more than four year, with nearly 2,000 whales being spotted across the blockchain.
Bitcoin’s performance and increasing adoption saw it hit the front page of the Wall Street Journal, in an article that pointed out that new BTC supporters include billionaire investors Paul Tudor Jones, who has revealed over 1% of his assets are in bitcoin, and Stanley Freeman Druckenmiller, who owns BTC as part of his investment portfolio.
The WSJ’s coverage also mentioned PayPal is letting users buy, sell, and hold bitcoin, bitcoin cash, ether, and litecoin, which could be driving up adoption.
#Bitcoin front page of the Wall Street Journal 🚀 pic.twitter.com/wD7TUuMcTp — WebbDesignz (@DesignzWebb) November 23, 2020
The head of institutional coverage at San Francisco-based cryptocurrency exchange coinbase, Brett Tejpaul, said in an interview this week that institutional interest in cryptocurrencies has grown more than threefold since he joined the trading platform earlier this year.
According to the executive, Coinbase saw “an explosion of activity” as when he entered the firm’s institutional assets under custody were $6 billion, and are now above $20 billion.
ETH 2.0 Deposit Contract Reaches Threshold to Launch
The smart contract set to trigger the first phase of Ethereum 2.0, an upgrade that is expected to solve a number of issues on the Ethereum blockchain, including scalability. The smart contract needed 523,288 ETH staked in it to trigger phase 0 of Ethereum 2.0, and has over 852,000 ETH at press time.
Some statistics about eth2 deposits (specifically, those that will go into the genesis), in pictures.
Note that this is based on sender addresses and not verified identities, so keep in mind that address splitting (or address sharing) could be skewing the stats! pic.twitter.com/xvIpu5rGKE — vitalik.eth (@VitalikButerin) November 24, 2020
Phase 0 will launch the beacon chain, a parallel proof-of-stake blockchain that will un alongside the existing Ethereum network. Its initial development will not impact Ethereum or its smart contracts and application, and will instead contribute to the launch of Ethereum 2.0. It’s the first of four phases of the migration to the upgraded network.
The primary stakeholders on the Ethereum 2.0 chain will be validators, which are essentially the equivalent to the miners on ETH’s current proof-of-stake network. Validators, just like miners, will earn rewards for processing transactions and finding new blocks.
The smart contract’s threshold being met is believed to have helped the price of ether go up this week, to the point the percentage of Ethereum addresses in a state of profit reached a 2-year high of 86.117% when the cryptocurrency was close to $600.
Despite the excitement surrounding ETH 2.0, activity on the decentralized finance space is still being haunted by hacks and exploits. A total of $103 million were liquidated this week on popular decentralized finance protocol Compound after a sudden rise in the price of the DAI stablecoin on Coinbase Pro saw some loans become under-collateralized.
Crypto AM: Market View in association with Ziglu


cityam--2020-11-30--Healthcare Passports - Do they need Blockchain?

From the airline industry to enterprises to friends and family , everyone wants to see things change to where we can spend time with others again.A central aspect is finding a safe and secure way to share your COVID-19 health status – The approach many are discussing is a digital ‘ healthcare passport ’ .
A lot of these approaches are promoting blockchain technology as part of , or central to , their passport solution .
Primary question : Is blockchain a necessary component to a healthcare passport ?
Short answer : In most of the solutions being put forward @ @ @ @ @ @ @ blockchain technology .
As we well know , in the first few months of the COVID-19 pandemic , there was hope that once you had contracted the virus , you would be immune from future infections .
There were many news articles about the possibility of mass availability of tests to show whether or not a person possessed the COVID-19 antibodies .
Numerous initiatives quickly launched offering to provide safe and secure proof of this immunity .
These were called immunity passports .
Blockchain was part of several of these initiatives , and @ @ @ @ @ @ @ compliant .
Many of them claimed that they would take advantage of blockchain technology as part of the solution to provide evidence of the integrity of the data .
Today there is little in the news about immunity or immunity testing .
As a result , there is not much ongoing interest in these projects .
But did they need blockchain in the first place ?
Or was it just another attempt to grab a headline ?
In October , IBM announced its initiative , the Digital Health Pass .
The promise of @ @ @ @ @ @ @ to put forward their criteria required for employees to return to the office – or for an airline to decide if passengers are safe to travel .
The Digital Health Pass uses IBM Blockchain Technology – but is it necessary ?
In April 2020 , Open University unveiled its approach to recording COVID-19 immunity .
The solution uses blockchain technology and Tim Berners Lee ’ s concept of personal data pods ( Solid ) And there has been a substantial initiative from 60 self-sovereign identity firms including both Evernym and Sovrin amongst others @ @ @ @ @ @ @ blockchain technology to the challenge of providing access to health data as a part of identity .
Most recently , there is a significant push from major airlines to provide a COVID test result passport provided by CommonPass to be accepted by multiple countries .
This project is probably the best use case where blockchain would be beneficial , and yet ironically , there is no mention of blockchain from any of the announcements .
The biggest issue with most of these initiatives is they are based ( with the possible exception of @ @ @ @ @ @ @ stored centrally or at least in the cloud .
There will always be identity data available that will link people ’ s results with their identities .
In most cases , the solutions are operated by a single company , organisation or government – they are all centralised .
The most prominent advantage attributed to blockchain is that data will be immutable .
Any data can be verified as being tamper-free from a specific point in time .
For all of the enterprises exploring or investigating blockchain technology , this is quite telling @ @ @ @ @ @ @ tamper evidence .
To be very explicit and clear : Blockchain does not prevent tampering .
Blockchain technology does not prevent data theft or access .
In these cases , the only thing blockchain can provide is evidence as to whether or not the data has been tampered with / changed .
So what would need to be true for blockchain to be part of a healthcare or immunity passport solution ?
For blockchain to add incremental ( real ) value and be critical to the success of the project ( not just @ @ @ @ @ @ @ : • There would need to be no central authority – no one would profit from the blockchain infrastructure for the project .
A non-profit entity would run it .
( And the lack of profit is one of the biggest killers of blockchain projects ) • The solution would need to address a minimal and specific set of goals and objectives : To provide evidence of a COVID test result .
There would be no identity data anywhere in the blockchain .
There would be no ability for the likes of Palantir @ @ @ @ @ @ @ mine or analyse data .
The concept of de-anonymised data is a fallacy .
• Entities ( testing centres , hospitals , etc . )
would be validated or certified before being allowed to join the network and given authority to report results .
Entity information would be available to anyone for auditing and compliance .
• Multiple entities – preferably globally – would operate the network to distribute the data correctly and that updates to the network were consistently verified and validated before being added to the blockchain .
• The user @ @ @ @ @ @ @ airline staff , office security or anyone else querying or adding data must be seamless and straightforward .
As few people as possible should ever know that blockchain is part of the solution .
The best technology is invisible .
There are privacy advocates who are currently working on a solution where a consumer ’ s identity is verified by showing only a photo of themselves to the testing centre worker ( who checks it against the person sitting in front of them ) .
Once the identity is verified , a unique @ @ @ @ @ @ @ test applied .
The result of the test is associated with the unique QR code and written to the blockchain .
To check someone ’ s health or immunity status , the person shows their photo on their phone and confirms their identity .
The verifier then scans the QR code and queries the blockchain and receives an immediate response .
There is no record of the individual .
There is no record of the testing centre who submitted the result .
There is no identity or entity information stored in the blockchain @ @ @ @ @ @ @ core problem statement : Provide evidence of health status for an individual without compromising privacy .
So , yes .
Blockchain could be part of a solution for healthcare passports .
And yet , it is unlikely to be widely adopted because it won ’ t satisfy other requirements of governments – to know identities , to track the spread of disease , to provide an evidence base for audits and more .
It won ’ t be hugely profitable to big tech who want to charge license fees for open source software @ @ @ @ @ @ @ mine big data to profile people ( as they generally put profit for their shareholders ahead of social responsibility ) It is for all of those reasons , the most likely solution for these health passport offerings will be to use a centralized database .
They will not really use blockchain at all – except , perhaps , to grab headlines or to attract funding .
Get in touch with us info @ blockchainrookies.com / Twitter @ igetblockchain .
Troy Norcross is an international speaker , educator and strategist on Blockchain as an @ @ @ @ @ @ @ has provided blockchain training and strategy support to high street banks across Europe , Asia and India .
Troy specialises in enterprise-scale business model transformation projects where Blockchain technology enables business models , strategies and efficiencies , which previously were not considered possible .
Troy is Co-Founder of Blockchain Rookies .
He has a 25+ year career covering multiple market verticals including agriculture , aerospace , IT infrastructure , telecoms-media-technology ( TMT ) , digital music , healthcare service innovation , eCommerce and most recently Blockchain business strategy for enterprises , industries and @ @ @

Crypto AM: Inside Blockchain with Troy Norcross

Healthcare Passports – Do they need Blockchain?
iStock photos
From the airline industry to enterprises to friends and family, everyone wants to see things change to where we can spend time with others again.A central aspect is finding a safe and secure way to share your COVID-19 health status – The approach many are discussing is a digital ‘healthcare passport’. A lot of these approaches are promoting blockchain technology as part of ,or central to, their passport solution.
Primary question: Is blockchain a necessary component to a healthcare passport?
Short answer: In most of the solutions being put forward today, there is no need for blockchain technology.
As we well know, in the first few months of the COVID-19 pandemic, there was hope that once you had contracted the virus, you would be immune from future infections. There were many news articles about the possibility of mass availability of tests to show whether or not a person possessed the COVID-19 antibodies.
Numerous initiatives quickly launched offering to provide safe and secure proof of this immunity. These were called immunity passports. Blockchain was part of several of these initiatives, and some claimed that they could be GDPR compliant. Many of them claimed that they would take advantage of blockchain technology as part of the solution to provide evidence of the integrity of the data.
Today there is little in the news about immunity or immunity testing. As a result, there is not much ongoing interest in these projects. But did they need blockchain in the first place? Or was it just another attempt to grab a headline?
There have been several attempts to use blockchain for healthcare passports.
In October, IBM announced its initiative, the Digital Health Pass. The promise of the Digital Health Pass is for organisations to put forward their criteria required for employees to return to the office – or for an airline to decide if passengers are safe to travel. The Digital Health Pass uses IBM Blockchain Technology – but is it necessary?
In April 2020, Open University unveiled its approach to recording COVID-19 immunity. The solution uses blockchain technology and Tim Berners Lee’s concept of personal data pods (Solid)
And there has been a substantial initiative from 60 self-sovereign identity firms including both Evernym and Sovrin amongst others. The collective is working to apply blockchain technology to the challenge of providing access to health data as a part of identity.
Most recently, there is a significant push from major airlines to provide a COVID test result passport provided by CommonPass to be accepted by multiple countries. This project is probably the best use case where blockchain would be beneficial, and yet ironically, there is no mention of blockchain from any of the announcements.
The biggest issue with most of these initiatives is they are based (with the possible exception of the OpenUniversity initiative) on data being stored centrally or at least in the cloud. There will always be identity data available that will link people’s results with their identities. In most cases, the solutions are operated by a single company, organisation or government – they are all centralised.
The most prominent advantage attributed to blockchain is that data will be immutable. Any data can be verified as being tamper-free from a specific point in time.
For all of the enterprises exploring or investigating blockchain technology, this is quite telling. The primary benefit of blockchain is tamper evidence.
To be very explicit and clear: Blockchain does not prevent tampering. Blockchain technology does not prevent data theft or access. In these cases, the only thing blockchain can provide is evidence as to whether or not the data has been tampered with / changed.
So what would need to be true for blockchain to be part of a healthcare or immunity passport solution?
But in order to address challenges of governments and big tech, most solutions will just use a database.
For blockchain to add incremental (real) value and be critical to the success of the project (not just a headline) would require five things:
There would need to be no central authority – no one would profit from the blockchain infrastructure for the project. A non-profit entity would run it. (And the lack of profit is one of the biggest killers of blockchain projects) The solution would need to address a minimal and specific set of goals and objectives: To provide evidence of a COVID test result. There would be no identity data anywhere in the blockchain. There would be no ability for the likes of Palantir or any other big data company to mine or analyse data. The concept of de-anonymised data is a fallacy. Entities (testing centres, hospitals, etc.) would be validated or certified before being allowed to join the network and given authority to report results. Entity information would be available to anyone for auditing and compliance. Multiple entities – preferably globally – would operate the network to distribute the data correctly and that updates to the network were consistently verified and validated before being added to the blockchain. The user experience for consumers, testing centres, airline staff, office security or anyone else querying or adding data must be seamless and straightforward. As few people as possible should ever know that blockchain is part of the solution. The best technology is invisible.
There are privacy advocates who are currently working on a solution where a consumer’s identity is verified by showing only a photo of themselves to the testing centre worker (who checks it against the person sitting in front of them). Once the identity is verified, a unique QR code is scanned, and the test applied. The result of the test is associated with the unique QR code and written to the blockchain.
To check someone’s health or immunity status, the person shows their photo on their phone and confirms their identity. The verifier then scans the QR code and queries the blockchain and receives an immediate response.
There is no record of the individual. There is no record of the testing centre who submitted the result. There is no identity or entity information stored in the blockchain.
This type of solution satisfies the core problem statement: Provide evidence of health status for an individual without compromising privacy.
So, yes. Blockchain could be part of a solution for healthcare passports.
And yet, it is unlikely to be widely adopted because it won’t satisfy other requirements of governments – to know identities, to track the spread of disease, to provide an evidence base for audits and more. It won’t be hugely profitable to big tech who want to charge license fees for open source software and who’d definitely want to mine big data to profile people (as they generally put profit for their shareholders ahead of social responsibility)
It is for all of those reasons, the most likely solution for these health passport offerings will be to use a centralized database. They will not really use blockchain at all – except, perhaps, to grab headlines or to attract funding.
Get in touch with us info@blockchainrookies.com / Twitter @igetblockchain.
Troy Norcross, Co-Founder Blockchain Rookies
Troy Norcross is an international speaker, educator and strategist on Blockchain as an enabler for transforming business models. Troy has provided blockchain training and strategy support to high street banks across Europe, Asia and India. Troy specialises in enterprise-scale business model transformation projects where Blockchain technology enables business models, strategies and efficiencies, which previously were not considered possible.
Troy is Co-Founder of Blockchain Rookies. He has a 25+ year career covering multiple market verticals including agriculture, aerospace, IT infrastructure, telecoms-media-technology (TMT), digital music, healthcare service innovation, eCommerce and most recently Blockchain business strategy for enterprises, industries and business ecosystems.
Twitter: @troy_norcross


cityam--2020-11-30--BAE Systems lock and loads £2.4bn ammo deal

Defence giant BAE Systems has today signed a £2.4bn contract to supply the UK ’ s armed forces with ammunition for the next 15 years .
The Ministry of Defence said that the deal would support 4,000 jobs around the country over the next decade and a half .
Read more : BAE Systems set for £1.3bn boost from German Eurofighter deal The Next Generation Munitions Solution ( NGMS ) will see BAE make 39 different munitions for the Royal Navy , Army , Royal Air Force and Strategic Command to use on the front line .
These will include @ @ @ @ @ @ @ gun rounds and large-calibre artillery and tank shells .
An estimated 1,260 people will work on NGMS in engineering , operations and supporting roles across five BAE sites in Wales , Scotland , and the north of England .
A further 1,500 roles will be supported along the supply chain alongside 1,300 jobs as a result of consumer spending in local economies .
The new contract comes just days after Boris Johnson pledged an extra £16.5bn in defence spending over the next four years , the biggest increase since the end of the @ @ @ @ @ @ @ : Start your day with the City View podcast and key market data Defence Minister Jeremy Quin said : “ This vital multi-billion-pound contract will provide our service men and women with fire power on the front line for years to come whilst investing in British industry , British jobs and British infrastructure .
“ Defence underpins hundreds of thousands of jobs across all four corners of the nation , and ongoing investment is crucial as we work together to build back better and stronger from the Covid-19 pandemic.
” Under the contract @ @ @ @ @ @ @ will provide over half of the UK military ’ s armaments by value .
Chief executive Charles Woodburn said : “ This contract secures the future of a highly technical and critical industry which supports thousands of manufacturing jobs in several areas throughout the UK .
“ By investing in new technology and skills to further develop our expertise , we can continue to deliver essential sovereign capability to the Armed Forces at competitive prices.
” Shares in BAE rose over one per cent this morning .

BAE Systems lock and loads £2.4bn ammo deal
BAE Systems in Preston
Defence giant BAE Systems has today signed a £2.4bn contract to supply the UK’s armed forces with ammunition for the next 15 years.
The Ministry of Defence said that the deal would support 4,000 jobs around the country over the next decade and a half.
The Next Generation Munitions Solution (NGMS) will see BAE make 39 different munitions for the Royal Navy, Army, Royal Air Force and Strategic Command to use on the front line.
These will include small arms ammunition, mortars, medium-calibre gun rounds and large-calibre artillery and tank shells.
An estimated 1,260 people will work on NGMS in engineering, operations and supporting roles across five BAE sites in Wales, Scotland, and the north of England.
A further 1,500 roles will be supported along the supply chain alongside 1,300 jobs as a result of consumer spending in local economies.
The new contract comes just days after Boris Johnson pledged an extra £16.5bn in defence spending over the next four years, the biggest increase since the end of the Cold War.
Before the Open newsletter: Start your day with the City View podcast and key market data
Defence Minister Jeremy Quin said: “This vital multi-billion-pound contract will provide our service men and women with fire power on the front line for years to come whilst investing in British industry, British jobs and British infrastructure.
“Defence underpins hundreds of thousands of jobs across all four corners of the nation, and ongoing investment is crucial as we work together to build back better and stronger from the Covid-19 pandemic.”
Under the contract, which begins in 2023, BAE will provide over half of the UK military’s armaments by value.
Chief executive Charles Woodburn said: “This contract secures the future of a highly technical and critical industry which supports thousands of manufacturing jobs in several areas throughout the UK.
“By investing in new technology and skills to further develop our expertise, we can continue to deliver essential sovereign capability to the Armed Forces at competitive prices.”
Shares in BAE rose over one per cent this morning.


cityam--2020-11-30--Solving the crypto-fiat conundrum: how banks can offer a premium and trusted crypto-fiat service

PayPal recently announced that it will enable US users to buy and sell crypto currencies in early 2021 .
This has immediately fueled the interest of traditional banks in the cryptocurrency market , convincing many that it is simply impossible to ignore the record-high investor interest in digital assets .
Financial institutions see the hunger for legal crypto alternatives to traditional fiat currency banking , with banks and customers wanting the convenience of being able to store and use both , but newly entering the digital crypto assets market is not easy .
Crypto products and services are now easy @ @ @ @ @ @ @ used to working with traditional fiat currencies .
Talking to banks , I see their interest in digital assets only grows , but many do not know where to start when solving the crypto-fiat conundrum once and for all , properly joining the crypto revolution and satisfying pent-up and new customer demand .
Here ’ s what we learned that can help you.. Where should your crypto solution reside : within the bank ’ s perimeter , or outside ?
Even in the most advanced countries , even with high levels of digitization @ @ @ @ @ @ @ a single credit institution that would want to build a crypto product on its own infrastructure .
Why ?
If a bank decided to create an in-house crypto solution that is based on completely different technologies than its traditional electronic fiat payments systems , it would have to reconfigure all of its processes for customer service , compliance , data storage , user service , treasury , and more .
Given the peculiarities and differences in the implementation of crypto and fiat transactions , this can be difficult with no prior experience .
@ @ @ @ @ @ @ and new processes , a new internal crypto product may require the modernization of a significant part of the IT infrastructure , which brings its own cost challenges , potential disruption and delays Thus , to minimize resources and risks , there ’ s more profit and convenience for banks to create crypto products on the basis of an external organization – independent , but controlled .
How crypto products fit into the bank ’ s current activities ?
Banks are mostly lending institutions .
They operate in accordance with licenses and requirements @ @ @ @ @ @ @ including opening accounts , accepting deposits , issuing and servicing bank cards , acquisitions , currency exchange , brokerage services , and so on .
This defines the entry for new product opportunities at the bank , such as the development of new services and the merging or integration of existing solutions that should not be created by third parties .
Based on the existing conditions and restrictions , the bank can determine what functions should be performed by the company it has partnered with to deal with the development of a crypto @ @ @ @ @ @ @ retain in house and do itself .
What does the local regulator say about the digital assets ?
Every country regulates crypto activities differently , and consequently , different rules apply .
In countries where crypto regulation is highly developed and differentiated , the product ’ s opportunities and limitations will depend on the product ’ s nature .
For example , in Switzerland , where Aximetria is registered , every crypto service such as crypto trading , trading in derivatives for crypto , issuing stable tokens , tokenizing assets , crypto custody @ @ @ @ @ @ @ like crypto wallets , crypto cards , fiat-crypto-fiat exchange operations , or as incoming and outgoing crypto transactions , will all have a different set of requirements .
In countries like Russia , India , and others , where clear regulation and rules for the use of cryptocurrencies has not yet been implemented , the development of a crypto product can be not explicitly prohibited , but still very challenging .
For example , if the legislation explicitly prohibits only the use of cryptocurrencies as a means of payment , then owning cryptocurrencies @ @ @ @ @ @ @ However you will always have to take into account other regulations and laws , anti money laundering ( AML ) issues , personal data security , payment systems and so on .
How can the compliance of crypto solutions be ensured with legislation against money laundering ( AML ) ?
To take into account the requirements of AML legislation , the bank needs to use advanced industry standard KYC ( Know Your Customer ) and KYT ( Know Your Transaction ) procedures for cryptocurrency accounts and transactions .
Traditional transactions in fiat currencies @ @ @ @ @ @ @ be normal volumes in cryptocurrency trading , and there are tools to use to exclude the possibility of using a crypto product for illegal purposes .
Unlike cash , which is truly anonymous , use of cryptocurrency can not simply be deleted from the code or the blockchain .
At the same time , you need to understand that undesirable signs do not automatically mean that a crime has been committed .
Even if an operation looks suspicious in the eyes of the regulator , it can still be completely legal .
From @ @ @ @ @ @ @ especially important for banks to answer this question : what can be done to prevent a breach of AML legislation ?
This problem is solved by technical means , such as by exerting control over transactions and clients , and which should specifically be applied to cryptocurrency transactions .
For example , anonymity ( which , in fact , is also inherent in cash ) can be completely eliminated using KYC ( Know Your Client ) procedures and can be controlled by KYT-procedures ( Know Your Transaction ) , which provide even more @ @ @ @ @ @ @ standard “ fiat ” AML procedures .
KYT allows you to find out the entire history of a particular cryptocurrency unit – from the moment the token was created until it entered the user ’ s wallet , including every operation in which that unit of cryptocurrency participated .
The analysis of transactions is performed within the blockchain using machine learning technologies , and the generated reports can serve as the basis for refuting signs of doubtful operation and false positives .
It is simply impossible to imagine such effective control tools in @ @ @ @ @ @ @ by defining conditions that make it impossible to do a transaction with crypto accounts whose owners have not been identified through KYC .
How will personal data be processed ?
This is another important point .
Compliance with local legislation means crypto products are easy for banks to implement , and easier still if they are going to only work with local customers .
Meanwhile , for banks that will work with local and international customers , cryptocurrency is extraterritorial : transactions can start in one state or country and end in another @ @ @ @ @ @ @ are available .
The collection , analysis , storage , use and transfer of personal data of EU citizens is governed by the uniform rules of the GDPR , with the legislation of other countries having to be dealt with on a case-by-case basis .
The above questions are not all that a bank needs to consider when developing a crypto product .
Payment and AML tools for pairing crypto and fiat legislation aren ’ t easy to implement , but future-minded banks and financial institutions are doing this already and are seizing @ @ @ @ @ @ @ for digital assets themselves .
No more do they have to see their customers – you and me – using other cryptocurrency services and wallets instead of the bank I already deal with on a regular basis through apps .
Alex Axelrod , founder and CEO of the Swiss startup Aximetria ( for further information visit https : //www.aximetria.com ) and is an industry expert on crypto regulation .
Alex is a serial entrepreneur with over a decade ’ s experience in leading , world-class technological roles within a large , No.1 national @ @ @ @ @ @ @ Prior to these roles , he was the Director of Big Data at the R & D Center of JSFC AFK Systems .
Here , Alex developed mechanisms of data exchange and monetization between the group ’ s subsidiaries .
In addition , he led an R & D group focused on the development of new next-gen technologies , such as geo-targeted advertising and subscriber solvency scoring , based on customers ’ active use of communication services and services to counter fraud in remote banking channels .

Solving the crypto-fiat conundrum: how banks can offer a premium and trusted crypto-fiat service
PayPal recently announced that it will enable US users to buy and sell crypto currencies in early 2021. This has immediately fueled the interest of traditional banks in the cryptocurrency market, convincing many that it is simply impossible to ignore the record-high investor interest in digital assets.
Financial institutions see the hunger for legal crypto alternatives to traditional fiat currency banking, with banks and customers wanting the convenience of being able to store and use both, but newly entering the digital crypto assets market is not easy. Crypto products and services are now easy for banks, who were once only used to working with traditional fiat currencies. Talking to banks, I see their interest in digital assets only grows, but many do not know where to start when solving the crypto-fiat conundrum once and for all, properly joining the crypto revolution and satisfying pent-up and new customer demand. Here’s what we learned that can help you..
Where should your crypto solution reside: within the bank’s perimeter, or outside?
Even in the most advanced countries, even with high levels of digitization in their banks, there is barely a single credit institution that would want to build a crypto product on its own infrastructure.
Why? If a bank decided to create an in-house crypto solution that is based on completely different technologies than its traditional electronic fiat payments systems, it would have to reconfigure all of its processes for customer service, compliance, data storage, user service, treasury, and more. Given the peculiarities and differences in the implementation of crypto and fiat transactions, this can be difficult with no prior experience.
If the bank desires unify all existing and new processes, a new internal crypto product may require the modernization of a significant part of the IT infrastructure, which brings its own cost challenges, potential disruption and delays
Thus, to minimize resources and risks, there’s more profit and convenience for banks to create crypto products on the basis of an external organization – independent, but controlled.
How crypto products fit into the bank’s current activities?
Banks are mostly lending institutions. They operate in accordance with licenses and requirements related to certain areas of activity, including opening accounts, accepting deposits, issuing and servicing bank cards, acquisitions, currency exchange, brokerage services, and so on. This defines the entry for new product opportunities at the bank, such as the development of new services and the merging or integration of existing solutions that should not be created by third parties.
Based on the existing conditions and restrictions, the bank can determine what functions should be performed by the company it has partnered with to deal with the development of a crypto solution, and what the bank will retain in house and do itself.
What does the local regulator say about the digital assets?
Every country regulates crypto activities differently, and consequently, different rules apply. In countries where crypto regulation is highly developed and differentiated, the product’s opportunities and limitations will depend on the product’s nature. For example, in Switzerland, where Aximetria is registered, every crypto service such as crypto trading, trading in derivatives for crypto, issuing stable tokens, tokenizing assets, crypto custody or a full-fledged crypto currency service, like crypto wallets, crypto cards, fiat-crypto-fiat exchange operations, or as incoming and outgoing crypto transactions, will all have a different set of requirements.
In countries like Russia, India, and others, where clear regulation and rules for the use of cryptocurrencies has not yet been implemented, the development of a crypto product can be not explicitly prohibited, but still very challenging. For example, if the legislation explicitly prohibits only the use of cryptocurrencies as a means of payment, then owning cryptocurrencies in a wallet is still acceptable. However you will always have to take into account other regulations and laws, anti money laundering (AML) issues, personal data security, payment systems and so on.
How can the compliance of crypto solutions be ensured with legislation against money laundering (AML)?
To take into account the requirements of AML legislation, the bank needs to use advanced industry standard KYC (Know Your Customer) and KYT (Know Your Transaction) procedures for cryptocurrency accounts and transactions. Traditional transactions in fiat currencies that might be viewed as suspicious can be normal volumes in cryptocurrency trading, and there are tools to use to exclude the possibility of using a crypto product for illegal purposes.
Unlike cash, which is truly anonymous, use of cryptocurrency cannot simply be deleted from the code or the blockchain. At the same time, you need to understand that undesirable signs do not automatically mean that a crime has been committed. Even if an operation looks suspicious in the eyes of the regulator, it can still be completely legal. From this point of view, it is especially important for banks to answer this question: what can be done to prevent a breach of AML legislation? This problem is solved by technical means, such as by exerting control over transactions and clients, and which should specifically be applied to cryptocurrency transactions.
For example, anonymity (which, in fact, is also inherent in cash) can be completely eliminated using KYC (Know Your Client) procedures and can be controlled by KYT-procedures (Know Your Transaction), which provide even more opportunities for tracking financial transactions than the standard “fiat” AML procedures. KYT allows you to find out the entire history of a particular cryptocurrency unit – from the moment the token was created until it entered the user’s wallet, including every operation in which that unit of cryptocurrency participated.
The analysis of transactions is performed within the blockchain using machine learning technologies, and the generated reports can serve as the basis for refuting signs of doubtful operation and false positives. It is simply impossible to imagine such effective control tools in relation to conventional fiat banknotes, and/or by defining conditions that make it impossible to do a transaction with crypto accounts whose owners have not been identified through KYC.
How will personal data be processed?
This is another important point. Compliance with local legislation means crypto products are easy for banks to implement, and easier still if they are going to only work with local customers. Meanwhile, for banks that will work with local and international customers, cryptocurrency is extraterritorial: transactions can start in one state or country and end in another. In this case, different options are available.
The collection, analysis, storage, use and transfer of personal data of EU citizens is governed by the uniform rules of the GDPR, with the legislation of other countries having to be dealt with on a case-by-case basis. The above questions are not all that a bank needs to consider when developing a crypto product.
Payment and AML tools for pairing crypto and fiat legislation aren’t easy to implement, but future-minded banks and financial institutions are doing this already and are seizing the opportunity to meet the growing demand for digital assets themselves. No more do they have to see their customers – you and me – using other cryptocurrency services and wallets instead of the bank I already deal with on a regular basis through apps.
Alex Axelrod, founder and CEO of the Swiss startup Aximetria (for further information visit https://www.aximetria.com ) and is an industry expert on crypto regulation.
Alex is a serial entrepreneur with over a decade’s experience in leading, world-class technological roles within a large, No.1 national mobile operator and leading financial organizations. Prior to these roles, he was the Director of Big Data at the R&D Center of JSFC AFK Systems. Here, Alex developed mechanisms of data exchange and monetization between the group’s subsidiaries. In addition, he led an R&D group focused on the development of new next-gen technologies, such as geo-targeted advertising and subscriber solvency scoring, based on customers’ active use of communication services and services to counter fraud in remote banking channels.
LinkedIn: http://linkedin.com/in/alex-axelrod
Twitter: @axelrod_alex