Categories: News

Cyprus’s Financial Regulator to Introduce Blockchain-Based Payment System

Following thorough research into what blockchains are capable of, financial institutions throughout the world have started offering blockchain-based services to the public. Recent reports indicate that the Cyprus Securities and Exchange Commission (Cysec) is planning to introduce distributed ledger technology to its electronic payment system.

Cysec partners with BARAC

At this time, Cysec is actively exploring the benefits of blockchain technology. As a member of the European Securities and Markets Authority, it’s also participating in various international research projects. To develop and launch its blockchain technology mechanism, the regulator has partnered up with the Blockchain Technology for Algorithmic Regulation and Compliance Association, also known as BARAC.

A recent BARAC press statement noted: 

Blockchain Distributed Ledger Technologies (DLT) are of great interest to the financial industry because they have the potential to improve efficiency, augment security, eliminate duplications, simplify compliance and increase settlement speed, transparency and verifiability while preserving privacy and anonymity.

Thanks to the introduction of blockchain technology for Cysec electronic payments, users will benefit from quicker transaction speeds, lower fees, and more transparent payments.

Related Post

Apart from preparing to launch its blockchain service to the public to facilitate electronic payments both inside the country and across borders, Cysec also has a positive attitude towards initial coin offerings (ICOs). The regulator’s director, Demetra Kalogirou, stated:

We think it’s a product, a way to raise small funds to finance start-ups. . . . 2018 is the time to put crowdfunding in place. We have given it priority.

If things proceed this way, chances are that Cyprus will become an attractive location for fintech companies throughout the world and an ICO hub as well.

Based on everything outlined above, what do you think about the blockchain system Cyprus is developing? How about its potential to become an ICO hub? Let us know your thoughts in the comments.

Daniel Dob

Daniel is a bitcoin investor and journalist for numerous news outlets in the financial sector. When he's not writing, trading, or interviewing people, you can find him swimming, reading or taking one of his hobbies to the next level.

Share
Published by
Daniel Dob

Recent Posts

Top 5 DeFi Coins to Watch for 2022

The DeFi sector of cryptocurrency is valued at over $168 billion, with over $10 billion…

8 hours ago

AMC CEO Announces Plans to Accept Shiba Inu via Bitpay in the Next 2-3 Months

In a twitter post yesterday, Adam Aron, CEO of AMC Theaters, announced the company's plans…

12 hours ago

Loopring and Gamestop – What Is Up with These Two?

Loopring and Gamestop are two entities that, at first glance, seem very different. One is…

13 hours ago

The Safest Methods to Deposit into Online Gambling Accounts

The rise of online betting is plagued with inevitable setbacks. One of which is the…

13 hours ago

GenshinShibInu Price Up Over 3000% After PancakeSwap Listing

GenshinShibInu (GSHIB) is the latest meme coin that gained over 3000% in the past 24…

13 hours ago

Top 5 Hottest Metaverse Projects Right Now

As the Metaverse trend picks up, we see more and more emerging projects entering the…

15 hours ago

This website uses cookies.