Digital identity system introduced by Azerbaijan

Digital identity system introduced by Azerbaijan

Azerbaijan introduces a blockchain-based digital identity system

Azerbaijan will finalize a blockchain-based digital identity system project by the end of 2019. Farid Osmanov, director of the information technology department of the Central Bank of Azerbaijan (CBA), said the new system will be adopted in the first quarter of the year. 2020.

According to local news agency Trend News, the system will be used especially in the banking system. Osmanov said that digital identity will ensure the security of personal data and the processing of most remote operations.

In the initial stage, the system will be used for legal entities and individuals with high value funds. In the final stage, all banking services and automation of money laundering and terrorist financing systems will be included.

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Hong Kong and China are working together to make blockchain trading more efficient

Hong Kong Monetary Authority (HKMA), the city’s central bank, has announced a blockchain project in collaboration with China. The Hong Kong Interbank Clearing Branch and the Central Bank Digital Currency Institute of China will work together to improve business operations.

The project will be launched in the first quarter of 2020. It will connect the blockchain-based trade finance platform, eTradeConnect and China’s central bank commercial financing platform.

eTradeConnect was launched in October 2018 to improve business efficiency and currently includes 12 banks. Members include HSBC and Standard Chartered.

Bitfinex cancels the IEO due to regulatory uncertainty

The Bitfinex exchange announced the cancellation of the sale of the token, in agreement with the start-up behind the decentralized content monetization platform. The decision was justified by the regulatory uncertainty.

“ will postpone any decision on the creation or sale of tokens until the platform is fully functional,”

added Bitfinex.

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The project has already raised $ 2.5 million in funding and plans to become operational by the third quarter of 2020. IEO was the first token sale on the Bitfinex platform for project launch. The first IEO Tokinex platform was closed after Ethfinex broke up with Bitfinex.

A Robinhood bug allowed margin trading on 500x stock exchanges

The users of the Robinhood app found a bug in the app that allowed them to invest with a leverage of 500x. A Reddit user said he managed to invest $ 1.7 million in stock shares, though he only had $ 2,000 in his account.

The information spread immediately and the bug was exploited by many users. The lawsuit is not exactly legal and regulatory authorities are expected to react.

Robinhood is “aware of isolated situations and communicates directly with customers,” said spokeswoman Lavinia Chirico.

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