IMF Head Foresees the End of Banking and the Triumph of Cryptocurrency

Via Fee.org (Foundation for Economic Education), Jeffrey A. Tucker reports on IMF Director Christine Lagarde's presentation to the Bank of England last Friday.  From the article:

"Christine Lagarde … says the only substantial problems with existing cryptocurrency are fixable over time.

In the long run, the technology itself can replace national monies, conventional financial intermediation, and even 'puts a question mark on the fractional banking model we know today.'

In a lecture that chastised her colleagues for failing to embrace the future, she warned that 'Not so long ago, some experts argued that personal computers would never be adopted, and that tablets would only be used as expensive coffee trays. So I think it may not be wise to dismiss virtual currencies.'"

Uniform Regulation for Virtual Currency Businesses: Coming to a State Near You

Via CoinDesk, attorney Katherine Cooper contributes this opinion piece on the current movement in several states to address the regulation of virtual currency. From the article:

"The Uniform Law Commission will vote on its draft uniform virtual currency act at its annual meeting in San Diego on 14th July.

The current draft is the product of as many as six meetings of the act's drafting committee, 14 comment letters from various industry participants and input from the US Treasury Department, the Conference of State Bank Supervisors, authorities from relevant state agencies in California, Texas and Washington and the Federal Reserve Bank of New York.

Although typically the ULC requires a draft uniform act to be voted on and approved at two consecutive annual meetings, the drafting committee has noted the need to act quickly because various state legislatures have bills that would move forward with laws that would regulate virtual currency businesses."

Delaware House Passes Historic Blockchain Regulation

CoinDesk covers the State of Delaware's recent legal amendments to govern the trade of stocks on blockchain. From the article: 

"The state of Delaware has passed amendments to state law that make explicit the right to trade stocks on a blockchain, according to multiple sources familiar with the matter.

Crammed in at the last minute before the state House went into recess, the measures were part of a broader series of amendments that legally recognized any number of records being stored on a blockchain.

While details regarding the vote are still emerging, the director of the Global Delaware state initiative, Andrea Tinianow, described the news in an email to CoinDesk:

'Now, you have something to [write] about!!! History being made.'"

Arizona Lawmakers Pass Blockchain Records Bill

"Arizona's legislature has cleared a bill that would recognize blockchain signatures and smart contracts under state law... The measure... would make data tied to a blockchain 'considered to be in an electronic format and to be an electronic record' in Arizona. It also notably featured language specifically related to smart contracts, signifying an effort to capture new kinds of delivering information – in this case, via blockchain – under existing rules."

The Promise of Blockchain is a World Without Middlemen

Harvard Business Review dives in to the impacts of blockchain in this world, and how it will change the way databases interact through a network. This is first reviewed in the context of banking, but as we can see in a supply chain filled with middle men, the impacts can be felt rippling throughout all types of commerce. 

India Makes Major Move Toward Cash-free System

The Wall Street Journal and other publications are reporting on Indian Prime Minister Narendra Modi's recent decision to declare that nearly 90% of India's paper currency would lose its legal tender status. This is a major move, as much of the society's systems rely on cash transactions. Indian citizens and international travelers alike were affected during the swift, nearly overnight transition. Click here for more on the story.

Saxo Bank Predicts Bitcoin Value Could Increase 165% in 2017

In light of President-elect Donald Trump's plans to increase infrastructure development, and on top of the already-increasing strength of the dollar, the Danish bank expects interest to similarly climb in cryptocurrencies as an alternative to the US Dollar. Bitcoin stands as the primary example of cryptocurrencies. Fortune Magazine reports more on the story.

Veedol Data Complex Update

Photo updates from the field: installation of equipment and services for Veedol Data Complex. The first phase of this expansive data center complex will deploy 20 megawatts of electrical capacity and dual dedicated fiber feeds, and will be configured to develop significant incremental high-security data processing capacity for both modular conventional data and cryptocurrency data systems and clients. 

Pangborn Data Center Update

Pangborn Data Center phase 1 continues to progress well. Our custom system design solution will deploy 7.5 megawatts for high-density cryptocurrency and blockchain technology operations in Douglas County, WA. The three-building, high-security data processing facilities will employ extensive passive cooling and electrical systems, along with dedicated fiber connectivity, tailored to provide the highest level of efficiency, cost-savings, and safety.

Data Center Featured on Koho Radio

“Tech companies are flocking to Chelan and Douglas Counties, and local tech-savvy start-ups as well, to take advantage of cheap electricity rates through the Public Utility Districts. A large, multi-phase data center should get under construction later this year in Douglas County, mainly thanks to grant funding. Dan Langager filed this report on how North Central Washington could soon be on the global map for its tech-friendly infrastructure.”

— Koho Radio