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CoinDesk Joins IMF, CFTC, Swiss FINMA at DC Fintech Week Oct. 19, 2020

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CoinDesk is partnering with DC Fintech Week, one of the world’s premier policy and regulation-focused digital currency conferences, to produce a special edition of CoinDesk Live. 

The virtual event, which runs Oct. 19-22, brings together marquee names from Switzerland’s FINMA, Sweden’s Riksbank, the Bank for International Settlements, the U.S.’ Commodity Futures Trading Commission and the International Monetary Fund to discuss stablecoin regulation, central bank digital currencies, the future of money and more. 

Watch CoinDesk Live: DC Fintech Week Edition on Oct. 19 on Twitter and YouTube.

8:45-9:30 a.m. Crypto in Asia: Different From Everywhere

Speakers:

Douglas Arner, University of Hong Kong
Sunayna Tuteja , TD Ameritrade
John Cho, Ground X
Simon Hawkins, Latham & Watkins LLP
Alan Xin, CoinDesk China

Moderator: Michael Barr, University of Michigan

9:35-10 a.m. A Conversation With Mark Branson: How We Regulate Libra in Switzerland

Speaker:

Mark Branson, Swiss Financial Market Supervisory Authority FINMA

Moderator: Christopher Brummer, JD, Ph.D, Georgetown University Law Center

10:05-10:50 a.m. Leaders Panel: Central Banks, CBDCs and Cryptoeconomics

Speakers:

Benoit Coeure, Bank for International Settlements
Cecilia Skingsley, Sveriges Riksbank
Jon Cunliffe, Bank of England
J. Christopher Giancarlo, Willkie Farr & Gallagher LLP

Moderator: Christopher Brummer, JD, Ph.D, Georgetown University Law Center

11:45 a.m.-12:30 p.m. How Stable Are Stablecoins?

Speakers:

Ning-Feng Wang, Dionysus Labs
Alexander Lipton, Sila
Sunayna Tuteja , TD Ameritrade
Nic Carter, Castle Island VC
Nigel Jenkinson, International Monetary Fund

Moderator: Aaron Stanley, CoinDesk

12:35-1 p.m. A Conversation With Heath Tarbert

Speaker:

Heath P. Tarbert, Commodity Futures Trading Commission

Moderator: Christopher Brummer, JD, Ph.D, Georgetown University Law Center

1:05-1:50 p.m. Platform Money: Sci-Fi or the Future in the Making?

Speakers:

Dante Disparte, Libra Association
Neha Narula, MIT’s Digital Currency Initiative
Jenny Cieplak, Latham & Watkins LLP
Robert Bench, Federal Reserve Bank of Boston
Andres Wolberg-Stok, Citi

Moderator: Patrick Murck, Transparent





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ASX Delays Launch of DLT System Over Coronavirus Trading Volatility

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ASX said it was eyeing a new date of April 2023 due to higher levels of demand than expected.



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Trump Campaign Website Hit by Hackers Touting Crypto Scam

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The president’s campaign website was briefly compromised on Tuesday, as hackers looked to fleece cryptocurrency from unsuspecting supporters in the final days before the 2020 election.



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JPMorgan Invites Banks and Fintechs to Build on Its Revamped Blockchain Network

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“Think of it as the foundation of an enterprise mainnet.” 

That’s how Christine Moy, head of JPMorgan’s newly rebranded Liink banking network, described its aspirations towards decentralization in the realm of big business.

The revamped Liink, which is based on a fork of Ethereum, is more of a “decentralized network,” said Moy, and less like a “central command product.” As such, Liink now invites its 400-plus financial institutions (including 25 of the largest 50 banks) to start building on top of the platform. 

“Liink participants have the ability to build applications on the network, and in doing so are able to spotlight their local expertise with global reach,” said Moy. “If a Liink participant has specific expertise around payments in a particular region or currency, for example, it has the opportunity to build an application and deploy it on Liink to make it available to the network.”

Read more: JPMorgan’s ‘JPM Coin’ Is Live, Execs Say

Formerly known as the drably named Interbank Information Network, Liink was designed to connect banks in a peer-to-peer fashion and help them remove the pain points from cross-border payments and other functions.

While Liink is not open-source like Quorum or, say, R3’s Corda network, JPMorgan is encouraging collaboration within the network and also expanding it beyond banks. 

“The focus has been on building a peer-to-peer network for cross-border payments, thus the original name, Interbank Information Network, but we are now also incorporating corporates and fintechs into the Liink ecosystem as well,” said Moy.

JPM’s next step?

JPMorgan, which is famous in the blockchain world for creating the Ethereum-based Quorum network, released a flurry of news Tuesday, the headline being that its wholesale banking digital currency JPM Coin is now live. But also that all Quorum-based services now fall under the new Onyx brand. 

“Liink as a new brand comes at a pivotal time, as we look to re-architect how money, information and assets move across the globe,” Umar Farooq, CEO of Onyx, said in a statement.

On the subject of JPM Coin complementing the Liink network, Moy said: 

“The Liink network is live for peer-to-peer information transfer. JPM Coin is obviously value transfer. As part of the broader Onyx organization, we are focused on a coherent client product experience.” 

It’s a lingering question: How might JPMorgan’s various blockchain services be combined into a greater sum than their parts? JPMorgan declined to comment further. 

As well as rebranding, Liink introduces a couple of new features: Confirm, which allows for the validation of account information prior to initiating a payment, and Format, which helps ensure a payment message accurately conforms to country- and currency-specific requirements.

The Confirm application matches data requesters, looking to validate account owners and FX particulars, with data responders, who are incentivized to help because they can earn a cut of fees for validating that information.

“This is a blockchain-based, multi-party network so you have the ability to get a response from multiple different banks on the network, or for that matter tech companies,” said Moy. “Enabling our Liink participants to potentially create new revenue streams, we think, is a differentiator from other offerings where a central party controls the flow.”

All told, it looks like JPM’s Liink is shaping up to be a potential SWIFT killer.

“Liink’s original use cases were modeled by JPMorgan for banks,” said Moy. “We’ve paid special attention to some of the specific mechanisms of how we would design this application as a result,” she said, adding:

“The aim is not to replace SWIFT but rather to complement it.”



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